Agree Realty Reports Third-Quarter Diluted Share Count of 124.95 Million

Agree Realty Corporation disclosed its weighted-average number of common shares and operating partnership units outstanding for the three months ended September 30, 2026, reporting a total of 124,950,580 shares used in diluted earnings per share calculations. The company filed a Form 8-K with the U.S. Securities and Exchange Commission on October 2, 2026, to announce these figures.

The calculation for the third quarter began with 124,565,976 weighted-average common shares outstanding. From this base, the company subtracted 202,871 unvested restricted shares to arrive at a basic earnings per share figure of 124,363,105 shares. The diluted count incorporated the effect of dilutive securities, including 201,259 shares from share-based compensation and 38,597 shares from the April 2025 Forward Equity Offering. Additionally, the company included 347,619 operating partnership units in the final diluted total.

For the nine months ended September 30, 2026, the weighted-average diluted share count was lower at 122,227,271. This period's basic share count was 121,423,613, derived from 121,626,484 weighted-average common shares less the same 202,871 unvested restricted shares. The diluted calculation for the nine-month period included a larger impact from forward equity offerings. Specifically, ATM Forward Equity Offerings contributed 170,361 weighted-average incremental shares, while the April 2025 Forward Equity Offering contributed 84,892. Share-based compensation added another 200,786 shares to the diluted total.

Agree Realty stated that it used the treasury stock method to account for potential dilution from forward equity offerings during periods prior to settlement. According to the filing, the impact of these offerings on the company's weighted-average diluted shares was 38,597 incremental shares for the three months ended September 30, 2026. For the nine months ended September 30, 2026, the combined impact of the offerings was 255,253 weighted-average incremental shares.

The filing was signed by Peter Coughenour, Chief Financial Officer and Secretary of Agree Realty Corporation. The company is incorporated in Maryland and maintains its principal executive offices at 32301 Woodward Avenue in Royal Oak, Michigan. Its common stock and depositary shares representing Series A Cumulative Redeemable Preferred Stock are registered on the New York Stock Exchange under the trading symbols ADC and ADCPrA, respectively.