Tue, Jul 23, 8:07 PM (46 days ago)
Agree Realty Corporation's quarterly report for the period ending June 30, 2024, highlights a solid financial performance driven by strategic acquisitions and effective portfolio management. The Company reported a 17% increase in rental income to $152.4 million compared to the same quarter in 2023, attributed to acquisitions and portfolio growth. Operating expenses also rose, with real estate taxes and property operating expenses increasing by 9% and 11%, respectively. Depreciation and amortization expenses grew by 18% due to the expanded asset base. Net income for the quarter was $54.9 million, a 34% increase year-over-year, reflecting gains from asset sales and portfolio expansion. Interest expenses rose by 32% due to higher borrowings, including a new $450 million 2034 Senior Unsecured Public Notes issuance. The Company maintained a strong balance sheet with $8.0 billion in total assets and $2.8 billion in liabilities. Future growth is supported by a robust acquisition pipeline and strategic financing, including a $1.0 billion ATM program. The Company's liquidity remains strong with $24.3 million in cash and significant credit facility availability.