News about Agree Realty

Agree Realty (ADC) reported Q3 AFFO and Core FFO per share of $1.15, up 4.9% year over year, and net income per share of $0.53, up 18.5%. It acquired 68 properties for $308.6 million at a 7.3% capitalization rate, and cut full-year investment guidance to about $1.6 billion as higher interest rates made it more selective, with management saying it is in no rush to deploy at yesteryear's pricing. AFFO guidance was raised to $4.58–$4.59 per share and disposition guidance to $100–150 million. Occupancy was 99.8%, total liquidity about $2.0 billion, and the company issued $400 million of senior notes due 2036 at an all-in rate of 5.36%. Management also flagged macroeconomic risks and pressure on lower-tier grocers in a low-margin sector.