8-K: Agree Realty Corporation Announces Weighted-Average Shares Outstanding for Q3 2024

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

Summary

• Agree Realty Corporation has released its weighted-average number of common shares outstanding for the three and nine months ending September 30, 2024.
• The weighted-average number of common shares outstanding for the three months ended September 30, 2024, was 100,655,314.
• For the nine months ended September 30, 2024, the weighted-average number of common shares outstanding was 100,615,600.
• After accounting for unvested restricted stock, the weighted-average number of common shares used in basic earnings per share calculations was 100,383,207 for the three months and 100,343,493 for the nine months.
• Dilutive securities, including share-based compensation and ATM forward equity offerings, increased the weighted-average number of shares used in diluted earnings per share calculations.
• The impact of ATM forward equity offerings on diluted shares was 1,150,636 for the three months and 388,605 for the nine months.
• The weighted-average number of common shares and Operating Partnership Units (OP Units) outstanding used in diluted earnings per share was 102,062,930 for the three months and 101,230,477 for the nine months.

Sentiment

Score: 7

Explanation: The document is a routine financial disclosure, providing necessary information for investors. It is neither particularly positive nor negative, but is important for transparency.

Positives

• The company has provided a detailed breakdown of its share count, which is important for investors to understand earnings per share calculations.
• The disclosure of the impact of dilutive securities provides transparency into the potential impact on earnings per share.

Risks

• Dilution from share-based compensation and ATM forward equity offerings could potentially reduce earnings per share.

Industry Context

This announcement is a standard disclosure for public companies, providing investors with the necessary information to calculate earnings per share. It is a routine part of financial reporting.

Comparison to Industry Standards

• The disclosure of weighted-average shares outstanding is a standard practice for all publicly traded companies, including REITs like Agree Realty.
• Companies such as Realty Income (O) and National Retail Properties (NNN) also regularly report their weighted-average shares outstanding in their quarterly and annual filings.
• The use of the treasury stock method to account for potential dilution from forward equity offerings is a common accounting practice.

Stakeholder Impact

• Shareholders will use this information to calculate earnings per share and assess the company's financial performance.
• The disclosure of potential dilution from equity offerings is important for shareholders to understand the impact on their ownership.

Key Dates

Keywords

weighted-average shares, common stock, diluted earnings per share, ATM forward equity offerings, share-based compensation, OP Units, earnings per share