Agree Realty: Fourth Quarter Earnings Overview
Agree Realty Corp. Surpasses Earnings Expectations in Fourth Quarter
Agree Realty Corp., a real estate investment trust headquartered in Royal Oak, Michigan, announced its fourth-quarter financial results on Tuesday, exceeding analyst forecasts.
During the quarter, the company reported funds from operations totaling $128 million, which translates to $1.11 per share. This figure outperformed the consensus estimate of $1.10 per share from six analysts polled by Zacks Investment Research.
Funds from operations, a key performance indicator for REITs, is calculated by adjusting net income to add back non-cash expenses like depreciation and amortization.
The company also disclosed a net income of $54.2 million, or $0.47 per share, for the quarter.
Quarterly revenue reached $190.5 million, surpassing the average analyst projection of $186.8 million, according to Zacks.
For the full year, Agree Realty reported funds from operations of $482.8 million, or $4.33 per share, alongside total revenue of $718.4 million.
Looking ahead, the company anticipates its funds from operations for the coming year will fall between $4.54 and $4.58 per share.
Since the start of the year, Agree Realty's stock price has climbed 6%. As of the close of trading on Tuesday, shares were valued at $76.51, marking a 5% increase over the past twelve months.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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