Agree Realty Q3 FFO Beats Estimates at $1.15 Per Share; Revenue Tops Forecasts

Agree Realty Corp. (ADC) reported third-quarter funds from operations of $144.2 million, or $1.15 per share, topping the $1.14 average estimate of five analysts surveyed by Zacks Investment Research, the Royal Oak, Michigan-based real estate investment trust said Tuesday. Net income came in at $66.5 million, or 53 cents per share. Revenue reached $213.9 million, surpassing the $211.1 million four analysts had forecast. The company guided full-year funds from operations to a range of $4.58 to $4.59 per share. Funds from operations is a closely watched REIT metric that adds back items such as depreciation and amortization to net income. Shares closed Tuesday at $67.07, down about 7% since the start of the year and 11% lower over the past 12 months.