secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2025-02-11T23:59:59+00:00
Accession:  0001104659-25-011470
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Agree Realty Q4 AFFO per share $1.04, up 4.7% YoY; issues 2025 AFFO guidance of $4.26-$4.30
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- Q4 AFFO per share $1.04 (+4.7% YoY); Core FFO $1.02 (+3.5%); Net income $0.41 (-5.7%).
- FY 2024 AFFO per share $4.14 (+4.6% YoY); Core FFO $4.08 (+3.7%); Net income $1.78 (+4.8%).
- Invested $951M in 282 properties in 2024 at 7.5% cap rate; portfolio 99.6% leased; 68.2% investment grade.
- 2025 AFFO per share guidance $4.26-$4.30 (~3.5% midpoint growth); investment volume target $1.1-$1.3B.
- Raised $1.1B in forward equity in 2024; $450M bond at 5.65% due 2034; proforma net debt/EBITDA 3.3x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465925011470/0001104659-25-011470-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465925011470/tm256143d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-011470

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