---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-019867"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2024-02-13T23:59:59+00:00"
generated_at: "2026-06-06T04:01:48.245955+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q4 AFFO per share $1.00 (+5.2% YoY); 2023 investments total $1.34B

## Summary
- Q4 Net Income per share $0.44 (unchanged YoY); Core FFO per share $0.99 (+3.4%); AFFO per share $1.00 (+5.2%).
- Full-year 2023: Net Income per share $1.70 (-7.0% YoY); Core FFO per share $3.93 (+1.6%); AFFO per share $3.95 (+3.1%).
- Invested $199M in 70 properties in Q4; full-year $1.34B in 319 properties at 6.9% avg cap rate.
- Portfolio 99.8% leased; 69.1% ABR from investment grade tenants; proforma net debt/EBITDA 4.3x.
- Declared monthly dividend $0.247/sh ($2.964 annualized, +2.9% YoY); payout ratio ~75% of Core FFO.

## SEC filing metadata
- accession: 0001104659-24-019867
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2024-02-13T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/917251/000110465924019867/0001104659-24-019867-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465924019867/tm246063d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-019867
- JSON: https://secwatch.observer/filing/0001104659-24-019867.json
- Plain text: https://secwatch.observer/filing/0001104659-24-019867.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported financial results for the fourth quarter and full year ended December 31, 2023.
  - Period: the fourth quarter and full year ended December 31, 2023
  - Result: reported results
  source text: Agree Realty Corporation (the “Company”) issued a press release describing its results of operations for the fourth quarter and full year ended December 31, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465924019867/0001104659-24-019867-index.htm

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