Published on 23 Apr 2024 on GuruFocus.com via Yahoo Finance
Agree Realty Corp (ADC) Q1 2024 Earnings: Surpasses Analyst Revenue Forecasts
Net Income: Reported at $43.0 million for Q1 2024, an increase of 8.2% year-over-year, but fell short of the estimated $46.40 million.Earnings Per Share (EPS): Decreased by 2.4% to $0.43 from $0.44 year-over-year, below the estimated $0.46.Revenue: Specific revenue figures were not disclosed, comparison to the estimated $146.46 million cannot be made.Dividends: Declared monthly cash dividends increased to $0.247 per share for Q1 2024, reflecting an annualized increase of 2.9% from Q1 2023.Adjusted Funds From Operations (AFFO): Increased by 15.9% to $103.3 million, with AFFO per share rising 4.6% to $1.03.Portfolio Expansion: Acquired 31 properties for approximately $123.5 million, anticipating a total acquisition volume of approximately $600 million for 2024.Guidance for 2024: AFFO per share projected to be between $4.10 and $4.13, with general and administrative expenses ranging from 5.7% to 6.0% of adjusted revenue.
Warning! GuruFocus has detected 7 Warning Signs with ADC.