10-Q - AGREE REALTY CORP (0000917251) (Filer)

Tue, Oct 22, 8:06 PM (162 days ago)

For the quarter ending September 30, 2024, Agree Realty Corporation (ADC) reported a revenue increase of 13% year-over-year, reaching $154.3 million, driven by an expanded property portfolio totaling 2,271 properties with a gross leasable area of approximately 47.2 million square feet. Net income rose 7% to $44.5 million, with net income attributable to common stockholders at $42.5 million. The company's total assets increased to $8.18 billion, with net real estate investments of $7.13 billion, reflecting strong acquisition activity of $216 million in the quarter. Operating expenses grew by 11% to $81.7 million, largely due to increased property ownership and inflationary pressures on costs. Interest expenses surged 39% to $28.9 million, attributed to higher borrowing levels, including a recent $450 million unsecured note issuance. The company maintained a healthy liquidity position with $13.2 million in cash and a $1.25 billion revolving credit facility, of which $49 million was drawn. Looking ahead, ADC faces potential macroeconomic uncertainties impacting tenant performance and broader market conditions, but remains committed to its growth strategy through acquisitions and development projects.