Agree Realty (ADC) Tops Q1 EPS by 3c

Agree Realty (NYSE: ADC) reported Q1 EPS of $0.48, $0.03 better than the analyst estimate of $0.45.

• Invested approximately $391 million in 90 retail net lease properties
• Approximately 32% of annualized base rents acquired were derived from ground leased assets
• Increased Net Income attributable to the Company 41.8% to $30.1 million; 2.7% increase per share to $0.48
• Increased Core Funds from Operations (\"Core FFO\") 42.0% to $53.3 million; 3.0% increase per share to $0.84
• Increased Adjusted Funds from Operations (\"AFFO\") 41.1% to $52.5 million; 2.3% increase per share to $0.83
• Declared an April monthly dividend of $0.217 per share, an 8.5% year-over-year increase
• Completed a follow-on public offering of 3,450,000 shares of common stock, including the underwriters\' option to purchase additional shares, raising total net proceeds of approximately $222 million
• Settled 578,410 shares of the Company\'s forward equity for net proceeds of approximately $37 million
• Balance sheet positioned for growth at 4.2 times proforma net debt to recurring EBITDA; 4.9 times excluding unsettled forward equity

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

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