Agree Realty (ADC) 10-Q23 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 22, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-12928
Entity Registrant Name	AGREE REALTY CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-3148187
Entity Address, Address Line One	32301 Woodward Avenue
Entity Address, City or Town	Royal Oak
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48073
City Area Code	248
Local Phone Number	737-4190
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		100,624,549
Entity Central Index Key	0000917251
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	ADC
Security Exchange Name	NYSE
Redeemable Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value
Trading Symbol	ADCPrA
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate Investments
Land	$ 2,340,966	$ 2,282,354
Buildings	5,061,561	4,861,692
Less accumulated depreciation	(494,737)	(433,958)
Real estate investments excluding property under development	6,907,790	6,710,088
Property under development	44,839	33,232
Net Real Estate Investments	6,952,629	6,743,320
Real Estate Held for Sale, net		3,642
Cash and Cash Equivalents	9,639	10,907
Cash Held in Escrow	14,615	3,617
Accounts Receivable - Tenants, net	94,853	82,954
Lease Intangibles, net of accumulated amortization of $408,969 and $360,061 at June 30, 2024 and December 31, 2023, respectively	837,991	854,088
Other Assets, net	91,111	76,308
Total Assets	8,000,838	7,774,836
LIABILITIES
Mortgage Notes Payable, net	42,518	42,811
Unsecured Term Loan, net	347,115	346,798
Senior Unsecured Notes, net	2,236,223	1,794,312
Unsecured Revolving Credit Facility	43,000	227,000
Dividends and Distributions Payable	25,863	25,534
Accounts Payable, Accrued Expenses, and Other Liabilities	106,058	101,401
Lease Intangibles, net of accumulated amortization of $43,860 and $42,813 at June 30, 2024 and December 31, 2023, respectively	36,983	36,827
Total Liabilities	2,837,760	2,574,683
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, 2024 and December 31, 2023	175,000	175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,624,624 and 100,519,355 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	10	10
Additional paid-in-capital	5,357,143	5,354,120
Dividends in excess of net income	(400,809)	(346,473)
Accumulated other comprehensive income	30,915	16,554
Total Equity - Agree Realty Corporation	5,162,259	5,199,211
Non-controlling interest	819	942
Total Equity	5,163,078	5,200,153
Total Liabilities and Equity	$ 8,000,838	$ 7,774,836

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets, accumulated amortization (in dollars)	$ 408,969,000	$ 360,061,000
Below market lease, accumulated amortization (in dollars)	$ 43,860,000	$ 42,813,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	4,000,000	4,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	100,624,624	100,519,355
Common stock, shares outstanding	100,624,624	100,519,355
Series A Preferred Stock
Preferred stock, shares outstanding	7,000	7,000
Preferred stock, liquidation preference, value per share	$ 25,000	$ 25,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental income	$ 152,424	$ 129,876	$ 301,847	$ 256,485
Other	151	24	182	33
Total Revenues	152,575	129,900	302,029	256,518
Operating Expenses
Real estate taxes	10,721	9,874	21,422	19,305
Property operating expenses	6,487	5,821	13,860	12,602
Land lease expense	415	410	830	840
General and administrative	9,707	8,420	19,222	17,244
Depreciation and amortization	50,454	42,750	98,917	83,396
Provision for impairment	0	1,315	4,530	1,315
Total Operating Expenses	77,784	68,590	158,781	134,702
Gain on sale of assets, net	7,156	319	9,252	319
Gain (loss) on involuntary conversion, net	20	0	(35)
Income from Operations	81,967	61,629	152,465	122,135
Other (Expense) Income
Interest expense, net	(26,416)	(19,948)	(50,867)	(37,945)
Income and other tax expense	(1,004)	(709)	(2,154)	(1,492)
Other income	366	43	483	91
Net Income	54,913	41,015	99,927	82,789
Less net income attributable to non-controlling interest	189	147	344	307
Net income attributable to Agree Realty Corporation	54,724	40,868	99,583	82,482
Less Series A preferred stock dividends	1,859	1,859	3,718	3,718
Net Income Attributable to Common Stockholders	$ 52,865	$ 39,009	$ 95,865	$ 78,764
Net Income Per Share Attributable to Common Stockholders
Basic	$ 0.53	$ 0.42	$ 0.95	$ 0.86
Diluted	$ 0.52	$ 0.42	$ 0.95	$ 0.86
Other Comprehensive Income
Net income	$ 54,913	$ 41,015	$ 99,927	$ 82,789
Amortization of interest rate swaps	(675)	(630)	(1,305)	(1,259)
Change in fair value and settlement of interest rate swaps	4,172	3,341	15,716	3,341
Total comprehensive income	58,410	43,726	114,338	84,871
Less comprehensive income attributable to non-controlling interest	201	157	394	315
Comprehensive Income Attributable to Agree Realty Corporation	$ 58,209	$ 43,569	$ 113,944	$ 84,556
Weighted Average Number of Common Shares Outstanding - Basic	100,349,943	93,053,870	100,319,591	91,549,390
Weighted Average Number of Common Shares Outstanding - Diluted	100,454,703	93,134,385	100,415,466	91,862,290

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Preferred Stock [Member] Series A Preferred Stock	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Dividends in excess of net income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Series A Preferred Stock	Total
Balance at Dec. 31, 2022		$ 175,000	$ 9	$ 4,658,570	$ (228,132)	$ 23,551	$ 1,392		$ 4,630,390
Balance (in shares) at Dec. 31, 2022		7,000	90,173,424
Issuance of common stock, net of issuance costs				195,133					195,133
Issuance of common stock, net of issuance costs (in shares)			2,945,000
Repurchase of common shares				(2,607)					(2,607)
Repurchase of common shares (in shares)			(35,578)
Issuance of stock under the Omnibus Incentive Plan (in shares)			128,993
Forfeiture of restricted stock (in shares)			(13,760)
Stock-based compensation				1,831					1,831
Series A preferred dividends declared for the period	$ (1,859)							$ (1,859)
Common stock dividends and distributions declared for the period					(65,939)		(250)		(66,189)
Amortization, changes in fair value and settlement of interest rate swaps						(627)	(2)		(629)
Net income		$ 1,859			39,755		160		41,774
Balance at Mar. 31, 2023		$ 175,000	$ 9	4,852,927	(254,316)	22,924	1,300		4,797,844
Balance (in shares) at Mar. 31, 2023		7,000	93,198,079
Balance at Dec. 31, 2022		$ 175,000	$ 9	4,658,570	(228,132)	23,551	1,392		4,630,390
Balance (in shares) at Dec. 31, 2022		7,000	90,173,424
Net income									82,789
Balance at Jun. 30, 2023		$ 175,000	$ 10	5,060,200	(283,995)	25,625	1,205		4,978,045
Balance (in shares) at Jun. 30, 2023		7,000	96,269,336
Balance at Dec. 31, 2022		$ 175,000	$ 9	4,658,570	(228,132)	23,551	1,392		4,630,390
Balance (in shares) at Dec. 31, 2022		7,000	90,173,424
Balance at Dec. 31, 2023		$ 175,000	$ 10	5,354,120	(346,473)	16,554	942		5,200,153
Balance (in shares) at Dec. 31, 2023		7,000	100,519,355
Balance at Mar. 31, 2023		$ 175,000	$ 9	4,852,927	(254,316)	22,924	1,300		4,797,844
Balance (in shares) at Mar. 31, 2023		7,000	93,198,079
Issuance of common stock, net of issuance costs			$ 1	205,104					205,105
Issuance of common stock, net of issuance costs (in shares)			3,070,997
Repurchase of common shares				(8)					(8)
Repurchase of common shares (in shares)			(101)
Issuance of stock under the Omnibus Incentive Plan (in shares)			373
Forfeiture of restricted stock (in shares)			(12)
Stock-based compensation				2,177					2,177
Series A preferred dividends declared for the period	(1,859)							(1,859)
Common stock dividends and distributions declared for the period					(68,688)		(252)		(68,940)
Amortization, changes in fair value and settlement of interest rate swaps						2,701	10		2,711
Net income		$ 1,859			39,009		147		41,015
Balance at Jun. 30, 2023		$ 175,000	$ 10	5,060,200	(283,995)	25,625	1,205		4,978,045
Balance (in shares) at Jun. 30, 2023		7,000	96,269,336
Balance at Dec. 31, 2023		$ 175,000	$ 10	5,354,120	(346,473)	16,554	942		5,200,153
Balance (in shares) at Dec. 31, 2023		7,000	100,519,355
Repurchase of common shares				(2,183)					(2,183)
Repurchase of common shares (in shares)			(37,957)
Issuance of stock under the Omnibus Incentive Plan (in shares)			147,656
Forfeiture of restricted stock (in shares)			(79,000)
Stock-based compensation				2,425					2,425
Series A preferred dividends declared for the period	(1,859)							(1,859)
Common stock dividends and distributions declared for the period					(74,732)		(257)		(74,989)
Amortization, changes in fair value and settlement of interest rate swaps						10,876	38		10,914
Net income		$ 1,859			43,000		155		45,014
Balance at Mar. 31, 2024		$ 175,000	$ 10	5,354,362	(378,205)	27,430	878		5,179,475
Balance (in shares) at Mar. 31, 2024		7,000	100,628,975
Balance at Dec. 31, 2023		$ 175,000	$ 10	5,354,120	(346,473)	16,554	942		5,200,153
Balance (in shares) at Dec. 31, 2023		7,000	100,519,355
Net income									99,927
Balance at Jun. 30, 2024		$ 175,000	$ 10	5,357,143	(400,809)	30,915	819		5,163,078
Balance (in shares) at Jun. 30, 2024		7,000	100,624,624
Balance at Mar. 31, 2024		$ 175,000	$ 10	5,354,362	(378,205)	27,430	878		5,179,475
Balance (in shares) at Mar. 31, 2024		7,000	100,628,975
Repurchase of common shares				(7)					(7)
Repurchase of common shares (in shares)			(126)
Forfeiture of restricted stock				(17)					(17)
Forfeiture of restricted stock (in shares)			(4,225)
Stock-based compensation				2,805					2,805
Series A preferred dividends declared for the period	$ (1,859)							$ (1,859)
Common stock dividends and distributions declared for the period					(75,469)		(260)		(75,729)
Amortization, changes in fair value and settlement of interest rate swaps						3,485	12		3,497
Net income		$ 1,859			52,865		189		54,913
Balance at Jun. 30, 2024		$ 175,000	$ 10	$ 5,357,143	$ (400,809)	$ 30,915	$ 819		$ 5,163,078
Balance (in shares) at Jun. 30, 2024		7,000	100,624,624

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Cash dividends declared per common share (in dollars per share)	$ 0.750	$ 0.741	$ 0.729	$ 0.720
Series A Preferred Stock
Cash dividends declared per depositary share of Series A preferred stock	$ 0.266	$ 0.266	$ 0.266	$ 0.266

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Cash Flows from Operating Activities
Net income	$ 54,913	$ 45,014	$ 41,015	$ 41,774	$ 99,927	$ 82,789
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,454		42,750		98,917	83,396
Amortization from above (below) market lease intangibles, net					16,592	17,322
Amortization from financing costs, credit facility costs and debt discount					2,655	2,225
Stock-based compensation					5,213	4,008
Straight-line accrued rent					(6,343)	(6,147)
Provision for impairment	0		1,315		4,530	1,315
Gain on sale of assets					(9,252)	(319)
Change in accounts receivable					(6,352)	945
Change in other assets					(5,553)	(10,366)
Change in accounts payable, accrued expenses, and other liabilities					(215)	8,560
Net Cash Provided by Operating Activities					200,119	183,728
Cash Flows from Investing Activities
Acquisition of real estate investments and other assets					(316,910)	(610,593)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $701 in 2024 and $1,203 in 2023)					(29,315)	(55,813)
Payment of leasing costs					(696)	(36)
Net proceeds from sale of assets					56,679	3,069
Net Cash Used in Investing Activities					(290,242)	(663,373)
Cash Flows from Financing Activities
Proceeds from common stock offerings, net					0	400,237
Repurchase of common shares					(2,190)	(2,615)
Unsecured revolving credit facility borrowings					325,000	636,000
Unsecured revolving credit facility repayments					(509,000)	(433,000)
Payments of mortgage notes payable					(474)	(445)
Proceeds from senior unsecured notes					444,722
Payment of common stock dividends					(149,873)	(133,112)
Distributions to non-controlling interest					(517)	(266)
Payments for financing costs					(4,097)	(98)
Net Cash Provided by Financing Activities					99,853	462,983
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow					9,730	(16,662)
Cash and cash equivalents and cash held in escrow, beginning of period		14,524		28,909	14,524	28,909	$ 28,909
Cash and cash equivalents and cash held in escrow, end of period	24,254		12,247		24,254	12,247	14,524
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)					56,650	47,048
Cash paid for income tax					4,091	3,019
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Stock dividends declared and unpaid	25,863				25,863		$ 25,534
Change in accrual of development, construction and other real estate investment costs					9,388	(4,589)
Additional lease right of use assets added under new ground leases					365
Preferred Stock [Member]
Cash Flows from Operating Activities
Net income	1,859	$ 1,859	1,859	$ 1,859
Preferred Stock [Member] \| Series A Preferred Stock
Cash Flows from Financing Activities
Payment of Series A preferred dividends					(3,718)	(3,718)
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Stock dividends declared and unpaid	620		620		620	620
Common Stock [Member]
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Stock dividends declared and unpaid	$ 25,243		$ 23,478		$ 25,243	$ 23,478

