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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022 and 2021 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the Year Ended December 31,
​ |  | ​ | 2023 |  | 2022 |  | 2021
Lease intangibles (in-place) | ​ | ​ | $ | 58,396 | ​ | $ | 43,553 | ​ | $ | 27,827
Lease intangibles (above-market) | ​ | ​ |  | 39,917 | ​ |  | 39,603 | ​ |  | 30,596
Lease intangibles (below-market) | ​ | ​ |  | (6,821) | ​ |  | (6,266) | ​ |  | (6,312)
Total | ​ | ​ | $ | 91,492 | ​ | $ | 76,890 | ​ | $ | 52,111
Schedule of estimated future amortization of lease intangibles | The following schedule represents estimated future amortization of lease intangibles as of December 31, 2023 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | ​ | $ | 61,552 |  | $ | 58,498 |  | $ | 55,050 |  | $ | 49,437 |  | $ | 43,295 | ​ | $ | 186,828 |  | $ | 454,660
Lease intangibles (above-market) | ​ | ​ |  | 37,642 |  |  | 35,308 |  |  | 33,579 |  |  | 30,984 |  |  | 27,510 | ​ |  | 234,405 |  |  | 399,428
Lease intangibles (below-market) | ​ | ​ |  | (5,223) | ​ |  | (4,787) | ​ |  | (4,433) | ​ |  | (4,084) | ​ |  | (3,265) | ​ |  | (15,035) | ​ |  | (36,827)
Total | ​ | ​ | $ | 93,971 |  | $ | 89,019 |  | $ | 84,196 |  | $ | 76,337 |  | $ | 67,540 | ​ | $ | 406,198 |  | $ | 817,261
Schedule of cash, cash equivalents and cash held in escrow | 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 and cash equivalents and cash held in escrow as reported within the Consolidated Statements of Cash Flows (presented in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
Cash and cash equivalents | ​ | $ | 10,907 | ​ | $ | 27,763
Cash held in escrow | ​ |  | 3,617 | ​ |  | 1,146
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 14,524 | ​ | $ | 28,909
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,
​ |  | ​ | ​ | 2023 | ​ |  | 2022 | ​ |  | 2021
Net income attributable to Agree Realty Corporation | ​ | ​ | $ | 169,959 | ​ | $ | 152,437 | ​ | $ | 122,273
Less: Series A preferred stock dividends | ​ | ​ | ​ | (7,437) | ​ | ​ | (7,437) | ​ | ​ | (2,148)
Net income attributable to common stockholders | ​ | ​ | ​ | 162,522 | ​ | ​ | 145,000 | ​ | ​ | 120,125
Less: Income attributable to unvested restricted shares | ​ | ​ | ​ | (405) | ​ | ​ | (376) | ​ | ​ | (369)
Net income used in basic and diluted earnings per share | ​ | ​ | $ | 162,117 | ​ | $ | 144,624 | ​ | $ | 119,756
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ | ​ | ​ | 95,431,468 | ​ |  | 78,885,063 | ​ |  | 67,004,069
Less: Unvested restricted shares | ​ | ​ | ​ | (240,059) | ​ |  | (225,730) | ​ |  | (201,827)
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 95,191,409 | ​ |  | 78,659,333 | ​ |  | 66,802,242
​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ | ​ | ​ | 95,191,409 | ​ |  | 78,659,333 | ​ |  | 66,802,242
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ | ​ | ​ | 131,261 | ​ |  | 129,474 | ​ |  | 118,460
ATM Forward Equity Offerings | ​ | ​ | ​ | 39,519 | ​ | ​ | 63,381 | ​ | ​ | 203,957
December 2021 Forward Equity Offering | ​ | ​ | ​ | — | ​ | ​ | 89,963 | ​ | ​ | 14,420
May 2022 Forward Equity Offering | ​ | ​ | ​ | — | ​ | ​ | 173,429 | ​ | ​ | —
September 2022 Forward Equity Offering | ​ | ​ | ​ | 75,223 | ​ | ​ | 48,806 | ​ | ​ | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ | ​ | ​ | 95,437,412 | ​ |  | 79,164,386 | ​ |  | 67,139,079
​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​
Operating Partnership Units ("OP Units") | ​ | ​ | ​ | 347,619 | ​ |  | 347,619 | ​ |  | 347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share | ​ | ​ | ​ | 95,785,031 | ​ |  | 79,512,005 | ​ |  | 67,486,698

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