---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-055998"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T23:51:10.405828+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q1 AFFO per share up 1.5% to $0.98; raises 2023 acquisition guidance to at least $1.2B

## Summary
- Net income per share fell 8.6% YoY to $0.44; Core FFO per share rose 0.6% to $0.98.
- AFFO per share up 1.5% to $0.98; monthly dividend raised 3.8% YoY to $0.243 per share.
- Invested $302M in 66 retail net lease properties at 6.7% cap rate; full-year guidance increased to at least $1.2B.
- Portfolio 99.7% leased, 8.8-year weighted-average lease term, 68% from investment-grade tenants.
- Balance sheet: proforma net debt/EBITDA 3.7x; $1.2B liquidity including $362M forward equity.

## SEC filing metadata
- accession: 0001104659-23-055998
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2023-05-04T23:59:59+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/917251/000110465923055998/0001104659-23-055998-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465923055998/tm2311829d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-055998
- JSON: https://secwatch.observer/filing/0001104659-23-055998.json
- Plain text: https://secwatch.observer/filing/0001104659-23-055998.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported the quarter ended March 31, 2023 results: net income Net Income for the three months ended March 31, 2023 increased 16.1% to $39.8 million, compared to $34.3 million for the, EPS $0.44. Guidance raised.
  - Period: the quarter ended March 31, 2023
  - Net income: Net Income for the three months ended March 31, 2023 increased 16.1% to $39.8 million, compared to $34.3 million for the
  - EPS: $0.44
  - Guidance: raised
  - Result: reported results
  source text: Agree Realty Corporation Reports First Quarter 2023 Results Increases 2023 Acquisition Guidance to At Least $1.2 Billion
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923055998/0001104659-23-055998-index.htm

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