Agree Realty’s Q1 FFO of $1.14 Tops Estimate, Revenue Hits $200.8M
Agree Realty posted Q1 funds from operations of $137.6M ($1.14 per share), surpassing the $1.12 consensus, and net income of $60.2M ($0.50 per share). Revenue reached $200.8M versus $196.1M expected and the real estate investment trust set full-year FFO guidance at $4.54 to $4.58 per share.
1. Q1 Financial Highlights
Agree Realty reported Q1 funds from operations of $137.6 million ($1.14 per share), beating the $1.12 consensus and the prior-year $1.06 figure. Net income totaled $60.2 million ($0.50 per share) while revenue rose to $200.8 million versus $196.1 million estimates.
2. Full-Year Guidance
The real estate investment trust set full-year FFO guidance at $4.54 to $4.58 per share, reflecting confidence in stable property cash flows. This outlook underscores management’s expectation of continued leasing momentum across its retail and service portfolio.
3. Share Performance
Shares have risen 9.5% year-to-date, reaching $78.86 at quarter-end, supported by strong distribution coverage and diversification across retail and service-oriented assets.