Q3 2024 Agree Realty Corp Earnings Call Transcript
Key Points
- Agree Realty Corp (ADC) raised nearly $470 million of forward equity, bolstering its balance sheet and increasing total liquidity to approximately $2 billion.
- The company received a credit rating upgrade from S&P to BBB-plus, reflecting the strength of its balance sheet and high-quality portfolio.
- Agree Realty Corp (ADC) increased its acquisition guidance to approximately $850 million for the full year, indicating confidence in its growth strategy.
- The company reported a strong occupancy rate of 99.6% and investment-grade exposure of 67.5% at quarter end.
- Core FFO and AFFO per share increased year-over-year, with AFFO per share guidance raised to a range of $4.12 to $4.14, representing approximately 4.6% growth at the midpoint.
- The company experienced approximately 30 basis points of credit loss year-to-date, slightly above its longer-term average.
- Agree Realty Corp (ADC) faces challenges with elevated construction costs, impacting development projects.
- The company has limited exposure to Big Lots, which filed for Chapter 11 bankruptcy, though it is working on recapturing value from affected locations.
- There is uncertainty in the market regarding cap rate movements due to fluctuations in the 10-year treasury yield.
- The company has not acquired any ground leases year-to-date, indicating potential challenges in that market segment.
Good morning, and welcome to the Agree Realty third-quarter 2024 conference call. (Operator Instructions) Note that this event is being recorded.
I would now like to turn the conference over to Reuben Treatman, Senior Director of Corporate Finance. Please go ahead, Reuben.
Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's third-quarter 2024 Earnings Call. Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language.
Please note that during this call, we will make certain statements that may be considered forward-looking under federal securities laws, including statements related to our updated 2024 guidance. Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest annual report on Form 10-K for a discussion of
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