Earnings Call Summary | Agree Realty Corp(ADC.US) Q1 2024 Earnings Conference
Earnings Call Summary | Agree Realty Corp(ADC.US) Q1 2024 Earnings Conference
The following is a summary of the Agree Realty Corporation (ADC) Q1 2024 Earnings Call Transcript:
以下是Agree Realty Corporation（ADC）2024年第一季度業績電話會議記錄的摘要：
Financial Performance:
財務業績：
Agree Realty Corporation reported Q1 core FFO was $1.01 per share, a 3.5% year-over-year increase.
AFFO per share for Q1 increased 4.6% year-over-year to $1.03.
Full-year 2024 guidance for AFFO per share was introduced at $4.10 to $4.13, representing 4.2% growth at the midpoint.
Total liquidity exceeds $920 million, with over $385 million in hedge capital.
Net debt to recurring EBITDA remained steady quarter-to-quarter at approximately 4.3x.
Agree Realty Corporation報告稱，第一季度核心FFO爲每股1.01美元，同比增長3.5％。
第一季度每股AFFO同比增長4.6％，至1.03美元。
公佈的2024年全年每股AFFO指引爲4.10美元至4.13美元，中點增長4.2％。
總流動性超過9.2億美元，對沖資本超過3.85億美元。
淨負債佔經常性息稅折舊攤銷前利潤的比例逐季度保持穩定，約爲4.3倍。
Business Progress:
業務進展：
Agree Realty invested $140 million in 50 quality retail net lease properties in Q1.
Full-year disposition activity is estimated between $50 million and $100 million.
They started forward development and DFP projects with overall anticipated costs of about $18 million.
Leases on around 405,000 square feet of gross leasable area were executed during the quarter.
The company expects to meet its relatively confident and achievable financial guidance range of 410 to 413.
Agree Realty remains confident in its guidance for the rest of the year and is exploring opportunities for acquiring ground leases.
Non-core assets will be disposed of and recycled, mainly in Florida. This strategy is influenced by a disproportionate increase in 1031 exchange activity in that state.
The opening of a Bed Bath & Beyond in Memphis, Tennessee, represents Agree Realty's first freestanding box redevelopment.
The company has successfully executed replacing leases at around 110% of previous rents, showing their strategic asset management.
The firm expanded its disposition team to explore more investment alternatives actively.
Agree Realty在第一季度投資了1.4億美元購買了50處優質零售淨租賃物業。
全年處置活動估計在5000萬至1億美元之間。
他們啓動了前瞻性開發和DFP項目，預計總成本約爲1800萬美元。
本季度執行了約405,000平方英尺的總可租賃面積的租約。
該公司預計將達到其相對自信且可實現的財務指導區間410至413。
Agree Realty對今年剩餘時間的指導仍然充滿信心，並正在探索收購土地租賃的機會。
非核心資產將主要在佛羅里達州處置和回收。該策略受到該州1031交易所活動不成比例增長的影響。
田納西州孟菲斯Bed Bath & Beyond的開業是Agree Realty的首個獨立箱式重建項目。
該公司已成功以先前租金的110％左右的價格執行了置換租約，這表明了其戰略資產管理。
該公司擴大了處置團隊，積極探索更多的投資選擇。
More details: Agree Realty Corp IR
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Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
提示：欲了解更多詳情，請訪問投資者關係網站。本文僅供投資者參考，不構成任何投資建議。
譯文內容由第三人軟體翻譯。