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 June 30, 2024 (presented in thousands):


	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Lease intangibles (in-place)	$	32,977	$	62,717	$	59,232	$	53,271	$	46,545	$	197,950	$	452,692
Lease intangibles (above-market)		18,966		36,044		34,315		31,720		28,246		236,008		385,299
Lease intangibles (below-market)		(2,615)		(4,963)		(4,609)		(4,260)		(3,441)		(17,095)		(36,983)
Total	$	49,328	$	93,798	$	88,938	$	80,731	$	71,350	$	416,863	$	801,008

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				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income attributable to Agree Realty Corporation	$	54,724	$	40,868	$	99,583	$	82,482
Less: Series A preferred stock dividends		(1,859)		(1,859)		(3,718)		(3,718)
Net income attributable to common stockholders		52,865		39,009		95,865		78,764
Less: Income attributable to unvested restricted shares		(145)		(100)		(265)		(204)
Net income used in basic and diluted earnings per share	$	52,720	$	38,909	$	95,600	$	78,560

Weighted average number of common shares outstanding		100,625,877		93,299,541		100,595,525		91,795,061
Less: Unvested restricted shares		(275,934)		(245,671)		(275,934)		(245,671)
Weighted average number of common shares outstanding used in basic earnings per share		100,349,943		93,053,870		100,319,591		91,549,390

Weighted average number of common shares outstanding used in basic earnings per share		100,349,943		93,053,870		100,319,591		91,549,390
Effect of dilutive securities:
Share-based compensation		89,582		79,914		88,285		88,603
ATM Forward Equity Offerings		15,178		601		7,590		73,853
September 2022 Forward Equity Offering		—		—		—		150,444
Weighted average number of common shares outstanding used in diluted earnings per share		100,454,703		93,134,385		100,415,466		91,862,290

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		100,802,322		93,482,004		100,763,085		92,209,909