Agree Realty Q2 AFFO per share $0.98 (+1.1%); ups 2023 acquisition guidance to at least $1.3B

AGREE REALTY CORP

2023-Q2 EPS reported $0.86 revenue$256,518,000

Net income $39.0M (+14.3% YoY); diluted EPS $0.42 (-7.2% YoY) on higher share count.
Core FFO per share $0.98 (flat); AFFO per share $0.98 (+1.1% YoY).
Full-year acquisition guidance raised to at least $1.3B (from $1.2B); Q2 invested ~$324M in 120 properties.
Closed $350M unsecured 5.5-year term loan at 4.52% fixed rate; used to pay down revolver.
Portfolio now 2,004 properties, 99.7% leased; proforma net debt/EBITDA 4.1x; liquidity ~$1.3B.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AGREE REALTY CORP reported the second quarter ended June 30, 2023 results: net income Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million, EPS Net Income per share for the three months ended June 30, 2023 decreased 7.2% to $0.42. Guidance raised.

Period: the second quarter ended June 30, 2023
Net income: Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million
EPS: Net Income per share for the three months ended June 30, 2023 decreased 7.2% to $0.42
Guidance: raised
Result: reported results

Exact text from the filing

Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AGREE REALTY CORP reported the six months ended June 30, 2023 results: net income Net Income for the six months ended June 30, 2023 increased 15.2% to $78.8 million, EPS Net Income per share for the six months ended June 30, 2023 decreased 7.9% to $0.86. Guidance raised.

Period: the six months ended June 30, 2023
Net income: Net Income for the six months ended June 30, 2023 increased 15.2% to $78.8 million
EPS: Net Income per share for the six months ended June 30, 2023 decreased 7.9% to $0.86
Guidance: raised
Result: reported results

Exact text from the filing

Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AGREE REALTY CORP entered into Term Loan Agreement with PNC Bank, National Association valued at $350 million (effective 2023-07-31).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association
Value: $350 million
Effective: 2023-07-31

Exact text from the filing

Agree Realty Corporation (the “Company”), as parent guarantor, and Agree Limited Partnership, as borrower (the “Borrower”), entered into that certain Term Loan Agreement, dated as of July 31, 2023 (the “Agreement”), with PNC Bank, National Association (“PNC Bank”), as Administrative Agent, and a syndicate of lenders named therein (collectively, the “Lenders”), and with certain indirect subsidiaries of the Borrower as guarantors. The Agreement provides for a $350 million unsecured delayed draw term loan facility (the “Loan”).

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Source: SEC EDGAR

accession 0001104659-23-086389

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