Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 (presented in thousands):

	For the Year Ended December 31,
	2023		2022		2021
Lease intangibles (in-place)	$	58,396	$	43,553	$	27,827
Lease intangibles (above-market)		39,917		39,603		30,596
Lease intangibles (below-market)		(6,821)		(6,266)		(6,312)
Total	$	91,492	$	76,890	$	52,111

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2023 (presented in thousands):

Year Ending December 31,	2024		2025		2026		2027		2028		Thereafter		Total
Lease intangibles (in-place)	$	61,552	$	58,498	$	55,050	$	49,437	$	43,295	$	186,828	$	454,660
Lease intangibles (above-market)		37,642		35,308		33,579		30,984		27,510		234,405		399,428
Lease intangibles (below-market)		(5,223)		(4,787)		(4,433)		(4,084)		(3,265)		(15,035)		(36,827)
Total	$	93,971	$	89,019	$	84,196	$	76,337	$	67,540	$	406,198	$	817,261

Schedule of cash, cash equivalents and cash held in escrow

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 and cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows (presented in thousands):

	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	10,907	$	27,763
Cash held in escrow		3,617		1,146
Total of cash and cash equivalents and cash held in escrow	$	14,524	$	28,909

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,
		2023		2022		2021
Net income attributable to Agree Realty Corporation	$	169,959	$	152,437	$	122,273
Less: Series A preferred stock dividends		(7,437)		(7,437)		(2,148)
Net income attributable to common stockholders		162,522		145,000		120,125
Less: Income attributable to unvested restricted shares		(405)		(376)		(369)
Net income used in basic and diluted earnings per share	$	162,117	$	144,624	$	119,756
Weighted average number of common shares outstanding		95,431,468		78,885,063		67,004,069
Less: Unvested restricted shares		(240,059)		(225,730)		(201,827)
Weighted average number of common shares outstanding used in basic earnings per share		95,191,409		78,659,333		66,802,242
Weighted average number of common shares outstanding used in basic earnings per share		95,191,409		78,659,333		66,802,242
Effect of dilutive securities:
Share-based compensation		131,261		129,474		118,460
ATM Forward Equity Offerings		39,519		63,381		203,957
December 2021 Forward Equity Offering		—		89,963		14,420
May 2022 Forward Equity Offering		—		173,429		—
September 2022 Forward Equity Offering		75,223		48,806		—
Weighted average number of common shares outstanding used in diluted earnings per share		95,437,412		79,164,386		67,139,079
Operating Partnership Units ("OP Units")		347,619		347,619		347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share		95,785,031		79,512,005		67,486,698