---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-021529"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2023-02-14T23:59:59+00:00"
generated_at: "2026-06-19T15:08:33.538713+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Agree Realty reports record 2022 investment of $1.71B; Q4 AFFO per share up 3.9% YoY to $0.95

## Summary
- Full-year 2022 Core FFO per share $3.87 (+8.1% YoY); AFFO per share $3.83 (+9.2% YoY).
- Q4 net income $39.1M ($0.44 per share); Core FFO $0.96 (+3.5% YoY); AFFO $0.95 (+3.9% YoY).
- Record investment volume $1.71B across 465 retail net lease properties in 2022.
- Proforma net debt to recurring EBITDA 3.1x; total liquidity $1.5B incl. $557M forward equity.
- Monthly dividend raised 5.7% to $0.240 per share; annualized $2.880.

## SEC filing metadata
- accession: 0001104659-23-021529
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2023-02-14T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/917251/000110465923021529/0001104659-23-021529-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465923021529/tm236772d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-021529
- JSON: https://secwatch.observer/filing/0001104659-23-021529.json
- Plain text: https://secwatch.observer/filing/0001104659-23-021529.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported three months ended December 31, 2022 results: net income $39.1 million, EPS $0.44.
  - Period: three months ended December 31, 2022
  - Net income: $39.1 million
  - EPS: $0.44
  - Result: reported results
  source text: Net Income for the three months ended December 31, 2022 increased 24.8% to $39.1 million, compared to $31.3 million for the comparable period in 2021. Net Income per share for the three months ended December 31, 2022 of $0.44 was unchanged compared to the same period in 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923021529/0001104659-23-021529-index.htm
- Earnings Releases
  AGREE REALTY CORP reported twelve months ended December 31, 2022 results: net income $145.0 million, EPS $1.83.
  - Period: twelve months ended December 31, 2022
  - Net income: $145.0 million
  - EPS: $1.83
  - Result: reported results
  source text: Net Income for the twelve months ended December 31, 2022 increased 20.7% to $145.0 million, compared to $120.1 million for the comparable period in 2021. Net Income per share for the twelve months ended December 31, 2022 increased 2.4% to $1.83, compared to $1.78 per share for the comparable period in 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923021529/0001104659-23-021529-index.htm

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