Compared to Estimates, Agree Realty (ADC) Q2 Earnings: A Look at Key Metrics

Core Insights - Agree Realty (ADC) reported revenue of $152.58 million for Q2 2024, a year-over-year increase of 17.5% and a surprise of +1.50% over the Zacks Consensus Estimate of $150.33 million [1] - The earnings per share (EPS) for the same period was $1.04, compared to $0.42 a year ago, with an EPS surprise of +0.97% over the consensus estimate of $1.03 [1] Revenue Breakdown - Rental income was reported at $152.42 million, exceeding the five-analyst average estimate of $149.79 million, reflecting a year-over-year change of +17.4% [2] - Operating cost reimbursement revenue was $15.94 million, slightly below the average estimate of $16.20 million, but showed a +10% change compared to the previous year [2] - Other revenues reached $0.15 million, significantly surpassing the estimated $0.03 million, marking a remarkable +529.2% change year-over-year [2] Performance Metrics - The diluted net earnings per share was reported at $0.52, exceeding the five-analyst average estimate of $0.44 [2] - Over the past month, shares of Agree Realty have returned +7.4%, outperforming the Zacks S&P 500 composite's +2% change [2] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [2]