AGREE REALTY CORP, 10-K filed on 2/10/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 09, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-12928    
Entity Registrant Name AGREE REALTY CORPORATION    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 38-3148187    
Entity Address, Address Line One 32301 Woodward Avenue    
Entity Address, City or Town Royal Oak    
Entity Address, State or Province MI    
Entity Address, Postal Zip Code 48073    
City Area Code (248)    
Local Phone Number 737-4190    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5,088,774,755
Entity Common Stock, Shares Outstanding   120,028,299  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for the annual stockholder meeting to be held in 2026 are incorporated by reference into Part III of this Annual Report on Form 10-K as noted herein.
    
Entity Central Index Key 0000917251    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Common Stock      
Document Information [Line Items]      
Title of 12(b) Security Common Stock, $.0001 par value    
Trading Symbol ADC    
Security Exchange Name NYSE    
Redeemable Preferred Stock      
Document Information [Line Items]      
Title of 12(b) Security Depositary Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value    
Trading Symbol ADCPrA    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 248
Auditor Name GRANT THORNTON LLP
Auditor Location Charlotte, North Carolina
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments    
Land $ 2,895,495 $ 2,514,167
Buildings 6,330,249 5,412,564
Less accumulated depreciation (715,733) (564,429)
Real estate investments excluding property under development 8,510,011 7,362,302
Property under development 62,690 55,806
Net real estate investments 8,572,701 7,418,108
Cash and cash equivalents 16,295 6,399
Cash held in escrow 4,327 0
Accounts receivable - tenants, net 122,477 106,416
Lease intangibles, net of accumulated amortization of $576,945 and $461,419 at December 31, 2025 and December 31, 2024, respectively 1,000,967 864,937
Other assets, net 80,845 90,586
Total Assets 9,797,612 8,486,446
LIABILITIES    
Mortgage notes payable, net 41,546 42,210
Unsecured term loan, net 348,074 347,452
Senior unsecured notes, net 2,584,608 2,237,759
Unsecured revolving credit facility and commercial paper notes 320,500 158,000
Dividends and distributions payable 32,158 27,842
Accounts payable, accrued expenses, and other liabilities 139,384 116,273
Lease intangibles, net of accumulated amortization of $49,797 and $46,003 at December 31, 2025 and December 31, 2024, respectively 60,189 46,249
Total Liabilities 3,526,459 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 December 31, 2025 and December 31, 2024 175,000 175,000
Common stock, $.0001 par value, 360,000,000 and 180,000,000 shares authorized, 120,028,406 and 107,248,705 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 12 10
Additional paid-in-capital 6,679,142 5,765,582
Dividends in excess of net income (618,675) (470,622)
Accumulated other comprehensive income 35,506 40,076
Total equity - Agree Realty Corporation 6,270,985 5,510,046
Non-controlling interest 168 615
Total Equity 6,271,153 5,510,661
Total Liabilities and Equity $ 9,797,612 $ 8,486,446
Common Stock, Shares Authorized 360,000,000 180,000,000
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Finite-lived intangible assets, accumulated amortization (in dollars) $ 576,945,000 $ 461,419,000
Below market lease, accumulated amortization (in dollars) $ 49,797,000 $ 46,003,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 360,000,000 180,000,000
Common stock, shares issued (in shares) 120,028,406 107,248,705
Common stock, shares outstanding (in shares) 120,028,406 107,248,705
Series A Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 4,000,000 4,000,000
Preferred stock, shares outstanding (in shares) 7,000 7,000
Preferred stock, liquidation preference, value per share $ 25,000 $ 25,000
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Rental income $ 718,163 $ 616,822 $ 537,403
Other 235 273 92
Total Revenues 718,398 617,095 537,495
Operating Expenses      
Real estate taxes 52,231 46,882 40,092
Property operating expenses 33,773 26,349 24,961
Land lease expense 2,143 1,618 1,664
General and administrative 44,062 37,233 34,788
Depreciation and amortization 239,308 206,987 176,277
Provision for impairment 11,872 7,224 7,175
Total Operating Expenses 383,389 326,293 284,957
Gain on sale of assets, net 5,416 11,508 1,849
Loss on involuntary conversion, net (30) (67) 0
Income from Operations 340,395 302,243 254,387
Other (Expense) Income      
Interest expense, net (134,612) (108,904) (81,119)
Income and other tax expense (1,735) (4,306) (2,910)
Other income 941 799 189
Net Income 204,989 189,832 170,547
Less net income attributable to non-controlling interest 640 635 588
Net income attributable to Agree Realty Corporation 204,349 189,197 169,959
Less Series A preferred stock dividends 7,437 7,437 7,437
Net Income Attributable to Common Stockholders $ 196,912 $ 181,760 $ 162,522