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Real estate inventory, capitalized interest costs	$ 701	$ 1,203

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization
Organization	Note 1 – Organization Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7% common equity interest as of June 30, 2024 and December 31, 2023. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Company common stock outstanding. The Company also owns 100% of the Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (Refer to Note 6 – Common and Preferred Stock As of June 30, 2024 and December 31, 2023, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership held by the Company’s founder and Executive Chairman. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Common Units, there would have been 100,972,243 shares of common stock outstanding at June 30, 2024. As of June 30, 2024, the Company owned 2,202 properties, with a total gross leasable area (“GLA”) of approximately 45.8 million square feet. As of June 30, 2024, the Company’s portfolio was approximately 99.8% leased and had a weighted average remaining lease term (excluding extension options) of approximately 8.1 years. A significant majority of its properties are leased to national tenants and approximately 68.4% of its annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. The terms “Agree Realty,” the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Accounting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. The unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three and six months ended June 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the audited consolidated financial statements and notes thereto, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, in the Company’s Form 10-K for the year ended December 31, 2023. Consolidation Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation Real Estate Investments The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Assets Held for Sale Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction. Depreciation and Amortization Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. In-place lease intangible assets and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income. The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2024 and 2023 ( presented in thousands Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Lease intangibles (in-place) $ 16,288 $ 14,183 $ 32,140 $ 27,807 Lease intangibles (above-market) 9,648 10,162 19,333 20,275 Lease intangibles (below-market) (1,351) (1,451) (2,741) (2,953) Total $ 24,585 $ 22,894 $ 48,732 $ 45,129 The following schedule represents estimated future amortization of lease intangibles as of June 30, 2024 ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease intangibles (in-place) $ 32,977 $ 62,717 $ 59,232 $ 53,271 $ 46,545 $ 197,950 $ 452,692 Lease intangibles (above-market) 18,966 36,044 34,315 31,720 28,246 236,008 385,299 Lease intangibles (below-market) (2,615) (4,963) (4,609) (4,260) (3,441) (17,095) (36,983) Total $ 49,328 $ 93,798 $ 88,938 $ 80,731 $ 71,350 $ 416,863 $ 801,008 Impairments The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, the Company’s ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results. Cash and Cash Equivalents and Cash Held in Escrow The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrow primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company had $23.1 million and $13.4 million in cash and cash equivalents and cash held in escrow as of June 30, 2024 and December 31, 2023, respectively, in excess of the FDIC insured limit. 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 ( presented in thousands June 30, 2024 December 31, 2023 Cash and cash equivalents $ 9,639 $ 10,907 Cash held in escrow 14,615 3,617 Total of cash and cash equivalents and cash held in escrow $ 24,254 $ 14,524 Revenue Recognition and Accounts Receivable The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint. Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable - tenants line item in the condensed consolidated balance sheets. The balance of straight-line rent receivables at June 30, 2024 and December 31, 2023 was $71.5 million and $65.9 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue. As of June 30, 2024, the Company had six leases across four tenants where collection is not considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to tenants accounted for on the cash basis resulted in an increase to rental income of less than $0.1 million for the three months ended June 30, 2024 and $0.1 million for the six months ended June 30, 2024, due to the receipt of amounts previously considered uncollectible. In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance at June 30, 2024 and December 31, 2023. The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at June 30, 2024 and December 31, 2023 was $10.4 million and $14.0 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable – tenants, net in the condensed consolidated balance sheets. The Company has adopted the practical expedient in FASB ASC Topic 842, Leases “ASC 842”) Earnings per Share Earnings per share of common stock have been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per 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 each of the periods presented ( presented in thousands, except for share data Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income attributable to Agree Realty Corporation $ 54,724 $ 40,868 $ 99,583 $ 82,482 Less: Series A preferred stock dividends (1,859) (1,859) (3,718) (3,718) Net income attributable to common stockholders 52,865 39,009 95,865 78,764 Less: Income attributable to unvested restricted shares (145) (100) (265) (204) Net income used in basic and diluted earnings per share $ 52,720 $ 38,909 $ 95,600 $ 78,560 Weighted average number of common shares outstanding 100,625,877 93,299,541 100,595,525 91,795,061 Less: Unvested restricted shares (275,934) (245,671) (275,934) (245,671) Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Effect of dilutive securities: Share-based compensation 89,582 79,914 88,285 88,603 ATM Forward Equity Offerings 15,178 601 7,590 73,853 September 2022 Forward Equity Offering — — — 150,444 Weighted average number of common shares outstanding used in diluted earnings per share 100,454,703 93,134,385 100,415,466 91,862,290 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 100,802,322 93,482,004 100,763,085 92,209,909 For the three months ended June 30, 2024, 1,680 shares of restricted common stock (“restricted shares”) were anti-dilutive and were not included in the computation of diluted earnings per share. No performance units were anti-dilutive. For the six months ended June 30, 2024, 1,910 restricted shares were anti-dilutive and were not included in the computation of diluted earnings per share. No performance units were anti-dilutive. For the three months ended June 30, 2023, 41 restricted shares and 3,715 performance units were anti-dilutive and were not included in the computation of diluted earnings per share. For the six months ended June 30, 2023, 1,794 performance units were anti-dilutive and were not included in the computation of diluted earnings per share. No restricted shares were anti-dilutive. Forward Equity Sales The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement. Equity Offering Costs Underwriting commissions and offering costs of equity offerings are reflected as a reduction of additional paid-in-capital in the Company’s condensed consolidated balance sheets. Income Taxes The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For the periods covered in the condensed consolidated financial statements, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying condensed consolidated financial statements. The Company has elected taxable REIT subsidiary (“TRS”) status for certain subsidiaries pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal income taxes. All provisions for federal income taxes in the accompanying condensed consolidated financial statements are attributable to the Company’s TRS. Notwithstanding its qualification for taxation as a REIT, the Company is subject to certain state and local income and franchise taxes, which are included in income and other tax expense on the condensed consolidated statement of operations and comprehensive income. The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions are documented and supported and would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded pursuant to ASC 740-10 in the condensed consolidated financial statements. The Company has elected to record related interest and penalties, if any, as income and other tax expense on the condensed consolidated statements of operations and comprehensive income. The Company has no material interest or penalties relating to income taxes recognized for the three and six months ended June 30, 2024 and 2023. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things. Management’s Responsibility to Evaluate Its Ability to Continue as a Going Concern When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q. Segment Reporting The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company’s chief operating decision maker, which is its Chief Executive Officer, does not distinguish or group operations on a geographic or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Values of Financial Instruments The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. Level 2 – Valuation is based upon inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)” In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require disclosure of: ● Governance, strategy and risk management related to climate-related risks that have materially impacted or are reasonably likely to have a material impact on the Company’s business. ● Scope 1 and 2 greenhouse gas (GHG) emissions. Scope 1 GHG emissions are direct GHG emissions from operations owned or controlled by the entity and scope 2 emissions are indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat or cooling that is consumed by operations owned or controlled by the entity. ● Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural conditions, if such expenditures exceed defined disclosure thresholds. The SEC issued an order staying the SEC Climate Reporting Rules in April 2024. Prior to the stay, the required disclosures were to be phased-in for annual periods beginning in 2025 and 2026 annual filings. The Company continues to monitor the status of the SEC Climate Reporting Rules and is evaluating the additional disclosures required.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases
Leases	Note 3 – Leases Tenant Leases The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants. Substantially all of the Company’s tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company’s tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price index and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level. Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property. The Company’s leases typically provide the tenant with one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term. The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended. The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance. The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components. The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component. The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the three and six months ended June 30, 2024 and 2023 (presented in thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total lease payments $ 157,223 $ 135,691 $ 312,086 $ 267,842 Less: Operating cost reimbursements, termination income and percentage rents 18,505 14,731 36,506 31,122 Total non-variable lease payments $ 138,718 $ 120,960 $ 275,580 $ 236,720 At June 30, 2024, future non-variable lease payments to be received from the Company’s operating leases for the remainder of 2024, the following four years, and thereafter are as follows ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Future non-variable lease payments $ 292,962 $ 583,818 $ 565,274 $ 538,389 $ 501,420 $ 2,494,421 $ 4,976,284 Deferred Revenue As of June 30, 2024 and December 31, 2023, there was $26.6 million and $21.9 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within accounts payable, accrued expenses, and other liabilities on the condensed consolidated balance sheets as of these dates. Land Lease Obligations The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance. As of June 30, 2024 and December 31, 2023, the Company had $60.3 million and $60.2 million, respectively, of right of use assets, net, recognized within other assets in the condensed consolidated balance sheets, while the corresponding lease obligations, net, of $23.1 million and $23.0 million, respectively, were recognized within accounts payable, accrued expenses, and other liabilities on the condensed consolidated balance sheets as of these dates. The Company’s land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company’s option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company’s land leases qualify as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term. Amortization of right of use assets for operating land leases is classified as land lease expense and was $0.4 million for the three months ended June 30, 2024 and 2023 and $0.8 million for the six months ended June 30, 2024 and 2023. There was no amortization of right of use assets for finance land leases, as the underlying leased asset (land) has an infinite life. Interest expense on finance land leases was less than $0.1 million during the three months ended June 30, 2024 and 2023 and $0.1 million for the six months ended June 30, 2024 and 2023. In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following tables include information on the Company’s land leases for which it is the lessee, for the three and six months ended June 30, 2024 and 2023. (presented in thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating leases: Operating cash outflows $ 299 $ 299 $ 598 $ 598 Weighted-average remaining lease term - operating leases (years) 29.9 33.4 29.9 33.4 Finance leases: Operating cash outflows $ 62 $ 63 $ 124 $ 126 Financing cash outflows $ 22 $ 21 $ 43 $ 42 Weighted-average remaining lease term - finance leases (years) 0.3 1.3 0.3 1.3 Supplemental Disclosure: Right-of-use assets obtained in exchange for new lease liabilities $ 365 $ — $ 365 $ — The weighted-average discount rate used in computing operating and finance lease obligations approximated 4% at June 30, 2024 and 2023, respectively. The following is a maturity analysis of lease liabilities for operating land leases as of June 30, 2024 for the remainder of 2024 and the following four years. ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease payments $ 598 $ 1,216 $ 1,215 $ 1,062 $ 1,034 $ 28,760 $ 33,885 Imputed interest (343) (692) (670) (650) (633) (13,840) (16,828) Total lease liabilities $ 255 $ 524 $ 545 $ 412 $ 401 $ 14,920 $ 17,057 The following is a maturity analysis of lease liabilities for finance land leases as of June 30, 2024 for the remainder of 2024 and the following four years. ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease payments $ 6,084 $ — $ — $ — $ — $ — $ 6,084 Imputed interest (82) — — — — — (82) Total lease liabilities $ 6,002 $ — $ — $ — $ — $ — $ 6,002

