AGREE REALTY CORP (ADC) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: April 21, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 18.45% (2 years)
Historical Dilution Factor: moderate recent dilution
Outstanding Shares
120M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

Summary

ADC currently has 120M outstanding shares. with minimal authorized share overhang for future dilution. The company has diluted shareholders by 18.45% over the past 2 years through share issuances.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Apr 21, 2026

10-Q filing | 119.9M shares outstanding

120M 0
Oct 21, 2025

10-Q filing | 111.5M shares outstanding

110M 0
Jul 31, 2025

10-Q filing | 110.4M shares outstanding

110M 0
Apr 25, 2025

8-K filing: Agree Realty Corporation completed the sale of 5,175,000 shares of its common stock at a price of $75.70 per share on April 25, 2025, with an option for the underwriters to purchase an additional 675,000 shares.

110M 0
Apr 22, 2025

10-Q filing | 107.5M shares outstanding

110M 0
Apr 03, 2025

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three months ended March 31, 2025, which was 107,321,055.

110M 0
Feb 11, 2025

10-K filing | 101.9M shares outstanding

100M 0
Jan 06, 2025

8-K filing: The company announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2024, with 103,603,644 shares outstanding for the three months and 101,366,693 shares outstanding for the twelve months.

100M 0
Oct 28, 2024

8-K filing: Agree Realty Corporation completed the sale of 5,720,000 shares of its common stock at a public offering price of $74.00 per share on October 28, 2024.

100M 0
Oct 22, 2024

10-Q filing | 101.7M shares outstanding

100M 0
Oct 02, 2024

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2024, and also reported on ATM forward equity offerings.

100M 0
Jul 23, 2024

10-Q filing | 100.5M shares outstanding

100M 0
Jul 03, 2024

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three and six months ended June 30, 2024.

100M 0
Apr 23, 2024

10-Q filing | 100.3M shares outstanding

100M 0
Feb 13, 2024

10-K filing | 95.4M shares outstanding

95M 0
Oct 24, 2023

10-Q filing | 97.3M shares outstanding

97M 0
Aug 01, 2023

10-Q filing | 93.1M shares outstanding

93M 0
Jul 05, 2023

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three and six months ended June 30, 2023, with 93,299,541 shares outstanding for the three months and 91,795,061 shares outstanding for the six months ended June 30, 2023.

93M 0
May 04, 2023

10-Q filing | 90.5M shares outstanding

91M 0
Feb 14, 2023

10-K filing | 90.2M shares outstanding

90M 0
Jan 04, 2023

8-K filing: The company announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2022, with 88,660,310 shares for the three-month period and 78,885,063 shares for the twelve-month period.

79M 0
Nov 01, 2022

10-Q filing | 80.6M shares outstanding

81M 0
Oct 05, 2022

8-K filing: On October 5, 2022, Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2022, reporting 79,930,394 and 75,590,841 shares, respectively.

80M 0
Oct 03, 2022

8-K filing: Agree Realty Corporation completed the sale of 5,750,000 shares of common stock at a public offering price of $66.85 per share on October 3, 2022.

76M 0
Aug 02, 2022

10-Q filing | 75.6M shares outstanding

76M 0
Jun 01, 2022

8-K filing: Agree Realty Corporation completed the sale of 5,750,000 shares of its common stock at a public offering price of $68.65 per share on May 31, 2022.

71M 0
May 03, 2022

10-Q filing | 71.3M shares outstanding

71M 0
Apr 05, 2022

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three months ended March 31, 2022, which was 71,471,247.

71M 0
Feb 22, 2022

10-K filing | 67.1M shares outstanding

67M 0
Dec 13, 2021

8-K filing: Agree Realty Corporation completed the sale of 5,000,000 shares of its common stock at a public offering price of $68.15 per share on December 13, 2021, pursuant to a forward sale agreement and an underwriting agreement.

70M 0
Nov 01, 2021

10-Q filing | 69.6M shares outstanding

70M 0
Oct 05, 2021

8-K filing: The company announced its weighted-average number of common shares outstanding for the three and nine months ended September 30, 2021.

69M 0
Sep 17, 2021

8-K filing: Agree Realty Corporation closed its underwritten public offering of depositary shares, each representing 1/1,000th of a share of Series A Preferred Stock, resulting in net proceeds of approximately $170.3 million and issued 7,000 shares of Series A Preferred Stock and 7,000,000 Depositary Shares. ($170.3M proceeds)

65M 0
Sep 13, 2021

8-K filing: Agree Realty Corporation filed Articles Supplementary classifying 7,000 shares of preferred stock as 4.250% Series A Cumulative Redeemable Preferred Stock and agreed to sell 7,000,000 depositary shares representing 1/1,000th of a share of the Series A Preferred Stock. ($170.3M proceeds)

65M 0
Jul 26, 2021

10-Q filing | 65.2M shares outstanding

65M 0
Jul 06, 2021

8-K filing: Agree Realty Corporation announced its weighted-average number of common shares outstanding for the three and six months ended June 30, 2021, including the impact of ATM forward equity offerings.

65M 0
Jun 15, 2021

8-K filing: Agree Realty Corporation completed an offering of 4,600,000 shares of its common stock at an average price of $71.09 per share, resulting in net proceeds of approximately $327.0 million. ($327.0M proceeds)

63M 0
May 03, 2021

10-Q filing | 62.9M shares outstanding

63M 0
Feb 18, 2021

10-K filing | 60.0M shares outstanding

60M 0
Jan 11, 2021

8-K filing: Agree Realty Corporation completed an offering of 3,000,000 shares of common stock at an unmentioned price, resulting in net proceeds of approximately $192.5 million. ($192.5M proceeds)

55M 0
Oct 19, 2020

10-Q filing | 54.6M shares outstanding

55M 0
Jul 20, 2020

10-Q filing | 53.3M shares outstanding

53M 0
Apr 22, 2020

8-K filing: Agree Realty Corporation completed a forward sale agreement for 6,166,666 shares at $60.00 per share and settled existing forward agreements by delivering 3,976,695 shares for net proceeds of approximately $267 million. ($267.0M proceeds)

46M 0
Apr 20, 2020

10-Q filing | 45.6M shares outstanding

46M 0
Apr 02, 2020

8-K filing: Agree Realty Corporation completed an offering of 2,875,000 shares of its common stock at a price that resulted in net proceeds of approximately $170.4 million. ($170.4M proceeds)

45M 0
Apr 01, 2020

8-K filing: On April 1, 2020, the Company announced its weighted-average number of common shares outstanding for the three months ended March 31, 2020, and settled 1,245,118 and 155,133 shares from the 2019 and 2020 ATM Forward Offerings, respectively.

45M 0
Feb 20, 2020

10-K filing | 41.2M shares outstanding

41M 0
Jan 06, 2020

8-K filing: The company settled the entirety of the April 2019 forward sale agreement on December 30, 2019 and received net proceeds of approximately $195.8 million and settled the entirety of the September 2018 Forward and received net proceeds of approximately $186.0 million. The company announced its weighted-average number of common shares outstanding for the three and twelve months ended December 31, 2019, which was 42,481,614 and 40,771,300, respectively. ($381.8M proceeds)

41M 0
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