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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Rental income $ 429,632 $ 339,067 $ 248,309
Other 182 256 259
Total Revenues 429,814 339,323 248,568
Operating Expenses      
Real estate taxes 32,079 25,513 21,428
Property operating expenses 18,585 13,996 9,023
Land lease expense 1,617 1,552 1,301
General and administrative 30,121 25,456 20,793
Depreciation and amortization 133,570 95,729 66,758
Provision for impairment 1,015 1,919 4,137
Total Operating Expenses 216,987 164,165 123,440
Gain (loss) on sale of assets, net 5,341 14,941 8,004
Gain (loss) on involuntary conversion, net (83) 170 0
Income from Operations 218,085 190,269 133,132
Other (Expense) Income      
Interest expense, net (63,435) (50,378) (40,097)
Income tax (expense) benefit (2,860) (2,401) (1,086)
Loss on early extinguishment of term loans and settlement of related interest rate swaps 0 (14,614) 0
Other (expense) income 1,245 0 23
Net Income 153,035 122,876 91,972
Less net income attributable to non-controlling interest 598 603 591
Net income attributable to Agree Realty Corporation 152,437 122,273 91,381
Less Series A preferred stock dividends 7,437 2,148 0
Net Income Attributable to Common Stockholders $ 145,000 $ 120,125 $ 91,381
Net Income Per Share Attributable to Common Stockholders      
Basic $ 1.84 $ 1.79 $ 1.76
Diluted $ 1.83 $ 1.78 $ 1.74
Other Comprehensive Income      
Net income $ 153,035 $ 122,876 $ 91,972
Amortization of interest rate swaps (684) 950 698
Change in fair value and settlement of interest rate swaps 29,881 29,980 (30,694)
Total comprehensive income (loss) 182,232 153,806 61,976
Less comprehensive income (loss) attributable to non-controlling interest 741 770 369
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 181,491 $ 153,036 $ 61,607
Weighted Average Number of Common Shares Outstanding - Basic 78,659,333 66,802,242 51,838,219
Weighted Average Number of Common Shares Outstanding - Diluted 79,164,386 67,139,079 52,396,734