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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real Estate Investments    
Land $ 2,404,085 $ 2,282,354
Buildings 5,197,392 4,861,692
Less accumulated depreciation (526,443) (433,958)
Real estate investments excluding property under development 7,075,034 6,710,088
Property under development 52,746 33,232
Net Real Estate Investments 7,127,780 6,743,320
Real Estate Held for Sale, net 13,611 3,642
Cash and Cash Equivalents 13,237 10,907
Cash Held in Escrow   3,617
Accounts Receivable - Tenants, net 98,205 82,954
Lease Intangibles, net of accumulated amortization of $434,540 and $360,061 at September 30, 2024 and December 31, 2023, respectively 837,865 854,088
Other Assets, net 93,505 76,308
Total Assets 8,184,203 7,774,836
LIABILITIES    
Mortgage Notes Payable, net 42,366 42,811
Unsecured Term Loan, net 347,274 346,798
Senior Unsecured Notes, net 2,236,948 1,794,312
Unsecured Revolving Credit Facility 49,000 227,000
Dividends and Distributions Payable 26,587 25,534
Accounts Payable, Accrued Expenses, and Other Liabilities 142,196 101,401
Lease Intangibles, net of accumulated amortization of $44,857 and $42,813 at September 30, 2024 and December 31, 2023, respectively 45,202 36,827
Total Liabilities 2,889,573 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 September 30, 2024 and December 31, 2023 175,000 175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 103,522,677 and 100,519,355 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 10 10
Additional paid-in-capital 5,534,978 5,354,120
Dividends in excess of net income (434,485) (346,473)
Accumulated other comprehensive income 18,459 16,554
Total Equity - Agree Realty Corporation 5,293,962 5,199,211
Non-controlling interest 668 942
Total Equity 5,294,630 5,200,153
Total Liabilities and Equity $ 8,184,203 $ 7,774,836