Agree Realty (NYSE:ADC) boosted its acquisition volume guidance for the full year to at least $1.3B, from $1.2B in the prior outlook, as the REIT’s portfolio exceeded 2,000 properties in Q2.
Q2 FFO per share of $0.98, matching the average analyst estimate, was unchanged from the prior quarter and ticked down from $0.99 in the year-earlier period.
Revenue (mostly consisting of rental income) of $129.9M, also in line with the consensus, advanced from $126.6M in Q1 and from $104.9M in Q2 of last year.
Total operating expenses were $68.6M, up from $66.1M in Q1 and from $52.5M in Q2 2022.
As of June 30, 2023, the company’s portfolio consisted of 2,004 properties located in 49 states and contained approximately 41.7 million square feet of gross leasable area. Also, the portfolio was 99.7% leased, had a weighted-average remaining lease term of ~8.6 years, and generated 67.9% of annualized base rents from investment grade retail tenants.
ADC edged up 1.1% in after-hours trading.
Earlier, Agree Realty FFO of $0.98 in-line, revenue of $129.9M in-line.