Sign in Subscribe
Agree Realty Corp.

Agree Realty Corporation Reports Strong Second Quarter 2024 Financials

Strategic Insights

— 2 min read

Agree Realty Corporation, a leading national net lease real estate investment trust (REIT), has announced robust financial results for the second quarter of 2024. The company's investment in 70 retail net lease properties and significant progress on its development and financing projects have contributed to its impressive performance. Net income per share increased by 25.6% to $0.52, while core funds from operations (Core FFO) and adjusted funds from operations (AFFO) saw respective increases of 5.7% and 6.4%.

Key Takeaways:

  • Agree Realty Corporation invested approximately $203 million in 70 retail net lease properties, marking a significant milestone in the company's growth strategy.
  • The company commenced five development or Developer Funding Platform (DFP) projects, totaling committed capital of approximately $19 million.
  • Net income per share attributable to common stockholders increased by 25.6% to $0.52, driven by the company's expansion and efficient operations.
  • Core Funds from Operations (Core FFO) per share increased by 5.7% to $1.03, demonstrating the company's ability to generate strong cash flows.
  • Adjusted Funds from Operations (AFFO) per share increased by 6.4% to $1.04, indicating a solid foundation for future growth.
  • The company declared a July monthly dividend of $0.250 per common share, representing a 2.9% year-over-year increase.
  • Agree Realty Corporation completed a public bond offering of $450 million of 5.625% senior unsecured notes due 2034, underscoring its access to capital markets.
  • The company sold 3.2 million shares of common stock via the forward component of its at-the-market equity (ATM) program, generating approximately $195 million in anticipated net proceeds.
  • Agree Realty Corporation boasts a substantial liquidity position, with approximately $1.7 billion of total liquidity pro forma for the closing of its $1.25 billion senior unsecured revolving credit facility.
  • The company's balance sheet is well-positioned, with a net debt-to-recurring EBITDA ratio of 4.1 times and 4.9 times excluding unsettled forward equity.

Statistics:

  • $203 million: the amount invested in 70 retail net lease properties
  • 70: the number of retail net lease properties acquired during Q2 2024
  • 19 million: the total committed capital for five development or DFP projects
  • $0.52: net income per share attributable to common stockholders
  • 25.6%: increase in net income per share attributable to common stockholders
  • $1.03: Core FFO per share
  • 5.7%: increase in Core FFO per share
  • $1.04: AFFO per share
  • 6.4%: increase in AFFO per share
  • $450 million: the size of the public bond offering
  • 2034: the maturity date of the senior unsecured notes
  • 3.2 million: the number of shares sold via the ATM program
  • $195 million: the anticipated net proceeds from the sale of shares
  • $1.7 billion: the total liquidity position
  • 4.1 times: the net debt-to-recurring EBITDA ratio
  • 4.9 times: the net debt-to-recurring EBITDA ratio excluding unsettled forward equity

Sources:

  • Agree Realty Corporation, "Agree Realty Corporation Reports 2024 Second Quarter Results"
  • Agree Realty Corporation, "Agree Realty Corporation Announces Full Year 2024 Guidance and Updates Development Pipeline"

Read more