Agree Realty Corporation announced robust financial results for the third quarter ended September 30, 2024. Net Income attributable to common stockholders increased by 7.2% to $42.5 million, or $0.42 per share, compared to $39.7 million, or $0.41 per share, in the comparable period of 2023.
The company reported a 7.4% increase in Adjusted Funds From Operations (AFFO) to $104.8 million, or $1.03 per share, for Q3 2024, up from $97.6 million, or $1.00 per share, in Q3 2023. Core FFO also saw a 6.8% rise to $102.9 million, or $1.01 per share.
Agree Realty raised its full-year 2024 acquisition guidance to approximately $850 million, an increase from the previous estimate of $700 million. The lower end of the 2024 AFFO per share guidance was also increased to a range of $4.12 to $4.14, reflecting confidence in continued strong performance.
The company's portfolio, as of September 30, 2024, comprised 2,271 properties across 49 states, with a 99.6% occupancy rate. Approximately 67.5% of annualized base rents were derived from investment-grade retail tenants, underscoring the portfolio's quality.
During the third quarter, Agree Realty invested approximately $215.6 million in 66 properties at a weighted-average capitalization rate of 7.5% and a weighted-average lease term of 9.8 years. Capital markets activities included increasing the senior unsecured revolving credit facility to $1.25 billion and raising nearly $470 million of forward equity, contributing to a record liquidity of over $1.9 billion.
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