Agree Realty Q3 AFFO per share up 7.8% to $0.96; raises 2022 acquisition guidance to $1.6B

AGREE REALTY CORP

2022-Q3 EPS reported $1.39 revenue$313,283,000

Net income per share fell 11.1% to $0.46, but Core FFO per share rose 5.6% to $0.97 and AFFO per share rose 7.8% to $0.96.
Acquired 98 properties for $360M in Q3; raised lower end of full-year acquisition guidance to $1.6B (from $1.5B).
Declared increased monthly dividend of $0.240 per share for Oct 2022, a 5.7% YoY increase; payout ratio ~73% of AFFO.
Completed $300M bond offering at effective 3.76% all-in rate; raised over $800M in equity/debt during quarter.
Portfolio 99.7% leased, 67.5% of rents from investment-grade tenants; proforma net debt/EBITDA 3.1x.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AGREE REALTY CORP reported the third quarter ended September 30, 2022 results: net income $37.6 million, EPS $0.46. Guidance raised.

Period: the third quarter ended September 30, 2022
Net income: $37.6 million
EPS: $0.46
Guidance: raised
Result: reported results

Exact text from the filing

Net Income for the three months ended September 30, 2022 increased 3.3% to $37.6 million, compared to $36.4 million for the comparable period in 2021. Net Income per share for the three months ended September 30, 2022 decreased 11.1% to $0.46, compared to $0.52 per share for the comparable period in 2021.

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Source: SEC EDGAR

accession 0001104659-22-113466

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