Agree Realty Corporation (NYSE:ADC) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET
Company Participants
Brian Hawthorne - Director, Corporate Finance
Joel Agree - President, CEO & Director
Peter Coughenour - CFO, Secretary & IR Professional
Conference Call Participants
Eric Wolfe - Citi
Joshua Dennerlein – Bank of America Merrill Lynch
Nathan Crossett - BNP Paribas Exane
Connor Siversky - Wells Fargo Securities
Michael Gorman - BTIG
Ki Bin Kim - Truist Securities
Bradley Heffern - RBC Capital Markets
Linda Tsai - Jefferies
Robert Stevenson - Janney Montgomery Scott
Richard Milligan - Raymond James & Associates
Ronald Kamdem - Morgan Stanley
Haendel St. Juste - Mizuho Securities
Operator
Good morning, and welcome to the Agree Realty Third Quarter 2023 Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would 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 Third Quarter 2023 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.
Joel Agree
Thank you, Brian. Good morning, and thank you all for joining us today. I'm pleased to report another quarter of strong performance as we executed our operating strategy in a disciplined manner. We invested in high-quality opportunities across all 3 external growth platforms while increasing our investment-grade exposure to an all-time high of nearly 69%. Our record investment-grade exposure is emblematic of the strength of our portfolio, which will provide for more durable cash flows in today's environment.