CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investments
Land	$ 1,559,434	$ 1,094,550
Buildings	3,034,391	2,371,553
Less accumulated depreciation	(233,862)	(172,577)
Real estate investments excluding property under development	4,359,963	3,293,526
Property under development	7,148	10,653
Net Real Estate Investments	4,367,111	3,304,179
Real Estate Held for Sale, net	5,676	1,199
Cash and Cash Equivalents	43,252	6,137
Cash Held in Escrows	1,998	1,818
Accounts Receivable - Tenants, net	53,442	37,808
Lease Intangibles, net of accumulated amortization of $180,532 and $125,995 at December 31, 2021 and December 31, 2020, respectively	672,020	473,592
Other Assets, net	83,407	61,450
Total Assets	5,226,906	3,886,183
LIABILITIES
Mortgage Notes Payable, net	32,429	33,122
Unsecured Term Loans, net	0	237,849
Senior Unsecured Notes, net	1,495,200	855,328
Unsecured Revolving Credit Facility	160,000	92,000
Dividends and Distributions Payable	16,881	34,545
Accounts Payable, Accrued Expenses, and Other Liabilities	70,005	71,390
Lease Intangibles, net of accumulated amortization of $29,726 and $24,651 at December 31, 2021 and December 31, 2020, respectively	33,075	35,700
Total Liabilities	1,807,590	1,359,934
EQUITY
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2021, no shares issued and outstanding at December 31, 2020	175,000
Common stock, $.0001 par value, 180,000,000 and 90,000,000 shares authorized, 71,285,311 and 60,021,483 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively	7	6
Additional paid-in-capital	3,395,549	2,652,090
Dividends in excess of net income	(147,366)	(91,343)
Accumulated other comprehensive income (loss)	(5,503)	(36,266)
Total Equity - Agree Realty Corporation	3,417,687	2,524,487
Non-controlling interest	1,629	1,762
Total Equity	3,419,316	2,526,249
Total Liabilities and Equity	$ 5,226,906	$ 3,886,183