CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real Estate Investments
Land	$ 2,282,354	$ 1,941,599
Buildings	4,861,692	4,054,679
Less accumulated depreciation	(433,958)	(321,142)
Real estate investments excluding property under development	6,710,088	5,675,136
Property under development	33,232	65,932
Net Real Estate Investments	6,743,320	5,741,068
Real Estate Held for Sale, net	3,642	0
Cash and Cash Equivalents	10,907	27,763
Cash Held in Escrows	3,617	1,146
Accounts Receivable - Tenants, net	82,954	65,841
Lease Intangibles, net of accumulated amortization of $360,061 and $263,011 at December 31, 2023 and December 31, 2022, respectively	854,088	799,448
Other Assets, net	76,308	77,923
Total Assets	7,774,836	6,713,189
LIABILITIES
Mortgage Notes Payable, net	42,811	47,971
Unsecured Term Loan, net	346,798	0
Senior Unsecured Notes, net	1,794,312	1,792,047
Unsecured Revolving Credit Facility	227,000	100,000
Dividends and Distributions Payable	25,534	22,345
Accounts Payable, Accrued Expenses, and Other Liabilities	101,401	83,722
Lease Intangibles, net of accumulated amortization of $42,813 and $35,992 at December 31, 2023 and December 31, 2022, respectively	36,827	36,714
Total Liabilities	2,574,683	2,082,799
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, 2023 and December 31, 2022	175,000	175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 100,519,355 and 90,173,424 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	10	9
Additional paid-in-capital	5,354,120	4,658,570
Dividends in excess of net income	(346,473)	(228,132)
Accumulated other comprehensive income (loss)	16,554	23,551
Total Equity - Agree Realty Corporation	5,199,211	4,628,998
Non-controlling interest	942	1,392
Total Equity	5,200,153	4,630,390
Total Liabilities and Equity	$ 7,774,836	$ 6,713,189