8-K: Agree Realty Corporation Announces Weighted-Average Shares Outstanding for Q2 2024

Agree Realty Corporation disclosed its weighted-average number of common shares outstanding for the three and six months ended June 30, 2024.

Summary

• Agree Realty Corporation has released its weighted-average number of common shares outstanding for the three and six months ending June 30, 2024.
• For the three months ended June 30, 2024, the weighted-average number of common shares outstanding was 100,625,877.
• After deducting unvested restricted stock, the weighted-average number of common shares used in basic earnings per share calculation was 100,349,943 for the same period.
• The weighted-average number of common shares used in diluted earnings per share calculation was 100,454,703 for the three months ended June 30, 2024.
• Including Operating Partnership Units, the weighted-average number of common shares and OP Units used in diluted earnings per share was 100,802,322 for the three months ended June 30, 2024.
• For the six months ended June 30, 2024, the weighted-average number of common shares outstanding was 100,595,525.
• The weighted-average number of common shares used in basic earnings per share calculation was 100,319,591 for the six months ended June 30, 2024.
• The weighted-average number of common shares used in diluted earnings per share calculation was 100,415,466 for the six months ended June 30, 2024.
• Including Operating Partnership Units, the weighted-average number of common shares and OP Units used in diluted earnings per share was 100,763,085 for the six months ended June 30, 2024.
• The company used the treasury stock method to account for potential dilution from forward equity offerings.

Sentiment

Score: 7

Explanation: The document is a routine disclosure of share information, which is neutral to slightly positive as it provides transparency.

Positives

• The company has provided detailed information on the calculation of weighted-average shares outstanding, which is important for investors to understand earnings per share.

Risks

• Potential dilution from forward equity offerings could impact earnings per share.

Industry Context

This announcement is a standard disclosure for public companies, providing transparency on the share count used in calculating earnings per share, which is a key metric for investors.

Comparison to Industry Standards

• The disclosure of weighted-average shares outstanding is a common practice among publicly traded REITs like Agree Realty Corporation.
• Other REITs such as Realty Income (O) and Simon Property Group (SPG) also regularly report similar metrics in their quarterly and annual filings.
• The use of the treasury stock method to account for potential dilution is a standard accounting practice.

Stakeholder Impact

• Shareholders will use this information to calculate earnings per share and assess the company's financial performance.

Key Dates

Keywords

weighted-average shares, common shares, diluted EPS, basic EPS, forward equity offerings, OP Units, share-based compensation, treasury stock method