UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 7.01. Regulation FD Disclosure.
On January 4, 2023, Agree Realty Corporation (the “Company”) issued a press release announcing the Company’s investment activity for 2022, and updates on its portfolio and its fourth quarter 2022 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.
Item 8.01. Other Events.
On January 4, 2023, the Company announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2022. 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, 2022 | December 31, 2022 | |||||||
| Weighted-average number of common shares outstanding | 88,660,310 | 78,885,063 | ||||||
| Less: Unvested restricted stock | (225,730 | ) | (225,730 | ) | ||||
| Weighted-average number of common shares outstanding used in basic earnings per share | 88,434,580 | 78,659,333 | ||||||
| Weighted-average number of common shares outstanding used in basic earnings per share | 88,434,580 | 78,659,333 | ||||||
| Effect of dilutive securities: | ||||||||
| Share-based compensation | 126,977 | 129,474 | ||||||
| ATM forward equity offerings | 55,730 | 63,381 | ||||||
| December 2021 Forward Offering | - | 89,963 | ||||||
| May 2022 Forward Offering | - | 173,429 | ||||||
| September 2022 Forward Offering | 195,223 | 48,806 | ||||||
| Weighted-average number of common shares outstanding used in diluted earnings per share | 88,812,510 | 79,164,386 | ||||||
| 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 | 89,160,129 | 79,512,005 | ||||||
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, 2022 was 250,953 weighted-average incremental shares. The impact of the offerings on the Company’s weighted-average diluted shares for the twelve months ended December 31, 2022 was 375,579 weighted-average incremental shares.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit | Description |
| 99.1 | Press release, dated January 4, 2023, entitled “Agree Realty Announces Record 2022 Investment Activity & Provides Update on Capital Markets Activities”. |
| 99.2 | January 2023 Investor Presentation. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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 4, 2023 | By: | /s/ Peter Coughenour |
| Name: Peter Coughenour | ||
| Title: Chief Financial Officer and Secretary | ||