Agree Realty Q1 2024 Earnings Report
Key Takeaways
Agree Realty Corporation announced its Q1 2024 results, featuring an 8.2% increase in net income to $43.0 million and a 15.9% increase in AFFO to $103.3 million. The company introduced full-year acquisition guidance of approximately $600 million and anticipates 2024 AFFO per share between $4.10 and $4.13.
Net income increased by 8.2% to $43.0 million compared to Q1 2023.
AFFO increased by 15.9% to $103.3 million compared to Q1 2023.
The company's portfolio consisted of 2,161 properties located in 49 states, with 99.6% leased.
Total acquisition volume for the first quarter was approximately $123.5 million.
Agree Realty
Agree Realty
Forward Guidance
The Company’s 2024 guidance is subject to risks and uncertainties. The company anticipates acquisition volume for the full year 2024 to be approximately $600 million and can achieve 2024 AFFO per share between $4.10 and $4.13.
Positive Outlook
- Full-year acquisition guidance of approximately $600 million of high-quality retail net lease properties
- Total liquidity of over $920 million
- More than $385 million of hedged capital
- No material debt maturities until 2028
- Best-in-class portfolio and fortress balance sheet
Challenges Ahead
- Potential adverse effect of ongoing worldwide economic uncertainties
- Increased inflation and interest rates on the financial condition
- Weakening of real estate markets
- Decreases in the availability of credit
- Adverse changes in the retail industry