Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021		December 31, 2020
Land	$	627	$	313
Building		652		1,019
Lease intangibles - asset		91		132
Lease intangibles - (liability)		—		(285)
		1,370		1,179
Accumulated depreciation and amortization, net		(125)		20
Total Real Estate Held for Sale, net	$	1,245	$	1,199

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2021 and 2020 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Lease intangibles (in-place)	$	6,768	$	4,055	$	12,683	$	7,563
Lease intangibles (above-market)		6,843		5,218		13,244		10,269
Lease intangibles (below-market)		(1,584)		(1,439)		(3,229)		(2,681)
Total	$	12,027	$	7,834	$	22,698	$	15,151

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of June 30, 2021 (in thousands):

	2021
Year Ending December 31,	(remaining)		2022		2023		2024		2025		Thereafter		Total
Lease intangibles (in-place)	$	13,785	$	26,290	$	24,691	$	22,928	$	21,190	$	125,395	$	234,279
Lease intangibles (above-market)		15,654		30,433		29,437		27,744		26,873		237,125		367,266
Lease intangibles (below-market)		(3,079)		(5,289)		(4,579)		(3,911)		(3,480)		(13,628)		(33,966)
Total	$	26,360	$	51,434	$	49,549	$	46,761	$	44,583	$	348,892	$	567,579

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):

	June 30, 2021		December 31, 2020
Cash and cash equivalents	$	177,046	$	6,137
Cash held in escrow		11,335		1,818
Total of cash and cash equivalents and cash held in escrow	$	188,381	$	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				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net income attributable to Agree Realty Corporation	$	22,347	$	25,258	$	52,459	$	46,486
Less: Income attributable to unvested restricted shares		(71)		(83)		(175)		(164)
Net income used in basic and diluted earnings per share	$	22,276	$	25,175	$	52,284	$	46,322
Weighted average number of common shares outstanding		65,055,820		52,902,628		64,057,906		49,259,014
Less: Unvested restricted stock		(219,836)		(176,398)		(219,836)		(176,398)
Weighted average number of common shares outstanding used in basic earnings per share		64,835,984		52,726,230		63,838,070		49,082,616
Weighted average number of common shares outstanding used in basic earnings per share		64,835,984		52,726,230		63,838,070		49,082,616
Effect of dilutive securities:
Share-based compensation		98,202		68,294		91,413		74,926
2019 ATM Forward Equity Offerings		—		—		—		28,579
April 2020 Forward Equity Offerings		217,943		25,652		133,476		14,144
2020 ATM Forward Equity Offerings		—		446,564		—		223,281
2021 ATM Forward Equity Offerings		33,475		—		16,738		—
Weighted average number of common shares outstanding used in diluted earnings per share		65,185,604		53,266,740		64,079,697		49,423,546