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Dec 31, 2024
Agree Realty Q4 2024 Earnings Report
Key Takeaways
Agree Realty Corporation reported a net income of $43.4 million for Q4 2024, a 1.6% decline from the prior year. Adjusted Funds from Operations (AFFO) increased by 9.1% to $109.5 million, with AFFO per share rising 4.7% to $1.04. Core Funds from Operations (Core FFO) rose 7.9% to $107.6 million. The company invested $371 million in 127 retail net lease properties and commenced eight development projects. Liquidity remained strong at over $2.0 billion.
Forward Guidance
Agree Realty expects AFFO per share in 2025 to range between $4.26 and $4.30, with general and administrative expenses at 5.6%-5.9% of adjusted revenue. Investment volume is projected between $1.1B and $1.3B.
Positive Outlook
- Strong liquidity of over $2.0 billion.
- Upgraded credit rating to BBB+ from S&P.
- Projected AFFO per share growth in 2025.
- Expansion of revolving credit facility to $1.25 billion.
- Significant investment pipeline for growth.
Challenges Ahead
- Net income declined year-over-year.
- Higher interest expenses impacting earnings.
- Exposure to inflation and economic conditions.
- Real estate sector volatility could impact growth.
- Potential challenges in lease renewals and occupancy rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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