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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): October 2, 2024

 

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

 

Maryland

(State or other jurisdiction of incorporation)

 

1-12928

(Commission file number)

38-3148187

(I.R.S. Employer Identification No.)

   

32301 Woodward Avenue

Royal Oak, Michigan

(Address of principal executive offices)

48073

(Zip code)

 

(Registrant’s telephone number, including area code) (248) 737-4190

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.0001 par value ADC New York Stock Exchange
Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value ADCPrA New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

Item 8.01. Other Events.

 

On October 2, 2024, Agree Realty Corporation (the “Company”) announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2024. The following table computes the Company’s weighted-average number of common shares outstanding for the periods:

 

  

Three Months
Ended

  

Nine Months
Ended

 
   September 30, 2024   September 30, 2024 
Weighted-average number of common shares outstanding   100,655,314    100,615,600 
Less: Unvested restricted stock   (272,107)   (272,107)
Weighted-average number of common shares outstanding used in basic earnings per share   100,383,207    100,343,493 
           
Weighted-average number of common shares outstanding used in basic earnings per share   100,383,207    100,343,493 
Effect of dilutive securities:          
Share-based compensation   181,468    150,760 
ATM forward equity offerings   1,150,636    388,605 
Weighted-average number of common shares outstanding used in diluted earnings per share   101,715,311    100,882,858 
           
Operating Partnership Units ("OP Units")   347,619    347,619 
Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share   102,062,930    101,230,477 

 

To account for the potential dilution resulting from the forward equity offerings on earnings per share calculations, the Company used the treasury stock method to determine the dilution during the period of time prior to settlement. The impact of the offerings on the Company’s weighted-average diluted shares for the three months ended September 30, 2024 was 1,150,636 weighted-average incremental shares. The impact of the offerings on the Company’s weighted-average diluted shares for the nine months ended September 30, 2024 was 388,605 weighted-average incremental shares.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AGREE REALTY CORPORATION
   
Date: October 2, 2024 By: /s/ Peter Coughenour
    Name: Peter Coughenour 
    Title: Chief Financial Officer and Secretary

 

 

 

v3.24.3
Cover
Oct. 02, 2024
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 02, 2024
Entity File Number 1-12928
Entity Registrant Name AGREE REALTY CORPORATION
Entity Central Index Key 0000917251
Entity Tax Identification Number 38-3148187
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 32301 Woodward Avenue
Entity Address, City or Town Royal Oak
Entity Address, State or Province MI
Entity Address, Postal Zip Code 48073
City Area Code 248
Local Phone Number 737-4190
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Title of 12(b) Security Common Stock, $0.0001 par value
Trading Symbol ADC
Security Exchange Name NYSE
Depositary Shares [Member]  
Title of 12(b) Security Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol ADCPrA
Security Exchange Name NYSE
Agree Realty (NYSE:ADC-A)
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