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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of amortization of lease intangibles

The following schedule summarizes the Company’s amortization of lease intangibles for the years ended December 31, 2024, 2023 and 2022 (presented in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	For the Year Ended December 31,
​		​	2024			2023			2022
Lease intangibles (in-place)	​	​	$	66,544	​	$	58,396	​	$	43,553
Lease intangibles (above-market)	​	​		38,857	​		39,917	​		39,603
Lease intangibles (below-market)	​	​		(5,621)	​		(6,821)	​		(6,266)
Total	​	​	$	99,780	​	$	91,492	​	$	76,890

Schedule of estimated future amortization of lease intangibles

The following schedule represents estimated future amortization of lease intangibles as of December 31, 2024 (presented in thousands):

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​		​	​		​	​		​	​		​	​		​	​		​	​
Year Ending December 31,		​	2025			2026			2027			2028			2029			Thereafter			Total
Lease intangibles (in-place)	​	​	$	68,846		$	65,290		$	58,461		$	51,103		$	43,373	​	$	181,198		$	468,271
Lease intangibles (above-market)	​	​		38,536			36,789			34,194			30,684			27,529	​		228,934			396,666
Lease intangibles (below-market)	​	​		(5,533)	​		(5,179)	​		(4,830)	​		(4,011)	​		(3,393)	​		(23,303)	​		(46,249)
Total	​	​	$	101,849		$	96,900		$	87,825		$	77,776		$	67,509	​	$	386,829		$	818,688

Schedule of cash, cash equivalents and cash held in escrow

The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the consolidated statements of cash flows (presented in thousands):

​

​	​	​	​	​	​	​
​		December 31, 2024			December 31, 2023
Cash and cash equivalents	​	$	6,399	​	$	10,907
Cash held in escrow	​		—	​		3,617
Total of cash and cash equivalents and cash held in escrow	​	$	6,399	​	$	14,524

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):

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
​		​	​	2024	​		2023	​		2022
Net income attributable to Agree Realty Corporation	​	​	$	189,197	​	$	169,959	​	$	152,437
Less: Series A preferred stock dividends	​	​	​	(7,437)	​	​	(7,437)	​	​	(7,437)
Net income attributable to common stockholders	​	​	​	181,760	​	​	162,522	​	​	145,000
Less: Income attributable to unvested restricted shares	​	​	​	(485)	​	​	(405)	​	​	(376)
Net income used in basic and diluted earnings per share	​	​	$	181,275	​	$	162,117	​	$	144,624
​	​	​	​	​	​	​	​	​	​	​
Weighted average number of common shares outstanding	​	​	​	101,366,693	​		95,431,468	​		78,885,063
Less: Unvested restricted shares	​	​	​	(267,441)	​		(240,059)	​		(225,730)
Weighted average number of common shares outstanding used in basic earnings per share	​	​	​	101,099,252	​		95,191,409	​		78,659,333
​	​	​	​	​	​		​	​		​
Weighted average number of common shares outstanding used in basic earnings per share	​	​	​	101,099,252	​		95,191,409	​		78,659,333
Effect of dilutive securities:	​	​	​	​	​	​	​	​	​	​
Share-based compensation	​	​	​	201,744	​		131,261	​		129,474
ATM Forward Equity Offerings	​	​	​	556,845	​	​	39,519	​	​	63,381
December 2021 Forward Equity Offering	​	​	​	—	​	​	—	​	​	89,963
May 2022 Forward Equity Offering	​	​	​	—	​	​	—	​	​	173,429
September 2022 Forward Equity Offering	​	​	​	—	​	​	75,223	​	​	48,806
October 2024 Forward Equity Offering	​	​	​	18,463	​	​	—	​	​	—
Weighted average number of common shares outstanding used in diluted earnings per share	​	​	​	101,876,304	​		95,437,412	​		79,164,386
​	​	​	​	​	​		​	​		​
Operating Partnership Units ("OP Units")	​	​	​	347,619	​		347,619	​		347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share	​	​	​	102,223,923	​		95,785,031	​		79,512,005

Schedule of antidilutive securities excluded from computation of earnings per share

The following summarizes the number of restricted common stock and performance units that were anti-dilutive and not included in the computation of diluted earnings per share, for the respective periods.

​

​	​	​	​	​	​	​	​	​
​	Year Ended
​	December 31, 2024			December 31, 2023			December 31, 2022
Anti-dilutive share-based compensation	​	10	​	​	185	​	​	62

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