Fourth Quarter Capital Markets Activity Further Fortifies Balance Sheet ROYAL OAK, Mich., Jan. 3, 2024 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced a summary of its investment activity in 2023 and provided an update on its portfolio as well as its fourth quarter capital markets activity. 2023 Investment Activity Total real estate investment activity for 2023, inclusive of acquisition, development, and Developer Funding Platform ("DFP") projects completed or currently ...

Rawf8/iStock via Getty Images Let’s address the big question everyone’s asking now that Christmas is past. For the record, I hope you had a wonderful Christmas filled with every good thing… and that you managed to somehow keep the weight off from all those cookies, eggnog, and other tasty treats. If you didn’t, well… Everyone needs a good list of inspiring new year’s resolutions, right? (See my REIT Resolutions here) But even if you can miraculously step on the scale and find that your weight didn’t spi ...

skynesher/E+ via Getty Images No man is a failure who has friends. Every year around Christmastime, my family watches the classic film, It's A Wonderful Life. Most of us cry at the ending every year. I cannot recall a time in my life that I have ever cried tears of joy, rather than sadness, except when watching this movie. In the film, George Bailey starts as a bright and ambitious young man who absolutely does not want to take over his father's savings & loan business. He wants to go to college (much rarer ...

Chonlatee Sangsawang This article was coproduced with Wolf Report. These past weeks and months have seen a massive surge upward in many of the real estate investment trusts, or REITs, and investment potentials that we've been beating the drum for some time - almost a year. Most office REITs are in a position where, while still cheap and with an upside, much of the initial upward momentum might be over, at least in the shorter term. We're in a place where most of our REIT positions are not just in the gr ...

Agree Realty Corporation (NYSE:ADC) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET Company Participants Brian Hawthorne - Director, Corporate Finance Joel Agree - President, CEO & Director Peter Coughenour - CFO, Secretary & IR Professional Conference Call Participants Eric Wolfe - Citi Joshua Dennerlein – Bank of America Merrill Lynch Nathan Crossett - BNP Paribas Exane Connor Siversky - Wells Fargo Securities Michael Gorman - BTIG Ki Bin Kim - Truist Securities Bradley Heffern - RBC Capital ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Mark One ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023, or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-12928 AGREE REALTY CORPORATION (Exact name of registrant as specified in its charter) Maryland 38-3148187 (State or other jur ...

Agree Realty Corporation (NYSE:ADC) Q2 2023 Earnings Conference Call August 2, 2023 9:00 AM ET Corporate Participants Brian Hawthorne - Director, Corporate Finance Joey Agree - President & Chief Executive Officer Peter Coughenour - Chief Financial Officer Conference Call Participants Eric Wolfe - Citi Brad Heffern - RBC Haendel St. Juste - Mizuho Rob Stevenson - Janney Ki Bin Kim - Truist Wes Golladay - Baird Ronald Kamdem - Morgan Stanley Linda Tsai - Jefferies Operator Good day, and welcome to the Agree R ...