Real Estate Investments

Real Estate Investments	6 Months Ended
Real Estate Investments	Jun. 30, 2024
Real Estate Investments
Real Estate Investments	Note 4 – Real Estate Investments Real Estate Portfolio As of June 30, 2024, the Company owned 2,202 properties, with a total gross leasable area (“GLA”) of approximately 45.8 million square feet. Net Real Estate Investments totaled $6.95 billion as of June 30, 2024. As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $6.74 billion as of December 31, 2023. Acquisitions During the three months ended June 30, 2024, the Company purchased 47 retail net lease assets for approximately $187.6 million, which includes acquisition and closing costs. These properties are located in 21 states and had a weighted average lease term of approximately 9.3 years. During the six months ended June 30, 2024, the Company purchased 78 retail net lease assets for approximately $315.3 million, which includes acquisition and closing costs. These properties are located in 33 states and had a weighted average lease term of approximately 8.8 years. The aggregate acquisitions for the six months ended June 30, 2024 were allocated $70.6 million to land, $209.0 million to buildings and improvements, $35.6 million to lease intangibles, net and $0.1 million to other assets, net. During the three months ended June 30, 2023, the Company purchased 92 retail net lease assets for approximately $307.0 million, which includes acquisition and closing costs. These properties are located in 31 states and had a weighted average lease term of approximately 9.9 years. During the six months ended June 30, 2023, the Company purchased 158 retail net lease assets for approximately $610.8 million, which includes acquisition and closing costs. These properties are located in 35 states and had a weighted average lease term of approximately 11.5 years. The aggregate acquisitions for the six months ended June 30, 2023 were allocated $144.2 million to land, $395.4 million to buildings and improvements and $71.3 million to lease intangibles, net. The 2024 and 2023 acquisitions were funded as cash purchases and there were no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2024 or 2023 caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at June 30, 2024 and 2023. Developments During the three months ended June 30, 2024, the Company commenced five and completed four development or Developer Funding Platform (“DFP”) projects. During the six months ended June 30, 2024, the Company commenced nine and completed six development or DFP projects. At June 30, 2024, the Company had 19 development or DFP projects under construction. During the three months ended June 30, 2023, the Company commenced two and completed six development or DFP projects. During the six months ended June 30, 2023, the Company commenced seven and completed nine development or DFP projects. At June 30, 2023, the Company had 22 development or DFP projects under construction. Dispositions During the three months ended June 30, 2024, the Company sold 10 assets for net proceeds of $35.5 million and recorded a net gain of $7.2 million. During the six months ended June 30, 2024, the Company sold 16 assets for net proceeds of $56.7 million and recorded a net gain of $9.3 million. The Company sold one asset during the three and six months ended June 30, 2023 for net proceeds of $3.1 million and recorded a net gain of $0.3 million. Assets Held for Sale The Company did not classify any properties as real estate held for sale as of June 30, 2024 and one property as real estate held for sale as of December 31, 2023, the assets for which are separately presented in the consolidated balance sheets as follows ( presented in thousands June 30, 2024 December 31, 2023 Land $ — $ 671 Building — 2,978 — 3,649 Accumulated depreciation and amortization, net — (7) Total Real Estate Held for Sale, net $ — $ 3,642 Provisions for Impairment As a result of the Company’s review of real estate investments, no provisions for impairment were recognized for the three months ended June 30, 2024 and $1.3 million were recognized for the three months ended June 30, 2023. During the six months ended June 30, 2024 and 2023, the Company recognized a $4.5 million and $1.3 million provision for impairment, respectively. The estimated fair value of the impaired real estate assets at their time of impairment was $13.7 million in 2024 and $0.5 million in 2023.

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt
Debt	Note 5 – Debt As of June 30, 2024, the Company had total gross indebtedness of $2.70 billion, including (i) $44.4 million of mortgage notes payable; (ii) $350.0 million unsecured term loan; (iii) $2.26 billion of senior unsecured notes; and (iv) $43.0 million outstanding under the Revolving Credit Facility (defined below). Mortgage Notes Payable As of June 30, 2024, the Company had total gross mortgage indebtedness of $44.4 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $77.8 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.76% as of June 30, 2024 and 3.78% as of December 31, 2023. Mortgage notes payable consisted of the following ( presented in thousands June 30, 2024 December 31, 2023 Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 $ 2,143 $ 2,618 Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 42,250 42,250 Total principal 44,393 44,868 Unamortized debt issuance costs and assumed debt discount, net (1,875) (2,057) Total $ 42,518 $ 42,811 The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At June 30, 2024, there were no mortgage loans with partial recourse to the Company. The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. Unsecured Term Loan The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 (presented in thousands): All-in Interest Rate (1) Maturity June 30, 2024 December 31, 2023 2029 Unsecured Term Loan 4.52 % January 2029 $ 350,000 $ 350,000 Total Principal 350,000 350,000 Unamortized debt issuance costs, net (2,885) (3,202) Total $ 347,115 $ 346,798 (1) Interest rate as of June 30, 2024 reflects the credit spread of 85 basis points , plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57% . The 2029 Unsecured Term Loan includes an accordion option that allows the Company to request additional lender commitments up to a total of $500.0 million. Borrowings under the 2029 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR Senior Unsecured Notes The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of June 30, 2024 and December 31, 2023 ( presented in thousands All-in Coupon Interest Rate (1) Rate Maturity June 30, 2024 December 31, 2023 2025 Senior Unsecured Notes 4.16 % 4.16 % May 2025 $ 50,000 $ 50,000 2027 Senior Unsecured Notes 4.26 % 4.26 % May 2027 50,000 50,000 2028 Senior Unsecured Public Notes 2.11 % 2.00 % June 2028 350,000 350,000 2028 Senior Unsecured Notes 4.42 % 4.42 % July 2028 60,000 60,000 2029 Senior Unsecured Notes 4.19 % 4.19 % September 2029 100,000 100,000 2030 Senior Unsecured Notes 4.32 % 4.32 % September 2030 125,000 125,000 2030 Senior Unsecured Public Notes 3.49 % 2.90 % October 2030 350,000 350,000 2031 Senior Unsecured Notes 4.42 % 4.47 % October 2031 125,000 125,000 2032 Senior Unsecured Public Notes 3.96 % 4.80 % October 2032 300,000 300,000 2033 Senior Unsecured Public Notes 2.13 % 2.60 % June 2033 300,000 300,000 2034 Senior Unsecured Public Notes 5.65 % 5.63 % June 2034 450,000 — Total Principal 2,260,000 1,810,000 Unamortized debt issuance costs and original issue discounts, net (23,777) (15,688) Total $ 2,236,223 $ 1,794,312 (1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable. The Company has entered into forward-starting interest rate swap agreements and a US treasury lock agreement to hedge against changes in future cash flows on forecasted issuances of debt. Refer to Note 8 – Derivative Instruments and Hedging Activity Senior Unsecured Notes – Private Placements The Senior Unsecured Notes (collectively the “Private Placements”) were issued in private placements to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act. Senior Unsecured Notes – Public Offerings The Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness). The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. In May 2024, the Operating Partnership completed an underwritten public offering of $450.0 million in aggregate principal amount of its 5.625% Notes due 2034 (the “2034 Senior Unsecured Public Notes”). The public offering was priced at 98.83% of the principal amount, resulting in net proceeds of $444.7 million. Upon completion of the underwritten public offering, the Company terminated $150.0 million of forward-starting interest rate swap agreements as well as the $150.0 million US Treasury lock that hedged the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination. Considering the effect of the terminated swap agreements, the blended all-in rate to the Company for the 2034 Senior Unsecured Public Notes is 5.65%. Senior Unsecured Revolving Credit Facility In November 2022, the Company entered into a First Amendment to the Third Amended and Restated Revolving Credit Agreement which converted the interest rate on its existing $1.00 billion revolving credit facility (the “Revolving Credit Facility”) from a spread over LIBOR to a spread over SOFR plus a SOFR adjustment of 10 basis points. The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR , determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to improvement based on the Company's leverage ratio, provided its credit ratings meet a certain threshold. In addition, in connection with the Company's ongoing environmental, social and governance ("ESG") initiatives, pricing on the Revolving Credit Facility may be reduced if specific ESG rating improvements are achieved. points SOFR The Revolving Credit Facility had a $43.0 million outstanding balance as of June 30, 2024 and $227.0 million outstanding balance as of December 31, 2023. The Revolving Credit Facility includes an accordion option that allows the Company to request additional lender commitments up to a total of $1.75 billion. The Revolving Credit Facility will mature in January 2026 with Company options to extend the maturity date to January 2027. The Company Debt Maturities The following table presents scheduled principal payments related to the Company’s debt as of June 30, 2024 ( presented in thousands Scheduled Balloon Principal Payment Total Remainder of 2024 $ 488 $ — $ 488 2025 1,026 50,000 51,026 2026 (1) 629 43,000 43,629 2027 — 50,000 50,000 2028 — 410,000 410,000 Thereafter — 2,142,250 2,142,250 Total scheduled principal payments $ 2,143 $ 2,695,250 $ 2,697,393 (1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027 and had a $43.0 million outstanding balance as of June 30, 2024. Loan Covenants Certain

Common and Preferred Stock

Common and Preferred Stock	6 Months Ended
Common and Preferred Stock	Jun. 30, 2024
Common and Preferred Stock
Common and Preferred Stock	Note 6 – Common and Preferred Stock Shelf Registration On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the SEC registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. Common Stock Offerings In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $106.2 million. During the year ended December 31, 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments as provided in the equity distribution agreement. Preferred Stock Offering As of June 30, 2024, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000 Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum. The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold. ATM Programs The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements. Program Size Net Proceeds Program Year ($ million) Shares Issued ($ million) 2020 * $400.0 3,334,056 $209.5 2021 * $500.0 5,453,975 $379.1 2022 * $750.0 10,217,973 $670.0 2024 $1,000.0 3,235,964 $194.5 * ATM Programs have been terminated and no future issuance will occur under them. 2024 ATM Program In February 2024, the Company entered into a $1.00 billion ATM program (the “2024 ATM Program”). As of June 30, 2024, the Company has entered into forward sale agreements to sell an aggregate of 3,235,964 shares of common stock, for anticipated net proceeds of $194.5 million. During the six months ended June 30, 2024, the Company did not settle any of the outstanding shares of these forward sales agreements. The Company is required to settle the outstanding shares of common stock under the 2024 ATM Program between May 2025 and July 2025. After considering the shares of common stock sold subject to forward sale agreements under the 2024 ATM Program, the Company had approximately $803.3 million of availability under the 2024 ATM Program as of June 30, 2024. The previous $750.0 million ATM program (the “2022 ATM Program”) was terminated simultaneously with the establishment of the 2024 ATM Program. As a result, no future issuances will occur under the 2022 ATM Program. 2022 ATM Program In September 2022, the Company entered into the 2022 ATM Program. Since inception of the 2022 ATM Program and through adoption of the 2024 ATM Program on February 16, 2024, the Company entered into forward sale agreements to sell an aggregate of 10,217,973 shares of common stock under the 2022 ATM Program, for anticipated net proceeds of $670.0 million. Through December 31, 2023, the Company settled 6,363,359 shares of these forward sale agreements for net proceeds of approximately $433.4 million, after deducting fees and expenses. During the six months ended June 30, 2024, the Company did not settle any of the remaining outstanding shares of these forward sales agreements. The Company is required to settle the remaining outstanding shares of common stock under the 2022 ATM Program by January 2025. As of June 30, 2023, under the 2022 ATM Program, the Company had entered into forward sale agreements to sell an aggregate of 5,036,229 shares of common stock, for anticipated net proceeds of $345.6 million. Through December 31, 2022, the Company settled 245,591 shares of these forward sale agreements for net proceeds of approximately $18.1 million, after deducting fees and expenses. During the six months ended June 30, 2023, the Company settled 1,865,997 shares of these forward sale agreements for net proceeds of approximately $125.5 million, after deducting fees and expenses.

