Agree Realty (ADC) Tops Q1 EPS by 6c, Revenues Miss

Agree Realty (NYSE: ADC) reported Q1 EPS of $0.48, $0.06 better than the analyst estimate of $0.42. Revenue for the quarter came in at $42.35 million versus the consensus estimate of $45.09 million.

• Invested $144.6 million in 57 retail net lease properties
• Completed three development and Partner Capital Solutions ("PCS") projects
• Net Income per share attributable to the Company decreased 10.1% to $0.48
• Net Income attributable to the Company increased 11.5% to $18.3 million
• Increased Core Funds from Operations ("Core FFO") per share 4.7% to $0.74
• Increased Core FFO 29.8% to $28.6 million
• Increased Adjusted Funds from Operations ("AFFO") per share 2.7% to $0.72
• Increased AFFO 27.3% to $27.7 million
• Declared a quarterly dividend of $0.555 per share, a 6.7% year-over-year increase
• Raised $59.3 million in gross proceeds from the sale of 886,768 common shares via its at-the-market equity program ("ATM program")

"We are very pleased with our strong performance to start the year as we continue to efficiently execute on our operating strategy," said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation. "Given our strong year-to-date investment activity and our robust pipeline, we are increasing our full-year acquisition guidance to a range of $450 million to $500 million. While increasing our acquisition guidance, we remain intently focused on further solidifying the highest quality retail net lease portfolio in the country."

For earnings history and earnings-related data on Agree Realty (ADC) click here.

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