XML 36 R24.htm IDEA: XBRL DOCUMENT
v3.25.1

Summary of Significant Accounting Policies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Summary of Significant Accounting Policies |
Schedule of amortization of lease intangibles | The following schedule summarizes the Company’s amortization of lease intangibles for the periods presented (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | March 31, 2025 |  | March 31, 2024
Lease intangibles (in-place) | ​ | $ | 17,898 | ​ | $ | 15,853
Lease intangibles (above-market) | ​ |  | 9,967 | ​ |  | 9,685
Lease intangibles (below-market) | ​ |  | (1,421) | ​ |  | (1,389)
Total | ​ | $ | 26,444 | ​ | $ | 24,149
Schedule of estimated future amortization of lease intangibles | The following schedule represents estimated future amortization of lease intangibles as of March 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | (remaining) | ​ | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | $ | 53,716 | ​ | $ | 68,490 |  | $ | 61,639 |  | $ | 53,955 |  | $ | 45,908 | ​ | $ | 198,913 |  | $ | 482,621
Lease intangibles (above-market) | ​ |  | 30,375 | ​ |  | 38,967 |  |  | 36,343 |  |  | 32,607 |  |  | 29,073 | ​ |  | 247,394 |  |  | 414,759
Lease intangibles (below-market) | ​ |  | (4,197) | ​ |  | (5,278) | ​ |  | (4,930) | ​ |  | (4,110) | ​ |  | (3,493) | ​ |  | (25,345) | ​ |  | (47,353)
Total | ​ | $ | 79,894 | ​ | $ | 102,179 |  | $ | 93,052 |  | $ | 82,452 |  | $ | 71,488 | ​ | $ | 420,962 |  | $ | 850,027
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 condensed consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the condensed consolidated statements of cash flows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2025 |  | December 31, 2024
Cash and cash equivalents | ​ | $ | 7,915 | ​ | $ | 6,399
Cash held in escrow | ​ |  | 3,254 | ​ |  | —
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 11,169 | ​ | $ | 6,399
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 the periods presented (in thousands, except for share and unit data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended
​ |  |  | March 31, 2025 |  | March 31, 2024
Net income attributable to Agree Realty Corporation | ​ | ​ | $ | 46,996 | ​ | $ | 44,859
Less: Series A preferred stock dividends | ​ | ​ | ​ | (1,859) | ​ | ​ | (1,859)
Net income attributable to common stockholders | ​ | ​ | ​ | 45,137 | ​ | ​ | 43,000
Less: Income attributable to unvested restricted shares | ​ | ​ | ​ | (112) | ​ | ​ | (120)
Net income used in basic and diluted earnings per share | ​ | ​ | $ | 45,025 | ​ | $ | 42,880
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | ​ | 107,321,055 | ​ |  | 100,565,173
Less: Unvested restricted shares | ​ |  | ​ | (272,498) | ​ |  | (280,585)
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | ​ | 107,048,557 | ​ |  | 100,284,588
​ | ​ |  | ​ | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | ​ | 107,048,557 | ​ |  | 100,284,588
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ |  | ​ | 135,689 | ​ |  | 52,012
ATM Forward Equity Offerings | ​ | ​ | ​ | 316,658 | ​ | ​ | —
October 2024 Forward Equity Offering | ​ | ​ | ​ | 46,289 | ​ | ​ | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ |  | ​ | 107,547,193 | ​ |  | 100,336,600
​ | ​ |  | ​ | ​ | ​ |  | ​
Operating Partnership Units ("OP Units") | ​ |  | ​ | 347,619 | ​ |  | 347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share | ​ |  | ​ | 107,894,812 | ​ |  | 100,684,219
Schedule of antidilutive securities excluded from computation of earnings per share | The following summarizes the number of restricted common shares and performance units that were anti-dilutive and not included in the computation of diluted earnings per share, for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ |  | March 31, 2025 |  | March 31, 2024
Anti-dilutive share-based compensation | ​ | ​ | 5,016 | ​ | ​ | 14,642

X
- Definition Tabular disclosure of the amount of amortization of deferred expense. + References No definition available. + Details
Name: | adc_ScheduleOfAmortizationOfDeferredExpensesTableTextBlock
Namespace Prefix: | adc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration