secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2023-10-24T23:59:59+00:00
Accession:  0001104659-23-111089
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465923111089/0001104659-23-111089-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465923111089/tm2328932d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-111089

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