Agree Realty Corporation (NYSE:ADC) released its first-quarter 2021 results on Monday with revenues beating Wall Street expectations.
What Happened: The Michigan-based company posted a revenue of $77.83 million for the quarter ending March beating the estimated revenue of $75.54 million. Earnings per share amounted to 83 cents.
Last year, in a similar period, Agree Reality’s revenue amounted to $55.80 million.
“We continue to uncover unique high-quality opportunities, demonstrated by the continued expansion of our ground lease portfolio this quarter. Given our fortified balance sheet and strong investment pipeline, we are increasing our full-year acquisition guidance to a range of $1.1 billion to $1.3 billion," said CEO Joey Agree.
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The executive also announced the launch of a proprietary technology platform dubbed ARC that provides comprehensive data, visual management systems, and real-time monitoring of the company’s portfolio.
Agree shares closed 1.02% higher at $71 in Monday’s regular session. The shares traded unchanged in the after-hours trading.
Why It Matters: Agree increased its core funds from operations to 84 cents per share, beating Zacks Consensus Estimate of 83 cents per share. Last year in the same period the FFO was 82 cents.
The realty company has surpassed consensus FFO estimates four times over the last four quarters.
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Agree has declared an April monthly divided on $0.217 per share, which is an increase of 8.5% year-over-year.
The firm’s top tenants include Walmart Inc (NYSE:WMT), Best Buy Co, Inc (NYSE:BBY), Dollar General Corporation (NYSE:GD), and CVS Health Corporation (NYSE:CVS).
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Photo courtesy: Agree Realty
