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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

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