CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate investments
Land	$ 3,154,294	$ 2,895,495
Buildings	6,797,679	6,330,249
Less accumulated depreciation	(800,875)	(715,733)
Real estate investments excluding property under development	9,151,098	8,510,011
Property under development	92,834	62,690
Net real estate investments	9,243,932	8,572,701
Real estate held for sale, net	9,320	0
Cash and cash equivalents	12,518	16,295
Cash held in escrow	8,672	4,327
Accounts receivable - tenants, net	131,211	122,477
Lease intangibles, net of accumulated amortization of $641,429 and $576,945 at June 30, 2026 and December 31, 2025, respectively	1,079,428	1,000,967
Other assets, net	101,748	80,845
Total Assets	10,586,829	9,797,612
LIABILITIES
Mortgage notes payable, net	41,190	41,546
Unsecured term loans, net	696,277	348,074
Senior unsecured notes, net	2,586,556	2,584,608
Unsecured revolving credit facility and commercial paper notes	497,000	320,500
Dividends and distributions payable	33,922	32,158
Accounts payable, accrued expenses, and other liabilities	141,213	139,384
Lease intangibles, net of accumulated amortization of $52,929 and $49,797 at June 30, 2026 and December 31, 2025, respectively	70,540	60,189
Total Liabilities	4,066,698	3,526,459
EQUITY
Preferred stock, $0.0001 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 June 30, 2026 and December 31, 2025	175,000	175,000
Common stock, $0.0001 par value, 360,000,000 shares authorized, 124,381,214 and 120,028,406 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	12	12
Additional paid-in-capital	6,993,255	6,679,142
Dividends in excess of net income	(697,985)	(618,675)
Accumulated other comprehensive income	49,854	35,506
Total equity - Agree Realty Corporation	6,520,136	6,270,985
Non-controlling interest	(5)	168
Total Equity	6,520,131	6,271,153
Total Liabilities and Equity	$ 10,586,829	$ 9,797,612
Common Stock, Shares, Issued	124,381,214	120,028,406
Total Forward Shares Outstanding as of June 30, 2026	124,381,214	120,028,406

Reflects the carrying value as of the balance sheet date of long-term unsecured line of credit and obligations issued by corporations and other borrowers to investors (with maturities initially due after one year or beyond the operating cycle if longer)

No definition available.