Agree Realty: 4Q Earnings Snapshot
BLOOMFIELD HILLS, Mich. (AP) _ Agree Realty Corp. (ADC) on Thursday reported a key measure of profitability in its fourth quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Bloomfield Hills, Michigan, said it had funds from operations of $47.3 million, or 84 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 83 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $23.6 million, or 42 cents per share.
The real estate investment trust posted revenue of $71.4 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $69 million.
For the year, the company reported funds from operations of $170.2 million, or $3.23 per share. Revenue was reported as $248.6 million.
The company’s shares have dropped almost 4% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $64.20, a decline of 17% in the last 12 months.