Dividends and Distribution Paya

Dividends and Distribution Payable	6 Months Ended
Dividends and Distribution Payable	Jun. 30, 2024
Dividends and Distribution Payable
Dividends and Distribution Payable	Note 7 – Dividends and Distribution Payable During the three months ended June 30, 2024 and 2023, the Company declared monthly dividends of $0.250 and $0.243, respectively, per common share. Holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for April and May were paid during the three months ended June 30, 2024 and 2023, while the June dividends and distributions were recorded as liabilities on the condensed consolidated balance sheets at June 30, 2024 and 2023. The June 2024 and 2023 dividends per common share and distributions per Operating Partnership Common Units were paid on July 15, 2024 and July 14, 2023, respectively. During the three months ended June 30, 2024 and 2023, the Company declared monthly dividends on the Series A Preferred Shares in the amount of $0.08854, per Depositary Share. The dividends payable for April and May were paid during the three months ended June 30, 2024 and 2023, while the June dividends and distributions were recorded as a liability on the condensed consolidated balance sheet at June 30, 2024 and 2023. The June 2024 and 2023 dividends per Depository Share were paid on July 1, 2024 and July 3, 2023, respectively.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	6 Months Ended
Derivative Instruments and Hedging Activity	Jun. 30, 2024
Derivative Instruments and Hedging Activity
Derivative Instruments and Hedging Activity	Note 8 – Derivative Instruments and Hedging Activity Background The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company’s derivatives, refer to Note 9 – Fair Value Measurements The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. Hedge Activity In June 2023, the Company entered into $350.0 million of forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $350.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through the maturity date of January 1, 2029. The swaps are designated to hedge the variable rate interest payments of the 2029 Unsecured Term Loan indexed to SOFR. As of June 30, 2024, these interest rate swaps were valued as an asset of approximately $6.9 million. In December 2023, the Company entered into $150.0 million of forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $150.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.60% beginning December 31, 2024 through the maturity date of December 31, 2034. In addition, in May 2024, the Company entered into a $150.0 million US Treasury lock at 4.51% to hedge against the variability in future cash flows resulting from changes in interest rates. The Company terminated the $150.0 million forward-starting interest rate swap agreements and the $150.0 million US Treasury lock upon completion of the underwritten public offering of the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt. Recognition The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company recognizes its derivatives within other assets, net and accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets. The Company recognizes all changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment as a component of other comprehensive income (OCI). Accumulated OCI relates to (i) the change in fair value of interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. Amounts are reclassified out of accumulated OCI as an adjustment to interest expense for (i) realized gains or losses related to effective interest rate swaps and (ii) realized gains or losses on settled derivative instruments, amortized over the term of the hedged debt transaction. During the next twelve months, the Company estimates that an additional $7.6 million will be reclassified as a decrease to interest expense. The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( presented in thousands, except number of instruments Number of Instruments 1 Notional Amount 1 June 30, December 31, June 30, December 31, Interest Rate Derivatives 2024 2023 2024 2023 Interest rate swaps 3 6 $ 350,000 $ 500,000 (1) Number of Instruments and total Notional Amount disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting interest rate swaps prior to their effective date. The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the condensed consolidated balance sheets ( presented in thousands Asset Derivatives June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Other Assets, net $ 6,860 $ — Liability Derivatives June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Accounts Payable, Accrued Expenses, and Other Liabilities $ — $ 4,501 The table below presents the effect of the Company’s derivative financial instruments in the condensed consolidated statements of operations and other comprehensive income for the three and six months ended June 30, 2024 and 2023 ( presented in thousands Amount of Income/(Loss) Location of Accumulated OCI Amount Reclassified from Recognized in Reclassified from Accumulated Accumulated OCI as a OCI on Derivative OCI into Income (Reduction)/Increase in Interest Expense Three Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ 5,722 $ 3,341 Interest expense $ (2,225) $ (630) Location of Accumulated OCI Amount Reclassified from Reclassified from Accumulated Accumulated OCI as a OCI into Income (Reduction)/Increase in Interest Expense Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ 18,813 $ 3,341 Interest expense $ (4,422) $ (1,257) The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of June 30, 2024. Credit-Risk-Related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the condensed consolidated balance sheets. As of June 30, 2024 and December 31, 2023, the fair value of derivatives related to these agreements, which includes interest but excludes any adjustment for nonperformance risk, was a net asset position of $7.3 million and a net liability position of $4.1 million, respectively. There was no offsetting of derivative assets or liabilities as of June 30, 2024 and December 31, 2023.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	Note 9 – Fair Value Measurements Assets and Liabilities Measured at Fair Value The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Derivative Financial Instruments The Company uses interest rate swap agreements to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 ( presented in thousands Total Fair Value Level 2 June 30, 2024 Derivative assets - interest rate swaps $ 6,860 $ 6,860 Derivative liabilities - interest rate swaps $ — $ — December 31, 2023 Derivative assets - interest rate swaps $ — $ — Derivative liabilities - interest rate swaps $ 4,501 $ 4,501 Other Financial Instruments The carrying values of cash and cash equivalents, cash held in escrow, accounts receivable and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The Company determined that the valuation of its Unsecured Term Loan, Senior Unsecured Notes and Revolving Credit Facility are classified as Level 2 of the fair value hierarchy and its fixed rate mortgages are classified as Level 3 of the fair value hierarchy. The Senior Unsecured Notes had carrying values of $2.24 billion and $1.79 billion as of June 30, 2024 and December 31, 2023, respectively, and had fair values of $2.05 billion and $1.60 billion, respectively. The Mortgage Notes Payable had carrying values of $42.5 million and $42.8 million as of June 30, 2024 and December 31, 2023, respectively, and had fair values of $40.6 million and $41.2 million, respectively. The fair value of the Revolving Credit Facility and Unsecured Term Loan are estimated to be equal to the carrying value as they are variable rate debt.

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
Equity Incentive Plan	Jun. 30, 2024
Equity Incentive Plan
Equity Incentive Plan	Note 10 – Equity Incentive Plan In May 2024, the Company’s stockholders approved the Agree Realty Corporation 2024 Omnibus Incentive Plan (the “2024 Plan”), which replaced the Agree Realty Corporation 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2024 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 2,000,000 shares of the Company’s common stock. As of June 30, 2024, 2,000,000 shares of common stock were available for issuance under the 2024 Plan. Restricted Stock - Employees Restricted shares have been granted to employees which vest based on continued service to the Company. The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted share awards granted prior to 2023 vest over a five-year period while awards granted in 2023 The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the appropriate vesting period. The Company used 0% for the forfeiture rate for determining the fair value of restricted stock. The Company recognized expense related to restricted share grants of $1.5 million and $1.2 million during the three months ended June 30, 2024 and 2023, respectively and $2.8 million and $2.2 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $12.3 million of total unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 2.3 years. The intrinsic value of restricted shares redeemed during the six months ended June 30, 2024 and 2023, was $2.2 million and $2.6 million, respectively. Restricted share activity is summarized as follows: Shares Weighted Average Outstanding Grant Date ( in thousands ) Fair Value Unvested restricted stock at December 31, 2023 194 $ 68.85 Restricted stock granted 101 $ 57.51 Restricted stock vested (64) $ 69.37 Restricted stock forfeited (4) $ 64.80 Unvested restricted stock at June 30, 2024 227 $ 63.74 Performance Units Performance units are subject to a three-year performance period, following the conclusion of which shares awarded are to be determined by the Company’s total shareholder return (“TSR”) compared to the constituents of the MSCI US REIT Index and a defined peer group. Fifty percent of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and fifty percent of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. For performance units granted prior to 2023, vesting of the performance units following their issuance will occur ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units vest within five years of the original award date. Performance units granted in 2023 and 2024 vest following the conclusion of the performance period such that all units will vest three years from the original award date. The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model. For the performance units granted prior to 2023, compensation expense is amortized on an attribution method over a five-year period. For performance units granted in 2023 and 2024, compensation expense is amortized on a straight-line basis over a three-year period. Compensation expense related to performance units are determined at the grant date and is not adjusted throughout the measurement or vesting periods. The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2- and 3-year rates). The Company used 0% for the forfeiture rate for determining the fair value of performance units. The following assumptions were used when determining the grant date fair value: 2024 2023 2022 Expected term (years) 2.9 2.9 2.9 Volatility 20.0 % 23.6 % 33.5 % Risk-free rate 4.5 % 4.4 % 1.8 % The Company recognized expense related to performance units for which the three-year performance period has not yet been completed of $0.8 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively and $1.4 million and $1.0 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $7.0 million of total unrecognized compensation costs related to performance units for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 2.3 years. For those performance units for which the three-year performance period was completed, however the shares have not yet vested, the Company recognized expense of $0.1 million for each of the three months ended June 30, 2024 and 2023 and $0.3 million for each of the six months ended June 30, 2024 and 2023. As of June 30, 2024, there was $0.4 million of total unrecognized compensation costs related to performance units for which the three-year performance period has been completed, however the shares have not yet vested, which is expected to be recognized over a weighted average period of 1.2 years. Performance units activity is summarized as follows: Target Number Weighted Average of Awards Grant Date (in thousands ) Fair Value Performance units at December 31, 2023 - three-year performance period to be completed 111 $ 72.14 Performance units granted 77 $ 59.16 Performance shares - three-year performance period completed (31) $ 63.42 Performance units at June 30, 2024 - three-year performance period to be completed 157 $ 67.50 Shares Weighted Average Outstanding Grant Date (in thousands) Fair Value Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023 31 $ 83.40 Shares earned at completion of three-year performance period (1) 23 $ 63.42 Shares vested (28) $ 75.18 Performance units and shares - three-year performance period completed but not yet vested at June 30, 2024 26 $ 74.58 (1) Restricted Stock - Directors During the six months ended June 30, 2024, 23,389 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $57.51 per share. During the year ended December 31, 2023, 14,535 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $73.27 per share. The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. The Company estimates the fair value of board members’ restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period. The Company recognized expense relating to restricted share grants to the board members of $0.3 million for each of the three months ended June 30, 2024 and 2023 and $0.7 million and $0.5 million for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, there was $0.7 million of total unrecognized compensation costs related to the board members’ outstanding restricted shares, which is expected to be recognized over the remainder of 2024. The Company used 0% for the forfeiture rate for determining the fair value of this restricted stock.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 11 – Commitments and Contingencies In the ordinary course of business, the Company is party to various legal actions which the Company considers to be routine in nature and incidental to the operation of its business. The Company believes that the outcome of the proceedings will not have a material adverse effect upon the Company’s consolidated financial position or results of operations.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	Note 12 – Subsequent Events In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to June 30, 2024 through the date on which these financial statements were issued to determine whether any of these events required adjustments to or disclosure in the financial statements. There were no reportable subsequent events or transactions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 54,724	$ 40,868	$ 99,583	$ 82,482

