Agree Realty (ADC) Tops Q1 EPS by 12c; FFO Up 9% to $0.71/Share

Agree Realty (NYSE: ADC) reported Q1 EPS of $0.53, $0.12 better than the analyst estimate of $0.41.

• Invested $102.7 million in 39 retail net lease properties
• Completed four development and Partner Capital Solutions (\"PCS\") projects
• Increased rental revenue 27.8% to $31.0 million
• Net Income per share attributable to the Company decreased 4.7% to $0.53
• Net Income attributable to the Company increased 12.9% to $16.5 million
• Increased Funds from Operations ("FFO") per share 9.3% to $0.71
• Increased FFO 29.3% to $22.0 million
• Increased Adjusted Funds from Operations (\"AFFO\") per share 7.8% to $0.70
• Increased AFFO 27.7% to $21.8 million
• Declared a quarterly dividend of $0.520 per share, a 5.1% increase over the dividend per share declared in the first quarter of 2017
• Completed a follow-on public offering of approximately 3.5 million common shares through a forward sale agreement that is anticipated to raise net proceeds of $162.9 million
• Balance sheet strategically positioned at 4.8 times net debt to recurring EBITDA

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

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