secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2024-01-03T23:59:59+00:00
Accession:  0001104659-24-000816
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Agree Realty reports $1.34B total investment activity in 2023; raises $236M forward equity
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- Total 2023 real estate investment activity (acquisitions, development, DFP) of $1.34B across 319 properties.
- Acquired 282 retail net lease properties for $1.19B at 6.9% weighted-average cap rate; 73.7% from investment grade tenants.
- Q4 acquisition volume $187.2M at 7.2% cap rate (80 bps higher than Q4 2022); 70.5% from investment grade.
- Entered forward sale agreements for 3.83M shares expecting ~$235.6M net proceeds; total liquidity >$1.0B.
- Portfolio: 2,135 properties; 69.1% annualized base rent from investment grade tenants; net debt to EBITDA 4.5x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465924000816/0001104659-24-000816-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465924000816/tm241622d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-000816

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