Business Context and Reporting Period
Company: Agree Realty Corporation (AGREE REALTY CORP)
Filing Type: Form 8-K (Current Report)
Date of Report: July 2, 2025
Reporting Period: The filing discloses weighted-average share counts for the three and six months ended June 30, 2025.
Key Financial Metrics
This filing focuses exclusively on share count calculations for earnings per share (EPS) purposes. It does not report revenue, profit, cash flow, margins, debt, or liquidity figures.
| Metric | Three Months Ended June 30, 2025 |
Six Months Ended June 30, 2025 |
|---|---|---|
| Weighted Average Common Shares Outstanding | 110,014,003 | 108,674,968 |
| Less: Unvested Restricted Shares | (255,957) | (255,957) |
| Basic EPS Shares | 109,758,046 | 108,419,011 |
| Effect of Dilutive Securities (Total) | 619,175 | 577,411 |
| Diluted EPS Shares (Common Only) | 110,377,221 | 108,996,422 |
| Operating Partnership Units (OP Units) | 347,619 | 347,619 |
| Total Diluted Shares (Common + OP Units) | 110,724,840 | 109,344,041 |
Material Changes and Dilution Details
The filing details the impact of forward equity offerings on diluted share counts using the treasury stock method prior to settlement:
- Three Months Ended June 30, 2025: Forward equity offerings resulted in 439,308 weighted-average incremental shares.
- Six Months Ended June 30, 2025: Forward equity offerings resulted in 401,131 weighted-average incremental shares.
- Specific Offerings Impact (3 Months):
- ATM Forward Equity Offerings: 256,296 shares
- October 2024 Forward Equity Offering: 178,556 shares
- April 2025 Forward Equity Offering: 4,456 shares
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on future performance, specific risks, contingencies, or unusual items beyond the disclosure of share count mechanics.
Investor Verification Checklist
- Verify the settlement dates and final share counts for the ATM, October 2024, and April 2025 Forward Equity Offerings.
- Confirm the final EPS figures in the upcoming quarterly report (10-Q) to ensure they align with these disclosed share counts.
- Review the company's capital allocation strategy regarding the continued use of forward equity offerings.