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Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 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 | ​ | Nine Months Ended
​ |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Lease intangibles (in-place) | ​ | $ | 19,490 | ​ | $ | 16,912 | ​ | $ | 56,896 | ​ | $ | 49,053
Lease intangibles (above-market) | ​ |  | 10,801 | ​ |  | 9,670 | ​ |  | 31,076 | ​ |  | 29,003
Lease intangibles (below-market) | ​ |  | (1,457) | ​ |  | (1,376) | ​ |  | (4,649) | ​ |  | (4,117)
Total | ​ | $ | 28,834 | ​ | $ | 25,206 | ​ | $ | 83,323 | ​ | $ | 73,939
Schedule of estimated future amortization of lease intangibles | The following schedule represents estimated future amortization of lease intangibles as of September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | (remaining) | ​ | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Lease intangibles (in-place) | ​ | $ | 19,692 | ​ | $ | 76,565 |  | $ | 69,463 |  | $ | 61,414 |  | $ | 52,989 | ​ | $ | 244,032 |  | $ | 524,155
Lease intangibles (above-market) | ​ |  | 11,275 | ​ |  | 43,852 |  |  | 41,230 |  |  | 37,364 |  |  | 33,774 | ​ |  | 275,314 |  |  | 442,809
Lease intangibles (below-market) | ​ |  | (1,390) | ​ |  | (5,745) | ​ |  | (5,397) | ​ |  | (4,618) | ​ |  | (4,004) | ​ |  | (35,623) | ​ |  | (56,777)
Total | ​ | $ | 29,577 | ​ | $ | 114,672 |  | $ | 105,296 |  | $ | 94,160 |  | $ | 82,759 | ​ | $ | 483,723 |  | $ | 910,187
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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024
Cash and cash equivalents | ​ | $ | 13,696 | ​ | $ | 6,399
Cash held in escrow | ​ |  | 3,182 | ​ |  | —
Total of cash and cash equivalents and cash held in escrow | ​ | $ | 16,878 | ​ | $ | 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 | ​ | Nine Months Ended
​ |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Net income attributable to Agree Realty Corporation | ​ | $ | 52,117 | ​ | $ | 44,375 | ​ | $ | 148,312 | ​ | $ | 143,958
Less: Series A preferred stock dividends | ​ | ​ | (1,859) | ​ | ​ | (1,859) | ​ | ​ | (5,578) | ​ | ​ | (5,578)
Net income attributable to common stockholders | ​ | ​ | 50,258 | ​ | ​ | 42,516 | ​ | ​ | 142,734 | ​ | ​ | 138,380
Less: Income attributable to unvested restricted shares | ​ | ​ | (112) | ​ | ​ | (112) | ​ | ​ | (333) | ​ | ​ | (377)
Net income used in basic and diluted earnings per share | ​ | $ | 50,146 | ​ | $ | 42,404 | ​ | $ | 142,401 | ​ | $ | 138,003
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 111,531,032 |  | ​ | 100,655,314 |  | ​ | 109,637,451 | ​ |  | 100,615,600
Less: Unvested restricted shares | ​ |  | (253,716) |  | ​ | (272,107) |  | ​ | (253,716) | ​ |  | (272,107)
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 111,277,316 |  | ​ | 100,383,207 |  | ​ | 109,383,735 | ​ |  | 100,343,493
​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 111,277,316 |  | ​ | 100,383,207 |  | ​ | 109,383,735 | ​ |  | 100,343,493
Effect of dilutive securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Share-based compensation | ​ |  | 212,944 |  | ​ | 181,468 |  | ​ | 217,065 | ​ |  | 150,760
ATM Forward Equity Offerings | ​ | ​ | 19,953 | ​ | ​ | 1,150,636 | ​ | ​ | 197,635 | ​ | ​ | 388,605
October 2024 Forward Equity Offering | ​ | ​ | 1,402 | ​ | ​ | — | ​ | ​ | 75,416 | ​ | ​ | —
April 2025 Forward Equity Offering | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,485 | ​ | ​ | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ |  | 111,511,615 |  | ​ | 101,715,311 |  | ​ | 109,875,336 | ​ |  | 100,882,858
​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​
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 | ​ |  | 111,859,234 |  | ​ | 102,062,930 |  | ​ | 110,222,955 | ​ |  | 101,230,477
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 | ​ | ​ | Nine Months Ended
​ |  | September 30, 2025 |  | September 30, 2024 |  | ​ | September 30, 2025 |  | September 30, 2024
Common stock related to forward equity offerings | ​ | ​ | 328,308 | ​ | ​ | - | ​ | ​ | ​ | 129,161 | ​ | ​ | -
Anti-dilutive share-based compensation | ​ | ​ | - | ​ | ​ | 34 | ​ | ​ | ​ | - | ​ | ​ | 408

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