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Jun 30, 2023
Agree Realty Q2 2023 Earnings Report
Agree Realty Corporation reported an increase in net income and AFFO for the second quarter of 2023, while increasing acquisition guidance to at least $1.3 billion and surpassing 2,000 properties.
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.
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.
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