Agree Realty Corp. (ADC) Misses Q2 FFO by 1c

After the close, Agree Realty Corp. (NYSE: ADC) reported Q2 FFO of $0.54, $0.01 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $11.9 million versus the consensus estimate of $12.8 million.

Highlights:

• Increased total rental revenue 19.1% to $11.9 million from $10.0 million
• Increased FFO per share 5.9% to $0.54 from $0.51
• Increased AFFO per share 5.8% to $0.55 from $0.52
• Announced $18.5 million of investment activity, including:
  • $12.5 million of retail net lease acquisitions
  • $1.7 million redevelopment project for Buffalo Wild Wings
  • $4.3 million Joint Venture Capital Solutions project for a Cash & Carry store
• Paid $0.43 per share quarterly dividend on July 8, 2014

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

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