ADC - Agree Realty Corporation (ADC) Q1 2024 Earnings Call Transcript

2024-04-24 13:29:10 ET

Agree Realty Corporation (ADC)

Q1 2024 Earnings Conference Call

April 24, 2024 9:00 am ET

Corporate Participants

Brian Hawthorne - Director of Corporate Finance

Joey Agree - President and Chief Executive Officer

Peter Coughenour - Chief Financial Officer

Conference Call Participants

RJ Milligan - Raymond James

Nick Joseph - Citigroup

Ronald Kamdem - Morgan Stanley

Ki Bin Kim - Truist

Farrell Granath - Bank of America

Eric Borden - BMO

Rob Stevenson - Janney, Montgomery

Alec Feygin - Baird

Linda Tsai - Jefferies

Haendel St. Juste - Mizuho

Presentation

Operator

Good morning and welcome to the Agree Realty First Quarter 2024 Conference Call. All participants will be in listen-only mode. [Operator Instructions] Note that this event is being recorded.

I'd now like to turn the conference over to Brian Hawthorne, Director of Corporate Finance.

Please go ahead, Brian.

Brian Hawthorne

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's First Quarter 2024 earnings call. Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language.

Please note that during this call, we will make certain statements that may be considered forward-looking under federal securities law, including statements related to our 2024 guidance. Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest annual report on Form 10-K for discussion of various risks and uncertainties underlying our forward-looking statements.

In addition, we discussed non-GAAP financial measures, including core funds from operations, or core FFO, adjusted funds from operations, or AFFO, and net debt to recurring EBITDA. Reconciliations of our historical non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release, website and SEC filings.

I'll now turn the call over to Joey.

Joey Agree

Thanks, Brian, and thank you all for joining us this morning.

We mentioned on our last call that we remain nimble and opportunistic, ensuring we are well-positioned to capitalize on opportunities as we uncover them. I am pleased to report that is precisely what we have done so far this year and what our organization is focused on every day....

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