Agree Realty Reports Growth and Strong Outlook

Agree Realty Corporation ( (ADC) ) has released its Q4 earnings. Here is a breakdown of the information Agree Realty Corporation presented to its investors.

Agree Realty Corporation is a publicly traded real estate investment trust focused on acquiring and developing retail properties across the United States, boasting a portfolio of industry-leading, omni-channel retail tenants.

In its latest earnings report for the fourth quarter and full year 2024, Agree Realty Corporation reported a decrease in net income per share for the quarter, but an increase for the full year, alongside growth in Core Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO). The company also provided initial guidance for 2025, projecting AFFO per share in the range of $4.26 to $4.30.

Key financial highlights for 2024 include investments of approximately $951 million in 282 retail net lease properties and the commencement of 25 development projects. The company achieved a 4.8% increase in net income per share to $1.78 for the year, while Core FFO per share rose by 3.7% to $4.08. Additionally, the company raised around $1.1 billion through forward equity offerings and completed a $450 million public bond offering.

Agree Realty Corporation also declared dividend increases and achieved an upgraded credit rating of BBB+ from S&P Global Ratings. The company’s portfolio remains robust, with a 99.6% occupancy rate and a diverse tenant base generating substantial rental income, particularly from investment grade retail tenants.

Looking ahead, Agree Realty Corporation enters 2025 with solid liquidity and strategic growth initiatives. The management is optimistic about leveraging its strong balance sheet and investment pipeline to achieve the projected AFFO per share guidance, amidst ongoing market opportunities.