Agree Realty Q3 AFFO per share up 4.2% to $1.00; acquisition guidance raised to $1.3B

AGREE REALTY CORP

2023-Q3 EPS reported $1.26 revenue$393,330,000

Net income per share $0.41, down 12.4% YoY; Core FFO per share $0.99, up 2.1%; AFFO per share $1.00, up 4.2%.
Acquired 74 properties for ~$398M at 6.9% cap rate; full-year acquisition guidance raised to ~$1.3B.
Closed $350M 5.5-year term loan at 4.52% fixed rate; raised $87M via ATM forward sales and settled $290M forward equity.
Record investment grade exposure of 68.9% of annualized base rents; portfolio 99.7% leased with 8.6-year WALT.
Monthly dividend increased 2.9% YoY to $0.247 per share; net debt to EBITDA of 4.5x.

item 2.02 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 quarter ended September 30, 2023 results: net income $39.7 million, EPS $0.41.

Period: the quarter ended September 30, 2023
Net income: $39.7 million
EPS: $0.41
Result: reported results

Exact text from the filing

Net Income for the three months ended September 30, 2023 increased 5.6% to $39.7 million, compared to $37.6 million for the comparable period in 2022. Net Income per share for the three months ended September 30 th decreased 12.4% to $0.41, compared to $0.46 per share for the comparable period in 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

AGREE REALTY CORP reported the nine months ended September 30, 2023 results: net income $118.4 million, EPS $1.26.

Period: the nine months ended September 30, 2023
Net income: $118.4 million
EPS: $1.26
Result: reported results

Exact text from the filing

Net Income for the nine months ended September 30, 2023 increased 11.8% to $118.4 million, compared to $105.9 million for the comparable period in 2022. Net Income per share for the nine months ended September 30 th decreased 9.4% to $1.26, compared to $1.39 per share for the comparable period in 2022.

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Source: SEC EDGAR

accession 0001104659-23-111089

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