Summary of Significant Accounting Policies

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 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