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Zacks #1 Stocks on the Move 06/18/2013

Company Name Symbol %Change
STAAR SURGIC STAA
10.98%
LUMOS NETWOR LMOS
5.70%
INSTEEL IND IIIN
5.28%
ERICKSON AIR EAC
5.10%
ASSURED GUAR AGO
4.98%

Agree Realty Acquires Assets

by Zacks Equity Research

January 09, 2012 | Comments : 0 Recommended this article: (0)

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Agree Realty Corporation (ADC - Snapshot Report) recently announced the acquisition of a Wawa convenience store fuel station in Baltimore, Maryland, a Walgreens pharmacy in Fort Walton Beach, Florida as well as a CVS pharmacy in Leawood, Kansas for a total consideration of $10.35 million.The average lease term for these acquisitions is 15 years.

The company assumed approximately $3.4 million of debt in conjunction with one of the acquisitions. The debt will mature in February 2020 with a 6.24% interest rate. The company’s strategic move is to enhance and diversify its portfolio of industry leading retailers.

Agree Realty reported third-quarter 2011 FFO (fund from operations) of 55 cents per share compared with 60 cents per share reported in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income

Agree Realty is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 87 properties, located in 21 states spanning 3.6 million square feet of leasable space.

Agree Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. Currently, we are also maintaining a long-term Neutral recommendation on the stock. One of its competitors, Kimco Realty Corporation (KIM - Analyst Report), holds a Zacks #3 Rank.

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