Agree Realty Corporation (NYSE:ADC) Q2 2022 Results Conference Call August 3, 2022 9:00 AM ET

Company Participants

Reuben Treatman - Director of Corporate Finance

Joey Agree - President, CEO & Director

Peter Coughenour - Chief Financial Officer

Conference Call Participants

Ki Bin Kim - Truist

Nick Joseph - Citi

Brad Heffern - RBC Capital Markets

Rob Stevenson - Janney

Wes Golladay - Baird

Ronald Kamdem - Morgan Stanley

Spenser Allaway - Green Street Advisors

Linda Tsai - Jefferies

Joshua Dennerlein - Bank of America

R.J. Milligan - Raymond James

Operator

Good morning, and welcome to the Agree Realty Second Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I will now like to turn the conference over to Reuben Treatman, Director of Corporate Finance. Please go ahead, Reuben.

Reuben Treatman

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's second quarter 2022 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. 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 a discussion of various risks and uncertainties underlying our forward-looking statements.

In addition, we discuss 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 these 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

Thank you, Reuben. I'm very pleased to report that we continued our strong start to the year, deploying significant capital across all three external growth platforms, maintaining near full occupancy and further solidifying our balance sheet. While these results are readily apparent for investors to see, what our most notable achievements was our continued progress on our ADC state-of-the-art initiative. Both our ERP implementation and ARC enhancements made material strides during the quarter and will drive significant efficiencies for our growing organization.