| Schedule of amortization of lease intangibles |
The following schedule summarizes the Company’s amortization of lease intangibles for the periods presented (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Lease intangibles (in-place) | | $ | 19,509 | | $ | 16,288 | | $ | 37,406 | | $ | 32,140 | Lease intangibles (above-market) | | | 10,308 | | | 9,648 | | | 20,275 | | | 19,333 | Lease intangibles (below-market) | | | (1,771) | | | (1,351) | | | (3,192) | | | (2,741) | Total | | $ | 28,046 | | $ | 24,585 | | $ | 54,489 | | $ | 48,732 |
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| Schedule of estimated future amortization of lease intangibles |
The following schedule represents estimated future amortization of lease intangibles as of June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | | | | | Year Ending December 31, | | (remaining) | | 2026 | | 2027 | | 2028 | | 2029 | | Thereafter | | Total | Lease intangibles (in-place) | | $ | 37,339 | | $ | 71,791 | | $ | 64,738 | | $ | 57,029 | | $ | 48,885 | | $ | 220,608 | | $ | 500,390 | Lease intangibles (above-market) | | | 20,956 | | | 40,457 | | | 37,816 | | | 34,073 | | | 30,532 | | | 258,868 | | | 422,702 | Lease intangibles (below-market) | | | (2,783) | | | (5,333) | | | (4,985) | | | (4,193) | | | (3,578) | | | (28,795) | | | (49,667) | Total | | $ | 55,512 | | $ | 106,915 | | $ | 97,569 | | $ | 86,909 | | $ | 75,839 | | $ | 450,681 | | $ | 873,425 |
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| Schedule of cash, cash equivalents and cash held in escrow |
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, 2025 | | December 31, 2024 | Cash and cash equivalents | | $ | 5,824 | | $ | 6,399 | Cash held in escrow | | | 3,087 | | | — | Total of cash and cash equivalents and cash held in escrow | | $ | 8,911 | | $ | 6,399 |
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| 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 | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Net income attributable to Agree Realty Corporation | | $ | 49,198 | | $ | 54,724 | | $ | 96,194 | | $ | 99,583 | Less: Series A preferred stock dividends | | | (1,859) | | | (1,859) | | | (3,718) | | | (3,718) | Net income attributable to common stockholders | | | 47,339 | | | 52,865 | | | 92,476 | | | 95,865 | Less: Income attributable to unvested restricted shares | | | (110) | | | (145) | | | (222) | | | (265) | Net income used in basic and diluted earnings per share | | $ | 47,229 | | $ | 52,720 | | $ | 92,254 | | $ | 95,600 | | | | | | | | | | | | | | Weighted average number of common shares outstanding | | | 110,014,003 | | | 100,625,877 | | | 108,674,968 | | | 100,595,525 | Less: Unvested restricted shares | | | (255,957) | | | (275,934) | | | (255,957) | | | (275,934) | Weighted average number of common shares outstanding used in basic earnings per share | | | 109,758,046 | | | 100,349,943 | | | 108,419,011 | | | 100,319,591 | | | | | | | | | | | | | | Weighted average number of common shares outstanding used in basic earnings per share | | | 109,758,046 | | | 100,349,943 | | | 108,419,011 | | | 100,319,591 | Effect of dilutive securities: | | | | | | | | | | | | | Share-based compensation | | | 179,867 | | | 89,582 | | | 176,280 | | | 88,285 | ATM Forward Equity Offerings | | | 256,296 | | | 15,178 | | | 286,480 | | | 7,590 | October 2024 Forward Equity Offering | | | 178,556 | | | — | | | 112,423 | | | — | April 2025 Forward Equity Offering | | | 4,456 | | | — | | | 2,228 | | | — | Weighted average number of common shares outstanding used in diluted earnings per share | | | 110,377,221 | | | 100,454,703 | | | 108,996,422 | | | 100,415,466 | | | | | | | | | | | | | | 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 | | | 110,724,840 | | | 100,802,322 | | | 109,344,041 | | | 100,763,085 |
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