Agree Realty Corp

NYSE:ADCUnited States

Apr 23, 2024

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• Agree Realty Q1 Adjusted FFO, Revenue Rise; 2024 AFFO Outlook Set, from 5:05PM ET on Tuesday Apr 23, 2024 by MT Newswires

  5:05PM ET on Tuesday Apr 23, 2024 by MT Newswires
  Companies Mentioned: ADC
  05:05 PM EDT, 04/23/2024 (MT Newswires) -- Agree Realty (ADC) reported Q1 adjusted funds from operations late Tuesday of $1.03 per diluted share, up from $0.98 per share a year earlier. Analysts polled by Capital IQ expected $1.01. Revenue for the q...

• -- Earnings Flash (ADC) AGREE REALTY CORPORATION Reports Q1 Revenue $149.5M, from 4:07PM ET on Tuesday Apr 23, 2024 by MT Newswires

  4:07PM ET on Tuesday Apr 23, 2024 by MT Newswires
  Companies Mentioned: ADC
  04:07 PM EDT, 04/23/2024 (MT Newswires) -- ...

• Agree Realty Corporation Reports First Quarter 2024 Results, from 4:05PM ET on Tuesday Apr 23, 2024 by PR Newswire

  4:05PM ET on Tuesday Apr 23, 2024 by PR Newswire
  Companies Mentioned: ADC

  Introduces 2024 AFFO Per Share Guidance of $4.10 to $4.13

  Agree Realty Corporation (NYSE: ADC) (the "Company") today announced results for the quarter ended March 31, 2024. All per share amounts included herein are on a diluted per common share basis unless otherwise stated.

• Agree Realty Corporation Reports First Quarter 2024 Results, from 4:05PM ET on Tuesday Apr 23, 2024 by Dow Jones

  4:05PM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: ADC
  Recurring EBITDA The Company defines Recurring EBITDA as EBITDAre with the addback of noncash amortization of above- and below- market lease intangibles, and after adjustments for the run-rate impact of the Company's investment and disposition activity for the period presented, as well as adjustments for non-recurring benefits or expenses. The Company considers the non-GAAP measure of Recurring EBITDA to be a key supplemental measure of the Company's performance and should be considered along with, but not as an alternative to, net income or loss as a measure of the Company's operating performance. The Company considers Recurring EBITDA a key supplemental measure of the Company's operating performance because it represents the Company's earnings run rate for the period presented and because it is widely followed by industry analysts, lenders and investors. Our Recurring EBITDA may not be comparable to Recurring EBITDA reported by other companies that have a different interpretation of the definition of Recurring EBITDA. Our ratio of net debt to Recurring EBITDA is used by management as a measure of leverage and may be useful to investors in understanding the Company's ability to service its debt, as well as assess the borrowing capacity of the Company. Our ratio of net debt to Recurring EBITDA is calculated by taking annualized Recurring EBITDA and dividing it by our net debt per the consolidated balance sheet. Annualized Net Income Represents net income for the three months ended March 31, 2024, on an annualized basis. Agree Realty Corporation Rental Income ($ in thousands, except share and per share-data) (Unaudited) Three months ended March 31, ------------------------ 2024 2023 ----------- ----------- Rental Income Source(1) Minimum rents(2) $ 137,033 $ 115,790 Percentage rents(2) 1,368 1,246 Operating cost reimbursement(2) 16,469 15,145 Straight-line rental adjustments(3) 2,847 3,039 Amortization of (above) below market lease intangibles(4) (8,295) (8,611) Total Rental Income $ 149,422 $ 126,609 =========== =========== (1) The Company adopted Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") 842 "Leases" using the modified retrospective approach as of January 1, 2019. The Company adopted the practical expedient in FASB ASC 842 that alleviates the requirement to separately present lease and non-lease components of lease contracts. As a result, all income earned pursuant to tenant leases is reflected as one line, "Rental Income," in the consolidated statement of operations. The purpose of this table is to provide additional supplementary detail of Rental Income. (2) Represents contractual rentals and/or reimbursements as required by tenant lease agreements, recognized on an accrual basis of accounting. The Company believes that the presentation of contractual lease income is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, analysts and other interested parties to evaluate the Company's performance. (3) Represents adjustments to recognize minimum rents on a straight-line basis, consistent with the requirements of FASB ASC 842. (4) In allocating the fair value of an acquired property, above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company's estimate of current market lease rates for the property.
  

• *DJ Agree Realty 1Q EPS 43c >ADC, from 4:05PM ET on Tuesday Apr 23, 2024 by Dow Jones

  4:05PM ET on Tuesday Apr 23, 2024 by Dow Jones
  Companies Mentioned: ADC