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.

Total Revenue

$161M

Previous year: $144M

+11.5%

EPS

$1.04

Previous year: $1

+4.0%

Annualized Base Rent

$621M

Gross Leasable Area

48.8M

Number of Leases

2.37K

Gross Profit

$74.9M

Previous year: $79.8M

-6.2%

Cash and Equivalents

$6.4M

Previous year: $14.5M

-55.9%

Total Assets

$8.49B

Previous year: $7.77B

+9.2%

Agree Realty Revenue

Agree Realty EPS

Agree Realty Revenue by Segment

Agree Realty Revenue by Geographic Location

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.