---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-050574"
form_type: "8-K"
ticker: "ADC"
cik: "0000917251"
company_name: "AGREE REALTY CORP"
filed_at: "2024-04-23T23:59:59+00:00"
generated_at: "2026-06-03T13:18:29.649045+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Agree Realty Q1 AFFO per share up 4.6% to $1.03; guides FY2024 AFFO $4.10-$4.13

## Summary
- AFFO per share Q1: $1.03, up 4.6% YoY; Core FFO per share $1.01, up 3.5%.
- Acquired $123.5M in Q1 at 7.7% cap rate; FY2024 acquisition guidance ~$600M.
- Introduced 2024 AFFO per share guidance of $4.10-$4.13, up ~4% from 2023.
- Monthly dividend raised to $0.25/share (annualized $3.00), a 2.9% increase.
- Portfolio 99.6% leased; over $920M liquidity; proforma net debt/EBITDA 4.3x.

## SEC filing metadata
- accession: 0001104659-24-050574
- form_type: 8-K
- ticker: ADC
- cik: 0000917251
- company_name: AGREE REALTY CORP
- filed_at: 2024-04-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/917251/000110465924050574/0001104659-24-050574-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/917251/000110465924050574/tm2412472d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-050574
- JSON: https://secwatch.observer/filing/0001104659-24-050574.json
- Plain text: https://secwatch.observer/filing/0001104659-24-050574.txt

## Key facts
- Earnings Releases
  AGREE REALTY CORP reported first quarter ended March 31, 2024 results: net income Net Income for the three months ended March 31, 2024 increased 8.2% to $43.0 million, EPS Net Income per share for the three months ended March 31 st decreased 2.4% to $0.43. Guidance initiated.
  - Period: first quarter ended March 31, 2024
  - Net income: Net Income for the three months ended March 31, 2024 increased 8.2% to $43.0 million
  - EPS: Net Income per share for the three months ended March 31 st decreased 2.4% to $0.43
  - Guidance: initiated
  - Result: reported results
  source text: Agree Realty Corporation Reports First Quarter 2024 Results Introduces 2024 AFFO Per Share Guidance of $4.10 to $4.13
  evidence_url: https://www.sec.gov/Archives/edgar/data/917251/000110465924050574/0001104659-24-050574-index.htm

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