The following is a summary of the Agree Realty Corporation (ADC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Agree Realty Corporation reported Q1 core FFO was $1.01 per share, a 3.5% year-over-year increase.

• AFFO per share for Q1 increased 4.6% year-over-year to $1.03.

• Full-year 2024 guidance for AFFO per share was introduced at $4.10 to $4.13, representing 4.2% growth at the midpoint.

• Total liquidity exceeds $920 million, with over $385 million in hedge capital.

• Net debt to recurring EBITDA remained steady quarter-to-quarter at approximately 4.3x.

Business Progress:

• Agree Realty invested $140 million in 50 quality retail net lease properties in Q1.

• Full-year disposition activity is estimated between $50 million and $100 million.

• They started forward development and DFP projects with overall anticipated costs of about $18 million.

• Leases on around 405,000 square feet of gross leasable area were executed during the quarter.

• The company expects to meet its relatively confident and achievable financial guidance range of 410 to 413.

• Agree Realty remains confident in its guidance for the rest of the year and is exploring opportunities for acquiring ground leases.

• Non-core assets will be disposed of and recycled, mainly in Florida. This strategy is influenced by a disproportionate increase in 1031 exchange activity in that state.

• The opening of a Bed Bath & Beyond in Memphis, Tennessee, represents Agree Realty's first freestanding box redevelopment.

• The company has successfully executed replacing leases at around 110% of previous rents, showing their strategic asset management.

• The firm expanded its disposition team to explore more investment alternatives actively.

More details: Agree Realty Corp IR

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