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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Significant Accounting Policies

Schedule of real estate properties held-for-sale

Real estate held for sale consisted of the following as of March 31, 2022 and December 31, 2021 (presented in thousands):

​	​	​	​	​	​	​
​		March 31, 2022			December 31, 2021
Land	​	$	—	​	$	4,485
Lease intangibles - asset	​	​	—	​	​	1,213
​	​		—	​		5,698
Accumulated depreciation and amortization, net	​		—	​		(22)
Total Real Estate Held for Sale, net	​	$	—	​	$	5,676

​

Subsequent to quarter-end, a property that did not qualify as held for sale as of March 31, 2022 was sold at a price of $14.0 million, which approximated its carrying value.

​

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the three months ended March 31, 2022 and 2021 (presented in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	​	Three Months Ended					​
​			March 31, 2022			March 31, 2021		​
Lease intangibles (in-place)	​	​	$	8,795	​	$	5,915	​
Lease intangibles (above-market)	​	​		9,636	​		6,401	​
Lease intangibles (below-market)	​	​		(1,458)	​		(1,645)	​
Total	​	​	$	16,973	​	$	10,671	​

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of March 31, 2022 (presented in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2022		​	​	​		​	​		​	​		​	​		​	​		​	​
Year Ending December 31,		(remaining)		​		2023			2024			2025			2026			Thereafter			Total
Lease intangibles (in-place)	​	$	29,842	​		$	37,665		$	35,021		$	32,596		$	30,157	​	$	156,469		$	321,750
Lease intangibles (above-market)	​		29,583	​			37,186			33,120			30,631			28,868	​		235,371			394,759
Lease intangibles (below-market)	​		(4,359)	​	​		(5,186)	​		(4,516)	​		(4,080)	​		(3,726)	​		(11,844)	​		(33,711)
Total	​	$	55,066	​		$	69,665		$	63,625		$	59,147		$	55,299	​	$	379,996		$	682,798

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 and cash equivalents and cash held in escrow as reported within the Condensed Consolidated Statements of Cash Flows (presented in thousands):

​

​	​	​	​	​	​	​
​		March 31, 2022			December 31, 2021
Cash and cash equivalents	​	$	24,888	​	$	43,252
Cash held in escrow	​		878	​		1,998
Total of cash and cash equivalents and cash held in escrow	​	$	25,766	​	$	45,250
​	​	​	​	​	​	​

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, 2022			March 31, 2021		​
Net income attributable to Agree Realty Corporation	​	​	$	36,113	​	$	30,112	​
Less: Series A preferred stock dividends	​	​	​	(1,859)	​	​	—	​
Net income attributable to common stockholders	​	​	​	34,254	​	​	30,112	​
Less: Income attributable to unvested restricted shares	​	​	​	(110)	​	​	(103)	​
Net income used in basic and diluted earnings per share	​	​	$	34,144	​	$	30,009	​
​	​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding	​		​	71,471,247	​		63,048,905	​
Less: Unvested restricted stock	​		​	(242,317)	​		(220,008)	​
Weighted average number of common shares outstanding used in basic earnings per share	​		​	71,228,930	​		62,828,897	​
​	​		​	​	​		​	​
Weighted average number of common shares outstanding used in basic earnings per share	​		​	71,228,930	​		62,828,897	​
Effect of dilutive securities:	​	​	​	​	​	​	​	​
Share-based compensation	​		​	58,190	​		62,454	​
2020 ATM Forward Equity Offerings	​	​	​	—	​	​	49,009	​
2021 ATM Forward Equity Offerings	​	​	​	980	​	​	—	​
December 2021 Forward Offering	​	​	​	48,003	​	​	—	​
Weighted average number of common shares outstanding used in diluted earnings per share	​		​	71,336,103	​		62,940,360	​

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