Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies

Schedule of Real Estate Properties Held-For-Sale [Table Text Block]

Real estate held for sale consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands):

	June 30, 2020		December 31, 2019
Land	$	-	$	2,269
Building		-		2,315
Lease Intangibles - Asset		-		—
		-		4,584
Accumulated depreciation and amortization		-		(834)
Total Real Estate Held for Sale, net	$	-	$	3,750

Schedule of Amortization of Deferred Expenses [Table Text Block]

The following schedule summarizes the Company’s amortization of lease intangibles for the three and six months ended June 30, 2020 and 2019 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Lease Intangibles (In-place)	$	4,055	$	2,392	$	7,563	$	4,443
Lease Intangibles (Above-Market)		5,218		4,360		10,269		8,734
Lease Intangibles (Below-Market)		(1,439)		(1,135)		(2,681)		(2,233)
Total	$	7,834	$	5,617	$	15,151	$	10,944

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

The following schedule represents estimated future amortization of lease intangibles as of June 30, 2020 (in thousands):

	2020
Year Ending December 31,	(remaining)		2021		2022		2023		2024		Thereafter		Total
Lease Intangibles (In-place)	$	16,380	$	14,426	$	14,138	$	13,098	$	11,925	$	61,972	$	131,939
Lease Intangibles (Above-Market)		20,828		20,585		19,609		18,442		16,916		140,493		236,873
Lease Intangibles (Below-Market)		(5,928)		(5,032)		(4,428)		(3,503)		(2,905)		(11,223)		(33,019)
Total	$	31,280	$	29,979	$	29,319	$	28,037	$	25,936	$	191,242	$	335,793

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following is a reconciliation of the numerator and denominator for the basic net earnings per common share and diluted net earnings per common share computation for each of the periods presented: (in thousands, except for share data)

	Three Months Ended				Six Months Ended
	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Net income attributable to Agree Realty Corporation	$	25,258	$	18,564	$	46,486	$	36,911
Less: Income attributable to unvested restricted shares		(83)		(89)		(164)		(185)
Net income used in basic and diluted earnings per share	$	25,175	$	18,475	$	46,322	$	36,726
Weighted average number of common shares outstanding		52,902,628		40,813,436		49,259,014		39,259,807
Less: Unvested restricted stock		(176,398)		(201,064)		(176,398)		(201,064)
Weighted average number of common shares outstanding used in basic earnings per share		52,726,230		40,612,372		49,082,616		39,058,743
Weighted average number of common shares outstanding used in basic earnings per share		52,726,230		40,612,372		49,082,616		39,058,743
Effect of dilutive securities: share-based compensation		68,294		82,836		74,926		80,030
Effect of dilutive securities: September 2018 forward equity offering		—		312,464		—		539,570
Effect of dilutive securities: April 2019 forward equity offering		—		133,987		—		66,994
Effect of dilutive securities: 2019 ATM forward equity offerings		—		—		28,579		—
Effect of dilutive securities: 2020 ATM forward equity offerings		25,652		—		14,144		—
Effect of dilutive securities: April 2020 forward equity offering		446,563		—		223,281		—
Weighted average number of common shares outstanding used in diluted earnings per share		53,266,740		41,141,659		49,423,546		39,745,337