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# Agree Realty Files Third-Quarter Share Count Ahead Of Earnings, Showing About 124.6 Million Diluted Shares
- URL: https://www.bullished.co/agree-realty-files-third-quarter-share-count-ahead-of-earnings-showing-about-124-6-million-6cfec2a6/
- Published: 2026-10-02T11:20:48.000Z
- Updated: 2026-10-03T20:39:06.000Z
- Description: The net lease REIT's 8-K gives analysts the denominator they need to compute earnings per share once results arrive.
- Author: Matteo Parrino
- Tags: Earnings, ADC, Industry: Real Estate

Agree Realty filed an 8-K with the SEC on Friday disclosing its [weighted-average share counts](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000066/adc-20261002.htm?ref=bullished.co) for the third quarter and first nine months of 2026 — the figures analysts plug into earnings-per-share calculations once the company reports results.

## What The Filing Says

The third-quarter diluted share count, including Operating Partnership Units, came to about 124.6 million weighted-average shares for the three months ended September 30, 2026, according to the filing. The comparable figure for the nine months ended September 30, 2026 was about 122.2 million weighted-average diluted shares, also including OP Units.

Breaking those numbers down: the basic weighted-average share count for the third quarter was 124,363,105, after subtracting 202,871 unvested restricted shares from the gross common-share total of 124,565,976\. Dilutive securities — share-based compensation and forward equity offerings — then added back shares to arrive at the diluted figures.

The 347,619 Operating Partnership Units included in both the third-quarter and nine-month diluted counts represent interests held outside the common share structure. Adding those OP Units to the diluted-shares-before-OP-Units figure of 124,602,961 produces the all-in third-quarter diluted count of 124,950,580 shares.

Chief Financial Officer Peter Coughenour signed the filing on Friday.

## The Forward Equity Dilution Math

Agree Realty used the treasury stock method to measure the dilutive effect of its outstanding forward equity offerings during the period before those offerings settled.

For the third quarter alone, the company's April 2025 Forward Equity Offering contributed [38,597 incremental weighted-average diluted shares](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000066/adc-20261002.htm?ref=bullished.co). Over the full nine-month period, that offering added about 84,892 incremental weighted-average shares.

ATM forward equity offerings added no incremental shares in the third quarter but contributed 170,361 incremental shares across the nine-month period. Combined, all forward equity activity added 255,253 incremental weighted-average diluted shares over the nine months ended September 30, 2026.

Share-based compensation added a further 201,259 dilutive shares in the third quarter and 200,786 over the nine-month period.

## Why The Filing Matters

Agree Realty, a real estate investment trust that owns and operates net lease retail properties, files these share-count disclosures periodically ahead of quarterly earnings. The purpose is straightforward: earnings per share is net income divided by shares outstanding, and analysts need the denominator before they can model the per-share result.

ADC shares closed at $65.03 at Thursday's close, down about 3% from the prior session, according to market data.

The third-quarter earnings report — which will apply these share counts to compute earnings per share — is the next key event for investors tracking the company's financial performance.

The third-quarter earnings report, when filed, will use the 124,950,580 diluted share count disclosed Friday as the denominator for Agree Realty's per-share results.

### Sources

- [8-K Filing — AGREE REALTY CORP (ADC)](https://www.sec.gov/Archives/edgar/data/0000917251/000091725126000066/adc-20261002.htm?ref=bullished.co) — SEC EDGAR