Business Context and Reporting Period
Company: Agree Realty Corporation (AGREE REALTY CORP)
Filing Type: Form 8-K (Current Report)
Date of Report: October 2, 2024
Reporting Period: Three and nine months ended September 30, 2024
Item Reported: Item 8.01 Other Events – Announcement of weighted-average common shares outstanding.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity figures. It exclusively details share count calculations for earnings per share (EPS) purposes.
| Metric | Three Months Ended Sept 30, 2024 | Nine Months Ended Sept 30, 2024 |
|---|---|---|
| Weighted-average common shares outstanding (Basic) | 100,383,207 | 100,343,493 |
| Weighted-average common shares outstanding (Diluted) | 101,715,311 | 100,882,858 |
| Total Diluted Shares (including OP Units) | 102,062,930 | 101,230,477 |
| Unvested Restricted Stock | (272,107) | (272,107) |
| Operating Partnership Units (OP Units) | 347,619 | 347,619 |
Material Changes and Dilution Details
The filing highlights the impact of dilutive securities on the share count:
- Share-based compensation: Added 181,468 shares (3 months) and 150,760 shares (9 months) to the diluted count.
- ATM forward equity offerings: Added 1,150,636 shares (3 months) and 388,605 shares (9 months) to the diluted count using the treasury stock method.
- Share Count Trend: Basic weighted-average shares increased slightly from the nine-month period (100,343,493) to the three-month period (100,383,207).
Guidance, Outlook, and Risks
The filing text does not provide management commentary, financial guidance, outlook, risks, contingencies, or unusual items beyond the calculation of share counts.
Investor Verification Checklist
- Verify the final EPS figures in the upcoming quarterly report (10-Q) to ensure they align with these disclosed share counts.
- Confirm the settlement status of the ATM forward equity offerings mentioned in the dilution calculation.
- Review the full 10-Q for the nine months ended September 30, 2024, to obtain revenue, FFO, and balance sheet data not present in this 8-K.