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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Rental income $ 537,403 $ 429,632 $ 339,067
Other 92 182 256
Total Revenues 537,495 429,814 339,323
Operating Expenses      
Real estate taxes 40,092 32,079 25,513
Property operating expenses 24,961 18,585 13,996
Land lease expense 1,664 1,617 1,552
General and administrative 34,788 30,121 25,456
Depreciation and amortization 176,277 133,570 95,729
Provision for impairment 7,175 1,015 1,919
Total Operating Expenses 284,957 216,987 164,165
Gain (loss) on sale of assets, net 1,849 5,341 14,941
Gain (loss) on involuntary conversion, net 0 (83) 170
Income from Operations 254,387 218,085 190,269
Other (Expense) Income      
Interest expense, net (81,119) (63,435) (50,378)
Income tax (expense) benefit (2,910) (2,860) (2,401)
Loss on early extinguishment of term loans and settlement of related interest rate swaps 0 0 (14,614)
Other (expense) income 189 1,245 0
Net Income 170,547 153,035 122,876
Less net income attributable to non-controlling interest 588 598 603
Net income attributable to Agree Realty Corporation 169,959 152,437 122,273
Less Series A preferred stock dividends 7,437 7,437 2,148
Net Income Attributable to Common Stockholders $ 162,522 $ 145,000 $ 120,125
Net Income Per Share Attributable to Common Stockholders      
Basic $ 1.70 $ 1.84 $ 1.79
Diluted $ 1.70 $ 1.83 $ 1.78
Other Comprehensive Income      
Net income $ 170,547 $ 153,035 $ 122,876
Amortization of interest rate swaps (2,519) (684) 950
Change in fair value and settlement of interest rate swaps (4,501) 29,881 29,980
Total comprehensive income (loss) 163,527 182,232 153,806
Less comprehensive income (loss) attributable to non-controlling interest 565 741 770
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 162,962 $ 181,491 $ 153,036
Weighted Average Number of Common Shares Outstanding - Basic 95,191,409 78,659,333 66,802,242
Weighted Average Number of Common Shares Outstanding - Diluted 95,437,412 79,164,386 67,139,079