Net Income Per Share Attributable to Common Stockholders      
Basic (in USD per share) $ 1.77 $ 1.79 $ 1.70
Diluted (in USD per share) $ 1.77 $ 1.78 $ 1.70
Other Comprehensive Income      
Net income $ 204,989 $ 189,832 $ 170,547
Amortization of interest rate swaps (3,770) (2,781) (2,519)
Change in fair value and settlement of interest rate swaps (816) 26,383 (4,501)
Total comprehensive income 200,403 213,434 163,527
Less comprehensive income attributable to non-controlling interest 624 715 565
Comprehensive Income Attributable to Agree Realty Corporation $ 199,779 $ 212,719 $ 162,962
Weighted Average Number of Common Shares Outstanding - Basic, (in shares) 110,723,375 101,099,252 95,191,409
Weighted Average Number of Common Shares Outstanding - Diluted, (in shares) 111,200,645 101,876,304 95,437,412
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-In Capital
Dividends in excess of net income
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2022   7,000,000 90,173,424,000        
Beginning balance at Dec. 31, 2022 $ 4,630,390 $ 175,000 $ 9 $ 4,658,570 $ (228,132) $ 23,551 $ 1,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock, net of issuance costs, (in shares)     10,267,768,000        
Issuance of common stock, net of issuance costs 689,897   $ 1 689,896      
Repurchase of common shares, (in shares)     (36,780,000)        
Repurchase of common shares (2,684)     (2,684)      
Issuance of restricted stock under the 2020 Omnibus Incentive Plan (in shares)     129,775,000        
Forfeiture of restricted stock, (in shares)     (14,832,000)        
Forfeiture of restricted stock (11)     (11)      
Stock-based compensation 8,349     8,349      
Series A preferred dividends declared for the period (7,437) (7,437)          
Dividends and distributions declared for the period (281,878)       (280,863)   (1,015)
Amortization, changes in fair value, and settlement of interest rate swaps (7,020)         (6,997) (23)
Net income 170,547 $ 7,437     162,522   588
Ending balance (in shares) at Dec. 31, 2023   7,000,000 100,519,355,000        
Ending balance at Dec. 31, 2023 5,200,153 $ 175,000 $ 10 5,354,120 (346,473) 16,554 942
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock, net of issuance costs, (in shares)     6,630,112,000        
Issuance of common stock, net of issuance costs 402,938     402,938      
Repurchase of common shares, (in shares)     (39,318,000)        
Repurchase of common shares (2,281)     (2,281)      
Issuance of restricted stock under the 2020 Omnibus Incentive Plan (in shares)     147,656,000        
Forfeiture of restricted stock, (in shares)     (9,100,000)        
Forfeiture of restricted stock (25)     (25)      
Stock-based compensation 10,830     10,830      
Series A preferred dividends declared for the period (7,437) (7,437)          
Dividends and distributions declared for the period (306,951)       (305,909)   (1,042)
Amortization, changes in fair value, and settlement of interest rate swaps 23,602         23,522 80
Net income 189,832 $ 7,437     181,760   635
Ending balance (in shares) at Dec. 31, 2024   7,000,000 107,248,705,000        
Ending balance at Dec. 31, 2024 5,510,661 $ 175,000 $ 10 5,765,582 (470,622) 40,076 615
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock, net of issuance costs, (in shares)     12,693,519,000        
Issuance of common stock, net of issuance costs 904,311   $ 2 904,309      
Repurchase of common shares, (in shares)     (51,324,000)        
Repurchase of common shares (3,740)     (3,740)      
Issuance of restricted stock under the 2020 Omnibus Incentive Plan (in shares)     153,925,000        
Forfeiture of restricted stock, (in shares)     (16,419,000)        
Forfeiture of restricted stock (50)     (50)      
Stock-based compensation 13,041     13,041      
Series A preferred dividends declared for the period (7,437) (7,437)          
Dividends and distributions declared for the period (346,036)       (344,965)   (1,071)
Amortization, changes in fair value, and settlement of interest rate swaps (4,586)         (4,570) (16)
Net income 204,989 $ 7,437     196,912   640
Ending balance (in shares) at Dec. 31, 2025   7,000,000 120,028,406,000        
Ending balance at Dec. 31, 2025 $ 6,271,153 $ 175,000 $ 12 $ 6,679,142 $ (618,675) $ 35,506 $ 168
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]      
Cash dividends declared per depositary share of Series A preferred stock (in dollars per share) $ 1.063 $ 1.063 $ 1.063
Cash dividends declared per common share (in dollars per share) $ 3.081 $ 3.000 $ 2.919
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 204,989 $ 189,832 $ 170,547
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 239,308 206,987 176,277
Amortization from above (below) market lease intangibles, net 36,414 33,236 33,096
Amortization from financing costs, credit facility costs and debt discount 7,409 6,323 4,737
Stock-based compensation 12,991 10,805 8,338
Straight-line accrued rent (17,356) (12,711) (12,142)
Provision for impairment 11,872 7,224 7,175
Settlement of interest rate swaps 13,551 4,355 0
