XML 14 R2.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real Estate Investments    
Land $ 2,231,535 $ 1,941,599
Buildings 4,750,160 4,054,679
Less accumulated depreciation (403,501) (321,142)
Real estate investments excluding property under development 6,578,194 5,675,136
Property under development 36,114 65,932
Net Real Estate Investments 6,614,308 5,741,068
Real Estate Held for Sale, net 3,202  
Cash and Cash Equivalents 6,384 27,763
Cash Held in Escrows 3 1,146
Accounts Receivable - Tenants, net 77,749 65,841
Lease Intangibles, net of accumulated amortization of $335,073 and $263,011 at September 30, 2023 and December 31, 2022, respectively 849,191 799,448
Other Assets, net 96,269 77,923
Total Assets 7,647,106 6,713,189
LIABILITIES    
Mortgage Notes Payable, net 42,952 47,971
Unsecured Term Loan, net 346,639  
Senior Unsecured Notes, net 1,793,777 1,792,047
Unsecured Revolving Credit Facility 49,000 100,000
Dividends and Distributions Payable 25,131 22,345
Accounts Payable, Accrued Expenses, and Other Liabilities 106,755 83,722
Lease Intangibles, net of accumulated amortization of $40,667 and $35,992 at September 30, 2023 and December 31, 2022, respectively 37,458 36,714
Total Liabilities 2,401,712 2,082,799
EQUITY    
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at September 30, 2023 and December 31, 2022 175,000 175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,519,717 and 90,173,424 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 10 9
Additional paid-in-capital 5,352,063 4,658,570
Dividends in excess of net income (316,083) (228,132)
Accumulated other comprehensive income (loss) 33,291 23,551
Total Equity - Agree Realty Corporation 5,244,281 4,628,998
Non-controlling interest 1,113 1,392
Total Equity 5,245,394 4,630,390
Total Liabilities and Equity $ 7,647,106 $ 6,713,189