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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Lease intangibles (in-place)	$	22,892	$	19,490	$	66,370	$	56,896
Lease intangibles (above-market)	13,501		10,801		38,600		31,076
Lease intangibles (below-market)	(1,698)		(1,457)		(4,885)		(4,649)
Total	$	34,695	$	28,834	$	100,085	$	83,323

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


Year Ending December 31,	2026 (remaining)		2027		2028		2029		2030		Thereafter		Total
Lease intangibles (in-place)	$	22,619	$	85,481	$	75,723	$	66,181	$	55,321	$	262,696	$	568,021
Lease intangibles (above-market)	13,475		52,049		48,115		44,161		38,197		320,813		516,810
Lease intangibles (below-market)	(1,661)		(6,553)		(5,774)		(5,195)		(4,719)		(50,037)		(73,939)
Total	$	34,433	$	130,977	$	118,064	$	105,147	$	88,799	$	533,472	$	1,010,892

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):


	September 30, 2026		December 31, 2025
Cash and cash equivalents	$	80,559	$	16,295
Cash held in escrow	10,924		4,327
Total of cash and cash equivalents and cash held in escrow	$	91,483	$	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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income attributable to Agree Realty Corporation	$	68,352	$	52,117	$	185,057	$	148,312
Less: Series A preferred stock dividends	(1,859)		(1,859)		(5,578)		(5,578)
Net income attributable to common stockholders	66,493		50,258		179,479		142,734
Less: Net income attributable to unvested restricted shares	(103)		(112)		(295)		(333)
Net income used in basic and diluted earnings per share	$	66,390	$	50,146	$	179,184	$	142,401

Weighted average number of common shares outstanding	124,565,976		111,531,032		121,626,484		109,637,451
Less: Unvested restricted shares	(202,871)		(253,716)		(202,871)		(253,716)
Weighted average number of common shares outstanding used in basic earnings per share	124,363,105		111,277,316		121,423,613		109,383,735

Weighted average number of common shares outstanding used in basic earnings per share	124,363,105		111,277,316		121,423,613		109,383,735
Effect of dilutive securities:
Stock-based compensation	201,259		212,944		200,786		217,065
ATM Forward Equity Offerings	—		19,953		170,361		197,635
October 2024 Forward Equity Offering	—		1,402		—		75,416
April 2025 Forward Equity Offering	38,597		—		84,892		1,485
Weighted average number of common shares outstanding used in diluted earnings per share	124,602,961		111,511,615		121,879,652		109,875,336

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	124,950,580		111,859,234		122,227,271		110,222,955

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 September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Common stock related to forward equity offerings	63,534	328,308	28,531	129,161
Anti-dilutive stock-based compensation	—	—	—	—