Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Significant Accounting Policies

Schedule of real estate properties held-for-sale

Real estate held for sale consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):

	March 31, 2021		December 31, 2020
Land	$	6,338	$	313
Building		7,530		1,019
Lease intangibles - asset		1,895		132
Lease intangibles - (liability)		(1,168)		(285)
		14,595		1,179
Accumulated depreciation and amortization, net		(1,046)		20
Total Real Estate Held for Sale, net	$	13,549	$	1,199

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended
	March 31, 2021		March 31, 2020
Lease intangibles (in-place)	$	5,915	$	3,508
Lease intangibles (above-market)		6,401		5,051
Lease intangibles (below-market)		(1,645)		(1,242)
Total	$	10,671	$	7,317

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of March 31, 2021 (in thousands):

	2021
Year Ending December 31,	(remaining)		2022		2023		2024		2025		Thereafter		Total
Lease intangibles (in-place)	$	18,846	$	23,341	$	21,742	$	20,028	$	18,301	$	112,078	$	214,336
Lease intangibles (above-market)		20,068		25,843		24,847		23,154		22,242		214,886		331,040
Lease intangibles (below-market)		(4,575)		(5,175)		(4,465)		(3,796)		(3,365)		(13,278)		(34,654)
Total	$	34,339	$	44,009	$	42,124	$	39,386	$	37,178	$	313,686	$	510,722

Schedule of cash, cash equivalents and cash held in escrow

Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows) the following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the Condensed Consolidated Balance Sheets, to the total of the cash, cash equivalents and cash held in escrow as reported within the Condensed Consolidated Statements of Cash Flows (dollars in thousands):

	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	7,369	$	6,137
Cash held in escrow		—		1,818
Total of cash and cash equivalents and cash held in escrow	$	7,369	$	7,955

Schedule of reconciliation of basic and diluted net earnings per common share

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

	Three Months Ended
	March 31, 2021		March 31, 2020
Net income attributable to Agree Realty Corporation	$	30,112	$	21,229
Less: Income attributable to unvested restricted shares		(103)		(81)
Net income used in basic and diluted earnings per share	$	30,009	$	21,148
Weighted average number of common shares outstanding		63,048,905		45,615,400
Less: Unvested restricted stock		(220,008)		(179,209)
Weighted average number of common shares outstanding used in basic earnings per share		62,828,897		45,436,191
Weighted average number of common shares outstanding used in basic earnings per share		62,828,897		45,436,191
Effect of dilutive securities:
Share-based compensation		62,454		69,069
2019 ATM Forward Equity Offerings		—		57,158
2020 ATM Forward Equity Offerings		49,009		2,636
Weighted average number of common shares outstanding used in diluted earnings per share		62,940,360		45,565,054