Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Summary of Significant Accounting Policies

Schedule of Real Estate Properties Held-For-Sale [Table Text Block]

Real estate held for sale consisted of the following as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019		December 31, 2018
Land	$	2,171	$	—
Building		4,286		—
Lease Intangibles - Asset		2,061		—
		8,518		—
Accumulated depreciation and amortization		(590)		—
Total Real Estate Held for Sale, net	$	7,928	$	—

Schedule of Amortization of Deferred Expenses [Table Text Block]

The following schedule summarizes the Company’s amortization of deferred expenses for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Deferred Financing Costs	$	140	$	133	$	425	$	335
Leasing Costs		84		82		245		166
Lease Intangibles (In-place)		2,854		1,877		7,298		5,819
Lease Intangibles (Above-Market)		4,562		3,935		13,297		10,898
Lease Intangibles (Below-Market)		(1,181)		(897)		(3,415)		(3,104)
Total	$	6,459	$	5,130	$	17,850	$	14,114

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following schedule represents estimated future amortization of deferred expenses as of September 30, 2019 (in thousands):

	2019
Year Ending December 31,	(remaining)		2020		2021		2022		2023		Thereafter		Total
Deferred Financing Costs	$	142	$	561	$	37	$	—	$	—	$	—	$	740
Leasing Costs		85		405		385		373		314		1,117		2,679
Lease Intangibles (In-place)		3,147		12,385		11,237		10,371		9,594		56,716		103,450
Lease Intangibles (Above-Market)		4,631		19,114		18,827		18,534		17,680		153,641		232,427
Lease Intangibles (Below-Market)		(1,211)		(4,765)		(4,332)		(3,422)		(2,852)		(10,750)		(27,332)
Total	$	6,794	$	27,700	$	26,154	$	25,856	$	24,736	$	200,724	$	311,964

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation of the numerator and denominator for the basic net earnings per common share and diluted net earnings per common share computation for each of the periods presented: (in thousands, except for share data)

	Three Months Ended				Nine Months Ended
	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Net income attributable to Agree Realty Corporation	$	20,611	$	15,586	$	57,522	$	44,961
Less: Income attributable to unvested restricted shares		(98)		(95)		(283)		(296)
Net income used in basic and diluted earnings per share	$	20,513	$	15,491	$	57,239	$	44,665
Weighted average number of common shares outstanding		42,034,685		31,969,749		40,194,931		31,342,354
Less: Unvested restricted stock		(202,228)		(210,824)		(202,228)		(210,824)
Weighted average number of common shares outstanding used in basic earnings per share		41,832,457		31,758,925		39,992,703		31,131,530
Weighted average number of common shares outstanding used in basic earnings per share		41,832,457		31,758,925		39,992,703		31,131,530
Effect of dilutive securities: Share-based compensation		109,027		80,211		102,845		71,855
Effect of dilutive securities: March 2018 forward equity offering		—		439,761		—		265,048
Effect of dilutive securities: September 2018 forward equity offering		—		8,455		359,713		2,818
Effect of dilutive securities: April 2019 forward equity offering		376,558		—		170,180		—
Weighted average number of common shares outstanding used in diluted earnings per share		42,318,042		32,287,352		40,625,441		31,471,251