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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real Estate Investments    
Land $ 2,514,167 $ 2,282,354
Buildings 5,412,564 4,861,692
Less accumulated depreciation (564,429) (433,958)
Real estate investments excluding property under development 7,362,302 6,710,088
Property under development 55,806 33,232
Net Real Estate Investments 7,418,108 6,743,320
Real Estate Held for Sale, net 0 3,642
Cash and Cash Equivalents 6,399 10,907
Cash Held in Escrow   3,617
Accounts Receivable - Tenants, net 106,416 82,954
Lease Intangibles, net of accumulated amortization of $461,419 and $360,061 at December 31, 2024 and December 31, 2023, respectively 864,937 854,088
Other Assets, net 90,586 76,308
Total Assets 8,486,446 7,774,836
LIABILITIES    
Mortgage Notes Payable, net 42,210 42,811
Unsecured Term Loan, net 347,452 346,798
Senior Unsecured Notes, net 2,237,759 1,794,312
Unsecured Revolving Credit Facility 158,000 227,000
Dividends and Distributions Payable 27,842 25,534
Accounts Payable, Accrued Expenses, and Other Liabilities 116,273 101,401
Lease Intangibles, net of accumulated amortization of $46,003 and $42,813 at December 31, 2024 and December 31, 2023, respectively 46,249 36,827
Total Liabilities 2,975,785 2,574,683
Commitments and Contingencies (Note 11)
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 December 31, 2024 and December 31, 2023 175,000 175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 107,248,705 and 100,519,355 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively 10 10
Additional paid-in-capital 5,765,582 5,354,120
Dividends in excess of net income (470,622) (346,473)
Accumulated other comprehensive income 40,076 16,554
Total Equity - Agree Realty Corporation 5,510,046 5,199,211
Non-controlling interest 615 942
Total Equity 5,510,661 5,200,153
Total Liabilities and Equity $ 8,486,446 $ 7,774,836