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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2022, 2021, and 2020 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | For the Year Ended December 31,
​ |  |  | ​ | 2022 |  | 2021 |  | 2020
Lease intangibles (in-place) | ​ | ​ | ​ | $ | 43,553 | ​ | $ | 27,827 | ​ | $ | 17,413
Lease intangibles (above-market) | ​ | ​ | ​ |  | 39,603 | ​ |  | 30,596 | ​ |  | 21,523
Lease intangibles (below-market) | ​ | ​ | ​ |  | (6,266) | ​ |  | (6,312) | ​ |  | (5,638)
Total | ​ | ​ | ​ | $ | 76,890 | ​ | $ | 52,111 | ​ | $ | 33,298
​
Schedule of estimated future amortization of lease intangibles | The following schedule represents estimated future amortization of lease intangibles as of December 31, 2022 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | ​ | $ | 51,612 |  | $ | 48,132 |  | $ | 45,716 |  | $ | 42,671 |  | $ | 38,031 | ​ | $ | 182,239 |  | $ | 408,401
Lease intangibles (above-market) | ​ | ​ |  | 38,703 |  |  | 34,651 |  |  | 32,317 |  |  | 30,588 |  |  | 28,224 | ​ |  | 226,564 |  |  | 391,047
Lease intangibles (below-market) | ​ | ​ |  | (5,591) | ​ |  | (4,920) | ​ |  | (4,485) | ​ |  | (4,131) | ​ |  | (3,677) | ​ |  | (13,910) | ​ |  | (36,714)
Total | ​ | ​ | $ | 84,724 |  | $ | 77,863 |  | $ | 73,548 |  | $ | 69,128 |  | $ | 62,578 | ​ | $ | 394,893 |  | $ | 762,734
​
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 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, 2022 |  | December 31, 2021
Cash and cash equivalents | ​ | $ | 27,763 | ​ | $ | 43,252
Cash held in escrow | ​ |  | 1,146 | ​ |  | 1,998
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 28,909 | ​ | $ | 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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31,
​ |  | ​ | ​ | 2022 | ​ |  | 2021 | ​ |  | 2020
Net income attributable to Agree Realty Corporation | ​ | ​ | $ | 152,437 | ​ | $ | 122,273 | ​ | $ | 91,381
Less: Series A preferred stock dividends | ​ | ​ | ​ | (7,437) | ​ | ​ | (2,148) | ​ | ​ | —
Net income attributable to common stockholders | ​ | ​ | ​ | 145,000 | ​ | ​ | 120,125 | ​ | ​ | 91,381
Less: Income attributable to unvested restricted shares | ​ | ​ | ​ | (376) | ​ | ​ | (369) | ​ | ​ | (297)
Net income used in basic and diluted earnings per share | ​ | ​ | $ | 144,624 | ​ | $ | 119,756 | ​ | $ | 91,084
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ | ​ | ​ | 78,885,063 | ​ |  | 67,004,069 | ​ |  | 52,013,137
Less: Unvested restricted stock | ​ | ​ | ​ | (225,730) | ​ |  | (201,827) | ​ |  | (174,918)
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 78,659,333 | ​ |  | 66,802,242 | ​ |  | 51,838,219
​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 78,659,333 | ​ |  | 66,802,242 | ​ |  | 51,838,219
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ | ​ | ​ | 129,474 | ​ |  | 118,460 | ​ |  | 95,103
2019 ATM Forward Equity Offerings | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,289
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 | ​ | ​ | ​ | 89,963 | ​ | ​ | 14,420 | ​ | ​ | —
2022 ATM Forward Equity Offerings | ​ | ​ | ​ | 63,381 | ​ | ​ | — | ​ | ​ | —
May 2022 Forward Offering | ​ | ​ | ​ | 173,429 | ​ | ​ | — | ​ | ​ | —
September 2022 Forward Equity Offering | ​ | ​ | ​ | 48,806 | ​ | ​ | — | ​ | ​ | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ | ​ | ​ | 79,164,386 | ​ |  | 67,139,079 | ​ |  | 52,396,734
​

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