CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate Investments
Land	$ 1,941,599	$ 1,559,434
Buildings	4,054,679	3,034,391
Less accumulated depreciation	(321,142)	(233,862)
Real estate investments excluding property under development	5,675,136	4,359,963
Property under development	65,932	7,148
Net Real Estate Investments	5,741,068	4,367,111
Real Estate Held for Sale, net	0	5,676
Cash and Cash Equivalents	27,763	43,252
Cash Held in Escrows	1,146	1,998
Accounts Receivable - Tenants, net	65,841	53,442
Lease Intangibles, net of accumulated amortization of $263,011 and $180,532 at December 31, 2022 and December 31, 2021, respectively	799,448	672,020
Other Assets, net	77,923	83,407
Total Assets	6,713,189	5,226,906
LIABILITIES
Mortgage Notes Payable, net	47,971	32,429
Senior Unsecured Notes, net	1,792,047	1,495,200
Unsecured Revolving Credit Facility	100,000	160,000
Dividends and Distributions Payable	22,345	16,881
Accounts Payable, Accrued Expenses, and Other Liabilities	83,722	70,005
Lease Intangibles, net of accumulated amortization of $35,992 and $29,726 at December 31, 2022 and December 31, 2021, respectively	36,714	33,075
Total Liabilities	2,082,799	1,807,590
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, 2022 and December 31, 2021	175,000	175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 90,173,424 and 71,285,311 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	9	7
Additional paid-in-capital	4,658,570	3,395,549
Dividends in excess of net income	(228,132)	(147,366)
Accumulated other comprehensive income (loss)	23,551	(5,503)
Total Equity - Agree Realty Corporation	4,628,998	3,417,687
Non-controlling interest	1,392	1,629
Total Equity	4,630,390	3,419,316
Total Liabilities and Equity	$ 6,713,189	$ 5,226,906