Agree Realty Q3 2024 Core FFO $1.01, raises acquisition guidance to $850M, AFFO guidance to $4.12-$4.14

AGREE REALTY CORP

2024-Q3 EPS reported $1.37 revenue$456,361,000

Net income per share $0.42 (+2.6% YoY); Core FFO $1.01 (+2.2%); AFFO $1.03 (+2.8%).
Invested ~$237M in 93 retail net lease properties; raised 2024 acquisition target to ~$850M.
Sold 6.6M shares via ATM forward for ~$469M; total liquidity now >$1.9B.
Proforma net debt to recurring EBITDA 3.6x; portfolio 99.6% leased with 7.9yr WALT.
Monthly dividend raised to $0.253/share (+2.4% YoY); AFFO payout ratio ~73%.

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