XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate investments    
Land $ 2,787,363 $ 2,514,167
Buildings 6,123,531 5,412,564
Less accumulated depreciation (677,700) (564,429)
Real estate investments excluding property under development 8,233,194 7,362,302
Property under development 64,047 55,806
Net real estate investments 8,297,241 7,418,108
Real estate held for sale, net 706  
Cash and cash equivalents 13,696 6,399
Cash held in escrow 3,182  
Accounts receivable - tenants, net 117,602 106,416
Lease intangibles, net of accumulated amortization of $546,136 and $461,419 at September 30, 2025 and December 31, 2024, respectively 966,964 864,937
Other assets, net 84,639 90,586
Total Assets 9,484,030 8,486,446
LIABILITIES    
Mortgage notes payable, net 41,718 42,210
Unsecured term loan, net 347,900 347,452
Senior unsecured notes, net 2,583,685 2,237,759
Unsecured revolving credit facility and commercial paper notes 389,000 158,000
Dividends and distributions payable 29,927 27,842
Accounts payable, accrued expenses, and other liabilities 161,782 116,273
Lease intangibles, net of accumulated amortization of $48,671 and $46,003 at September 30, 2025 and December 31, 2024, respectively 56,777 46,249
Total Liabilities 3,610,789 2,975,785
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 September 30, 2025 and December 31, 2024 175,000 175,000
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 114,134,251 and 107,248,705 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 11 10
Additional paid-in-capital 6,247,606 5,765,582
Dividends in excess of net income (581,162) (470,622)
Accumulated other comprehensive income 31,528 40,076
Total equity - Agree Realty Corporation 5,872,983 5,510,046
Non-controlling interest 258 615
Total Equity 5,873,241 5,510,661
Total Liabilities and Equity $ 9,484,030 $ 8,486,446