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Mar 31, 2021
Agree Realty Q1 2021 Earnings Report
Agree Realty reported strong first quarter results, increased acquisition guidance, and launched a proprietary technology platform.
Key Takeaways
Agree Realty Corporation announced a strong start to the year with a 41.8% increase in net income to $30.1 million and a 42.0% increase in Core FFO to $53.3 million. The company increased its full-year acquisition guidance to a range of $1.1 billion to $1.3 billion and launched a proprietary technology platform called ARC.
Net income attributable to the Company increased 41.8% to $30.1 million compared to the comparable period in 2020.
Core FFO increased 42.0% to $53.3 million compared to the comparable period in 2020.
Total acquisition volume for the first quarter of 2021 was approximately $386.8 million.
The Company increased its full-year acquisition guidance to a range of $1.1 billion to $1.3 billion.
Forward Guidance
The Company’s outlook for acquisition volume for the full-year 2021 is being increased to a range of $1.1 billion to $1.3 billion of high-quality retail net lease properties.
Positive Outlook
- Increasing full-year acquisition guidance to a range of $1.1 billion to $1.3 billion.
- Strong investment pipeline.
- Fortified balance sheet.
- Continuing to uncover unique high-quality opportunities.
- Continued expansion of ground lease portfolio.
Challenges Ahead
- Potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition.
- Weakening of real estate markets.
- Decreases in the availability of credit.
- Increases in interest rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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