secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2023-05-04T23:59:59+00:00
Accession:  0001104659-23-055998
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465923055998/0001104659-23-055998-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465923055998/tm2311829d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-055998

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