Gain on sale of assets (5,416) (11,508) (1,849)
Loss on involuntary conversion of assets 30 67 0
Change in accounts receivable 1,183 (12,089) (5,086)
Change in other assets (6,582) (4,800) 121
Change in accounts payable, accrued expenses, and other liabilities 5,743 14,251 10,384
Net Cash Provided by Operating Activities 504,136 431,972 391,598
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (1,438,093) (877,226) (1,206,025)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $2,027 in 2025, $1,599 in 2024 and $1,957 in 2023) (145,436) (100,108) (82,368)
Payment of leasing costs (1,670) (2,404) (447)
Net proceeds from sale of assets 42,067 94,331 13,843
Net Cash Used in Investing Activities (1,543,132) (885,407) (1,274,997)
Cash Flows from Financing Activities      
Proceeds from common stock offerings, net 904,311 402,938 689,896
Repurchase of common shares (3,740) (2,281) (2,684)
Unsecured revolving credit facility and commercial paper notes borrowings 28,958,094 1,072,000 1,231,000
Unsecured revolving credit facility and commercial paper notes repayments (28,795,594) (1,141,000) (1,104,000)
Payments of mortgage notes payable (1,026) (963) (5,527)
Proceeds from unsecured term loan 0 0 350,000
Proceeds from senior unsecured notes 397,188 444,722 0
Payments of senior unsecured notes (50,000) 0 0
Payment of Series A preferred dividends (7,437) (7,437) (7,437)
Payment of common stock dividends (340,652) (303,604) (277,676)
Distributions to non-controlling interest (1,068) (1,041) (1,012)
Payments for financing lease liability 0 (6,076) 0
Payments for financing costs (6,857) (11,948) (3,546)
Net Cash Provided by Financing Activities 1,053,219 445,310 869,014
Change in Cash and Cash Equivalents and Cash Held in Escrow 14,223 (8,125) (14,385)
Cash and cash equivalents and cash held in escrow, beginning of period 6,399 14,524 28,909
Cash and cash equivalents and cash held in escrow, end of period 20,622 6,399 14,524
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 129,149 101,808 70,789
Cash paid for income and other tax, net of refunds 1,614 3,709 3,065
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Lease right of use assets added under new ground leases 2,794 3,198 0
Lease right of use assets removed as a result of acquisition of real property (2,736) (15,143) 0
Dividends and distributions payable 32,158 27,842  
Change in accrual of development, construction and other real estate investment costs 14,006 6,621 2,785
Series A Preferred Stock      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends and distributions payable 620 620 620
Common Stock      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends and distributions payable $ 31,538 $ 27,222 $ 24,914
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Real estate inventory, capitalized interest costs $ 2,027 $ 1,599 $ 1,957
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Agree Realty Corporation (the “Company”), a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange in 1994.
The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which Agree Realty Corporation is the sole general partner and in which it held a 99.7% common equity interest as of December 31, 2025 and 2024. There is a one-for-one relationship between the limited partnership interests in the Operating Partnership (“Operating Partnership Common Units”) owned by the Company and shares of Company common stock outstanding. The Company also owns 100% of the Series A preferred equity interest in the Operating Partnership. This preferred equity interest corresponds on a one-for-one basis to the Company’s Series A Preferred Stock (Refer to Note 6 - Common and Preferred Stock), providing income and distributions to the Company equal to the dividends payable on that stock.
The non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership held by the Company’s founder and Executive Chairman as of December 31, 2025 and 2024. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of its shares. Assuming the exchange of all non-controlling Operating Partnership Common Units, there would have been 120,376,025 shares of common stock outstanding at December 31, 2025.
As of December 31, 2025, the Company owned 2,674 properties, with a total gross leasable area (“GLA”) of approximately 55.5 million square feet.
The terms “Agree Realty,” the “Company,” “Management,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Consolidation
Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and as a result, the consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated, including the Company’s Series A preferred equity interest in the Operating Partnership.
Real Estate Investments
The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.
Assets Held for Sale
Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment, and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.
Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year.
Acquisitions of Real Estate
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases and above- or below-market debt, if any. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.
