Agree Realty Corporation Reports Strong Second Quarter 2024 Results

Strategic Insights -

Agree Realty Corporation, a retail net lease real estate investment trust (REIT), today announced its financial results for the second quarter of 2024. The company reported a 35.5% increase in net income attributable to common stockholders to $52.9 million, compared to $39.0 million for the same period in 2023. Net income per share increased 25.6% to $0.52, while core funds from operations (Core FFO) per share grew 5.7% to $1.03. The company also declared a monthly cash dividend of $0.250 per common share, a 2.9% year-over-year increase.

Key Takeaways:

  • In the second quarter, Agree Realty invested approximately $203 million in 70 retail net lease properties, and commenced five development or DFP projects for a total committed capital of approximately $19 million.
  • The company's net income attributable to common stockholders increased by 35.5% to $52.9 million, and net income per share grew 25.6% to $0.52, compared to the same period in 2023.
  • Core FFO per share increased by 5.7% to $1.03, and AFFO per share grew 6.4% to $1.04, reflecting the company's strong operational performance and solid balance sheet.
  • As of June 30, 2024, the company's portfolio consisted of 2,202 properties, with approximately 45.8 million square feet of gross leasable area, and was 99.8% leased.
  • The company's acquisition volume for the second quarter was approximately $185.8 million, and total acquisition volume for the six months ended June 30, 2024, was approximately $309.3 million.
  • The company increased its 2024 acquisition guidance to approximately $700 million, and its 2024 AFFO per share guidance to a range of $4.11 to $4.14, reflecting 4.4% growth at the midpoint.

Statistics:

  • Net income attributable to common stockholders: $52.9 million (Q2 2024) vs. $39.0 million (Q2 2023)
  • Net income per share: $0.52 (Q2 2024) vs. $0.42 (Q2 2023)
  • Core FFO per share: $1.03 (Q2 2024) vs. $0.98 (Q2 2023)
  • AFFO per share: $1.04 (Q2 2024) vs. $0.98 (Q2 2023)
  • Portfolio size: 2,202 properties, approximately 45.8 million square feet of gross leasable area
  • Portfolio occupancy: 99.8%
  • Acquisition volume: approximately $185.8 million (Q2 2024) vs. approximately $309.3 million (6 months ended June 30, 2024)
  • Acquisition guidance: approximately $700 million (2024)

Sources:

  • Agree Realty Corporation press release, dated July 15, 2024.