---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-113466"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T21:01:19.746706+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q3 AFFO per share up 7.8% to $0.96; raises 2022 acquisition guidance to $1.6B

## Summary
- Net income per share fell 11.1% to $0.46, but Core FFO per share rose 5.6% to $0.97 and AFFO per share rose 7.8% to $0.96.
- Acquired 98 properties for $360M in Q3; raised lower end of full-year acquisition guidance to $1.6B (from $1.5B).
- Declared increased monthly dividend of $0.240 per share for Oct 2022, a 5.7% YoY increase; payout ratio ~73% of AFFO.
- Completed $300M bond offering at effective 3.76% all-in rate; raised over $800M in equity/debt during quarter.
- Portfolio 99.7% leased, 67.5% of rents from investment-grade tenants; proforma net debt/EBITDA 3.1x.

## SEC filing metadata
- accession: 0001104659-22-113466
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2022-11-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/917251/000110465922113466/0001104659-22-113466-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465922113466/tm2229334d1-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-113466
- JSON: https://secwatch.observer/filing/0001104659-22-113466.json
- Plain text: https://secwatch.observer/filing/0001104659-22-113466.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported the third quarter ended September 30, 2022 results: net income $37.6 million, EPS $0.46. Guidance raised.
  - Period: the third quarter ended September 30, 2022
  - Net income: $37.6 million
  - EPS: $0.46
  - Guidance: raised
  - Result: reported results
  source text: Net Income for the three months ended September 30, 2022 increased 3.3% to $37.6 million, compared to $36.4 million for the comparable period in 2021. Net Income per share for the three months ended September 30, 2022 decreased 11.1% to $0.46, compared to $0.52 per share for the comparable period in 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465922113466/0001104659-22-113466-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.