In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.
Depreciation and Amortization
Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings, 10 to 20 years for building improvements and the shorter of the term of the related lease or useful life for tenant improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.
In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non-cancelable term of the lease as well as any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income.
The following schedule summarizes the Company’s amortization of lease intangibles for the periods presented (in thousands):
Year Ended December 31,
202520242023
Lease intangibles (in-place)$77,069 $66,544 $58,396 
Lease intangibles (above-market)42,587 38,857 39,917 
Lease intangibles (below-market)(6,173)(5,621)(6,821)
Total$113,483 $99,780 $91,492 
The following schedule represents estimated future amortization of lease intangibles as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease intangibles (in-place)$80,815 $73,371 $65,170 $56,524 $46,805 $211,887 $534,572 
Lease intangibles (above-market)46,889 44,001 40,097 36,393 30,950 268,065 $466,395 
Lease intangibles (below-market)(6,050)(5,702)(4,923)(4,344)(3,868)(35,302)$(60,189)
Total$121,654 $111,670 $100,344 $88,573 $73,887 $444,650 $940,778 
Impairments
The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, a change in estimated residual values, a change in the Company’s ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property.
Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying value of the individual asset.
Impairments are measured to the extent the carrying value exceeds the estimated fair value.
The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ significantly from actual results.
Cash and Cash Equivalents and Cash Held in Escrow
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage or are held in accounts without any federal insurance, and as a result, there is a credit risk related to amounts on deposit in excess of FDIC insurance coverage. We invest our cash with high-credit quality institutions, have not realized any losses from such accounts, and believe that we are not exposed to significant credit risk. Cash held in escrow primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or cash that is not immediately available to the Company due to other contractual agreements.
The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the consolidated statements of cash flows (in thousands):
December 31, 2025December 31, 2024
Cash and cash equivalents$16,295 $6,399 
Cash held in escrow4,327 — 
Total of cash and cash equivalents and cash held in escrow$20,622 $6,399 
Revenue Recognition and Accounts Receivable
The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.
Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable – tenants, net line item in the consolidated balance sheets. The balance of straight-line rent receivables at December 31, 2025 and 2024 was $94.5 million and $77.3 million, respectively.
The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2025 and 2024 was $23.0 million and $15.8 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable - tenants, net in the consolidated balance sheets.
The Company has adopted the practical expedient in FASB ASC Topic 842, Leases (“ASC 842”) that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one-line, rental income, in the consolidated statements of operations and comprehensive income.
The Company reviews the collectability of all charges under its tenant operating leases on a regular basis including current and future rent and reimbursements for common area maintenance, insurance, real estate taxes and other operating expenses, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue.
As of December 31, 2025, the Company had one lease with one tenant where collection is not considered probable. For this lease, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables.
In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance at December 31, 2025 and 2024.
Earnings per Share
Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares (“restricted shares”), which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per share of common stock. In accordance with the two-class method, earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average shares of common shares and potentially dilutive securities in accordance with the treasury stock method.
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for the periods presented (in thousands, except for share and unit data):
Year Ended December 31,
202520242023
Net income attributable to Agree Realty Corporation$204,349 $189,197 $169,959 
Less: Series A preferred stock dividends(7,437)(7,437)(7,437)
Net income attributable to common stockholders196,912 181,760 162,522 
Less: Income attributable to unvested restricted shares(447)(485)(405)
Net income used in basic and diluted earnings per share$196,465 $181,275 $162,117 
Weighted average number of common shares outstanding110,976,092101,366,69395,431,468
Less: Unvested restricted shares(252,717)(267,441)(240,059)
Weighted average number of common shares outstanding used in basic earnings per share110,723,375101,099,25295,191,409
Weighted average number of common shares outstanding used in basic earnings per share110,723,375 101,099,252 95,191,409 
Effect of dilutive securities:
Share-based compensation260,567 201,744 131,261 
ATM Forward Equity Offerings148,228 556,845 39,519 
September 2022 Forward Equity Offering— — 75,223 
October 2024 Forward Equity Offering67,361 18,463 — 
April 2025 Forward Equity Offering1,114 — — 
Weighted average number of common shares outstanding used in diluted earnings per share111,200,645101,876,30495,437,412
Operating Partnership Units ("OP Units")347,619347,619347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share111,548,264102,223,92395,785,031
The following summarizes the number of restricted common shares and performance units that were anti-dilutive and not included in the computation of diluted earnings per share, for the periods presented:
Year Ended December 31,
202520242023
Common stock related to forward equity offerings145,584 — — 
Anti-dilutive share-based compensation— 10 185 
Forward Equity Sales
The Company periodically sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company.
