Agree Realty Corporation (NYSE:ADC) Q1 2022 Results Conference Call May 4, 2022 8:30 AM ET

Company Participants

Reuben Treatman - Director of Corporate Finance

Joey Agree - President, CEO & Director

Peter Coughenour - Chief Financial Officer

Conference Call Participants

Josh Dennerlein - the Bank of America

Robert Stevenson - Janney

Nicholas Joseph - Citi

Spenser Allaway - Green Street Advisors

Wes Golladay - Baird

Ronald Kamdem - Morgan Stanley

Linda Tosai - Jefferies

Ki Bin Kim - Truist

Nate Crossett - Berenberg

Haendel St. Juste - Mizuho

Operator

Good morning, and welcome to the Agree Realty Corporation's First 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 would 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 first quarter 2022 earnings call. Before turning the call over to Joey and Peter to discuss the 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, including uncertainty related to the scope, severity and duration of the COVID-19 pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and the containment measures on us and our tenants. 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 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 will now turn the call over to Joey.

Joey Agree

Thanks, Reuben, and thank you all for joining us this morning. I am pleased to report that we're after a very strong start in 2022. The first quarter mark record development in Partner Capital Solutions starts as well as our second highest quarter of acquisition volume in the Company's history. While continue to execute across all three external growth platforms, we are very pleased that our fortress-like balance sheet and discipline portfolio construction received an upgrade from Moody's to Baa1.