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Mar 31, 2022
Agree Realty Q1 2022 Earnings Report
Agree Realty Corporation reported strong first quarter results, increased acquisition guidance, and maintained a fortress-like balance sheet.
Key Takeaways
Agree Realty Corporation announced a strong start to 2022 with increased acquisition guidance to $1.4 billion to $1.6 billion. The company's portfolio consisted of 1,510 properties located in 47 states, with 99.6% leased. Total acquisition volume for the quarter was approximately $407.2 million.
Net income increased 13.8% to $34.3 million compared to the same period in 2021.
Core FFO increased 30.8% to $69.7 million compared to the same period in 2021.
Total acquisition volume was approximately $407.2 million and included 106 properties.
The Company commenced a record 15 development and PCS projects with total anticipated costs of approximately $44.0 million.
Forward Guidance
The Company's outlook for acquisition volume for the full-year 2022 is being increased to a range of $1.4 billion to $1.6 billion of high-quality retail net lease properties.
Positive Outlook
- Increased acquisition guidance to $1.4 billion to $1.6 billion.
- Acquisition platform continues to source a myriad of opportunities.
- Commenced a record number of projects through development and partner capital solutions platforms.
- All three platforms remain focused on leading omni-channel retailers.
- Maintain a fortress-like balance sheet with liquidity of nearly $1.0 billion.
Challenges Ahead
- Potential adverse effect of the current pandemic of the novel coronavirus, or COVID-19.
- General deterioration in national economic conditions.
- Weakening of real estate markets.
- Decreases in the availability of credit.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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