Agree Realty raises 2024 acquisition guidance to $850 million after Q3 earnings gain
Agree Realty reported third-quarter 2024 net income up 7.2% to $42.5 million and AFFO per share up 2.8% to $1.03. The REIT raised its full-year 2024 acquisition volume guidance to approximately $850 million from $700 million and narrowed its AFFO per share guidance to $4.12 to $4.14 from $4.11 to $4.14, which supports higher per-share cash flow expectations for shareholders.
- Q3 2024 net income per share rose 2.6% to $0.42; Core FFO per share rose 2.2% to $1.01
- Full-year 2024 AFFO per share guidance revised to $4.12 to $4.14 from $4.11 to $4.14
- Full-year 2024 acquisition volume guidance raised to approximately $850 million from approximately $700 million
- Total liquidity exceeded $1.9 billion as of September 30, 2024, including $725.0 million of outstanding forward equity