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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Rental income $ 129,876 $ 104,793 $ 256,485 $ 203,105
Other 24 83 33 113
Total Revenues 129,900 104,876 256,518 203,218
Operating Expenses        
Real estate taxes 9,874 7,979 19,305 15,591
Property operating expenses 5,821 4,541 12,602 9,018
Land lease expense 410 407 840 809
General and administrative 8,420 7,651 17,244 15,272
Depreciation and amortization 42,750 31,950 83,396 60,510
Provision for impairment 1,315 0 1,315 1,015
Total Operating Expenses 68,590 52,528 134,702 102,215
Gain (loss) on sale of assets, net 319 17 319 2,326
Gain (loss) on involuntary conversion, net 0 (25)   (50)
Income from Operations 61,629 52,340 122,135 103,279
Other (Expense) Income        
Interest expense, net (19,948) (15,512) (37,945) (29,442)
Income tax (expense) benefit (709) (698) (1,492) (1,418)
Other (expense) income 43 0 91  
Net Income 41,015 36,130 82,789 72,419
Less net income attributable to non-controlling interest 147 157 307 333
Net income attributable to Agree Realty Corporation 40,868 35,973 82,482 72,086
Less Series A preferred stock dividends 1,859 1,859 3,718 3,718
Net Income Attributable to Common Stockholders $ 39,009 $ 34,114 $ 78,764 $ 68,368
Net Income Per Share Attributable to Common Stockholders        
Basic $ 0.42 $ 0.45 $ 0.86 $ 0.93
Diluted $ 0.42 $ 0.45 $ 0.86 $ 0.93
Other Comprehensive Income        
Net income $ 41,015 $ 36,130 $ 82,789 $ 72,419
Amortization of interest rate swaps (630) 82 (1,259) 164
Change in fair value and settlement of interest rate swaps 3,341 16,481 3,341 37,062
Total comprehensive income (loss) 43,726 52,693 84,871 109,645
Less comprehensive income (loss) attributable to non-controlling interest 157 233 315 509
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 43,569 $ 52,460 $ 84,556 $ 109,136
Weighted Average Number of Common Shares Outstanding - Basic 93,053,870 75,037,920 91,549,390 73,145,097
Weighted Average Number of Common Shares Outstanding - Diluted 93,134,385 75,570,089 91,862,290 73,474,930