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Jun 30, 2022
Agree Realty Q2 2022 Earnings Report
Agree Realty reported second quarter 2022 results, increasing acquisition guidance and raising development and PCS guidance.
Key Takeaways
Agree Realty Corporation announced strong second quarter 2022 results, with net income attributable to common stockholders increasing by 52.7% to $34.1 million. The company also increased its full-year acquisition guidance to a range of $1.5 billion to $1.7 billion and raised its 2022 development and PCS guidance to $75 million to $125 million.
Net income for the three months ended June 30, 2022 increased 52.7% to $34.1 million, compared to $22.3 million for the comparable period in 2021.
Core FFO for the three months ended June 30, 2022 increased 27.1% to $74.5 million, compared to Core FFO of $58.6 million for the comparable period in 2021.
Acquisition volume for the second quarter totaled $420.4 million and included 99 properties net leased to leading retailers.
The Company's portfolio consisted of 1,607 properties located in 48 states and contained approximately 33.8 million square feet of gross leasable area as of June 30, 2022.
Forward Guidance
Agree Realty increased its full-year acquisition guidance to a range of $1.5 billion to $1.7 billion and raised its 2022 development and PCS guidance to $75 million to $125 million.
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