Agree Realty (ADC) Tops Q2 EPS by 8c

Agree Realty (NYSE: ADC) reported Q2 EPS of $0.47, $0.08 better than the analyst estimate of $0.39.

Second Quarter 2020 Financial and Operating Highlights:

• Invested a record $275.6 million in 78 retail net lease properties
• Net Income per share attributable to the Company increased 4.7% to $0.47
• Net Income attributable to the Company increased 36.1% to $25.3 million
• Increased Core Funds from Operations ("Core FFO") per share 2.1% to $0.76
• Increased Core FFO 32.0% to $40.9 million
• Increased Adjusted Funds from Operations ("AFFO") per share 3.0% to $0.76
• Increased AFFO 33.1% to $40.7 million
• Declared a quarterly dividend of $0.60 per share, a 5.3% year-over-year increase
• Completed forward equity offering in which 6,166,666 shares were sold to Cohen & Steers Capital Management, Inc. via an underwritten public offering at $60.00 per share, raising anticipated net proceeds of $362.7 million
• Sold 742,860 shares of common stock via the forward component of the Company's at-the-market equity ("ATM") program for anticipated net proceeds of $48.4 million
• Settled 3,976,695 shares of the Company's outstanding ATM forward equity offerings for net proceeds of approximately $267.4 million

CEO Comments

"We are extremely pleased with our performance during the first half of the year as we executed on our strategy in an efficient and disciplined manner amidst the ongoing disruption caused by COVID-19," said Joey Agree, President and Chief Executive Officer. "Our rent collections of approximately 90% during the second quarter, as well as 94% to date in July, demonstrate the resiliency of our best-in-class portfolio. Given our record year-to-date investment activity and robust pipeline, we are increasing our full-year acquisition guidance to a range of $900 million to $1.1 billion. While increasing our acquisition guidance, we will continue to adhere to our rigorous underwriting standards and will maintain our fortress-like balance sheet during these uncertain times."

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

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