Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Significant Accounting Policies

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2022, 2021, and 2020 (presented in thousands):

	For the Year Ended December 31,
	2022		2021		2020
Lease intangibles (in-place)	$	43,553	$	27,827	$	17,413
Lease intangibles (above-market)		39,603		30,596		21,523
Lease intangibles (below-market)		(6,266)		(6,312)		(5,638)
Total	$	76,890	$	52,111	$	33,298

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2022 (presented in thousands):

Year Ending December 31,	2023		2024		2025		2026		2027		Thereafter		Total
Lease intangibles (in-place)	$	51,612	$	48,132	$	45,716	$	42,671	$	38,031	$	182,239	$	408,401
Lease intangibles (above-market)		38,703		34,651		32,317		30,588		28,224		226,564		391,047
Lease intangibles (below-market)		(5,591)		(4,920)		(4,485)		(4,131)		(3,677)		(13,910)		(36,714)
Total	$	84,724	$	77,863	$	73,548	$	69,128	$	62,578	$	394,893	$	762,734

Schedule of cash, cash equivalents and cash held in escrow

Per the requirements of Accounting Standards Update (“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 consolidated Balance Sheets, to the total of the cash, cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows (presented in thousands):

	December 31, 2022		December 31, 2021
Cash and cash equivalents	$	27,763	$	43,252
Cash held in escrow		1,146		1,998
Total of cash and cash equivalents and cash held in escrow	$	28,909	$	45,250

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

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

		Year Ended December 31,
		2022		2021		2020
Net income attributable to Agree Realty Corporation	$	152,437	$	122,273	$	91,381
Less: Series A preferred stock dividends		(7,437)		(2,148)		—
Net income attributable to common stockholders		145,000		120,125		91,381
Less: Income attributable to unvested restricted shares		(376)		(369)		(297)
Net income used in basic and diluted earnings per share	$	144,624	$	119,756	$	91,084
Weighted average number of common shares outstanding		78,885,063		67,004,069		52,013,137
Less: Unvested restricted stock		(225,730)		(201,827)		(174,918)
Weighted average number of common shares outstanding used in basic earnings per share		78,659,333		66,802,242		51,838,219
Weighted average number of common shares outstanding used in basic earnings per share		78,659,333		66,802,242		51,838,219
Effect of dilutive securities:
Share-based compensation		129,474		118,460		95,103
2019 ATM Forward Equity Offerings		—		—		14,289
2020 ATM Forward Equity Offerings		—		153,200		19,777
April 2020 Forward Equity Offerings		—		—		429,346
2021 ATM Forward Equity Offerings		—		50,757		—
December 2021 Forward Offering		89,963		14,420		—
2022 ATM Forward Equity Offerings		63,381		—		—
May 2022 Forward Offering		173,429		—		—
September 2022 Forward Equity Offering		48,806		—		—
Weighted average number of common shares outstanding used in diluted earnings per share		79,164,386		67,139,079		52,396,734