Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Summary of Significant Accounting Policies

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the three months ended March 31, 2024 and 2023 (presented in thousands):

	Three Months Ended
	March 31, 2024		March 31, 2023
Lease intangibles (in-place)	$	15,853	$	13,624
Lease intangibles (above-market)		9,685		10,113
Lease intangibles (below-market)		(1,389)		(1,502)
Total	$	24,149	$	22,235

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of March 31, 2024 (presented in thousands):

	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Lease intangibles (in-place)	$	47,426	$	60,071	$	56,623	$	50,990	$	44,568	$	191,886	$	451,564
Lease intangibles (above-market)		28,122		35,494		33,765		31,170		27,696		233,173		389,420
Lease intangibles (below-market)		(3,908)		(4,876)		(4,522)		(4,173)		(3,354)		(15,924)		(36,757)
Total	$	71,640	$	90,689	$	85,866	$	77,987	$	68,910	$	409,135	$	804,227

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 condensed consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the condensed consolidated statements of cash flows (presented in thousands):

	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	6,314	$	10,907
Cash held in escrow		9,120		3,617
Total of cash and cash equivalents and cash held in escrow	$	15,434	$	14,524

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):

	Three Months Ended
	March 31, 2024		March 31, 2023
Net income attributable to Agree Realty Corporation	$	44,859	$	41,614
Less: Series A preferred stock dividends		(1,859)		(1,859)
Net income attributable to common stockholders		43,000		39,755
Less: Income attributable to unvested restricted shares		(120)		(106)
Net income used in basic and diluted earnings per share	$	42,880	$	39,649
Weighted average number of common shares outstanding		100,565,173		90,273,864
Less: Unvested restricted shares		(280,585)		(245,609)
Weighted average number of common shares outstanding used in basic earnings per share		100,284,588		90,028,255
Weighted average number of common shares outstanding used in basic earnings per share		100,284,588		90,028,255
Effect of dilutive securities:
Share-based compensation		52,012		71,925
ATM Forward Equity Offerings		—		147,104
September 2022 Forward Equity Offering		—		300,888
Weighted average number of common shares outstanding used in diluted earnings per share		100,336,600		90,548,172
Operating Partnership Units ("OP Units")		347,619		347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share		100,684,219		90,895,791