Business Context and Reporting Period
Company: Agree Realty Corporation (AGREE REALTY CORP)
Filing Type: Form 8-K (Current Report)
Date of Report: April 3, 2025
Reporting Period: Three months ended March 31, 2025
Subject: Announcement of weighted-average number of common shares outstanding for earnings per share (EPS) calculations.
Key Financial Metrics
This filing focuses exclusively on share count metrics for EPS computation. It does not report revenue, profit, cash flow, margins, debt, or liquidity figures.
| Metric | Value |
|---|---|
| Weighted average common shares outstanding | 107,321,055 |
| Less: Unvested restricted shares | (272,498) |
| Basic EPS share count | 107,048,557 |
| Effect of dilutive securities (Share-based comp, ATM, Forward Offerings) | 498,636 |
| Diluted EPS share count (Common only) | 107,547,193 |
| Operating Partnership Units (OP Units) | 347,619 |
| Total Diluted share count (Common + OP Units) | 107,894,812 |
Material Changes
The filing does not provide comparative data for the prior period to assess material changes in share count or financial performance.
Guidance, Outlook, and Risks
Methodology: The Company utilized the treasury stock method to account for potential dilution from forward equity offerings prior to settlement.
Dilution Impact: Forward equity offerings contributed 362,947 weighted-average incremental shares to the diluted count for the period.
Outlook/Risks: No specific guidance, outlook, or risk factors were disclosed in this specific filing.
Investor Verification Checklist
- Verify the final settlement terms of the October 2024 and ATM Forward Equity Offerings to confirm actual share issuance.
- Review the full Q1 2025 earnings release for corresponding revenue, FFO, and EPS figures using these share counts.
- Confirm the status of unvested restricted shares (272,498) and any potential forfeitures.
- Check for subsequent filings regarding the Operating Partnership Units (347,619) and their conversion rights.