Agree Realty Corporation (NYSE: ADC) stock trades firm on decent results output

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Agree Realty Corporation (NYSE: ADC) stock rose over 0.5% on April 21st, 2020 (as of  1:41 pm GMT-4  ; Source: Google finance) as the company posted better than expected results for the first quarter of FY 20. The company reported net Income attributable to the Company for the first quarter of FY 20 ended March 31, 2020 increased 15.7% to $21.2 million, compared to $18.3 million for the comparable period in 2019. Adjusted Funds from Operations (AFFO) for the period increased by 34.1% to $37.2 million, compared to AFFO of $27.7 million for the comparable period in 2019. At the end of March, 2020, the Company’s growing portfolio consisted of 868 properties located in 46 states of aggregate approximately 16.3 million square feet of gross leasable area.  The portfolio was about 99.3% leased, had a weighted-average remaining lease term of about 9.8 years, and generated 59.6% of annualized base rents from investment grade retail tenants or parent entities thereof.

Moreover, the total acquisition volume for the first quarter of 2020, excluding acquisition and closing costs, was about $227.7 million and included 51 assets net leased to leading retailers operating in the off-price retail, auto parts, general merchandise, dollar store, home improvement, grocery and tire and auto service sectors.

ADC in the first quarter of FY 20 has reported the adjusted funds from operations per share of 82 cents, beating the analysts’ estimates for the adjusted funds from operations per share of 80 cents, according to analysts surveyed by Zacks Investment Research. The company had reported the adjusted revenue of $55.8 million in the first quarter of FY 20, beating the analysts’ estimates for revenue of $54.3 million.

Additionally, the Company made the payment of a cash dividend of $0.585 per share on April 9, 2020 to shareholders of record on March 27, 2020, which represents a 5.4% increase over the $0.555 quarterly dividend declared in the first quarter of 2019.  The quarterly dividend reflects that the payout ratios are of approximately 72% of Core FFO per share and AFFO per share, respectively.

For fiscal 2020, the company expects the acquisition volume to be in a range of $700 million to $800 million of high-quality retail net lease properties, which is increased from a previous range of $600 million to $700 million. The Company has increased the lower end of its disposition guidance range from $25 million to $35 million and has maintained the upper end of the range at $75 million.

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