Agree Realty Corp · Q1 2020 earnings

Briefing

Agree Realty reported first quarter 2020 results, highlighting a fortified balance sheet and raised acquisition guidance, with Walmart as the company’s largest tenant.

Agree Realty Corporation announced a 15.7% increase in net income, reaching $21.2 million for the quarter ended March 31, 2020. Core FFO increased by 31.4% to $37.6 million, and AFFO increased by 34.1% to $37.2 million. The company also increased its acquisition guidance for 2020 to a range of $700 million to $800 million.

• Net income attributable to the Company increased 15.7% to $21.2 million compared to the same period in 2019.
• Core FFO increased 31.4% to $37.6 million compared to the same period in 2019.
• AFFO increased 34.1% to $37.2 million compared to the same period in 2019.
• Total acquisition volume was approximately $227.7 million, excluding acquisition and closing costs.

Headline financials

Revenue & EPS history

The Company’s outlook for acquisition volume in 2020 is being increased to a range of $700 million to $800 million of high-quality retail net lease properties from a previous range of $600 million to $700 million. The Company is increasing the lower end of its disposition guidance range from $25 million to $35 million and is maintaining the upper end of the range at $75 million.