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Summary of Significant Accounting Policies
Basis of Accounting	Basis of Accounting The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. The unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three and six months ended June 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024. Amounts as of December 31, 2023 included in the condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited condensed consolidated financial statements, included herein, should be read in conjunction with the audited consolidated financial statements and notes thereto, as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations, in the Company’s Form 10-K for the year ended December 31, 2023.
Consolidation	Consolidation Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation
Real Estate Investments	Real Estate Investments The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.
Assets Held for Sale	Assets Held for Sale Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment
Acquisitions of Real Estate	Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, assumed debt, if any, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.
Depreciation and Amortization	Depreciation and Amortization Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings and 10 to 20 years for improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. In-place lease intangible assets and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income. The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2024 and 2023 ( presented in thousands Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Lease intangibles (in-place) $ 16,288 $ 14,183 $ 32,140 $ 27,807 Lease intangibles (above-market) 9,648 10,162 19,333 20,275 Lease intangibles (below-market) (1,351) (1,451) (2,741) (2,953) Total $ 24,585 $ 22,894 $ 48,732 $ 45,129 The following schedule represents estimated future amortization of lease intangibles as of June 30, 2024 ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease intangibles (in-place) $ 32,977 $ 62,717 $ 59,232 $ 53,271 $ 46,545 $ 197,950 $ 452,692 Lease intangibles (above-market) 18,966 36,044 34,315 31,720 28,246 236,008 385,299 Lease intangibles (below-market) (2,615) (4,963) (4,609) (4,260) (3,441) (17,095) (36,983) Total $ 49,328 $ 93,798 $ 88,938 $ 80,731 $ 71,350 $ 416,863 $ 801,008
Impairments	Impairments The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, the Company’s ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property. Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying cost of the individual asset. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ materially from actual results.
Cash and Cash Equivalents and Cash Held in Escrow	Cash and Cash Equivalents and Cash Held in Escrow The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. Cash held in escrow primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The Company had $23.1 million and $13.4 million in cash and cash equivalents and cash held in escrow as of June 30, 2024 and December 31, 2023, respectively, in excess of the FDIC insured limit. 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 ( presented in thousands June 30, 2024 December 31, 2023 Cash and cash equivalents $ 9,639 $ 10,907 Cash held in escrow 14,615 3,617 Total of cash and cash equivalents and cash held in escrow $ 24,254 $ 14,524
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint. Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable - tenants line item in the condensed consolidated balance sheets. The balance of straight-line rent receivables at June 30, 2024 and December 31, 2023 was $71.5 million and $65.9 million, respectively. To the extent any of the tenants under these leases become unable to pay their contractual cash rents, the Company may be required to write down the straight-line rent receivable from those tenants, which would reduce rental income. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue. As of June 30, 2024, the Company had six leases across four tenants where collection is not considered probable. For these tenants, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables. Adjustments to rental revenue related to tenants accounted for on the cash basis resulted in an increase to rental income of less than $0.1 million for the three months ended June 30, 2024 and $0.1 million for the six months ended June 30, 2024, due to the receipt of amounts previously considered uncollectible. In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance at June 30, 2024 and December 31, 2023. The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at June 30, 2024 and December 31, 2023 was $10.4 million and $14.0 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable – tenants, net in the condensed consolidated balance sheets. The Company has adopted the practical expedient in FASB ASC Topic 842, Leases “ASC 842”)
Earnings per Share	Earnings per Share Earnings per share of common stock have been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per 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 each of the periods presented ( presented in thousands, except for share data Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income attributable to Agree Realty Corporation $ 54,724 $ 40,868 $ 99,583 $ 82,482 Less: Series A preferred stock dividends (1,859) (1,859) (3,718) (3,718) Net income attributable to common stockholders 52,865 39,009 95,865 78,764 Less: Income attributable to unvested restricted shares (145) (100) (265) (204) Net income used in basic and diluted earnings per share $ 52,720 $ 38,909 $ 95,600 $ 78,560 Weighted average number of common shares outstanding 100,625,877 93,299,541 100,595,525 91,795,061 Less: Unvested restricted shares (275,934) (245,671) (275,934) (245,671) Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Effect of dilutive securities: Share-based compensation 89,582 79,914 88,285 88,603 ATM Forward Equity Offerings 15,178 601 7,590 73,853 September 2022 Forward Equity Offering — — — 150,444 Weighted average number of common shares outstanding used in diluted earnings per share 100,454,703 93,134,385 100,415,466 91,862,290 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 100,802,322 93,482,004 100,763,085 92,209,909 For the three months ended June 30, 2024, 1,680 shares of restricted common stock (“restricted shares”) were anti-dilutive and were not included in the computation of diluted earnings per share. No performance units were anti-dilutive. For the six months ended June 30, 2024, 1,910 restricted shares were anti-dilutive and were not included in the computation of diluted earnings per share. No performance units were anti-dilutive. For the three months ended June 30, 2023, 41 restricted shares and 3,715 performance units were anti-dilutive and were not included in the computation of diluted earnings per share. For the six months ended June 30, 2023, 1,794 performance units were anti-dilutive and were not included in the computation of diluted earnings per share. No restricted shares were anti-dilutive.
Forward Equity Sales	Forward Equity Sales The Company occasionally sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company. To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock. The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.
Equity Offering Costs	Equity Offering Costs Underwriting commissions and offering costs of equity offerings are reflected as a reduction of additional paid-in-capital in the Company’s condensed consolidated balance sheets.
Income Taxes	Income Taxes The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, providing it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For the periods covered in the condensed consolidated financial statements, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying condensed consolidated financial statements. The Company has elected taxable REIT subsidiary (“TRS”) status for certain subsidiaries pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal income taxes. All provisions for federal income taxes in the accompanying condensed consolidated financial statements are attributable to the Company’s TRS. Notwithstanding its qualification for taxation as a REIT, the Company is subject to certain state and local income and franchise taxes, which are included in income and other tax expense on the condensed consolidated statement of operations and comprehensive income. The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions are documented and supported and would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded pursuant to ASC 740-10 in the condensed consolidated financial statements. The Company has elected to record related interest and penalties, if any, as income and other tax expense on the condensed consolidated statements of operations and comprehensive income. The Company has no material interest or penalties relating to income taxes recognized for the three and six months ended June 30, 2024 and 2023. Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
Management's Responsibility to Evaluate Its Ability to Continue as a Going Concern	Management’s Responsibility to Evaluate Its Ability to Continue as a Going Concern When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources. No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q.
Segment Reporting	Segment Reporting The Company is primarily in the business of acquiring, developing and managing retail real estate. The Company’s chief operating decision maker, which is its Chief Executive Officer, does not distinguish or group operations on a geographic or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Values of Financial Instruments	Fair Values of Financial Instruments The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. Level 2 – Valuation is based upon inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820)” In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures In March 2024, the Securities and Exchange Commission (“SEC”) adopted climate-related reporting rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors (the “SEC Climate Reporting Rules”). The SEC Climate Reporting Rules require disclosure of: ● Governance, strategy and risk management related to climate-related risks that have materially impacted or are reasonably likely to have a material impact on the Company’s business. ● Scope 1 and 2 greenhouse gas (GHG) emissions. Scope 1 GHG emissions are direct GHG emissions from operations owned or controlled by the entity and scope 2 emissions are indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat or cooling that is consumed by operations owned or controlled by the entity. ● Expenditures and capitalized costs, excluding recoveries, incurred related to severe weather events and natural conditions, if such expenditures exceed defined disclosure thresholds. The SEC issued an order staying the SEC Climate Reporting Rules in April 2024. Prior to the stay, the required disclosures were to be phased-in for annual periods beginning in 2025 and 2026 annual filings. The Company continues to monitor the status of the SEC Climate Reporting Rules and is evaluating the additional disclosures required.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jun. 30, 2024
Summary of Significant Accounting Policies
Schedule of amortization of lease intangibles	The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2024 and 2023 ( presented in thousands Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Lease intangibles (in-place) $ 16,288 $ 14,183 $ 32,140 $ 27,807 Lease intangibles (above-market) 9,648 10,162 19,333 20,275 Lease intangibles (below-market) (1,351) (1,451) (2,741) (2,953) Total $ 24,585 $ 22,894 $ 48,732 $ 45,129
Schedule of estimated future amortization of lease intangibles	The following schedule represents estimated future amortization of lease intangibles as of June 30, 2024 ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease intangibles (in-place) $ 32,977 $ 62,717 $ 59,232 $ 53,271 $ 46,545 $ 197,950 $ 452,692 Lease intangibles (above-market) 18,966 36,044 34,315 31,720 28,246 236,008 385,299 Lease intangibles (below-market) (2,615) (4,963) (4,609) (4,260) (3,441) (17,095) (36,983) Total $ 49,328 $ 93,798 $ 88,938 $ 80,731 $ 71,350 $ 416,863 $ 801,008
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 ( presented in thousands June 30, 2024 December 31, 2023 Cash and cash equivalents $ 9,639 $ 10,907 Cash held in escrow 14,615 3,617 Total of cash and cash equivalents and cash held in escrow $ 24,254 $ 14,524
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 each of the periods presented ( presented in thousands, except for share data Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income attributable to Agree Realty Corporation $ 54,724 $ 40,868 $ 99,583 $ 82,482 Less: Series A preferred stock dividends (1,859) (1,859) (3,718) (3,718) Net income attributable to common stockholders 52,865 39,009 95,865 78,764 Less: Income attributable to unvested restricted shares (145) (100) (265) (204) Net income used in basic and diluted earnings per share $ 52,720 $ 38,909 $ 95,600 $ 78,560 Weighted average number of common shares outstanding 100,625,877 93,299,541 100,595,525 91,795,061 Less: Unvested restricted shares (275,934) (245,671) (275,934) (245,671) Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Weighted average number of common shares outstanding used in basic earnings per share 100,349,943 93,053,870 100,319,591 91,549,390 Effect of dilutive securities: Share-based compensation 89,582 79,914 88,285 88,603 ATM Forward Equity Offerings 15,178 601 7,590 73,853 September 2022 Forward Equity Offering — — — 150,444 Weighted average number of common shares outstanding used in diluted earnings per share 100,454,703 93,134,385 100,415,466 91,862,290 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 100,802,322 93,482,004 100,763,085 92,209,909

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases
Summary of lease income	The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the three and six months ended June 30, 2024 and 2023 (presented in thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Total lease payments $ 157,223 $ 135,691 $ 312,086 $ 267,842 Less: Operating cost reimbursements, termination income and percentage rents 18,505 14,731 36,506 31,122 Total non-variable lease payments $ 138,718 $ 120,960 $ 275,580 $ 236,720
Summary of lease income to be received	At June 30, 2024, future non-variable lease payments to be received from the Company’s operating leases for the remainder of 2024, the following four years, and thereafter are as follows ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Future non-variable lease payments $ 292,962 $ 583,818 $ 565,274 $ 538,389 $ 501,420 $ 2,494,421 $ 4,976,284
Summary of lease costs	The following tables include information on the Company’s land leases for which it is the lessee, for the three and six months ended June 30, 2024 and 2023. (presented in thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating leases: Operating cash outflows $ 299 $ 299 $ 598 $ 598 Weighted-average remaining lease term - operating leases (years) 29.9 33.4 29.9 33.4 Finance leases: Operating cash outflows $ 62 $ 63 $ 124 $ 126 Financing cash outflows $ 22 $ 21 $ 43 $ 42 Weighted-average remaining lease term - finance leases (years) 0.3 1.3 0.3 1.3 Supplemental Disclosure: Right-of-use assets obtained in exchange for new lease liabilities $ 365 $ — $ 365 $ —
Summary of maturity analysis of lease liabilities for operating land leases	The following is a maturity analysis of lease liabilities for operating land leases as of June 30, 2024 for the remainder of 2024 and the following four years. ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease payments $ 598 $ 1,216 $ 1,215 $ 1,062 $ 1,034 $ 28,760 $ 33,885 Imputed interest (343) (692) (670) (650) (633) (13,840) (16,828) Total lease liabilities $ 255 $ 524 $ 545 $ 412 $ 401 $ 14,920 $ 17,057
Summary of maturity analysis of lease liabilities for finance land leases	The following is a maturity analysis of lease liabilities for finance land leases as of June 30, 2024 for the remainder of 2024 and the following four years. ( presented in thousands 2024 Year Ending December 31, (remaining) 2025 2026 2027 2028 Thereafter Total Lease payments $ 6,084 $ — $ — $ — $ — $ — $ 6,084 Imputed interest (82) — — — — — (82) Total lease liabilities $ 6,002 $ — $ — $ — $ — $ — $ 6,002

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
Real Estate Investments (Tables)	Jun. 30, 2024
Real Estate Investments
Schedule of real estate properties held-for-sale	The Company did not classify any properties as real estate held for sale as of June 30, 2024 and one property as real estate held for sale as of December 31, 2023, the assets for which are separately presented in the consolidated balance sheets as follows ( presented in thousands June 30, 2024 December 31, 2023 Land $ — $ 671 Building — 2,978 — 3,649 Accumulated depreciation and amortization, net — (7) Total Real Estate Held for Sale, net $ — $ 3,642

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Schedule of maturities of long-term debt	The following table presents scheduled principal payments related to the Company’s debt as of June 30, 2024 ( presented in thousands Scheduled Balloon Principal Payment Total Remainder of 2024 $ 488 $ — $ 488 2025 1,026 50,000 51,026 2026 (1) 629 43,000 43,629 2027 — 50,000 50,000 2028 — 410,000 410,000 Thereafter — 2,142,250 2,142,250 Total scheduled principal payments $ 2,143 $ 2,695,250 $ 2,697,393 (1) The Revolving Credit Facility matures in January 2026, with options to extend the maturity to January 2027 and had a $43.0 million outstanding balance as of June 30, 2024.
Mortgages
Schedule of long-term debt instruments	Mortgage notes payable consisted of the following ( presented in thousands June 30, 2024 December 31, 2023 Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026 $ 2,143 $ 2,618 Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029 42,250 42,250 Total principal 44,393 44,868 Unamortized debt issuance costs and assumed debt discount, net (1,875) (2,057) Total $ 42,518 $ 42,811
Unsecured term loan
Schedule of debt	The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of June 30, 2024 and December 31, 2023 (presented in thousands): All-in Interest Rate (1) Maturity June 30, 2024 December 31, 2023 2029 Unsecured Term Loan 4.52 % January 2029 $ 350,000 $ 350,000 Total Principal 350,000 350,000 Unamortized debt issuance costs, net (2,885) (3,202) Total $ 347,115 $ 346,798 (1) Interest rate as of June 30, 2024 reflects the credit spread of 85 basis points , plus a 10 basis point SOFR adjustment and the impact of interest rate swaps which converted $350.0 million of SOFR-based interest to a fixed weighted average interest rate of 3.57% .
Senior Unsecured Notes
Schedule of long-term debt instruments	The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of June 30, 2024 and December 31, 2023 ( presented in thousands All-in Coupon Interest Rate (1) Rate Maturity June 30, 2024 December 31, 2023 2025 Senior Unsecured Notes 4.16 % 4.16 % May 2025 $ 50,000 $ 50,000 2027 Senior Unsecured Notes 4.26 % 4.26 % May 2027 50,000 50,000 2028 Senior Unsecured Public Notes 2.11 % 2.00 % June 2028 350,000 350,000 2028 Senior Unsecured Notes 4.42 % 4.42 % July 2028 60,000 60,000 2029 Senior Unsecured Notes 4.19 % 4.19 % September 2029 100,000 100,000 2030 Senior Unsecured Notes 4.32 % 4.32 % September 2030 125,000 125,000 2030 Senior Unsecured Public Notes 3.49 % 2.90 % October 2030 350,000 350,000 2031 Senior Unsecured Notes 4.42 % 4.47 % October 2031 125,000 125,000 2032 Senior Unsecured Public Notes 3.96 % 4.80 % October 2032 300,000 300,000 2033 Senior Unsecured Public Notes 2.13 % 2.60 % June 2033 300,000 300,000 2034 Senior Unsecured Public Notes 5.65 % 5.63 % June 2034 450,000 — Total Principal 2,260,000 1,810,000 Unamortized debt issuance costs and original issue discounts, net (23,777) (15,688) Total $ 2,236,223 $ 1,794,312 (1) The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.

