8-K: Agree Realty Reports Updated Weighted-Average Shares Outstanding for Q2 2025

Agree Realty Corporation announced its weighted-average common shares outstanding for the three and six months ended June 30, 2025, detailing figures used in basic and diluted earnings per share calculations.

Summary

• Weighted average common shares outstanding for the three months ended June 30, 2025, totaled 110,014,003.
• Weighted average common shares outstanding for the six months ended June 30, 2025, totaled 108,674,968.
• The weighted average number of common shares outstanding used in basic earnings per share was 109,758,046 for the three months ended June 30, 2025, and 108,419,011 for the six months ended June 30, 2025, after deducting 255,957 unvested restricted shares for both periods.
• The weighted average number of common shares outstanding used in diluted earnings per share was 110,377,221 for the three months ended June 30, 2025, and 108,996,422 for the six months ended June 30, 2025.
• Dilutive securities included 179,867 shares from share-based compensation for the three months and 176,280 for the six months.
• ATM Forward Equity Offerings contributed 256,296 incremental shares for the three months and 286,480 for the six months.
• The October 2024 Forward Equity Offering added 178,556 incremental shares for the three months and 112,423 for the six months.
• The April 2025 Forward Equity Offering added 4,456 incremental shares for the three months and 2,228 for the six months.
• Operating Partnership Units (OP Units) accounted for 347,619 shares for both the three and six months ended June 30, 2025.
• The total weighted average number of common shares and OP Units outstanding used in diluted earnings per share was 110,724,840 for the three months ended June 30, 2025, and 109,344,041 for the six months ended June 30, 2025.
• The total impact of forward equity offerings on weighted-average diluted shares was 439,308 incremental shares for the three months ended June 30, 2025, and 401,131 incremental shares for the six months ended June 30, 2025, calculated using the treasury stock method.

Sentiment

Score: 5

Explanation: The filing is a routine factual disclosure of weighted-average share counts, providing no explicit positive or negative operational or financial performance indicators.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Clarifies the weighted-average share count used in earnings per share calculations, which directly impacts per-share metrics for shareholders.

Key Dates

Keywords

Agree Realty Corporation, ADC, shares outstanding, weighted average shares, diluted shares, earnings per share, common stock, equity offerings, REIT, SEC filing, 8-K