Agree Realty Confirms NYSE Listing for Common & Preferred Shares

Ticker: ADC-PA · Form: 8-K · Filed: Jan 3, 2024 · CIK: 917251

Agree Realty Corp 8-K Filing Summary
FieldDetail
CompanyAgree Realty Corp (ADC-PA)
Form Type8-K
Filed DateJan 3, 2024
Risk Levellow
Pages3
Reading Time3 min
Key Dollar Amounts$0.0001
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: regulatory-filing, stock-listing, preferred-stock

TL;DR

**Agree Realty's common and preferred shares are officially listed on the NYSE.**

AI Summary

Agree Realty Corporation filed an 8-K on January 3, 2024, to update its registered securities. The filing confirms that its Common Stock, with a $0.0001 par value, and Depositary Shares, representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, also with a $0.0001 par value, are both registered on the New York Stock Exchange under the trading symbols ADC and ADCPrA, respectively. This matters to investors as it reaffirms the liquidity and public trading status of these securities, providing transparency on where they can be bought and sold.

Why It Matters

This filing provides clarity on the trading venues for Agree Realty's common and preferred stock, which is crucial for investors to understand where their shares are listed and traded.

Risk Assessment

Risk Level: low — This filing is a routine update confirming existing listings and does not introduce new financial risks or operational changes.

Analyst Insight

Investors should note the confirmed NYSE listings for ADC and ADCPrA, ensuring they are aware of the primary trading venue for these securities. This filing does not suggest any immediate action beyond confirming existing market information.

Key Numbers

  • $0.0001 — Par Value (Par value for both Common Stock and 4.25% Series A Cumulative Redeemable Preferred Stock)
  • 4.25% — Preferred Stock Rate (The dividend rate for the Series A Cumulative Redeemable Preferred Stock)

Key Players & Entities

  • AGREE REALTY CORPORATION (company) — the registrant filing the 8-K
  • New York Stock Exchange (company) — the exchange where securities are registered
  • $0.0001 (dollar_amount) — par value of Common Stock and Preferred Stock
  • January 3, 2024 (date) — date of earliest event reported and filing date

FAQ

What is the par value of Agree Realty Corporation's Common Stock as stated in the filing?

The filing states that the Common Stock has a par value of $0.0001.

On which exchange are Agree Realty Corporation's Common Stock and Depositary Shares registered?

Both the Common Stock and Depositary Shares are registered on the New York Stock Exchange.

What is the trading symbol for Agree Realty Corporation's Common Stock?

The trading symbol for Agree Realty Corporation's Common Stock is ADC.

What type of preferred stock do the Depositary Shares represent, and what is its dividend rate?

The Depositary Shares represent one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock.

What was the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported in this 8-K filing was January 3, 2024.

Filing Stats: 837 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2024-01-03 16:05:30

Key Financial Figures

  • $0.0001 — e on which registered Common Stock, $0.0001 par value ADC New York Stock Exchange

Filing Documents

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On January 3, 2024, Agree Realty Corporation (the "Company") issued a press release announcing the Company's investment activity for 2023 and updates on its portfolio and its fourth quarter 2023 capital markets activities. A copy of the press release is furnished as Exhibit 99.1 to this report. The Company also posted an updated investor presentation to its website, which is furnished as Exhibit 99.2 to this report. The press release and investor presentation can be found on the Investors section of the Company's website at www.agreerealty.com . The information in this Item 7.01, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of such section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

01. Other Events

Item 8.01. Other Events. On January 3, 2024, the Company announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2023. The following table computes the Company's weighted-average number of common shares outstanding for the periods: Three Months Twelve Months Ended Ended December 31, 2023 December 31, 2023 Weighted-average number of common shares outstanding 100,519,338 95,431,468 Less: Unvested restricted stock (240,059 ) (240,059 ) Weighted-average number of common shares outstanding used in basic earnings per share 100,279,279 95,191,409 Weighted-average number of common shares outstanding used in basic earnings per share 100,279,279 95,191,409 Effect of dilutive securities: Share-based compensation 107,445 131,261 ATM forward equity offerings 10,372 39,519 September 2022 Forward Offering - 75,223 Weighted-average number of common shares outstanding used in diluted earnings per share 100,397,096 95,437,412 Operating Partnership Units ("OP Units") 347,619 347,619 Weighted-average number of common shares and OP Units outstanding used in diluted earnings per share 100,744,715 95,785,031 To account for the potential dilution resulting from the forward equity offerings on earnings per share calculations, the Company used the treasury stock method to determine the dilution during the period of time prior to settlement. The impact of the offerings on the Company's weighted-average diluted shares for the three months ended December 31, 2023 was 10,372 weighted-average incremental shares. The impact of the offerings on the Company's weighted-average diluted shares for the twelve months ended December 31, 2023 was 114,742 weighted-average incremental shares.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Description 99.1 Press release, dated January 3, 2024, entitled "Agree Realty Announces 2023 Investment Activity & Provides Capital Markets Update". 99.2 January 2024 Investor Presentation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AGREE REALTY CORPORATION Date: January 3, 2024 By: /s/ Peter Coughenour Name: Peter Coughenour Title: Chief Financial Officer and Secretary

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