To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.
The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.
Equity Offering Costs
Underwriting commissions and costs of equity offerings are reflected as a reduction of additional paid-in-capital in the Company’s consolidated balance sheets and consolidated statements of equity.
Income Taxes
The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, provided that it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the periods covered in the consolidated financial statements, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying consolidated financial statements.
The Company has elected taxable REIT subsidiary (“TRS”) status for certain subsidiaries pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. During 2025, the Company paid $0.6 million in federal income taxes related to TRS entities.
The One Big Beautiful Bill Act, which passed on July 4, 2025, increased the percentage limit under the REIT asset test applicable to TRSs for taxable years beginning after December 31, 2025, and thus beginning in 2026 the aggregate value of all securities of TRSs held by a REIT may not exceed 25% of the value of its gross assets (rather than the prior 20% limit).
Notwithstanding its qualification for taxation as a REIT, the Company is subject to certain state and local income and franchise taxes, which are included in income and other tax expense on the consolidated statements of operations and comprehensive income. During 2025, the Company paid $1.0 million to state, local and other taxes, net of refunds. No amounts paid or refunds received for individual jurisdiction are significant.
The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions are documented and supported and would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded pursuant to ASC 740-10 in the consolidated financial statements. The Company has elected to record related interest and penalties, if any, as income and other tax expense on the consolidated statements of operations and comprehensive income. The Company has no material interest or penalties relating to income taxes recognized for the years ended December 31, 2025, 2024 and 2023.
The Company’s federal income tax returns are open for examination by taxing authorities for all years beginning after December 31, 2021.
A reconciliation of the statutory income tax rate to the effective income tax rate, as required by ASU 2023-09 - Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) for the period presented (in thousands):
2025
Income and Other Tax ExpensePercent of Net Income Before Income and Other Tax Expense
Expected tax at U.S. statutory rate (21%)$43,393 21.0 %
Nontaxable items - REIT income(42,908)(20.8)%
State and local tax expense 2,170 1.1 %
Other reconciling items(920)(0.5)%
Effective income and other tax rate$1,735 0.8 %
Management’s Responsibility to Evaluate Its Ability to Continue as a Going Concern
When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources.  No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K.
Correction of an Immaterial Error

The Company revised cash paid for interest, net of amounts capitalized, presented as a supplemental disclosure to the consolidated statements of cash flows for the year ended December 31, 2024 and 2023 to $101.8 million and $70.8 million. Previously, $123.7 million and $87.5 million were disclosed for the years ended December 31, 2024 and 2023, respectively. The change corrects an immaterial error related to the treatment of accrued interest within the disclosure’s calculation. The revision impacts only the supplemental disclosure of cash paid for interest, net of amounts capitalized. The revision had no impact to assets, liabilities, equity, interest expense, net income, and cash provided by (or used in) operating, investing and financing activities within the consolidated financial statements. The Company evaluated the error and determined that the related impact did not materially misstate previously issued consolidated financial statements. Although the Company concluded that the misstatement was not material to its previously issued consolidated financial statements, the Company has determined it is appropriate to revise its previously issued consolidated financial statements to correct for the error.
Segment Reporting
The Company is primarily engaged in the business of owning, acquiring, developing and managing retail real estate. We organize and operate our business as a single operating segment and the Company’s chief operating decision maker, (“CODM”), which is its Chief Executive Officer, does not distinguish or group operations on a geographic, tenant sector, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes.
The CODM assesses performance and allocates resources based on consolidated net income as reported on the consolidated statements of operations and comprehensive income. The CODM uses consolidated net income to evaluate the performance of the portfolio and to inform decisions about whether to reinvest profits to grow the portfolio or utilize the profits for other purposes including debt extinguishment or dividend payments. The CODM does not regularly review a measure of segment assets to evaluate performance. Significant segment expenses and other segment items are identical to what is reported on the face of the consolidated statements of operations and comprehensive income. Total expenditures for long-lived assets are reported on the consolidated statements of cash flows.
The accounting policies of the reportable segment are the same as those described in Note 2 – Summary of Significant Accounting Policies. Revenues are generated through leasing long-lived assets to external customers. There are no inter-entity revenues, and no tenant comprises more than 10 percent of the Company’s revenues.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Values of Financial Instruments
The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement (“ASC 820”). The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
Level 2 –Valuation is based upon inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the income tax rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid, net of refunds disaggregated by federal, state and foreign jurisdictions as well as amounts paid to individual jurisdictions over a quantitative threshold, if significant. The Company implemented ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See the related disclosures within the Income Taxes section above.
