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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Schedule of real estate properties held-for-sale

Real estate held for sale consisted of the following as of December 31, 2020 and December 31, 2019 (in thousands):

​	​	​	​	​	​	​
​		December 31, 2020			December 31, 2019
Land	​	$	313	​	$	2,269
Building	​		1,019	​		2,315
Lease intangibles - asset	​	​	132	​	​	—
Lease intangibles - (liability)	​		(285)	​		—
​	​		1,179	​		4,584
Accumulated depreciation and amortization, net	​		20	​		(834)
Total Real Estate Held for Sale, net	​	$	1,199	​	$	3,750

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2020, 2019, and 2018 (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	For the Year Ended December 31,
​			​	2020			2019			2018
Lease intangibles (in-place)	​	​	​	$	17,413	​	$	10,619	​	$	7,877
Lease intangibles (above-market)	​	​	​		21,523	​		18,107	​		14,871
Lease intangibles (below-market)	​	​	​		(5,638)	​		(4,607)	​		(4,203)
Total	​	​	​	$	33,298	​	$	24,119	​	$	18,545

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2020 (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Year Ending December 31,		​	2021			2022			2023			2024			2025			Thereafter			Total
Lease intangibles (in-place)	​	​	$	21,930		$	20,498		$	19,497		$	17,871		$	16,220	​	$	89,481		$	185,497
Lease intangibles (above-market)	​	​		24,965			24,018			23,108			21,440			20,528	​		174,036			288,095
Lease intangibles (below-market)	​	​		(6,172)	​		(5,270)	​		(4,438)	​		(3,729)	​		(3,298)	​		(12,793)	​		(35,700)
Total	​	​	$	40,723		$	39,246		$	38,167		$	35,582		$	33,450	​	$	250,724		$	437,892

Schedule of Cash and Cash Equivalents [Table Text Block]

Per the requirements of ASU 2016-18 (Topic 230, Statement of Cash Flows) 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, cash equivalents and cash held in escrow as reported within the consolidated statements of cash flows (dollars in thousands):

​	​	​	​	​	​	​
​		December 31, 2020			December 31, 2019
Cash and cash equivalents	​	$	6,137	​	$	15,603
Cash held in escrow	​		1,818	​		26,554
Total of cash and cash equivalents and cash held in escrow	​	$	7,955	​	$	42,157
​	​	​	​	​	​	​

Schedule of reconciliation of basic and diluted net earnings per common share

The following is a reconciliation of basic net earnings per share of common stock computation to the denominator of the diluted net earnings per share of common stock computation for each of the periods presented (in thousands, except for share data):

​	​	​	​	​	​	​	​	​	​
​	​	​	Year Ended December 31,
​		​	2020	​		2019	​		2018
Net income attributable to Agree Realty Corporation	​	$	91,381	​	$	80,081	​	$	58,172
Less: Income attributable to unvested restricted shares	​	​	(297)	​	​	(379)	​	​	(370)
Net income used in basic and diluted earnings per share	​	$	91,084	​	$	79,702	​	$	57,802
​	​	​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding	​	​	52,013,137	​		40,771,300	​		32,281,273
Less: Unvested restricted stock	​	​	(174,918)	​		(193,954)	​		(211,018)
Weighted average number of common shares outstanding used in basic earnings per share	​	​	51,838,219	​		40,577,346	​		32,070,255
​	​	​	​	​		​	​		​
Weighted average number of common shares outstanding used in basic earnings per share	​	​	51,838,219	​		40,577,346	​		32,070,255
Effect of dilutive securities:	​	​	​	​	​	​	​	​	​
Share-based compensation	​	​	95,103	​		98,740	​		69,136
March 2018 forward equity offering	​	​	—	​	​	—	​	​	198,786
September 2018 forward equity offering	​	​	—	​	​	269,785	​	​	62,945
April 2019 forward equity offering	​	​	—	​	​	277,225	​	​	—
2019 ATM forward equity offerings	​	​	14,289	​	​	518	​	​	—
2020 ATM forward equity offerings	​	​	19,777	​	​	—	​	​	—
April 2020 forward equity offering	​	​	429,346	​		—	​		—
Weighted average number of common shares outstanding used in diluted earnings per share	​	​	52,396,734	​		41,223,614	​		32,401,122

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