Common and Preferred Stock (Tab

Common and Preferred Stock (Tables)	6 Months Ended
Common and Preferred Stock (Tables)	Jun. 30, 2024
Common and Preferred Stock
Schedule of ATM Programs	The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements. Program Size Net Proceeds Program Year ($ million) Shares Issued ($ million) 2020 * $400.0 3,334,056 $209.5 2021 * $500.0 5,453,975 $379.1 2022 * $750.0 10,217,973 $670.0 2024 $1,000.0 3,235,964 $194.5 * ATM Programs have been terminated and no future issuance will occur under them.

Derivative Instruments and He_2

Derivative Instruments and Hedging Activity (Tables)	6 Months Ended
Derivative Instruments and Hedging Activity (Tables)	Jun. 30, 2024
Derivative Instruments and Hedging Activity
Schedule of notional amounts of outstanding derivative positions	The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( presented in thousands, except number of instruments Number of Instruments 1 Notional Amount 1 June 30, December 31, June 30, December 31, Interest Rate Derivatives 2024 2023 2024 2023 Interest rate swaps 3 6 $ 350,000 $ 500,000 (1) Number of Instruments and total Notional Amount disclosed includes all interest rate swap agreements outstanding at the balance sheet date, including forward-starting interest rate swaps prior to their effective date.
Schedule of cash flow hedging instruments, as well as their classification in the Condensed Consolidated Balance Sheets	The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the condensed consolidated balance sheets ( presented in thousands Asset Derivatives June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Other Assets, net $ 6,860 $ — Liability Derivatives June 30, 2024 December 31, 2023 Derivatives designated as cash flow hedges: Accounts Payable, Accrued Expenses, and Other Liabilities $ — $ 4,501
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The table below presents the effect of the Company’s derivative financial instruments in the condensed consolidated statements of operations and other comprehensive income for the three and six months ended June 30, 2024 and 2023 ( presented in thousands Amount of Income/(Loss) Location of Accumulated OCI Amount Reclassified from Recognized in Reclassified from Accumulated Accumulated OCI as a OCI on Derivative OCI into Income (Reduction)/Increase in Interest Expense Three Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ 5,722 $ 3,341 Interest expense $ (2,225) $ (630) Location of Accumulated OCI Amount Reclassified from Reclassified from Accumulated Accumulated OCI as a OCI into Income (Reduction)/Increase in Interest Expense Six Months Ended June 30, 2024 2023 2024 2023 Interest rate swaps $ 18,813 $ 3,341 Interest expense $ (4,422) $ (1,257)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Measurements
Schedule of assets and liabilities measured at fair value	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 ( presented in thousands Total Fair Value Level 2 June 30, 2024 Derivative assets - interest rate swaps $ 6,860 $ 6,860 Derivative liabilities - interest rate swaps $ — $ — December 31, 2023 Derivative assets - interest rate swaps $ — $ — Derivative liabilities - interest rate swaps $ 4,501 $ 4,501

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
Equity Incentive Plan (Tables)	Jun. 30, 2024
Equity Incentive Plan
Schedule of restricted share activity	Restricted share activity is summarized as follows: Shares Weighted Average Outstanding Grant Date ( in thousands ) Fair Value Unvested restricted stock at December 31, 2023 194 $ 68.85 Restricted stock granted 101 $ 57.51 Restricted stock vested (64) $ 69.37 Restricted stock forfeited (4) $ 64.80 Unvested restricted stock at June 30, 2024 227 $ 63.74
Schedule of valuation assumptions used	The following assumptions were used when determining the grant date fair value: 2024 2023 2022 Expected term (years) 2.9 2.9 2.9 Volatility 20.0 % 23.6 % 33.5 % Risk-free rate 4.5 % 4.4 % 1.8 %
Schedule of performance share and unit activity	Performance units activity is summarized as follows: Target Number Weighted Average of Awards Grant Date (in thousands ) Fair Value Performance units at December 31, 2023 - three-year performance period to be completed 111 $ 72.14 Performance units granted 77 $ 59.16 Performance shares - three-year performance period completed (31) $ 63.42 Performance units at June 30, 2024 - three-year performance period to be completed 157 $ 67.50 Shares Weighted Average Outstanding Grant Date (in thousands) Fair Value Performance units and shares - three-year performance period completed but not yet vested at December 31, 2023 31 $ 83.40 Shares earned at completion of three-year performance period (1) 23 $ 63.42 Shares vested (28) $ 75.18 Performance units and shares - three-year performance period completed but not yet vested at June 30, 2024 26 $ 74.58 (1)

Organization (Details)

Organization (Details) ft² in Millions	6 Months Ended	12 Months Ended
Organization (Details) ft² in Millions	Jun. 30, 2024 ft² property shares	Dec. 31, 2023 ft² property
Nature of Operations [Line Items]
Number of Properties \| property	2,202	2,135
Total gross leasable area (GLA) \| ft²	45.8	44.2
Percentage of portfolio leased	99.80%
Annualized base rent derived from tenants (as a percent)	68.40%
Weighted Average
Nature of Operations [Line Items]
Remaining lease term	8 years 1 month 6 days
Agree Realty Corporation \| General Partner
Nature of Operations [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	99.70%	99.70%
Agree Realty Corporation \| Third party
Nature of Operations [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	0.30%	0.30%
Common stock conversion ratio	1
Number of common stock outstanding if non-controlling units were exchanged \| shares	100,972,243
Series A Preferred Stock \| Agree Realty Corporation \| General Partner
Nature of Operations [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Amortization of Deferred Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of deferred charges	$ 24,585	$ 22,894	$ 48,732	$ 45,129
Lease intangibles (in-place)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of deferred charges	16,288	14,183	32,140	27,807
Lease intangibles (above-market)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of deferred charges	9,648	10,162	19,333	20,275
Lease intangibles (below-market)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of below market lease	$ (1,351)	$ (1,451)	$ (2,741)	$ (2,953)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Future Amortization of Deferred Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Year Ending December 31,
2024 (Remaining)	$ 49,328
2025	93,798
2026	88,938
2027	80,731
2028	71,350
Thereafter	416,863
Total	801,008
Total	(36,983)	$ (36,827)
Lease intangibles (in-place)
Year Ending December 31,
2024 (Remaining)	32,977
2025	62,717
2026	59,232
2027	53,271
2028	46,545
Thereafter	197,950
Total	452,692
Lease intangibles (above-market)
Year Ending December 31,
2024 (Remaining)	18,966
2025	36,044
2026	34,315
2027	31,720
2028	28,246
Thereafter	236,008
Total	385,299
Lease intangibles (below-market)
Year Ending December 31,
2024 (Remaining)	(2,615)
2025	(4,963)
2026	(4,609)
2027	(4,260)
2028	(3,441)
Thereafter	(17,095)
Total	$ (36,983)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Reconciliation of cash and cash equivalents and cash held in escrow - (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash and cash equivalents	$ 9,639	$ 10,907
Cash held in escrow	14,615	3,617
Total of cash and cash equivalents and cash held in escrow	$ 24,254	$ 14,524	$ 12,247	$ 28,909

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Earnings per Share (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share Basic And Diluted [Line Items]
Net income attributable to Agree Realty Corporation	$ 54,724	$ 40,868	$ 99,583	$ 82,482
Less: Series A preferred stock dividends	(1,859)	(1,859)	(3,718)	(3,718)
Net income attributable to common stockholders	52,865	39,009	95,865	78,764
Less: Income attributable to unvested restricted shares	(145)	(100)	(265)	(204)
Net income used in basic and diluted earnings per share	$ 52,720	$ 38,909	$ 95,600	$ 78,560
Weighted average number of common shares outstanding	100,625,877	93,299,541	100,595,525	91,795,061
Less: Unvested restricted shares	(275,934)	(245,671)	(275,934)	(245,671)
Weighted average number of common shares outstanding used in basic earnings per share	100,349,943	93,053,870	100,319,591	91,549,390
Weighted average number of common shares outstanding used in basic earnings per share	100,349,943	93,053,870	100,319,591	91,549,390
Effect of dilutive securities:
Share-based compensation	89,582	79,914	88,285	88,603
Weighted average number of common shares outstanding used in diluted earnings per share	100,454,703	93,134,385	100,415,466	91,862,290
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	100,802,322	93,482,004	100,763,085	92,209,909
Restricted Shares
Effect of dilutive securities:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,680	41	1,910	0
Performance units
Effect of dilutive securities:
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	3,715	0	1,794
ATM Forward Equity Offerings
Effect of dilutive securities:
Forward equity offering	15,178	601	7,590	73,853
September 2022 Forward Equity Offering
Effect of dilutive securities:
Forward equity offering				150,444

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) tenant lease	Jun. 30, 2024 USD ($) segment tenant lease	Dec. 31, 2023 USD ($)
Accounting Policies [Line Items]
Cash in excess of FDIC insured amounts	$ 23.1	$ 23.1	$ 13.4
Straight-line rent receivables	$ 71.5	$ 71.5	65.9
Accounts Receivable, Allowance for Credit Loss, Number Of Leases \| lease	6	6
Accounts Receivable, Allowance for Credit Loss, Number Of Customers \| tenant	4	4
Increase to rental income		$ 0.1
Allowance for doubtful accounts receivable (in dollars)	$ 0	$ 0	0
Number of Reportable Segments \| segment		1
Unbilled Revenues
Accounting Policies [Line Items]
Accounts Receivable, Gross	10.4	$ 10.4	$ 14
Maximum
Accounting Policies [Line Items]
Increase to rental income	$ 0.1
Building
Accounting Policies [Line Items]
Useful life	40 years	40 years
Building Improvements \| Minimum
Accounting Policies [Line Items]
Useful life	10 years	10 years
Building Improvements \| Maximum
Accounting Policies [Line Items]
Useful life	20 years	20 years

Leases - Tenant Leases (Details

Leases - Tenant Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Tenant Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Option to extend lease			true
Lease, practical expedients			true
Lease Income
Total lease payments	$ 157,223	$ 135,691	$ 312,086	$ 267,842
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Leases, Income Statement, Lease Revenue	Operating Leases, Income Statement, Lease Revenue	Operating Leases, Income Statement, Lease Revenue	Operating Leases, Income Statement, Lease Revenue
Less: Operating cost reimbursements, termination income and percentage rents	$ 18,505	$ 14,731	$ 36,506	$ 31,122
Total non-variable lease payments	138,718	$ 120,960	275,580	$ 236,720
Future non-variable lease payments
2024 (remaining)	292,962		292,962
2025	583,818		583,818
2026	565,274		565,274
2027	538,389		538,389
2028	501,420		501,420
Thereafter	2,494,421		2,494,421
Total	$ 4,976,284		$ 4,976,284

Leases - Deferred Revenue (Deta

Leases - Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Leases
Deferred revenue	$ 26.6	$ 21.9

