Agree Realty Corporation Issues Positive Third Quarter Results in Recent SEC Filing

Agree Realty Corporation, a prominent retail net lease Real Estate Investment Trust (REIT) headquartered in Royal Oak, Michigan, released its recent press release concerning the results of operations for the third quarter ended September 30, 2024. The company highlighted an optimistic outlook as it raised the lower end of its 2024 Adjusted Funds from Operations (AFFO) per share guidance to range between $4.12 to $4.14. This adjustment signifies a potential 4.6% growth at the midpoint compared to previous guidance.

The company reported acquiring $216 million worth of high-quality retail net lease assets in the third quarter of 2024. They accomplished this at a weighted-average capitalization rate of 7.5%. Additionally, Agree Realty received an upgraded BBB+ issuer rating from S&P Global Ratings with a stable outlook, indicating a positive perception of the company’s financial health and stability.

Agree Realty also provided insights into its development and Developer Funding Platform (DFP) projects, revealing that 33 projects were completed or under construction for approximately $135 million as of September 30, 2024. The company maintains a fortress balance sheet with total liquidity exceeding $1.9 billion, providing a strong financial position for future growth initiatives.

In terms of acquisitions, the company increased its 2024 acquisition guidance to approximately $850 million for high-quality retail net lease assets. There was also an increase in the lower end of disposition guidance to a new range of $70 to $100 million for the full year 2024.

Furthermore, Agree Realty declared an increased monthly cash dividend to $0.253 per common share for October, representing a 2.4% year-over-year increase. The company also reported the

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Agree Realty’s 8K filing here.

Agree Realty Company Profile

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.