Back to top

Analyst Blog

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.

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
ERBA DIAGNO… ERB 3.80 +7.04%
BANCO DO BR… BDORY 14.74 +5.66%
AIR INDUSTR… AIRI 9.99 +4.15%
EQT MIDSTRE… EQM 98.14 +3.38%
WEATHERFORD… WFT 23.64 +3.10%