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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2021
Summary of Significant Accounting Policies |
Schedule of real estate properties held-for-sale | Real estate held for sale consisted of the following as of September 30, 2021 and December 31, 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020
Land | ​ | $ | 974 | ​ | $ | 313
Building | ​ |  | 3,973 | ​ |  | 1,019
Lease intangibles - asset | ​ | ​ | 1,792 | ​ | ​ | 132
Lease intangibles - (liability) | ​ |  | — | ​ |  | (285)
​ | ​ |  | 6,739 | ​ |  | 1,179
Accumulated depreciation and amortization, net | ​ |  | (1,168) | ​ |  | 20
Total Real Estate Held for Sale, net | ​ | $ | 5,571 | ​ | $ | 1,199
​
Schedule of amortization of lease intangibles | The following schedule summarizes the Company’s amortization of lease intangibles for the three and nine months ended September 30, 2021 and 2020 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020 | ​
Lease intangibles (in-place) | ​ | $ | 7,170 | ​ | $ | 4,408 | ​ | $ | 19,853 | ​ | $ | 11,971 | ​
Lease intangibles (above-market) | ​ |  | 8,146 | ​ |  | 5,338 | ​ |  | 21,391 | ​ |  | 15,607 | ​
Lease intangibles (below-market) | ​ |  | (1,531) | ​ |  | (1,374) | ​ |  | (4,760) | ​ |  | (4,055) | ​
Total | ​ | $ | 13,785 | ​ | $ | 8,372 | ​ | $ | 36,484 | ​ | $ | 23,523 | ​
Schedule of estimated future amortization of lease intangibles | The following schedule represents estimated future amortization of lease intangibles as of September 30, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | (remaining) | ​ |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | $ | 8,018 | ​ |  | $ | 30,075 |  | $ | 28,016 |  | $ | 25,494 |  | $ | 23,642 | ​ | $ | 140,967 |  | $ | 256,212
Lease intangibles (above-market) | ​ |  | 9,100 | ​ |  |  | 35,604 |  |  | 33,454 |  |  | 29,637 |  |  | 28,758 | ​ |  | 252,829 |  |  | 389,382
Lease intangibles (below-market) | ​ |  | (1,552) | ​ | ​ |  | (5,306) | ​ |  | (4,596) | ​ |  | (3,925) | ​ |  | (3,489) | ​ |  | (13,676) | ​ |  | (32,544)
Total | ​ | $ | 15,566 | ​ |  | $ | 60,373 |  | $ | 56,874 |  | $ | 51,206 |  | $ | 48,911 | ​ | $ | 380,120 |  | $ | 613,050
Schedule of cash, cash equivalents and cash held in escrow | 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 Condensed Consolidated Balance Sheets, to the total of the cash, cash equivalents and cash held in escrow as reported within the Condensed Consolidated Statements of Cash Flows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2021 |  | December 31, 2020
Cash and cash equivalents | ​ | $ | 91,881 | ​ | $ | 6,137
Cash held in escrow | ​ |  | 10,927 | ​ |  | 1,818
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 102,808 | ​ | $ | 7,955
​ | ​ | ​ | ​ | ​ | ​ | ​
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 (in thousands, except for share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, 2021 |  | September 30, 2020 |  | September 30, 2021 |  | September 30, 2020 | ​
Net income attributable to Agree Realty Corporation | ​ | $ | 36,663 | ​ | $ | 21,280 | ​ | $ | 89,123 | ​ | $ | 67,766 | ​
Less: Series A preferred stock dividends | ​ | ​ | (289) | ​ | ​ | — | ​ | ​ | (289) | ​ | ​ | — | ​
Net income attributable to common stockholders | ​ | ​ | 36,374 | ​ | ​ | 21,280 | ​ | ​ | 88,834 | ​ | ​ | 67,766 | ​
Less: Income attributable to unvested restricted shares | ​ | ​ | (106) | ​ | ​ | (69) | ​ | ​ | (280) | ​ | ​ | (233) | ​
Net income used in basic and diluted earnings per share | ​ | $ | 36,268 | ​ | $ | 21,211 | ​ | $ | 88,554 | ​ | $ | 67,533 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 69,304,906 |  | ​ | 53,902,541 |  | ​ | 65,826,126 | ​ |  | 50,818,154 | ​
Less: Unvested restricted stock | ​ |  | (202,406) |  | ​ | (180,585) |  | ​ | (202,406) | ​ |  | (180,585) | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 69,102,500 |  | ​ | 53,721,956 |  | ​ | 65,623,720 | ​ |  | 50,637,569 | ​
​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 69,102,500 |  | ​ | 53,721,956 |  | ​ | 65,623,720 | ​ |  | 50,637,569 | ​
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ |  | 110,389 |  | ​ | 85,380 |  | ​ | 101,931 | ​ |  | 87,111 | ​
2019 ATM Forward Equity Offerings | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,053 | ​
2020 ATM Forward Equity Offerings | ​ | ​ | 268,011 | ​ | ​ | 22,515 | ​ | ​ | 178,321 | ​ | ​ | 16,934 | ​
April 2020 Forward Equity Offerings | ​ | ​ | — | ​ | ​ | 725,821 | ​ | ​ | — | ​ | ​ | 390,795 | ​
2021 ATM Forward Equity Offerings | ​ | ​ | 110,948 | ​ | ​ | — | ​ | ​ | 48,141 | ​ | ​ | — | ​
Weighted average number of common shares outstanding used in diluted earnings per share | ​ |  | 69,591,848 |  | ​ | 54,555,672 |  | ​ | 65,952,113 | ​ |  | 51,151,462 | ​

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