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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues    
Rental income $ 149,422 $ 126,609
Other 31 9
Total Revenues 149,453 126,618
Operating Expenses    
Real estate taxes 10,701 9,432
Property operating expenses 7,373 6,782
Land lease expense 415 430
General and administrative 9,515 8,821
Depreciation and amortization 48,463 40,646
Provision for impairment 4,530 0
Total Operating Expenses 80,997 66,111
Gain on sale of assets, net 2,096 0
Loss on involuntary conversion, net (55) 0
Income from Operations 70,497 60,507
Other (Expense) Income    
Interest expense, net (24,451) (17,998)
Income and other tax expense (1,149) (783)
Other income 117 48
Net Income 45,014 41,774
Less net income attributable to non-controlling interest 155 160
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
Net Income Per Share Attributable to Common Stockholders    
Basic $ 0.43 $ 0.44
Diluted $ 0.43 $ 0.44
Other Comprehensive Income    
Net income $ 45,014 $ 41,774
Amortization of interest rate swaps (629) (629)
Change in fair value and settlement of interest rate swaps 11,543 0
Total comprehensive income 55,928 41,145
Less comprehensive income attributable to non-controlling interest 193 158
Comprehensive Income Attributable to Agree Realty Corporation $ 55,735 $ 40,987
Weighted Average Number of Common Shares Outstanding - Basic 100,284,588 90,028,255
Weighted Average Number of Common Shares Outstanding - Diluted 100,336,600 90,548,172