CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate investments
Land	$ 2,895,495	$ 2,514,167
Buildings	6,330,249	5,412,564
Less accumulated depreciation	(715,733)	(564,429)
Real estate investments excluding property under development	8,510,011	7,362,302
Property under development	62,690	55,806
Net real estate investments	8,572,701	7,418,108
Cash and cash equivalents	16,295	6,399
Cash held in escrow	4,327	0
Accounts receivable - tenants, net	122,477	106,416
Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively	1,000,967	864,937
Other assets, net	80,845	90,586
Total Assets	9,797,612	8,486,446
LIABILITIES
Mortgage notes payable, net	41,546	42,210
Unsecured term loan, net	348,074	347,452
Senior unsecured notes, net	2,584,608	2,237,759
Unsecured revolving credit facility and commercial paper notes	320,500	158,000
Dividends and distributions payable	32,158	27,842
Accounts payable, accrued expenses, and other liabilities	139,384	116,273
Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively	60,189	46,249
Total Liabilities	3,526,459	2,975,785
Commitments and contingencies (Note 11)
EQUITY
Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2025 and December 31, 2024	175,000	175,000
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	12	10
Additional paid-in-capital	6,679,142	5,765,582
Dividends in excess of net income	(618,675)	(470,622)
Accumulated other comprehensive income	35,506	40,076
Total equity - Agree Realty Corporation	6,270,985	5,510,046
Non-controlling interest	168	615
Total Equity	6,271,153	5,510,661
Total Liabilities and Equity	$ 9,797,612	$ 8,486,446
Common Stock, Shares Authorized	360,000,000	180,000,000