---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-111089"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2023-10-24T23:59:59+00:00"
generated_at: "2026-06-09T15:55:07.615582+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q3 AFFO per share up 4.2% to $1.00; acquisition guidance raised to $1.3B

## Summary
- Net income per share $0.41, down 12.4% YoY; Core FFO per share $0.99, up 2.1%; AFFO per share $1.00, up 4.2%.
- Acquired 74 properties for ~$398M at 6.9% cap rate; full-year acquisition guidance raised to ~$1.3B.
- Closed $350M 5.5-year term loan at 4.52% fixed rate; raised $87M via ATM forward sales and settled $290M forward equity.
- Record investment grade exposure of 68.9% of annualized base rents; portfolio 99.7% leased with 8.6-year WALT.
- Monthly dividend increased 2.9% YoY to $0.247 per share; net debt to EBITDA of 4.5x.

## SEC filing metadata
- accession: 0001104659-23-111089
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2023-10-24T23:59:59+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/917251/000110465923111089/0001104659-23-111089-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465923111089/tm2328932d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-111089
- JSON: https://secwatch.observer/filing/0001104659-23-111089.json
- Plain text: https://secwatch.observer/filing/0001104659-23-111089.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported the quarter ended September 30, 2023 results: net income $39.7 million, EPS $0.41.
  - Period: the quarter ended September 30, 2023
  - Net income: $39.7 million
  - EPS: $0.41
  - Result: reported results
  source text: Net Income for the three months ended September 30, 2023 increased 5.6% to $39.7 million, compared to $37.6 million for the comparable period in 2022. Net Income per share for the three months ended September 30 th decreased 12.4% to $0.41, compared to $0.46 per share for the comparable period in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923111089/0001104659-23-111089-index.htm
- Earnings Releases
  AGREE REALTY CORP reported the nine months ended September 30, 2023 results: net income $118.4 million, EPS $1.26.
  - Period: the nine months ended September 30, 2023
  - Net income: $118.4 million
  - EPS: $1.26
  - Result: reported results
  source text: Net Income for the nine months ended September 30, 2023 increased 11.8% to $118.4 million, compared to $105.9 million for the comparable period in 2022. Net Income per share for the nine months ended September 30 th decreased 9.4% to $1.26, compared to $1.39 per share for the comparable period in 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465923111089/0001104659-23-111089-index.htm

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