Agree Realty Q2 2023 Earnings Report
Key Takeaways
Agree Realty Corporation announced its Q2 2023 results, featuring an increase in net income to $39.0 million and AFFO to $91.8 million. The company increased its full-year acquisition guidance to at least $1.3 billion and surpassed 2,000 properties in its portfolio.
Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million, compared to $34.1 million for the comparable period in 2022.
AFFO for the three months ended June 30, 2023 increased 24.5% to $91.8 million, compared to AFFO of $73.7 million for the comparable period in 2022.
Total acquisition volume for the second quarter was approximately $305.0 million and included 92 properties net leased to leading retailers.
The Company's outlook for acquisition volume for the full-year 2023 is being increased to at least $1.3 billion of high-quality retail net lease properties, from at least $1.2 billion previously.
Agree Realty
Agree Realty
Forward Guidance
The Company's outlook for acquisition volume for the full-year 2023 is being increased to at least $1.3 billion of high-quality retail net lease properties, from at least $1.2 billion previously.