8-K: Agree Realty Reports Q3 & 9-Month Share Count

Agree Realty Corporation announced its weighted-average common shares outstanding for the three and nine months ended September 30, 2025, detailing basic and diluted share counts.

Summary

• Weighted average common shares outstanding used in basic earnings per share were 111,277,316 for the three months ended September 30, 2025, and 109,383,735 for the nine months ended September 30, 2025.
• Weighted average common shares outstanding used in diluted earnings per share were 111,511,615 for the three months ended September 30, 2025, and 109,875,336 for the nine months ended September 30, 2025.
• The diluted share count includes effects from share-based compensation, ATM Forward Equity Offerings, October 2024 Forward Equity Offering, and April 2025 Forward Equity Offering.
• Operating Partnership Units (OP Units) added 347,619 shares to the diluted earnings per share calculation for both the three and nine months ended September 30, 2025.
• The total weighted average number of common shares and OP Units outstanding used in diluted earnings per share was 111,859,234 for the three months and 110,222,955 for the nine months ended September 30, 2025.
• The impact of forward equity offerings on weighted-average diluted shares was 21,355 for the three months and 274,536 for the nine months ended September 30, 2025.

Sentiment

Score: 5

Explanation: This filing is a routine disclosure of weighted-average share counts, providing factual data without inherently positive or negative implications for company performance or outlook.

Industry Context

This filing represents a routine financial disclosure common for publicly traded REITs, providing transparency on share capital structure. It does not contain information that directly impacts broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: Provides updated share counts used for EPS calculations, impacting per-share metrics.

Key Dates

Recommendation

The filing provides a routine update on weighted-average common shares outstanding, which is a standard financial disclosure. It does not contain new information regarding operational performance, strategic changes, or financial results that would warrant a change in investment recommendation. Investors should consider this data in conjunction with broader financial statements and company performance.

Keywords

Agree Realty, ADC, common shares outstanding, diluted EPS, weighted average shares, equity offerings, REIT, financial reporting