Agree Realty Q2 2024 Earnings Report
Key Takeaways
Agree Realty Corporation reported strong second-quarter results, with a 35.5% increase in net income to $52.9 million and a 6.4% increase in AFFO per share to $1.04. The company increased its full-year acquisition guidance to approximately $700 million and raised its 2024 AFFO per share guidance to $4.11 to $4.14. Additionally, they expanded their Credit Facility to $1.25 Billion.
Net income increased 35.5% to $52.9 million compared to the same period in 2023.
AFFO per share increased 6.4% to $1.04 compared to the same period in 2023.
Acquisition guidance was increased to approximately $700 million for the full year.
2024 AFFO per share guidance was raised to a range of $4.11 to $4.14.
Agree Realty
Agree Realty
Forward Guidance
Agree Realty Corporation raised its 2024 AFFO per share guidance to a range of $4.11 to $4.14 and increased its full-year acquisition guidance to approximately $700 million.
Positive Outlook
- Increased full-year acquisition guidance to approximately $700 million.
- Raised 2024 AFFO per share guidance to a range of $4.11 to $4.14.
- Expanded Credit Facility to $1.25 billion.
- Portfolio was 99.8% leased as of June 30, 2024.
- Total liquidity of $1.7 billion proforma for the closing of expanded Credit Facility.
Challenges Ahead
- Ongoing worldwide economic uncertainties.
- Increased inflation.
- Increases in interest rates.
- Weakening of real estate markets.
- Adverse changes in the retail industry.