Volatile stock to watch: Agree Realty Corporation (NYSE: ADC)

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Agree Realty Corporation (NYSE: ADC) stock fell over 0.7% on 22nd October, 2019 (as of 11:50 am GMT-4; Source: Google finance) after the company posted average results for the third quarter of FY 19. ADC in the third quarter of FY 19 has reported the adjusted funds from operations per share of 77 cents, while adjusted revenue growth of 35.9 percent to $48.1 million in the third quarter of FY 19

As of September 30, 2019, the Company’s growing portfolio comprised of 789 properties located in 46 states totaling approximately 14 million square feet of gross leasable space.  The portfolio was about 99.7% leased, had a weighted-average remaining lease term of approximately 10.2 years, and has reported 56.9% of annualized base rents from investment grade retail tenants or parent entities thereof.

The total acquisition volume for the third quarter of 2019, excluding acquisition and closing costs, was about $246.2 million and included 68 assets net leased to notable retailers operating in the off-price retail, convenience store, auto parts, tire and auto service, dollar store, home improvement, pharmacy, and farm and rural supply sectors. During the third quarter the company had acquired a CVS in downtown Greenwich, Connecticut and a Mariano’s guaranteed by The Kroger Co. near Chicago, Illinois. During the third quarter 2019, the Company had sold three properties for gross proceeds of approximately $8 million, which were completed at a weighted-average capitalization rate of 6.8%. The company has reported Net Income attributable to the Company for the quarter increased 32.2% to $20.6 million, compared to $15.6 million for the comparable period in 2018.

Additionally, the Company paid a cash dividend of $0.570 per share on October 11, 2019 to shareholders of record on September 27, 2019, which is a 5.6% increase on the $0.540 quarterly dividend declared in the third quarter of 2018.

The Company expects acquisition volume for the full-year 2019 to be now in the range of $650 million to $700 million of high-quality retail net lease properties compared to a previous range of $625 million to $675 million. The Company’s disposition guidance for 2019 is to be between $50 million and $75 million.

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