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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real Estate Investments    
Land $ 2,340,966 $ 2,282,354
Buildings 5,061,561 4,861,692
Less accumulated depreciation (494,737) (433,958)
Real estate investments excluding property under development 6,907,790 6,710,088
Property under development 44,839 33,232
Net Real Estate Investments 6,952,629 6,743,320
Real Estate Held for Sale, net   3,642
Cash and Cash Equivalents 9,639 10,907
Cash Held in Escrow 14,615 3,617
Accounts Receivable - Tenants, net 94,853 82,954
Lease Intangibles, net of accumulated amortization of $408,969 and $360,061 at June 30, 2024 and December 31, 2023, respectively 837,991 854,088
Other Assets, net 91,111 76,308
Total Assets 8,000,838 7,774,836
LIABILITIES    
Mortgage Notes Payable, net 42,518 42,811
Unsecured Term Loan, net 347,115 346,798
Senior Unsecured Notes, net 2,236,223 1,794,312
Unsecured Revolving Credit Facility 43,000 227,000
Dividends and Distributions Payable 25,863 25,534
Accounts Payable, Accrued Expenses, and Other Liabilities 106,058 101,401
Lease Intangibles, net of accumulated amortization of $43,860 and $42,813 at June 30, 2024 and December 31, 2023, respectively 36,983 36,827
Total Liabilities 2,837,760 2,574,683
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 June 30, 2024 and December 31, 2023 175,000 175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,624,624 and 100,519,355 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 10 10
Additional paid-in-capital 5,357,143 5,354,120
Dividends in excess of net income (400,809) (346,473)
Accumulated other comprehensive income 30,915 16,554
Total Equity - Agree Realty Corporation 5,162,259 5,199,211
Non-controlling interest 819 942
Total Equity 5,163,078 5,200,153
Total Liabilities and Equity $ 8,000,838 $ 7,774,836