Agree Realty (ADC) Reports In-Line Q2 AFFO

Agree Realty (NYSE: ADC) reported Q2 AFFO of $0.61, in-line with the analyst estimate of $0.61. Revenue for the quarter came in at $21.84 million versus the consensus estimate of $21.34 million.

Highlights

• Raised approximately $110.1 million in net proceeds from the issuance of 2.9 million common shares
• Increased Net Income attributable to the Company 3.9% to $10.7 million
• Increased Funds from Operations ("FFO) 23.8% to $13.8 million
• Increased Adjusted Funds from Operations ("AFFO") 24.3% to $13.7 million
• Increased rental revenue 23.6% to $19.9 million
• Invested $153.5 million in 36 retail net lease properties
• Announced three new developments or Partner Capital Solutions ("PCS") projects
• Declared a dividend of $0.48 per share, an increase of 3.2% over the dividend per share declared in the second quarter of 2015

The Company's outlook for acquisition volume in 2016, which assumes continued growth in economic activity, positive business trends and other significant assumptions, remains between $250 and $275 million of high-quality retail net lease properties.

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

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