News about ADC

Agree Realty Corporation (ADC) reported third-quarter AFFO and Core FFO per share of $1.15, both up 4.9% year over year, while net income per share rose 18.5% to $0.53. The company acquired 68 properties for $308.6 million at a 7.3% capitalization rate, but cut its full-year investment guidance to about $1.6 billion as higher interest rates made it more selective. It raised its full-year AFFO guidance to $4.58–$4.59 per share and its disposition guidance to $100–150 million, while portfolio occupancy reached a company-record 99.8%. Management said it is in no rush to deploy capital at prior pricing and is focused on pushing acquisition yields higher to maintain historical spreads.