- Agree Realty reported revenue for the third quarter of 2024 at $154.3 million, slightly above the estimate of $153.3 million.
- Core Funds From Operations (FFO) per share were reported at $1.01.
- Adjusted Funds From Operations (AFFO) per share stood at $1.03, matching the estimate.
- Earnings per share (EPS) came in at 42 cents, slightly below the estimate of 44 cents.
- Total assets of the company were reported at $8.18 billion, surpassing the estimated $8.13 billion.
- Rental income for the quarter matched the company’s revenue at $154.3 million.
- The company raised its full-year 2024 acquisition target to approximately $850 million for high-quality retail net lease properties, up from $700 million.
- The lower end of full-year 2024 disposition guidance was increased from $60 million to $70 million, while the upper end remains at $100 million.
- The company plans to raise the lower end of its 2024 AFFO per share guidance to between $4.12 and $4.14.
- Analyst opinions show 14 buy ratings, 5 hold ratings, and no sell ratings.
A look at Agree Realty Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 3 | |
| Momentum | 5 | |
| OVERALL SMART SCORE | 3.8 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on Smartkarma Smart Scores, Agree Realty Corporation demonstrates a promising long-term outlook. With solid scores of 4 for both Value and Dividend, it indicates that the company is financially stable and provides consistent returns to investors. Moreover, with a Momentum score of 5, Agree Realty shows strong positive market momentum, which could lead to further growth in the future. While Growth and Resilience scores sit at 3, suggesting room for improvement, the overall picture for Agree Realty appears optimistic.
Agree Realty Corporation is a real estate investment trust focused on owning, managing, and developing neighborhood community shopping centers and single tenant properties. With properties in twelve states leased under net leases to major retail tenants, Agree Realty has established a robust presence in the real estate market. The company’s strong scores in Value, Dividend, and Momentum indicate a promising future for investors looking for stability and growth potential in the real estate sector.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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