Agree Realty Corporation reported significant growth in its financial performance for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $154.3 million, a 13% increase from $136.8 million in Q3 2023. For the nine months, revenues rose 16% to $456.4 million from $393.3 million. Rental income also saw a notable increase, with Q3 2024 rental income at $154.3 million, up from $136.8 million in Q3 2023, and nine-month rental income increasing to $456.1 million from $393.3 million.
Net income for Q3 2024 was $44.5 million, a 7% increase from $41.7 million in Q3 2023. For the nine months, net income rose 16% to $144.5 million from $124.4 million. Net income attributable to common stockholders for Q3 2024 was $42.5 million, up from $39.7 million in Q3 2023, while for the nine months, it increased to $138.4 million from $118.4 million.
The company’s total assets grew to $8.18 billion as of September 30, 2024, compared to $7.77 billion at the end of 2023. Net real estate investments also increased to $7.13 billion from $6.74 billion. Cash and cash equivalents rose to $13.2 million from $10.9 million, and accounts receivable from tenants increased to $98.2 million from $82.9 million.
Total liabilities increased to $2.89 billion from $2.57 billion, while total equity slightly rose to $5.29 billion from $5.20 billion. The company’s debt profile included $2.26 billion in senior unsecured notes, up from $1.81 billion, and $44.2 million in mortgage notes payable, reflecting a stable interest rate environment.
Strategically, Agree Realty acquired 144 retail net lease assets for approximately $531.4 million during the nine months ended September 30, 2024, compared to 232 assets for $1.01 billion in the same period in 2023. The weighted average lease term for these acquisitions was approximately 9.2 years. The company also disposed of 18 assets for net proceeds of $63.6 million, recognizing a net gain of $11.1 million.
The company’s operational efficiency improved, with general and administrative expenses for the nine months increasing to $28.3 million from $26.1 million, but as a percentage of total revenue, it decreased to 6.2% from 6.6%. Interest expenses rose significantly to $79.8 million from $58.7 million, primarily due to higher borrowings for property acquisitions.
As of September 30, 2024, the company maintained a robust portfolio of 2,271 properties, with a gross leasable area of approximately 47.2 million square feet and a lease rate of 99.6%. The company continues to focus on the ownership, acquisition, development, and management of retail properties leased to industry-leading tenants.
About AGREE REALTY CORP
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