Agree Realty ( NYSE: ADC ) turned in better-than-expected Q4 earnings and revenue as the retail REIT ended the year with record investment volume along with a robust liquidity position.
With $1.5B in total liquidity and over $500M of outstanding forward equity at the end of 2022, "we are extremely well positioned to execute without the need for additional capital," said President and CEO Joey Agree.
"While the environment remains uncertain, I am confident in our ability to acquire at least $1 billion of high-quality net lease assets while maintaining investment spreads that continue to drive appropriate per share earnings growth," he added.
Adjusted FFO per share of $0.95, topping the $0.96 average analyst estimate, increased from $0.91 in the year-ago quarter.
Revenue of $116.53M, exceeding the $115.64M consensus, climbed from $91.41M a year earlier.
Total operating expenses were $59.14M for the three months ended Dec. 31, 2022, up from $46.30M for the three months ended Dec. 31, 2021.
At year end, ADC's portfolio consisted of 1,839 properties located in 48 states and contained approximately 38.1M square feet of gross leasable area. The portfolio was 99.7% leased, had a weighted-average remaining lease term of approximately 8.8 years, and generated 67.8% of annualized base rents from investment grade retail tenants.
Conference call on Feb. 15 at 9:00 a.m. ET.
Earlier, Agree Realty FFO of $0.95 beats by $0.01, revenue of $116.53M beats by $0.89M .
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Agree Realty Q4 profit, sales beat, helped by strong investment volume