In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses (“ASU 2024-03”). Within the notes to the financial statements, the amendment requires tabular disclosure of disaggregated information related to expense captions presented on the face of the income statement that include expense categories such as employee compensation, depreciation, and intangible asset amortization. The amendment does not change the timing or amount of expense recognized, rather it is intended to provide incremental information about the components of an entity’s expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company continues to evaluate the impact of the guidance and additional disclosures required.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of an annual reporting period. The Company continues to evaluate the impact of the guidance.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) - Hedging Accounting Improvements ("ASU 2025-09"). The objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendment includes five issues that are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, and on a prospective basis for all hedging relationships. An entity may elect to adopt the amendments in this Update for hedging relationships that exist as of the date of adoption. ASU 2025-09 is not considered to impact the Company based on existing hedging activity, however the Company continues to evaluate the impact of the guidance.
In December 2025, the FASB issued ASC 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements ("ASU 2025-11"). The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. Rather, the objective of the amendments is to provide clarity on interim reporting requirements. ASU 2025-11 results in a comprehensive list of interim disclosures that are required by GAAP and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company continues to evaluate the impact of the guidance.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Tenant Leases
The Company is primarily focused on the ownership, acquisition, development and management of retail properties leased to industry leading tenants.  
Substantially all of the Company’s tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and actual property operating expenses incurred, including property taxes, insurance and maintenance. In addition, the Company’s tenants are typically subject to future rent increases based on fixed amounts or increases in the consumer price indexes and certain leases provide for additional rent calculated as a percentage of the tenants’ gross sales above a specified level.  Certain of the Company’s properties are subject to leases under which it retains responsibility for specific costs and expenses of the property.
The Company’s leases typically provide the tenant with one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.  
The Company attempts to maximize the amount it expects to derive from the underlying real estate property following the end of the lease, to the extent it is not extended.  The Company maintains a proactive leasing program that, combined with the quality and locations of its properties, has made its properties attractive to tenants. The Company intends to continue to hold its properties for long-term investment and, accordingly, places a strong emphasis on the quality of construction and an on-going program of regular and preventative maintenance.  
The Company has elected the practical expedient in ASC 842 on not separating non-lease components from associated lease components.  The lease and non-lease components combined as a result of this election largely include tenant rentals and maintenance charges, respectively. The Company applies the accounting requirements of ASC 842 to the combined component.
The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the periods presented (in thousands):
For the Year Ended December 31,
202520242023
Total lease payments$737,581 $637,831 $558,200 
Less: Operating cost reimbursements, termination income and percentage rents82,469 71,163 60,694 
Total non-variable lease payments$655,112 $566,668 $497,506 
At December 31, 2025, future non-variable lease payments to be received from the Company’s operating leases are as follows (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Future non-variable lease payments$716,614 $697,557 $660,405 $607,530 $538,972 $2,586,332 $5,807,410 
Deferred Revenue
As of December 31, 2025 and 2024, there was $36.2 million and $33.1 million, respectively, in deferred revenues resulting from rents paid in advance. Deferred revenues are recognized within accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets as of those dates.
Land Lease Obligations
The Company is the lessee under land lease agreements for certain of its properties. ASC 842 requires a lessee to recognize right of use assets and lease obligation liabilities that arise from leases, whether qualifying as operating or finance.  As of December 31, 2025 and 2024, the Company had $46.5 million and $47.5 million, respectively, of right of use assets, net, recognized within other assets, net in the consolidated balance sheets, while the corresponding lease obligations, net, of $23.3 million and $21.0 million, respectively, were recognized within accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets as of these dates.
The Company’s land leases do not include any variable lease payments. These leases typically provide multi-year renewal options to extend their term as lessee at the Company’s option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. Certain of the Company’s land leases qualify as finance leases as a result of purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term.
Amortization of right of use assets for operating land leases is classified as land lease expense and was $2.1 million, $1.6 million, and $1.7 million for the years ending December 31, 2025, 2024 and 2023, respectively. There was no amortization of right of use assets for finance land leases with purchase options that are reasonably certain of being exercised or automatic transfer of title to the Company at the end of the lease term, as the underlying leased asset (land) has an infinite life.  Interest expense on finance land leases was $0.2 million, $0.2 million and $0.3 million during the years ended December 31, 2025, 2024 and 2023.
In calculating its lease obligations under ground leases, the Company uses discount rates estimated to be equal to what it would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.
