v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate investments    
Land $ 2,663,023 $ 2,514,167
Buildings 5,872,397 5,412,564
Less accumulated depreciation (638,960) (564,429)
Real estate investments excluding property under development 7,896,460 7,362,302
Property under development 62,165 55,806
Net real estate investments 7,958,625 7,418,108
Real estate held for sale, net 3,473  
Cash and cash equivalents 5,824 6,399
Cash held in escrow 3,087  
Accounts receivable - tenants, net 108,117 106,416
Lease intangibles, net of accumulated amortization of $517,216 and $461,419 at June 30, 2025 and December 31, 2024, respectively 923,092 864,937
Other assets, net 82,526 90,586
Total Assets 9,084,744 8,486,446
LIABILITIES    
Mortgage notes payable, net 41,886 42,210
Unsecured term loan, net 347,767 347,452
Senior unsecured notes, net 2,582,892 2,237,759
Unsecured revolving credit facility and commercial paper notes 247,000 158,000
Dividends and distributions payable 29,039 27,842
Accounts payable, accrued expenses, and other liabilities 132,089 116,273
Lease intangibles, net of accumulated amortization of $48,389 and $46,003 at June 30, 2025 and December 31, 2024, respectively 49,667 46,249
Total Liabilities 3,430,340 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 June 30, 2025 and December 31, 2024 175,000 175,000
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 110,666,238 and 107,248,705 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 11 10
Additional paid-in-capital 5,992,510 5,765,582
Dividends in excess of net income (545,372) (470,622)
Accumulated other comprehensive income 31,891 40,076
Total equity - Agree Realty Corporation 5,654,040 5,510,046
Non-controlling interest 364 615
Total Equity 5,654,404 5,510,661
Total Liabilities and Equity $ 9,084,744 $ 8,486,446