Summary of Significant Accounting Policies (Tables)

The following schedule summarizes the Company’s amortization of lease intangibles for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease intangibles (in-place)	$	21,974	$	19,509	$	43,479	$	37,406
Lease intangibles (above-market)	12,853		10,308		25,099		20,275
Lease intangibles (below-market)	(1,620)		(1,771)		(3,187)		(3,192)
Total	$	33,207	$	28,046	$	65,391	$	54,489

The following schedule represents estimated future amortization of lease intangibles as of June 30, 2026 (in thousands):


Year Ending December 31,	2026 (remaining)		2027		2028		2029		2030		Thereafter		Total
Lease intangibles (in-place)	$	44,648	$	82,714	$	73,542	$	64,040	$	53,293	$	248,770	$	567,007
Lease intangibles (above-market)	26,478		50,453		46,520		42,571		36,661		309,738		512,421
Lease intangibles (below-market)	(3,323)		(6,386)		(5,607)		(5,028)		(4,552)		(45,644)		(70,540)
Total	$	67,803	$	126,781	$	114,455	$	101,583	$	85,402	$	512,864	$	1,008,888

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):


	June 30, 2026		December 31, 2025
Cash and cash equivalents	$	12,518	$	16,295
Cash held in escrow	8,672		4,327
Total of cash and cash equivalents and cash held in escrow	$	21,190	$	20,622

The following table 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income attributable to Agree Realty Corporation	$	54,653	$	49,198	$	116,704	$	96,194
Less: Series A preferred stock dividends	(1,859)		(1,859)		(3,718)		(3,718)
Net income attributable to common stockholders	52,794		47,339		112,986		92,476
Less: Net income attributable to unvested restricted shares	(88)		(110)		(190)		(222)
Net income used in basic and diluted earnings per share	$	52,706	$	47,229	$	112,796	$	92,254

Weighted average number of common shares outstanding	120,204,596		110,014,003		120,132,377		108,674,968
Less: Unvested restricted shares	(207,652)		(255,957)		(207,652)		(255,957)
Weighted average number of common shares outstanding used in basic earnings per share	119,996,944		109,758,046		119,924,725		108,419,011

Weighted average number of common shares outstanding used in basic earnings per share	119,996,944		109,758,046		119,924,725		108,419,011
Effect of dilutive securities:
Share-based compensation	161,583		179,867		160,832		176,280
ATM Forward Equity Offerings	214,995		256,296		255,543		286,480
October 2024 Forward Equity Offering	—		178,556		—		112,423
April 2025 Forward Equity Offering	113,734		4,456		108,039		2,228
Weighted average number of common shares outstanding used in diluted earnings per share	120,487,256		110,377,221		120,449,139		108,996,422

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	120,834,875		110,724,840		120,796,758		109,344,041

The following table 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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common stock related to forward equity offerings	21,238	21,293	11,029	29,587
Anti-dilutive share-based compensation	192	—	183	—