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, 2024 (presented in thousands):


	2024
Year Ending December 31,	(remaining)		2025		2026		2027		2028		Thereafter		Total
Lease intangibles (in-place)	$	17,075	$	65,508	$	62,023	$	55,797	$	48,716	$	204,986	$	454,105
Lease intangibles (above-market)		9,719		37,064		35,335		32,740		29,266		239,636		383,760
Lease intangibles (below-market)		(1,411)		(5,476)		(977)		(972)		(936)		(35,430)		(45,202)
Total	$	25,383	$	97,096	$	96,381	$	87,565	$	77,046	$	409,192	$	792,663

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, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income attributable to Agree Realty Corporation	$	44,375	$	41,522	$	143,958	$	124,004
Less: Series A preferred stock dividends		(1,859)		(1,859)		(5,578)		(5,578)
Net income attributable to common stockholders		42,516		39,663		138,380		118,426
Less: Income attributable to unvested restricted shares		(112)		(96)		(377)		(300)
Net income used in basic and diluted earnings per share	$	42,404	$	39,567	$	138,003	$	118,126

Weighted average number of common shares outstanding		100,655,314		97,497,836		100,615,600		93,716,875
Less: Unvested restricted shares		(272,107)		(242,693)		(272,107)		(242,693)
Weighted average number of common shares outstanding used in basic earnings per share		100,383,207		97,255,143		100,343,493		93,474,182

Weighted average number of common shares outstanding used in basic earnings per share		100,383,207		97,255,143		100,343,493		93,474,182
Effect of dilutive securities:
Share-based compensation		181,468		94,330		150,760		108,646
ATM Forward Equity Offerings		1,150,636		—		388,605		49,235
September 2022 Forward Equity Offering		—		—		—		100,296
Weighted average number of common shares outstanding used in diluted earnings per share		101,715,311		97,349,473		100,882,858		93,732,359

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		102,062,930		97,697,092		101,230,477		94,079,978