The following tables include information on the Company’s land leases for which it is the lessee, for the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Operating leases:
Operating cash outflows$1,790 $1,202 $1,197 
Weighted-average remaining lease term - operating leases (years)28.332.133.2
Finance leases:
Operating cash outflows$191 $195 $252 
Financing cash outflows$— $125 $84 
Weighted-average remaining lease term - finance leases (years)25.127.10.8
Supplemental Disclosure:
Right of use assets added under new ground leases$2,794 $3,198 $— 
Right of use assets removed as a result of acquisition of real property(2,736)(15,143)— 
Right of use assets net change$58 $(11,945)$— 
The weighted-average discount rate used in computing operating and finance lease obligations approximated 4.6%, 4.5%, and 4.1% at December 31, 2025, 2024 and 2023, respectively.
The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease payments$1,854 $1,919 $1,896 $1,886 $1,651 $27,393 $36,599 
Imputed interest(871)(819)(763)(705)(647)(12,688)(16,493)
Total lease liabilities$983 $1,100 $1,133 $1,181 $1,004 $14,705 $20,106 
The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease payments$201 $201 $201 $202 $205 $5,634 $6,644 
Imputed interest(189)(189)(188)(187)(186)(2,532)(3,471)
Total lease liabilities$12 $12 $13 $15 $19 $3,102 $3,173 
v3.25.4
Real Estate Investments
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
Real Estate Portfolio
As of December 31, 2025, the Company owned 2,674 properties, with a total GLA of approximately 55.5 million square feet and net real estate investments of $8.57 billion. The Company owned 2,370 properties, with a total GLA of approximately 48.8 million square feet and net real estate investments of $7.42 billion as of December 31, 2024.
Acquisitions
The following summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands):
Year Ended December 31,
20252024
Number of properties acquired305242
Purchase price allocation, including acquisition and closing costs:
Land$376,055 $232,283 
Building and improvements836,095 537,049 
Lease intangibles, net235,916 104,753 
Other Assets— 423 
Total purchase price, including acquisition and closing costs$1,448,066 $874,508 
The 2025 and 2024 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. The weighted average amortization period for the lease intangibles, net acquired during the year ended December 31, 2025 and 2024 was 14.2 years and 12.5 years, respectively. None of the Company’s acquisitions during 2025 or 2024 caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at December 31, 2025 and 2024.
Development and Developer Funding Platform
The following summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented:
Year Ended December 31,
20252024
Projects completed2121
Projects commenced1425
Projects under construction at period-end1320
Dispositions
The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Number of properties sold22266
Net proceeds$42,067 $94,331 $13,843 
Gain on sale of assets, net$5,416 $11,508 $1,849 
During the year ended December 31, 2023, the Company completed construction and moved its headquarters to a new corporate office building. Prior to the move, the Company’s headquarters were located in two office buildings owned by the Company. The Company began marketing for sale the previous corporate office buildings in early 2023, disposing of one in October 2023 to a third party. The Company received two bona fide offers on the remaining corporate office building during the fourth quarter of 2023, the highest of which was received from an entity controlled by one of the Company’s Independent Directors. The transaction to sell the building for $3.7 million to the related party entity was approved by the Company’s Audit Committee prior to accepting the offer and entering into the purchase and sale agreement. As a result of the offers received related to the remaining corporate office building, the Company recognized impairment of $2.7 million to state the carrying value of the building at its fair value. The building was classified as held for sale as of December 31, 2023 and the all cash disposition closed on January 16, 2024. No amounts were due to or due from the Independent Director or the related party entity as of December 31, 2023 or subsequent to closing the disposition.
Assets Held for Sale
The Company did not classify any properties as real estate held for sale as of December 31, 2025 and 2024.
Subsequent to December 31, 2025, six properties were classified as real estate held for sale.
Provisions for Impairment
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Number of properties impaired1253
Provision for impairment$11,872 $7,224 $7,175 
Estimated fair value of impaired properties at time of impairment$11,000 $18,839 $6,250 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
As of December 31, 2025, the Company had total gross indebtedness of $3.32 billion, including (i) $42.9 million of mortgage notes payable; (ii) $350.0 million unsecured term loans; (iii) $2.61 billion of senior unsecured notes; and (iv) $320.5 million outstanding under the Revolving Credit Facility (defined below) and Commercial Paper Program (defined below).
Mortgage Notes Payable
As of December 31, 2025, the Company had total gross mortgage indebtedness of $42.9 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of approximately $73.3 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.67% as of December 31, 2025 and 3.73% as of December 31, 2024.
Mortgage notes payable consisted of the following as of the dates presented (in thousands):
December 31, 2025December 31, 2024
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026
$628 $1,654 
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029
42,250 42,250 
Total principal42,878 43,904 
Unamortized debt issuance costs and assumed debt discount, net(1,332)(1,694)
Total$41,546 $42,210 
The mortgage loans encumbering the Company’s properties are generally non-recourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan, but generally include fraud or material misrepresentations, misstatements or omissions by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. At December 31, 2025, there were no mortgage loans with full or partial recourse to the Company.
