Agree Realty Q2 AFFO per share $1.04 (+6.4% YoY); raises 2024 guidance and acquisition outlook

AGREE REALTY CORP

2024-Q2 EPS reported $0.95 revenue$302,029,000

Net income per share up 25.6% to $0.52; Core FFO per share $1.03 (+5.7%); AFFO per share $1.04 (+6.4%).
2024 AFFO per share guidance raised to $4.11-$4.14 (midpoint +4.4%); acquisition guidance increased to ~$700M.
Invested ~$203M in 70 retail net lease properties in Q2; first-half total ~$343M.
Completed $450M bond offering (5.625% notes due 2034); received commitments to expand credit facility to $1.25B.
Entered ATM forward sales for 3.2M shares (net proceeds ~$195M); proforma liquidity ~$1.7B; net debt/EBITDA 4.1x proforma.

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