Last $29.66 USD
Change Today +0.13 / 0.44%
Volume 26.2K
ADC On Other Exchanges
Symbol
Exchange
Berlin
As of 8:04 PM 08/26/14 All times are local (Market data is delayed by at least 15 minutes).

agree realty corp (ADC) Snapshot

Open
$29.49
Previous Close
$29.53
Day High
$29.74
Day Low
$29.06
52 Week High
11/7/13 - $32.31
52 Week Low
04/21/14 - $26.58
Market Cap
443.7M
Average Volume 10 Days
28.3K
EPS TTM
$1.50
Shares Outstanding
15.0M
EX-Date
06/26/14
P/E TM
19.7x
Dividend
$1.72
Dividend Yield
5.66%
Current Stock Chart for AGREE REALTY CORP (ADC)

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agree realty corp (ADC) Details

Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and management of retail properties, which are primarily leased to national and regional retail companies in the United States. As of December 31, 2009, its portfolio consisted of 73 properties, including 61 freestanding net leased properties and 12 community shopping centers located in 16 states containing approximately 3.5 million square feet of gross leasable area. The company has elected to be treated as a REIT under the Internal Revenue Code. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its stockholders. Agree Realty Corporation was founded in 1971 and is headquartered in Farmington Hills, Michigan.

Founded in 1971

agree realty corp (ADC) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $550.0K
Executive Chairman and Chairman of Executive ...
Total Annual Compensation: $150.0K
Executive Vice President
Total Annual Compensation: $287.8K
Vice President of Finance & Accounting
Total Annual Compensation: $209.8K
Compensation as of Fiscal Year 2013.

agree realty corp (ADC) Key Developments

Agree Realty Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Impairment Charge for the Second Quarter Ended June 30, 2014

Agree Realty Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $12.9 million compared to $10.6 million a year ago. Income from operations was $4.6 million or $0.18 per basic and diluted share, compared to $5.9 million or $0.33 per basic and diluted share, a year ago. Income before discontinued operations was $2.72 million compared to $4.4 million a year ago. Net income was $2,716,000, or $0.18 per basic and diluted share, compared with $4,530,000, or $0.34 per basic and diluted share, for the comparable period in 2013. The primary driver of the variance was a $2,800,000 non-cash impairment taken against the company's Chippewa Commons shopping center as a result of Kmart, the property's anchor tenant, electing not extend its lease beyond its natural expiration on November 30, 2014. Net income attributable to the company was $2.65 million compared to $4.4 million a year ago. Funds from operations increased 19% to $8,092,000 compared with FFO of $6,804,000 for the comparable period in 2013. FFO per share increased 5.9% to $0.54 compared with FFO per share of $0.51 for the comparable period in 2013. Adjusted funds from operations increased 18% to $8,266,000 compared with AFFO of $6,996,000 for the comparable period in 2013. AFFO per share increased 5.8% to $0.55 compared with AFFO per share of $0.52 for the comparable period in 2013. For the six months, the company reported total revenues of $25.5 million compared to $20.53 million a year ago. Income from operations was $11.76 million or $0.53 per diluted share, compared to $11.6 million or $0.65 per basic and diluted share, a year ago. Income before discontinued operations was $8.09 million compared to $8.63 million a year ago. Net income was $8,226,000, or $0.55 per diluted share, compared with $9,921,000, or $0.75 per basic and diluted share, for the comparable period in 2013. The primary driver of the variance was the non-cash impairment taken against the company's Chippewa Commons shopping center. Net income attributable to the company was $8.04 million compared to $9.66 million a year ago. Diluted earnings per share were $0.54 against $0.75 a year ago. FFO increased 21% to $15,978,000 compared with FFO of $13,186,000 for the comparable period in 2013. FFO per share increased 6.0% to $1.06 compared with FFO per share of $1.00 for the comparable period in 2013. AFFO increased 22% to $16,367,000 compared with AFFO of $13,407,000 for the comparable period in 2013. AFFO per share increased 6.9% to $1.08 compared with AFFO per share of $1.01 for the comparable period in 2013. The company reported impairment charge for the second quarter ended June 30, 2014. For the quarter, the company reported impairment charge of $2.8 million, non-cash impairment taken against the company's Chippewa Commons shopping center as a result of Kmart, the property's anchor tenant, electing not extend its lease beyond its natural expiration on November 30, 2014.

Agree Realty Corporation Announces $250 Million Senior Unsecured Credit Facilities

Agree Realty Corporation announced that it recently entered into a $250 million senior unsecured Revolving Credit and Term Loan Agreement covering three senior unsecured credit facilities: A $150 million unsecured revolving credit facility due July 21, 2018 with an additional one-year extension option at the Company's election. Borrowings under the Revolver will initially be priced at LIBOR plus 135 basis points. The Revolver replaces the Company's existing $85 million revolving credit facility and can be expanded to $250 million though an accordion feature. A $65 million seven-year unsecured term loan facility is due on July 21, 2021. Borrowings under the New Term Loan will initially be priced at LIBOR plus 165 basis points. The Company has entered into an interest rate swap to fix LIBOR at 2.09% until maturity, implying an all-in interest rate of 3.74% at closing. Additionally, conforming changes were made to certain terms and conditions of the Company's existing $35 million term loan facility as part of the Agreement. The maturity date remains September 29, 2020 and the current all-in interest rate remains 3.85%.

Agree Realty Corporation Closes Two Acquisitions

Agree Realty Corporation announced that it recently closed on two acquisitions with an aggregate purchase price of approximately $24.7 million, including a portfolio of 13 Taco Bell restaurants and a Giant Eagle grocery store. The Taco Bell portfolio was acquired via a $19.0 million sale leaseback transaction with Charter Foods. Charter Foods is a franchise operator of 184 quick service and casual dining restaurants. The 13 Taco Bell properties acquired by the Company are all subject to new 20 year absolute net leases with contractual rent increases of 1.5% per year. Eleven stores are located in Ohio and two stores are located in western Pennsylvania. The acquired properties are the first Taco Bell restaurants in the company's portfolio. In addition, the company also acquired a Giant Eagle grocery store in Ligonier, Pennsylvania for approximately $5.7 million. The 38,000 square foot store has been operating in this location for over 20 years and is the only full service grocer in the trade area.

 

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