secwatch.observer — SEC 8-K summary
======================================

Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2024-02-13T23:59:59+00:00
Accession:  0001104659-24-019867
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465924019867/0001104659-24-019867-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465924019867/tm246063d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-019867

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer