---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-086389"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2023-08-01T23:59:59+00:00"
generated_at: "2026-06-12T21:31:37.419351+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q2 AFFO per share $0.98 (+1.1%); ups 2023 acquisition guidance to at least $1.3B

## Summary
- Net income $39.0M (+14.3% YoY); diluted EPS $0.42 (-7.2% YoY) on higher share count.
- Core FFO per share $0.98 (flat); AFFO per share $0.98 (+1.1% YoY).
- Full-year acquisition guidance raised to at least $1.3B (from $1.2B); Q2 invested ~$324M in 120 properties.
- Closed $350M unsecured 5.5-year term loan at 4.52% fixed rate; used to pay down revolver.
- Portfolio now 2,004 properties, 99.7% leased; proforma net debt/EBITDA 4.1x; liquidity ~$1.3B.

## SEC filing metadata
- accession: 0001104659-23-086389
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2023-08-01T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/917251/000110465923086389/0001104659-23-086389-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465923086389/tm2322508d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-086389
- JSON: https://secwatch.observer/filing/0001104659-23-086389.json
- Plain text: https://secwatch.observer/filing/0001104659-23-086389.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported the second quarter ended June 30, 2023 results: net income Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million, EPS Net Income per share for the three months ended June 30, 2023 decreased 7.2% to $0.42. Guidance raised.
  - Period: the second quarter ended June 30, 2023
  - Net income: Net Income for the three months ended June 30, 2023 increased 14.3% to $39.0 million
  - EPS: Net Income per share for the three months ended June 30, 2023 decreased 7.2% to $0.42
  - Guidance: raised
  - Result: reported results
  source text: Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923086389/0001104659-23-086389-index.htm
- Earnings Releases
  AGREE REALTY CORP reported the six months ended June 30, 2023 results: net income Net Income for the six months ended June 30, 2023 increased 15.2% to $78.8 million, EPS Net Income per share for the six months ended June 30, 2023 decreased 7.9% to $0.86. Guidance raised.
  - Period: the six months ended June 30, 2023
  - Net income: Net Income for the six months ended June 30, 2023 increased 15.2% to $78.8 million
  - EPS: Net Income per share for the six months ended June 30, 2023 decreased 7.9% to $0.86
  - Guidance: raised
  - Result: reported results
  source text: Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced results for the quarter ended June 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923086389/0001104659-23-086389-index.htm
- Material Agreements
  AGREE REALTY CORP entered into Term Loan Agreement with PNC Bank, National Association valued at $350 million (effective 2023-07-31).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: PNC Bank, National Association
  - Value: $350 million
  - Effective: 2023-07-31
  source text: Agree Realty Corporation (the “Company”), as parent guarantor, and Agree Limited Partnership, as borrower (the “Borrower”), entered into that certain Term Loan Agreement, dated as of July 31, 2023 (the “Agreement”), with PNC Bank, National Association (“PNC Bank”), as Administrative Agent, and a syndicate of lenders named therein (collectively, the “Lenders”), and with certain indirect subsidiaries of the Borrower as guarantors. The Agreement provides for a $350 million unsecured delayed draw term loan facility (the “Loan”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923086389/0001104659-23-086389-index.htm

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