AGREE REALTY CORP 8-K

What Happened
Agree Realty Corporation (ADC) filed an 8‑K on July 2, 2026 (Item 8.01) reporting its weighted‑average common shares outstanding used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2026. The company reported 120,204,596 weighted‑average common shares for the three months and 120,132,377 for the six months, before subtracting unvested restricted shares.

Key Details

• Weighted‑average common shares outstanding (before unvested restricted shares): 120,204,596 (three months) and 120,132,377 (six months) ended June 30, 2026.
• Weighted‑average shares used in basic EPS (after deducting 207,652 unvested restricted shares): 119,996,944 (three months) and 119,924,725 (six months).
• Dilutive effects added: share‑based compensation (161,583; 160,832), ATM Forward Equity Offerings (214,995; 255,543), April 2025 Forward Equity Offering (113,734; 108,039). Resulting diluted common shares: 120,487,256 (three months) and 120,449,139 (six months).
• Including Operating Partnership Units (347,619) yielded diluted shares and OP Units of 120,834,875 (three months) and 120,796,758 (six months). The forward offerings increased diluted weighted‑average shares by 328,729 (three months) and 363,582 (six months); the company used the treasury stock method for this calculation.

Why It Matters
These share counts are the denominators used to compute Agree Realty’s basic and diluted earnings per share (EPS). Changes in weighted‑average shares — from equity awards, forward equity offerings or OP Units — affect reported EPS by spreading earnings over more or fewer shares. Investors watching EPS trends should note the specific dilution from the company’s forward offerings and share‑based compensation disclosed in this filing.