Agree Realty(US:ADC)2025-04-22 20:05Financial Performance - Net income for Q1 2025 increased by 5.0% to $45.1 million, while net income per share decreased by 2.0% to $0.42[4] - Core FFO for Q1 2025 rose by 10.5% to $112.7 million, with Core FFO per share increasing by 3.1% to $1.04[5] - AFFO for Q1 2025 increased by 10.4% to $114.0 million, and AFFO per share rose by 3.0% to $1.06[6] - Total revenues for Q1 2025 were $169.16 million, an increase of 13.4% compared to $149.45 million in Q1 2024[52] - Rental income for Q1 2025 was $169.11 million, up from $149.42 million in Q1 2024, reflecting a growth of 13.2%[52] - Net income attributable to common stockholders for Q1 2025 was $45.14 million, compared to $43.00 million in Q1 2024, representing a 5.0% increase[52] - Core Funds from Operations (Core FFO) for Q1 2025 were $112.71 million, a 10.9% increase from $101.99 million in Q1 2024[54] - Adjusted Funds from Operations (AFFO) for Q1 2025 were $113.97 million, compared to $103.25 million in Q1 2024, marking a 10.4% increase[54] - The company reported a total comprehensive income of $36.26 million for Q1 2025, down from $55.74 million in Q1 2024[52] Investment and Guidance - The company raised its 2025 investment guidance to a range of $1.3 billion to $1.5 billion and increased AFFO per share guidance to $4.27 to $4.30[14] - Total acquisition volume for Q1 2025 was approximately $358.9 million, with properties acquired at a weighted-average capitalization rate of 7.3%[18][19] - The company commenced four development projects with total anticipated costs of approximately $23.9 million during Q1 2025[21] - Disposition volume for the full year 2025 is anticipated to be between $10 million and $50 million[20] Portfolio and Assets - The portfolio consisted of 2,422 properties, 99.2% leased, generating 68.3% of annualized base rents from investment grade retail tenants[15] - As of March 31, 2025, the total annualized base rent for the Company is $648,732,000, with Walmart contributing $38,490,000, representing 5.9% of the total[26] - The grocery stores sector accounts for $65,660,000 in annualized base rent, which is 10.1% of the total[29] - Texas is the leading state in annualized base rent at $46,064,000, making up 7.1% of the total[31] - The Company operates a portfolio of 2,422 properties across all 50 states, encompassing approximately 50.3 million square feet of gross leasable area[43] - Total assets as of March 31, 2025, were $8.80 billion, up from $8.49 billion as of December 31, 2024, indicating a growth of 3.7%[50] - Total liabilities increased to $3.16 billion as of March 31, 2025, from $2.98 billion at the end of 2024, reflecting a rise of 6.1%[50] Liquidity and Debt - The company ended Q1 2025 with approximately $1.9 billion of total liquidity, including cash on hand and availability on the revolving credit facility[7] - Total liquidity as of March 31, 2025, is approximately $1.9 billion, including $928 million available under a revolving credit facility[35] - The Company's net debt to recurring EBITDA ratio is 4.9 times, improving to 3.4 times when accounting for anticipated net proceeds from forward equity offerings[36] - The total debt to enterprise value ratio stands at 25.5% as of March 31, 2025[37] - Total Debt as of March 31, 2025, is $2,975.7 million, with a Net Debt of $2,964.5 million[60] - Total Debt to Annualized Net Income ratio stands at 15.8x, while Net Debt to Recurring EBITDA is 4.9x[60] - The Company has outstanding forward equity offerings totaling 18,045,495 shares, with net proceeds received amounting to $350,299,656[34] - The Company has 12,603,999 shares remaining to be settled under Forward Equity Offerings, expected to raise approximately $917.1 million[62] - The anticipated net proceeds from Forward Equity Offerings are expected to enhance the Company's capital structure and future borrowing capacity[61] Dividends and Shareholder Returns - Monthly cash dividends declared for April 2025 increased to $0.256 per common share, reflecting a 2.4% year-over-year increase[9] - The weighted average number of common shares outstanding increased to 107.05 million in Q1 2025 from 100.28 million in Q1 2024[54] Upcoming Events - The Company will host its quarterly analyst and investor conference call on April 23, 2025, at 9:00 AM ET[41]