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

Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2024-07-23T23:59:59+00:00
Accession:  0001104659-24-081890
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Agree Realty Q2 AFFO per share $1.04 (+6.4% YoY); raises 2024 guidance and acquisition outlook
--------------------------------------------------------------------------------

- Net income per share up 25.6% to $0.52; Core FFO per share $1.03 (+5.7%); AFFO per share $1.04 (+6.4%).
- 2024 AFFO per share guidance raised to $4.11-$4.14 (midpoint +4.4%); acquisition guidance increased to ~$700M.
- Invested ~$203M in 70 retail net lease properties in Q2; first-half total ~$343M.
- Completed $450M bond offering (5.625% notes due 2034); received commitments to expand credit facility to $1.25B.
- Entered ATM forward sales for 3.2M shares (net proceeds ~$195M); proforma liquidity ~$1.7B; net debt/EBITDA 4.1x proforma.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465924081890/0001104659-24-081890-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465924081890/tm2419955d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-081890

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