Agree Realty Reports Strong Q4 Results, Surpassing Analyst Expectations
Agree Realty Corp. (ADC) announced its fourth-quarter financial results on Tuesday, posting a key profitability metric that exceeded Wall Street estimates.
Funds from Operations
ADC reported funds from operations (FFO) of $109.5 million, or $1.04 per share, for the quarter. Analysts surveyed by Zacks Investment Research had estimated FFO at $1.03 per share. The industry metric measures profitability by adding back depreciation and amortization to net income.
Net Income and Revenue
The company recorded net income of $43.4 million, or 41 cents per share. Revenue totaled $160.7 million, surpassing Zacks estimates of $159.5 million.
Full-Year Results
For the full year, ADC reported FFO of $422.8 million or $4.14 per share, on revenue of $617.1 million.
Outlook
Agree Realty projects full-year 2023 FFO in the range of $4.26 to $4.30 per share.
Stock Performance
ADC shares have climbed 3% year-to-date. At the close of trading on Tuesday, the stock was valued at $72.60, marking a 25% gain over the past 12 months.