Agree Realty Corporation (NYSE:ADC) Q2 2024 Earnings Conference Call July 24, 2024 9:00 AM ET

Company Participants

Reuben Treatman - Senior Director of Corporate Finance
Joey Agree - President & Chief Executive Officer
Peter Coughenour - Chief Financial Officer

Conference Call Participants

Ronald Kamdem - Morgan Stanley
Smedes Rose - Citi
Farrell Granath - Bank of America
Mitch Germain - Citizens JMP
Eric Borden - BMO Capital Markets
Brad Heffern - RBC Capital Markets
Alec Feygin - Baird
Upal Rana - KeyBanc Capital Markets
Michael Goldsmith - UBS
John Kilichowski - Wells Fargo
Linda Tsai - Jefferies

Operator

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

I'd now like to turn the conference over to Reuben Treatman, Senior 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 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 updated 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, 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, Reuben, and thank you all for joining us this morning. I'm very pleased to report that we've had a strong first half of the year as our discipline has proven warranted. On our last call, I mentioned our improved visibility into the acquisition market. I am pleased to say that visibility turned into high-quality closed transactions and similar return profiles. Our team's efforts continue to produce unique and proprietary deal flow. And we continue to identify attractive investment opportunities across all three external growth platforms.