Summary of Significant Accounting Policies

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of September 30, 2023 (presented in thousands):


	2023
Year Ending December 31,	(remaining)		2024		2025		2026		2027		Thereafter		Total
Lease intangibles (in-place)	$	15,338	$	59,585	$	56,542	$	53,207	$	47,630	$	221,890	$	454,192
Lease intangibles (above-market)		9,596		36,956		34,622		32,893		30,298		250,634		394,999
Lease intangibles (below-market)		(1,405)		(5,203)		(4,767)		(4,413)		(4,064)		(17,606)		(37,458)
Total	$	23,529	$	91,338	$	86,397	$	81,687	$	73,864	$	454,918	$	811,733

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				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income attributable to Agree Realty Corporation	$	41,522	$	39,425	$	124,004	$	111,511
Less: Series A preferred stock dividends		(1,859)		(1,859)		(5,578)		(5,578)
Net income attributable to common stockholders		39,663		37,566		118,426		105,933
Less: Income attributable to unvested restricted shares		(96)		(97)		(300)		(283)
Net income used in basic and diluted earnings per share	$	39,567	$	37,469	$	118,126	$	105,650

Weighted average number of common shares outstanding		97,497,836		79,930,394		93,716,875		75,590,841
Less: Unvested restricted shares		(242,693)		(229,258)		(242,693)		(229,258)
Weighted average number of common shares outstanding used in basic earnings per share		97,255,143		79,701,136		93,474,182		75,361,583

Weighted average number of common shares outstanding used in basic earnings per share		97,255,143		79,701,136		93,474,182		75,361,583
Effect of dilutive securities:
Share-based compensation		94,330		125,925		108,646		111,989
ATM Forward Equity Offerings		—		156,062		49,235		65,932
December 2021 Forward Equity Offering		—		—		—		119,950
May 2022 Forward Equity Offering		—		606,323		—		231,238
September 2022 Forward Equity Offering		—		—		100,296		—
Weighted average number of common shares outstanding used in diluted earnings per share		97,349,473		80,589,446		93,732,359		75,890,692

Operating Partnership Units ("OP Units")		347,619		347,619		347,619		347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share		97,697,092		80,937,065		94,079,978		76,238,311