Agree Realty Q1 AFFO per share up 1.5% to $0.98; raises 2023 acquisition guidance to at least $1.2B

AGREE REALTY CORP

2023-Q1 EPS reported $0.44 revenue$126,618,000

Net income per share fell 8.6% YoY to $0.44; Core FFO per share rose 0.6% to $0.98.
AFFO per share up 1.5% to $0.98; monthly dividend raised 3.8% YoY to $0.243 per share.
Invested $302M in 66 retail net lease properties at 6.7% cap rate; full-year guidance increased to at least $1.2B.
Portfolio 99.7% leased, 8.8-year weighted-average lease term, 68% from investment-grade tenants.
Balance sheet: proforma net debt/EBITDA 3.7x; $1.2B liquidity including $362M forward equity.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AGREE REALTY CORP reported the quarter ended March 31, 2023 results: net income Net Income for the three months ended March 31, 2023 increased 16.1% to $39.8 million, compared to $34.3 million for the, EPS $0.44. Guidance raised.

Period: the quarter ended March 31, 2023
Net income: Net Income for the three months ended March 31, 2023 increased 16.1% to $39.8 million, compared to $34.3 million for the
EPS: $0.44
Guidance: raised
Result: reported results

Exact text from the filing

Agree Realty Corporation Reports First Quarter 2023 Results Increases 2023 Acquisition Guidance to At Least $1.2 Billion

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Source: SEC EDGAR

accession 0001104659-23-055998

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