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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2021 and 2020 (presented in thousands):

​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
Land	​	$	4,485	​	$	313
Building	​		—	​		1,019
Lease intangibles - asset	​	​	1,213	​	​	132
Lease intangibles - (liability)	​		—	​		(285)
​	​		5,698	​		1,179
Accumulated depreciation and amortization, net	​		(22)	​		20
Total Real Estate Held for Sale, net	​	$	5,676	​	$	1,199

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2021, 2020, and 2019 (presented in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	For the Year Ended December 31,
​			​	2021			2020			2019
Lease intangibles (in-place)	​	​	​	$	27,827	​	$	17,413	​	$	10,619
Lease intangibles (above-market)	​	​	​		30,596	​		21,523	​		18,107
Lease intangibles (below-market)	​	​	​		(6,312)	​		(5,638)	​		(4,607)
Total	​	​	​	$	52,111	​	$	33,298	​	$	24,119

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2021 (presented in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​		​	​		​	​		​	​		​	​		​	​		​	​
Year Ending December 31,		​	2022			2023			2024			2025			2026			Thereafter			Total
Lease intangibles (in-place)	​	​	$	34,016		$	31,799		$	29,227		$	27,010		$	24,807	​	$	134,233		$	281,092
Lease intangibles (above-market)	​	​		37,996			35,621			31,569			29,236			27,486	​		229,020			390,928
Lease intangibles (below-market)	​	​		(5,563)	​		(4,851)	​		(4,181)	​		(3,745)	​		(3,391)	​		(11,344)	​		(33,075)
Total	​	​	$	66,449		$	62,569		$	56,615		$	52,501		$	48,902	​	$	351,909		$	638,945

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 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 (presented in thousands):

​

​	​	​	​	​	​	​
​		December 31, 2021			December 31, 2020
Cash and cash equivalents	​	$	43,252	​	$	6,137
Cash held in escrow	​		1,998	​		1,818
Total of cash and cash equivalents and cash held in escrow	​	$	45,250	​	$	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 (presented in thousands, except for share data):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
​		​	​	2021	​		2020	​		2019
Net income attributable to Agree Realty Corporation	​	​	$	122,273	​	$	91,381	​	$	80,081
Less: Series A preferred stock dividends	​	​	​	(2,148)	​	​	—	​	​	—
Net income attributable to common stockholders	​	​	​	120,125	​	​	91,381	​	​	80,081
Less: Income attributable to unvested restricted shares	​	​	​	(369)	​	​	(297)	​	​	(379)
Net income used in basic and diluted earnings per share	​	​	$	119,756	​	$	91,084	​	$	79,702
​	​	​	​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding	​	​	​	67,004,069	​		52,013,137	​		40,771,300
Less: Unvested restricted stock	​	​	​	(201,827)	​		(174,918)	​		(193,954)
Weighted average number of common shares outstanding used in basic earnings per share	​	​	​	66,802,242	​		51,838,219	​		40,577,346
​	​	​	​	​	​		​	​		​
Weighted average number of common shares outstanding used in basic earnings per share	​	​	​	66,802,242	​		51,838,219	​		40,577,346
Effect of dilutive securities:	​	​	​	​	​	​	​	​	​	​
Share-based compensation	​	​	​	118,460	​		95,103	​		98,740
September 2018 Forward Equity Offering	​	​	​	—	​	​	—	​	​	269,785
April 2019 Forward Equity Offering	​	​	​	—	​	​	—	​	​	277,225
2019 ATM Forward Equity Offerings	​	​	​	—	​	​	14,289	​	​	518
2020 ATM Forward Equity Offerings	​	​	​	153,200	​	​	19,777	​	​	—
April 2020 Forward Equity Offerings	​	​	​	—	​	​	429,346	​	​	—
2021 ATM Forward Equity Offerings	​	​	​	50,757	​	​	—	​	​	—
December 2021 Forward Offering	​	​	​	14,420	​	​	—	​	​	—
Weighted average number of common shares outstanding used in diluted earnings per share	​	​	​	67,139,079	​		52,396,734	​		41,223,614

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