CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate Investments
Land	$ 2,005,606	$ 1,941,599
Buildings	4,281,164	4,054,679
Less accumulated depreciation	(347,778)	(321,142)
Real estate investments excluding property under development	5,938,992	5,675,136
Property under development	73,123	65,932
Net Real Estate Investments	6,012,115	5,741,068
Cash and Cash Equivalents	11,809	27,763
Cash Held in Escrows	1,131	1,146
Accounts Receivable - Tenants, net	71,089	65,841
Lease Intangibles, net of accumulated amortization of $286,748 and $263,011 at March 31, 2023 and December 31, 2022, respectively	803,654	799,448
Other Assets, net	86,629	77,923
Total Assets	6,986,427	6,713,189
LIABILITIES
Mortgage Notes Payable, net	47,842	47,971
Senior Unsecured Notes, net	1,792,611	1,792,047
Unsecured Revolving Credit Facility	196,000	100,000
Dividends and Distributions Payable	23,071	22,345
Accounts Payable, Accrued Expenses, and Other Liabilities	92,733	83,722
Lease Intangibles, net of accumulated amortization of $37,494 and $35,992 at March 31, 2023 and December 31, 2022, respectively	36,326	36,714
Total Liabilities	2,188,583	2,082,799
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 March 31, 2023 and December 31, 2022	175,000	175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 93,198,079 and 90,173,424 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	9	9
Additional paid-in-capital	4,852,927	4,658,570
Dividends in excess of net income	(254,316)	(228,132)
Accumulated other comprehensive income (loss)	22,924	23,551
Total Equity - Agree Realty Corporation	4,796,544	4,628,998
Non-controlling interest	1,300	1,392
Total Equity	4,797,844	4,630,390
Total Liabilities and Equity	$ 6,986,427	$ 6,713,189