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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2022 and 2021 (presented in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Six Months Ended

​

​

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

​

Lease intangibles (in-place)

​

$

10,407

​

$

6,768

​

$

19,203

​

$

12,683

​

Lease intangibles (above-market)

​

9,846

​

6,843

​

19,483

​

13,244

​

Lease intangibles (below-market)

​

(1,535)

​

(1,584)

​

(2,994)

​

(3,229)

​

Total

​

$

18,718

​

$

12,027

​

$

35,692

​

$

22,698

​

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of June 30, 2022 (presented in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2022		​	​	​		​	​		​	​		​	​		​	​		​	​
Year Ending December 31,		(remaining)		​		2023			2024			2025			2026			Thereafter			Total
Lease intangibles (in-place)	​	$	22,324	​		$	42,613		$	39,950		$	37,562		$	34,871	​	$	169,852		$	347,172
Lease intangibles (above-market)	​		19,901	​			37,609			33,557			31,223			29,524	​		240,333			392,147
Lease intangibles (below-market)	​		(3,228)	​	​		(5,839)	​		(5,168)	​		(4,732)	​		(4,353)	​		(13,024)	​		(36,344)
Total	​	$	38,997	​		$	74,383		$	68,339		$	64,053		$	60,042	​	$	397,161		$	702,975

Schedule of cash, cash equivalents and cash held in escrow

Per the requirements of Accounting Standards Update (“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):

​

​	​	​	​	​	​	​
​		June 30, 2022			December 31, 2021
Cash and cash equivalents	​	$	26,267	​	$	43,252
Cash held in escrow	​		840	​		1,998
Total of cash and cash equivalents and cash held in escrow	​	$	27,107	​	$	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

​

Six Months Ended

​

​

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

​

Net income attributable to Agree Realty Corporation

​

$

35,973

​

$

22,347

​

$

72,086

​

$

52,459

​

Less: Series A preferred stock dividends

​

​

(1,859)

​

​

—

​

​

(3,718)

​

​

—

​

Net income attributable to common stockholders

​

​

34,114

​

​

22,347

​

​

68,368

​

​

52,459

​

Less: Income attributable to unvested restricted shares

​

​

(103)

​

​

(71)

​

​

(207)

​

​

(175)

​

Net income used in basic and diluted earnings per share

​

$

34,011

​

$

22,276

​

$

68,161

​

$

52,284

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares outstanding

​

75,277,924

​

65,055,820

​

73,385,101

​

64,057,906

​

Less: Unvested restricted stock

​

(240,004)

​

(219,836)

​

(240,004)

​

(219,836)

​

Weighted average number of common shares outstanding used in basic earnings per share

​

75,037,920

​

64,835,984

​

73,145,097

​

63,838,070

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average number of common shares outstanding used in basic earnings per share

​

75,037,920

​

64,835,984

​

73,145,097

​

63,838,070

​

Effect of dilutive securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Share-based compensation

​

92,177

​

98,202

​

85,345

​

91,413

​

2020 ATM Forward Equity Offerings

​

​

—

​

​

217,943

​

​

—

​

​

133,476

​

2021 ATM Forward Equity Offerings

​

​

40,752

​

​

33,475

​

​

20,867

​

​

16,738

​

December 2021 Forward Offering

​

​

311,848

​

​

—

​

​

179,925

​

​

—

​

May 2022 Forward Offering

​

​

87,392

​

​

—

​

​

43,696

​

​

—

​

Weighted average number of common shares outstanding used in diluted earnings per share

​

75,570,089

​

65,185,604

​

73,474,930

​

64,079,697

​

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