Financial Performance - Total revenues for the three months ended June 30, 2023, were $129.9 million, a 23.9% increase from $104.9 million in the same period of 2022[18]. - Net income attributable to common stockholders for the six months ended June 30, 2023, was $78.8 million, compared to $68.4 million for the same period in 2022, reflecting a 15.5% increase[18]. - Rental income for the three months ended June 30, 2023, was $129.9 million, up from $104.8 million in the prior year, representing a 23.9% growth[18]. - The company reported a net income per share attributable to common stockholders of $0.42 for the three months ended June 30, 2023, compared to $0.45 for the same period in 2022[18]. - Net income for the three months ended June 30, 2023, was $41,015, compared to $41,774 for the previous quarter, indicating a decrease of about 1.8%[20]. - Net income for the six months ended June 30, 2023, increased to $82,789 from $72,419 in the same period of 2022, representing a growth of approximately 18.5%[26]. - The company reported a net income of $39,009 for the three months ended June 30, 2023, compared to $39,755 for the previous quarter, showing a decline of about 1.9%[20]. Assets and Liabilities - Total assets increased to $7.27 billion as of June 30, 2023, from $6.71 billion as of December 31, 2022, marking an 8.3% growth[8]. - Total liabilities increased to $2.29 billion as of June 30, 2023, from $2.08 billion as of December 31, 2022, indicating a 10.1% rise[11]. - The company’s equity increased to $4.98 billion as of June 30, 2023, from $4.63 billion as of December 31, 2022, reflecting a 7.5% increase[14]. - Cash and cash equivalents decreased to $8.1 million as of June 30, 2023, from $27.8 million as of December 31, 2022[8]. - The balance of additional paid-in capital as of June 30, 2023, was $5,060,200, up from $4,852,927 on March 31, 2023[20]. Cash Flow and Investments - Net cash provided by operating activities rose to $183,728, compared to $150,089 for the same period in 2022, marking an increase of about 22.5%[26]. - The company reported a net cash used in investing activities of $(663,373), an improvement from $(821,550) in the prior year, indicating a reduction of about 19.2%[26]. - Proceeds from common stock offerings, net, were $400,237, down from $550,794, a decrease of approximately 27.3%[26]. - The company’s acquisition of real estate investments and other assets totaled $(610,593), a decrease from $(799,166) in the prior year, indicating a reduction of about 23.6%[26]. Expenses - The company’s operating expenses for the six months ended June 30, 2023, were $134.7 million, compared to $102.2 million for the same period in 2022, a 31.7% increase[18]. - General and administrative expenses rose by $0.7 million, or 10%, to $8.4 million, primarily due to increased employee headcount and compensation costs[204]. - Interest expense increased by $4.4 million, or 29%, to $19.9 million, driven by higher borrowings and interest rates[205]. Dividends and Shareholder Returns - Cash dividends declared per common share for the three months ended June 30, 2023, was $0.729, up from $0.720 for the previous quarter, representing a growth of 1.2%[20]. - Dividends and distributions declared for the period ending June 30, 2023, totaled $68,940, compared to $66,189 for the previous period, reflecting an increase of approximately 4.2%[20]. - The Company declared monthly dividends of $0.243 per common share for the three months ended June 30, 2023, compared to $0.234 for the same period in 2022[134]. Real Estate Portfolio - As of June 30, 2023, the Company owned 2,004 properties with a total gross leasable area (GLA) of approximately 41.7 million square feet, and net real estate investments totaled $6.3 billion[96]. - The Company’s real estate investment portfolio grew from approximately $5.1 billion in net investment amount as of June 30, 2022, to approximately $6.3 billion as of June 30, 2023, representing an increase of about 23.5%[198]. - The total lease payments for the three months ended June 30, 2023, were $135.7 million, compared to $110.1 million for the same period in 2022, representing a 23.3% increase[86]. - The Company had 22 development or Partner Capital Solutions projects under construction as of June 30, 2023[203]. Debt and Financing - The Company had total gross indebtedness of $2.16 billion as of June 30, 2023, including $1.81 billion of senior unsecured notes and $303.0 million outstanding under the Revolving Credit Facility[105]. - The weighted average interest rate on the Company's mortgage notes payable was 3.92% as of June 30, 2023[106]. - The Revolving Credit Facility has a total commitment of $1.0 billion and will mature in January 2026, with options to extend to January 2027[116]. - The Company closed on an unsecured $350 million 5.5-year term loan on July 31, 2023, with an interest rate fixed at 4.52%[188]. Tax and Compliance - The Company believes it has qualified as a REIT, thus no provision has been made for federal income taxes on distributed amounts[68]. - The Company recognized total federal and state tax expense of approximately $0.7 million for the three months ended June 30, 2023, consistent with the same period in 2022[138]. - The Company was in compliance with all loan covenants as of June 30, 2023, with the most restrictive being the minimum unencumbered interest expense ratio[122].

Agree Realty Corporation (NYSE:ADC) Q1 2023 Earnings Conference Call May 5, 2023 9:00 AM ET Company Participants Brian Hawthorne - Director, Corporate Finance Joey Agree - President & Chief Executive Officer Peter Coughenour - Chief Financial Officer Conference Call Participants Josh Dennerlein - Bank of America Eric Wolfe - Citi Rob Stevenson - Janney Ravi Vaidya - Mizuho Linda Tsai - Jefferies Brad Heffern - RBC Capital Markets Wes Golladay - Baird Ki Bin Kim - Truist Ronald Kamdem - Morgan Stanley Tayo O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Mark One ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023, or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 001-12928 AGREE REALTY CORPORATION (Exact name of registrant as specified in its charter) Maryland 38-3148187 (State or other jurisdi ...