Leases - Land Lease Obligations

Leases - Land Lease Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lease costs
Right of use assets	$ 60,300		$ 60,300		$ 60,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Lease obligations, net	$ 23,100		$ 23,100		$ 23,000
Operating And Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Land lease expense	$ 415	$ 410	$ 830	$ 840
Amortization of right of use assets for finance lease			0
Operating cash outflows	$ 299	$ 299	$ 598	$ 598
Weighted-average remaining lease term - operating leases (years)	29 years 10 months 24 days	33 years 4 months 24 days	29 years 10 months 24 days	33 years 4 months 24 days
Operating cash outflows	$ 62	$ 63	$ 124	$ 126
Financing cash outflows	$ 22	$ 21	$ 43	$ 42
Weighted-average remaining lease term - finance leases (years)	3 months 18 days	1 year 3 months 18 days	3 months 18 days	1 year 3 months 18 days
Right-of-use assets obtained in exchange for new lease liabilities	$ 365		$ 365	$ 0
Weighted-average discount rate - operating leases	4%	4%	4%	4%
Weighted-average discount rate - finance leases	4%	4%	4%	4%
Maturity Analysis of Lease Liabilities for Operating Leases
Lease payments 2024 (remaining)	$ 598		$ 598
Lease payments 2025	1,216		1,216
Lease payments 2026	1,215		1,215
Lease payments 2027	1,062		1,062
Lease payments 2028	1,034		1,034
Lease payment Thereafter	28,760		28,760
Total lease payments	33,885		33,885
Imputed interest 2024 (remaining)	(343)		(343)
Imputed interest 2025	(692)		(692)
Imputed interest 2026	(670)		(670)
Imputed interest 2027	(650)		(650)
Imputed interest 2028	(633)		(633)
Imputed interest Thereafter	(13,840)		(13,840)
Total imputed interest	(16,828)		(16,828)
Total Lease Liabilities 2024 (remaining)	255		255
Total Lease Liabilities 2025	524		524
Total Lease Liabilities 2026	545		545
Total Lease Liabilities 2027	412		412
Total Lease Liabilities 2028	401		401
Total Lease Liabilities Thereafter	14,920		14,920
Total lease liabilities	$ 17,057		$ 17,057
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Maturity Analysis of Lease Liabilities for Finance Leases
Lease payments 2024 (remaining)	$ 6,084		$ 6,084
Lease payments 2025	0		0
Lease payments 2026	0		0
Lease payments 2027	0		0
Lease Payment 2028	0		0
Thereafter	0		0
Total lease payments	6,084		6,084
Imputed interest 2024 (remaining)	(82)		(82)
Imputed interest 2025	0		0
Imputed interest 2026	0		0
Imputed interest 2027	0		0
Imputed interest 2028	0		0
Imputed interest Thereafter	0		0
Imputed interest Total	(82)		(82)
Total lease Liabilities 2024 (remaining)	6,002		6,002
Total Lease Liabilities 2025	0		0
Total Lease Liabilities 2026	0		0
Total Lease Liabilities 2027	0		0
Total Lease Liabilities 2028	0		0
Total Lease Liabilities Thereafter	0		0
Total lease liabilities	$ 6,002		$ 6,002
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities		Accounts Payable and Accrued Liabilities
Maximum
Lease costs
Finance lease right-of-use asset amortization and interest expense	$ 100	$ 100	$ 100	$ 100

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² state property site item	Jun. 30, 2023 USD ($) site property state item	Jun. 30, 2024 USD ($) ft² property site state item	Jun. 30, 2023 USD ($) property site state item	Dec. 31, 2023 USD ($) ft² property
Real Estate Investments
Number of Real Estate Properties \| property	2,202		2,202		2,135
Total gross leasable area (GLA) \| ft²	45.8		45.8		44.2
Net Real Estate Investments	$ 6,952,629		$ 6,952,629		$ 6,743,320
Retail Net Lease Assets Purchased \| item	47	92	78	158
Payments to Acquire Property, Plant, and Equipment	$ 187,600	$ 307,000	$ 315,300	$ 610,800
Number Of States Properties Located \| state	21	31	33	35
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in year)	9 years 3 months 18 days	9 years 10 months 24 days	8 years 9 months 18 days	11 years 6 months
Payments to Acquire Land Held-for-use			$ 70,600	$ 144,200
Payments for Capital Improvements			209,000	395,400
Payments to Acquire Intangible Assets			35,600	$ 71,300
Payments to Acquire Other Productive Assets			$ 100
Number Of Development And Developer Funding Platform Projects Commenced \| site	5	2	9	7
Number Of Development And Developer Funding Platform Projects Completed \| site	4	6	6	9
Number of Development and Developer Funding Platform Projects Construction \| site			19	22
Gains/ (Losses) on Sales of Investment Real Estate	$ 7,200	$ 300	$ 9,300	$ 300
Number of real estate properties held-for-sale \| property	0		0		1
Number of held-for-sale properties sold \| property	10	1	16	1
Proceeds from Sale, Property, Held-for-Sale	$ 35,500	$ 3,100	$ 56,700	$ 3,100
Provision for impairment	0	1,315	4,530	1,315
Impaired Real Estate Estate Fair Value	$ 13,700	$ 500	$ 13,700	$ 500

Real Estate Investments - Asset

Real Estate Investments - Assets Held for Sale (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Real Estate Investments
Land	$ 671
Building	2,978
Real Estate Held-for-sale, gross	3,649
Accumulated depreciation and amortization, net	(7)
Total Real Estate Held for Sale, net	$ 3,642

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,697,393
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	43,000
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	44,393	$ 44,868
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	350,000	350,000
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,260,000	$ 1,810,000

Debt - Mortgages Payable (Detai

Debt - Mortgages Payable (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Mortgages Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total Principal	$ 2,697,393
Mortgages [Member]
Debt Instrument [Line Items]
Total Principal	44,393	$ 44,868
Unamortized debt issuance costs and assumed debt discounts, net	(1,875)	(2,057)
Total	42,518	$ 42,811
Debt Instrument, Collateral Amount	$ 77,800
Long-term Debt, Weighted Average Interest Rate	3.76%	3.78%
Notes Payable Due July 2026 6.27 Percent [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Total Principal	$ 2,143	$ 2,618
Debt Instrument, Periodic Payment, Principal	$ 92	$ 92
Debt Instrument, Interest Rate, Stated Percentage	6.27%	6.27%
Notes Payable Due December 2029 3.63 Percent [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Total Principal	$ 42,250	$ 42,250
Debt Instrument, Interest Rate, Stated Percentage	3.63%	3.63%

Debt - Unsecured Term Loan (Det

Debt - Unsecured Term Loan (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Total Principal	$ 2,697,393
Interest rate swap
Derivative Notional Amount	350,000	$ 500,000
Unsecured Debt [Member]
Total Principal	350,000	350,000
Unamortized debt issuance costs and assumed debt discounts, net	(2,885)	(3,202)
Total	$ 347,115	346,798
Unsecured Debt [Member] \| 2029 Unsecured term loan
All-in Interest Rate	4.52%
Total Principal	$ 350,000	$ 350,000
Credit spread on variable rate	0.85%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	SOFR
SOFR adjustment	0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	SOFR
Debt instrument, face amount	$ 350,000
Hedge, fixed interest rate	3.57%
Additional lender commitments	$ 500,000
Variable rate	0.10%
Spread on variable rate	0.95%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	SOFR
Unsecured Debt [Member] \| 2029 Unsecured term loan \| Minimum
Spread on variable rate	0.80%
Unsecured Debt [Member] \| 2029 Unsecured term loan \| Maximum
Spread on variable rate	1.60%
Unsecured Debt [Member] \| 2029 Unsecured term loan \| Interest rate swap
Hedge, fixed interest rate	3.57%
Derivative Notional Amount	$ 350,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Total Principal		$ 2,697,393
Proceeds from senior unsecured notes		444,722
Senior Unsecured Debt [Member]
Total Principal		2,260,000	$ 1,810,000
Unamortized debt issuance costs and assumed debt discounts, net		(23,777)	(15,688)
Long-term Debt, Total		$ 2,236,223	1,794,312
Senior Unsecured Debt [Member] \| 2025 Senior Unsecured Notes [Member]
All-in Interest Rate		4.16%
Coupon Rate		4.16%
Total Principal		$ 50,000	50,000
Senior Unsecured Debt [Member] \| 2027 Senior Unsecured Notes [Member]
All-in Interest Rate		4.26%
Coupon Rate		4.26%
Total Principal		$ 50,000	50,000
Senior Unsecured Debt [Member] \| 2028 Senior Unsecured Public Notes [Member]
All-in Interest Rate		2.11%
Coupon Rate		2%
Total Principal		$ 350,000	350,000
Senior Unsecured Debt [Member] \| 2028 Senior Unsecured Notes [Member]
All-in Interest Rate		4.42%
Coupon Rate		4.42%
Total Principal		$ 60,000	60,000
Senior Unsecured Debt [Member] \| 2029 Senior Unsecured Notes [Member]
All-in Interest Rate		4.19%
Coupon Rate		4.19%
Total Principal		$ 100,000	100,000
Senior Unsecured Debt [Member] \| 2030 Senior Unsecured Notes [Member]
All-in Interest Rate		4.32%
Coupon Rate		4.32%
Total Principal		$ 125,000	125,000
Senior Unsecured Debt [Member] \| 2030 Senior Unsecured Public Notes [Member]
All-in Interest Rate		3.49%
Coupon Rate		2.90%
Total Principal		$ 350,000	350,000
Senior Unsecured Debt [Member] \| 2031 Senior Unsecured Notes [Member]
All-in Interest Rate		4.42%
Coupon Rate		4.47%
Total Principal		$ 125,000	125,000
Senior Unsecured Debt [Member] \| 2032 Senior Unsecured Public Notes [Member]
All-in Interest Rate		3.96%
Coupon Rate		4.80%
Total Principal		$ 300,000	300,000
Senior Unsecured Debt [Member] \| 2033 Senior Unsecured Public Notes [Member]
All-in Interest Rate		2.13%
Coupon Rate		2.60%
Total Principal		$ 300,000	300,000
Senior Unsecured Debt [Member] \| 2034 Senior Unsecured Public Notes [Member]
All-in Interest Rate	5.65%	5.65%
Coupon Rate	5.625%	5.63%
Total Principal		$ 450,000	$ 0
Proceeds from senior unsecured notes	$ 444,700
Percentage of public offering price of the principal amount	98.83%
Debt instrument, face amount	$ 450,000
Proceeds from Derivative Instrument, Financing Activities	4,400
Senior Unsecured Debt [Member] \| 2034 Senior Unsecured Public Notes [Member] \| Interest rate swap
Nominal amount of derivative terminated	150,000
Senior Unsecured Debt [Member] \| 2034 Senior Unsecured Public Notes [Member] \| US Treasury lock
Nominal amount of derivative terminated	$ 150,000

Debt - Senior Unsecured Revolvi

Debt - Senior Unsecured Revolving Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2022	Jun. 30, 2024	Dec. 31, 2023	Nov. 18, 2014
Unsecured Revolving Credit Facility		$ 43,000	$ 227,000
Maximum
Reimbursement Agreement, Amount				$ 14,000
Reimbursement Agreement, Debt Covenant, Assets Value				$ 14,000
Revolving Credit Facility [Member]
Unsecured Revolving Credit Facility		$ 43,000
Senior Unsecured Debt [Member] \| Revolving Credit Facility [Member]
Debt Instrument, Face Amount	$ 1,000,000
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Term SOFR	Term SOFR
Variable rate	0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Term SOFR	Term SOFR
All-in Interest Rate		6.21%
Spread on variable rate		0.775%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Term SOFR	Term SOFR
SOFR adjustment		0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Term SOFR	Term SOFR
Unsecured Revolving Credit Facility		$ 43,000	$ 227,000
Debt Instrument, Accordion Option Additional Lender Commitments, Maximum		$ 1,750,000
Senior Unsecured Debt [Member] \| Revolving Credit Facility [Member] \| Minimum
Spread on variable rate	0.725%
Senior Unsecured Debt [Member] \| Revolving Credit Facility [Member] \| Maximum
Spread on variable rate	1.40%
Senior Unsecured Debt [Member] \| Revolving Credit Facility [Member] \| Term SOFR
Variable rate	0.10%
All-in Interest Rate		5.34%

