CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Real estate investments
Land	$ 2,599,164	$ 2,514,167
Buildings	5,648,162	5,412,564
Less accumulated depreciation	(601,088)	(564,429)
Real estate investments excluding property under development	7,646,238	7,362,302
Property under development	50,294	55,806
Net real estate investments	7,696,532	7,418,108
Real estate held for sale, net	1,278
Cash and cash equivalents	7,915	6,399
Cash held in escrow	3,254
Accounts receivable - tenants, net	105,485	106,416
Lease intangibles, net of accumulated amortization of $487,849 and $461,419 at March 31, 2025 and December 31, 2024, respectively	897,380	864,937
Other assets, net	88,733	90,586
Total Assets	8,800,577	8,486,446
LIABILITIES
Mortgage notes payable, net	42,050	42,210
Unsecured term loan, net	347,609	347,452
Senior unsecured notes, net	2,238,451	2,237,759
Unsecured revolving credit facility	322,000	158,000
Dividends and distributions payable	28,542	27,842
Accounts payable, accrued expenses, and other liabilities	129,652	116,273
Lease intangibles, net of accumulated amortization of $46,998 and $46,003 at March 31, 2025 and December 31, 2024, respectively	47,353	46,249
Total Liabilities	3,155,657	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 March 31, 2025 and December 31, 2024	175,000	175,000
Common stock, $.0001 par value, 180,000,000 shares authorized, 110,018,590 and 107,248,705 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	11	10
Additional paid-in-capital	5,948,156	5,765,582
Dividends in excess of net income	(508,059)	(470,622)
Accumulated other comprehensive income	29,344	40,076
Total equity - Agree Realty Corporation	5,644,452	5,510,046
Non-controlling interest	468	615
Total Equity	5,644,920	5,510,661
Total Liabilities and Equity	$ 8,800,577	$ 8,486,446