8-K: Agree Realty Corporation Announces Weighted-Average Shares Outstanding for Q1 2024

Agree Realty Corporation disclosed its weighted-average number of common shares outstanding for the first quarter of 2024, used in calculating earnings per share.

Summary

• Agree Realty Corporation reported its weighted-average number of common shares outstanding for the three months ended March 31, 2024.
• The weighted-average number of common shares outstanding used in basic earnings per share was 100,284,588.
• The weighted-average number of common shares outstanding used in diluted earnings per share was 100,336,600.
• The weighted-average number of common shares and Operating Partnership Units (OP Units) outstanding used in diluted earnings per share was 100,684,219.
• The company used the treasury stock method to account for potential dilution from forward equity offerings, but there was no impact on the weighted-average diluted shares for the quarter.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of share information, which is neutral to slightly positive as it provides transparency. There are no negative or unexpected elements.

Positives

• The company has clearly outlined the share count used for both basic and diluted earnings per share calculations.
• The report indicates no dilution impact from forward equity offerings on the weighted-average diluted shares for the quarter.

Industry Context

This announcement is a standard disclosure for public companies, providing transparency on the share count used for earnings per share calculations, which is crucial for investors to assess the company's financial performance.

Comparison to Industry Standards

• The disclosure of weighted-average shares outstanding is a common practice among publicly traded REITs like Agree Realty, similar to peers such as Realty Income (O) and National Retail Properties (NNN).
• These companies also regularly report their share counts in their quarterly and annual filings to ensure transparency for investors.
• The use of the treasury stock method to account for potential dilution is also a standard accounting practice.

Stakeholder Impact

• The disclosure provides shareholders with the necessary information to calculate and understand the company's earnings per share.
• This transparency is important for investors to make informed decisions.

Key Dates

Keywords

weighted-average shares, common shares, diluted EPS, basic EPS, share count, equity offerings, OP Units, Agree Realty