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long Term Debt Maturities Repayments Of Principal Line Items
Remainder of 2024	$ 488
2025	51,026
2026	43,629
2027	50,000
2028	410,000
Thereafter	2,142,250
Total scheduled principal payments	2,697,393
Unsecured Revolving Credit Facility	43,000	$ 227,000
Revolving Credit Facility [Member]
Long Term Debt Maturities Repayments Of Principal Line Items
Total scheduled principal payments	43,000
Unsecured Revolving Credit Facility	43,000
Scheduled Principal [Member]
Long Term Debt Maturities Repayments Of Principal Line Items
Remainder of 2024	488
2025	1,026
2026	629
2027	0
2028	0
Thereafter	0
Total scheduled principal payments	2,143
Debt Instrument Balloon Payment [Member]
Long Term Debt Maturities Repayments Of Principal Line Items
Remainder of 2024	0
2025	50,000
2026	43,000
2027	50,000
2028	410,000
Thereafter	2,142,250
Total scheduled principal payments	$ 2,695,250

Common and Preferred Stock - Co

Common and Preferred Stock - Common Stock Offerings (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended	21 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jun. 30, 2024	Oct. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized				180,000,000		180,000,000	180,000,000
Proceeds received				$ 0	$ 400,237
Common Stock
Class of Stock [Line Items]
Shares issued	3,070,997	2,945,000
Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Common stock, shares authorized								5,750,000
Shares issued			1,600,000			4,150,000
Proceeds received			$ 106,200			$ 275,000	$ 381,200
Over-Allotment Option \| Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Common stock, shares authorized								750,000

Common and Preferred Stock - Pr

Common and Preferred Stock - Preferred Stock Offering (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding \| shares	7,000	7,000
Preferred stock, dividend rate, percentage	4.25%
Preferred Stock, Liquidation Preference, Value \| $	$ 25,000	$ 25,000
Preferred Stock, Liquidation Preference Per Share	$ 25
Preferred stock, dividends to be declared monthly (in dollars per share)	0.08854
Preferred stock, dividends declared per annum (in dollars per share)	1.0625
Preferred Stock, Redemption Price Per Share	$ 25
Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding \| shares	7,000,000
Over-Allotment Option [Member] \| Series A Preferred Stock
Class of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.001

Common and Preferred Stock - AT

Common and Preferred Stock - ATM Programs (Details) - USD ($) $ in Thousands	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended	16 Months Ended	18 Months Ended	21 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2023	Feb. 16, 2024	Jun. 30, 2024	Feb. 29, 2024
Class of Stock [Line Items]
Proceeds received						$ 0	$ 400,237
Common Stock
Class of Stock [Line Items]
Shares issued	3,070,997	2,945,000
Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Shares issued			1,600,000						4,150,000
Proceeds received			$ 106,200						$ 275,000			$ 381,200
2020 ATM Program \| Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Program Size					$ 400,000	$ 400,000						$ 400,000
Shares Issued					3,334,056	3,334,056						3,334,056
Net Proceeds Received					$ 209,500	$ 209,500						$ 209,500
2021 ATM Program \| Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Program Size					$ 500,000	$ 500,000						$ 500,000
Shares Issued					5,453,975	5,453,975						5,453,975
Net Proceeds Received					$ 379,100	$ 379,100						$ 379,100
2022 ATM Program \| Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Program Size					$ 750,000	$ 750,000						$ 750,000
Shares Issued					10,217,973	10,217,973						10,217,973
Net Proceeds Received					$ 670,000	$ 670,000						$ 670,000
Shares issued				245,591			1,865,997			6,363,359
Proceeds received				$ 18,100			$ 125,500			$ 433,400
Value of equity instruments terminated													$ 750,000
2022 ATM Program \| Common Stock \| Forward Sale Agreement \| Scenario Plan
Class of Stock [Line Items]
Proceeds received								$ 345,600			$ 670,000
Forward Contract Indexed to Issuer's Equity, Shares								5,036,229			10,217,973
2024 ATM Program \| Common Stock \| Forward Sale Agreement
Class of Stock [Line Items]
Program Size					$ 1,000,000	$ 1,000,000						$ 1,000,000	$ 1,000,000
Shares Issued					3,235,964	3,235,964						3,235,964
Net Proceeds Received					$ 194,500	$ 194,500						$ 194,500
Shares issued						0
Amount available under ATM program						$ 803,300
2024 ATM Program \| Common Stock \| Forward Sale Agreement \| Scenario Plan
Class of Stock [Line Items]
Proceeds received					$ 194,500
Forward Contract Indexed to Issuer's Equity, Shares					3,235,964

Dividends and Distribution Pa_2

Dividends and Distribution Payable (Details) - $ / shares	3 Months Ended
Dividends and Distribution Payable (Details) - $ / shares	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.750	$ 0.741	$ 0.729	$ 0.720
O 2023 M4 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)			0.243
O 2023 M4 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock			0.08854
O 2023 M5 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)			0.243
O 2023 M5 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock			0.08854
O 2023 M6 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)			0.243
O 2023 M6 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock			$ 0.08854
O 2024 M6 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)	0.250
O 2024 M6 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock	0.08854
O 2024 M5 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)	0.250
O 2024 M5 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock	0.08854
O 2024 M4 Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared per common share (in dollars per share)	0.250
O 2024 M4 Dividends [Member] \| Series A Preferred Stock
Dividends Payable [Line Items]
Cash dividends declared per depositary share of Series A preferred stock	$ 0.08854

Derivative Instruments and He_3

Derivative Instruments and Hedging Activity (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		$ 7.6
Derivative net asset position aggregate fair value		7.3
Derivative net liability position aggregate fair value			$ 4.1
2034 Senior Unsecured Public Notes \| Senior Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures
Proceeds from Derivative Instrument, Financing Activities	$ 4.4
Interest Rate Swap Agreement In June 2023 \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount				$ 350
Hedge, fixed interest rate				3.57%
Derivative asset, notional amount		$ 6.9
Interest Rate Swap Agreement In June 2023 \| Cash Flow Hedging \| Term SOFR
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount				$ 350
Interest Rate Swap Agreement In December 2023 \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount			$ 150
Hedge, fixed interest rate			3.60%
Interest Rate Swap Agreement In December 2023 \| Cash Flow Hedging \| Term SOFR
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount			$ 150
Interest Rate Swap Agreement In December 2023 \| 2034 Senior Unsecured Public Notes \| Senior Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount, Terminated	150
US Treasury lock \| Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount	$ 150
Fixed interest rate	4.51%
US Treasury lock \| 2034 Senior Unsecured Public Notes \| Senior Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures
Derivative Notional Amount, Terminated	$ 150

Derivative Instruments and He_4

Derivative Instruments and Hedging Activity - Interest Rate Derivatives (Details) - Interest rate swaps $ in Thousands	Jun. 30, 2024 USD ($) DerivativeInstrument	Dec. 31, 2023 USD ($) DerivativeInstrument
Derivative Instruments and Hedging Activities Disclosures
Interest Rate Derivatives, Number of Instruments \| DerivativeInstrument	3	6
Derivative, Notional Amount \| $	$ 350,000	$ 500,000

Derivative Instruments and He_5

Derivative Instruments and Hedging Activity - Fair Value (Details) - Interest rate swaps - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other assets, net
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 6,860	$ 0
Accounts payable, accrued expenses, and other liabilities
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 0	$ 4,501

Derivative Instruments and He_6

Derivative Instruments and Hedging Activity - Consolidated statements of operations and other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures
Other comprehensive income (loss) - change in fair value and settlement of interest rate swaps	$ 5,722	$ 3,341	$ 18,813	$ 3,341
Interest Expense
Derivative Instruments and Hedging Activities Disclosures
Derivative Instruments, Amount Reclassified from Accumulated OCI as a (Reduction)/Increase in Interest Expense	$ (2,225)	$ (630)	$ (4,422)	$ (1,257)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Long-term Debt, Gross	$ 2,697,393
Mortgages
Derivative [Line Items]
Long-term Debt, Gross	44,393	$ 44,868
Senior Unsecured Debt
Derivative [Line Items]
Long-term Debt, Gross	2,260,000	1,810,000
Long-term Debt [Member] \| Fair Value, Inputs, Level 2 \| Senior Unsecured Debt
Derivative [Line Items]
Long-term Debt, Gross	2,240,000	1,790,000
Value of debt	2,050,000	1,600,000
Long-term Debt [Member] \| Fair Value, Inputs, Level 3 \| Mortgages
Derivative [Line Items]
Long-term Debt, Gross	42,500	42,800
Value of debt	$ 40,600	$ 41,200

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - Interest rate swap - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets	$ 6,860
Derivative liabilities		$ 4,501
Fair Value, Inputs, Level 2
Derivatives, Fair Value [Line Items]
Derivative assets	$ 6,860
Derivative liabilities		$ 4,501

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	May 31, 2024
2024 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of Common stock							2,000,000
Future issuances	2,000,000		2,000,000
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share based compensation	$ 1.5	$ 1.2	$ 2.8	$ 2.2
Unrecognized compensation, other than options	12.3		$ 12.3
Unrecognized compensation recognition period			2 years 3 months 18 days
Fair value inputs forfeiture rate			0%
Intrinsic value of restricted shares			$ 2.2	2.6
Shares Outstanding, granted			101,000
Fair value of shares granted to directors			$ 57.51
Restricted Shares \| Prior To 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						5 years
Restricted Shares \| During 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Restricted Shares \| During 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Shares \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Recognized share based compensation	0.3	0.3	$ 0.7	0.5
Unrecognized compensation, other than options	0.7		$ 0.7
Fair value inputs forfeiture rate			0%
Shares Outstanding, granted			23,389		14,535
Fair value of shares granted to directors			$ 57.51		$ 73.27
Performance units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years		3 years
Shares Outstanding, granted			77,000
Fair value of shares granted to directors			$ 59.16
Performance units and shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years		3 years
Fair value inputs forfeiture rate			0%
Amortization period of compensation expense			5 years
Shares Outstanding, granted			23,000
Fair value of shares granted to directors			$ 63.42
Performance units and shares [Member] \| 3 Year Performance period to be completed
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Recognized share based compensation	0.8	0.6	$ 1.4	1
Unrecognized compensation, other than options	7		$ 7
Unrecognized compensation recognition period			2 years 3 months 18 days
Vesting percentage			50%
Performance units and shares [Member] \| 3 Year Performance period completed
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Recognized share based compensation	0.1	$ 0.1	$ 0.3	$ 0.3
Unrecognized compensation, other than options	$ 0.4		$ 0.4
Unrecognized compensation recognition period			1 year 2 months 12 days
Vesting percentage			50%
Performance units and shares [Member] \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years

Equity Incentive Plan - Restric

Equity Incentive Plan - Restricted share activity (Details) - Restricted Shares shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, at beginning of the period \| shares	194
Shares Outstanding, granted \| shares	101
Shares Outstanding, vested \| shares	(64)
Shares Outstanding, forfeited \| shares	(4)
Shares Outstanding, at end of the period \| shares	227
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share) \| $ / shares	$ 68.85
Weighted Average Grant Date Fair Value, granted (in dollars per share) \| $ / shares	57.51
Weighted Average Grant Date Fair Value, vested (in dollars per share) \| $ / shares	69.37
Weighted Average Grant Date Fair Value, forfeited (in dollars per share) \| $ / shares	64.80
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share) \| $ / shares	$ 63.74

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation assumption (Details) - Performance units and shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	20%	23.60%	33.50%
Risk-free rate	4.50%	4.40%	1.80%

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance share activity (Details) - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Performance units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, at beginning of the period	111
Shares Outstanding, granted	77
Shares Outstanding, vested	(31)
Shares Outstanding, at end of the period	157	111
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share)	$ 72.14
Weighted Average Grant Date Fair Value, granted (in dollars per share)	59.16
Weighted Average Grant Date Fair Value, vested (in dollars per share)	63.42
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share)	$ 67.50	$ 72.14
Percentage of performance shares paid out	76%
Vesting period	3 years	3 years
Performance units and shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, at beginning of the period	31
Shares Outstanding, granted	23
Shares Outstanding, vested	(28)
Shares Outstanding, at end of the period	26	31
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share)	$ 83.40
Weighted Average Grant Date Fair Value, granted (in dollars per share)	63.42
Weighted Average Grant Date Fair Value, vested (in dollars per share)	75.18
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share)	$ 74.58	$ 83.40
Vesting period	3 years	3 years