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Agree Realty (NYSE:ADC) posted on Tuesday earnings that met the Wall Street consensus and revenue that beat the average analyst estimate in a quarter in which the net lease REIT acquired 50 properties.
Q4 adjusted FFO per share of $1.00, matching the average analyst estimate, was flat with $1.00 in Q3 and increased from $0.95 in Q4 2022. Revenue of $144.2M, exceeding the $141.2M consensus estimate, increased from $136.8M in the prior quarter and $116.5M a year ago.
"We remain intently focused on prudently allocating capital to drive sustainable AFFO per share growth above our previously discussed base case of over 3% growth in 2024," said President and CEO Joey Agree.
Q4 total operating expenses rose to $76.5M from $73.7M in the previous quarter and $59.1M a year ago.
As of Dec. 31, 2023, Agree's (ADC) portfolio consisted of 2,135 properties located in 49 states and contained 44.2M square feet of gross leasable area. The portfolio was 99.8% leased, vs. 99.7% at Sept. 30, had a weighted average remaining lease term of 8.4 years, and generated 69.1% of annualized base rents from investment-grade retail tenants.
During Q4, the company acquired seven ground leases for an aggregate purchase price of ~$29.9M, representing 14.8% of annualized base rents acquired.
Its total acquisition volume in Q4 2023 was ~$187.2M and included 50 properties net leased to retailers in sectors including home improvement, farm and rural supply, off-price, tire and auto service, and convenience stores.
It sold three properties for gross proceeds of $6.4M during the quarter.
Conference call on Feb. 14 at 9:00 AM ET.
Earlier, Agree Realty FFO of $1.00 in-line, revenue of $144.17M beats by $2.94M