The Company has entered into mortgage loans that are secured by multiple properties and contain cross-default and cross-collateralization provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that the Company defaults under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan.
Unsecured Term Loans
The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of the dates presented (in thousands):
All-in
Interest Rate		MaturityDecember 31, 2025December 31, 2024
2029 Unsecured Term Loan(1)
4.37 %January 2029$350,000 $350,000 
2031 Unsecured Term Loan(2)
4.02 %May 2031- - 
Total principal$350,000 $350,000 
Unamortized debt issuance costs, net(1,926)(2,548)
Total$348,074 $347,452 
(1)At December 31, 2025, the interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.
(2)At December 31, 2025, if amounts were drawn under the 2031 Unsecured Term Loan, the applicable interest rate would have reflected the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%.
2029 Unsecured Term Loan
On July 31, 2023, the Company closed on the unsecured $350.0 million 5.5-year term loan (the “2029 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500.0 million and matures in January 2029. At the time of the 2029 Unsecured Term Loan’s closing, borrowings were priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings, plus a SOFR adjustment of 10 basis points. Based on the Company’s credit ratings at the time of closing, pricing on the 2029 Unsecured Term Loan was 95 basis points over SOFR. Due to the Company’s improved credit rating, the credit spread on the 2029 Unsecured Term Loan decreased by five basis points in August 2025. The Company used the existing $350.0 million interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.57% until January 2029.
On August 8, 2024, the Company entered into the First Amendment to Term Loan Agreement (the “First Amendment”) with PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein, and with certain indirect subsidiaries of the Operating Partnership as guarantors. The First Amendment implements various covenant and technical amendments to make the 2029 Unsecured Term Loan’s provisions consistent with corresponding provisions in the Revolving Credit Facility (see “Senior Unsecured Revolving Credit Facility” below). The First Amendment does not change the maturity or the pricing terms of the 2029 Unsecured Term Loan.
On November 17, 2025, the Company entered into the Second Amendment to Term Loan Agreement (the “Second Amendment”) with PNC Bank, National Association, as Administrative Agent, and a syndicate of lenders named therein, and with certain indirect subsidiaries of the Operating Partnership as guarantors. The Second Amendment implements various changes to conform to the 2031 Unsecured Term Loan (defined below). In addition, the Second Amendment reduced the SOFR adjustment to zero basis points, resulting in the borrowings under the 2029 Unsecured Term Loan to be priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings. Based on the Company’s credit ratings as of December 31, 2025, pricing on the 2029 Unsecured Term Loan was 80 basis points over SOFR.
2031 Unsecured Term Loan

On November 17, 2025, the Company closed on an unsecured $350.0 million 5.5-year delayed draw term loan (the “2031 Unsecured Term Loan”) which includes an accordion option that allows the Company to request additional lender commitments up to a total of $500.0 million and matures in May 2031. As of December 31, 2025, the Company had not drawn any amounts under the 2031 Unsecured Term Loan. Borrowings under the 2031 Unsecured Term Loan are priced at SOFR plus a spread of 80 to 160 basis points over SOFR, depending on the Company’s credit ratings. Based on the Company’s credit ratings at the time of closing, pricing on the 2031 Unsecured Term Loan was 80 basis points over SOFR. The Company used the existing $350.0 million of forward starting interest rate swaps to hedge the variable SOFR priced interest to a weighted average fixed rate of 3.22% until May 2031.
Senior Unsecured Notes
The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of the dates presented (in thousands):
All-in
Interest Rate(1)
Coupon
Rate		MaturityDecember 31, 2025December 31, 2024
2025 Senior Unsecured Notes4.16%4.16%May 2025$— $50,000 
2027 Senior Unsecured Notes4.26%4.26%May 202750,000 50,000 
2028 Senior Unsecured Public Notes2.11%2.00%June 2028350,000 350,000 
2028 Senior Unsecured Notes4.42%4.42%July 202860,000 60,000 
2029 Senior Unsecured Notes4.19%4.19%September 2029100,000 100,000 
2030 Senior Unsecured Notes4.32%4.32%September 2030125,000 125,000 
2030 Senior Unsecured Public Notes3.49%2.90%October 2030350,000 350,000 
2031 Senior Unsecured Notes4.42%4.47%October 2031125,000 125,000 
2032 Senior Unsecured Public Notes3.96%4.80%October 2032300,000 300,000 
2033 Senior Unsecured Public Notes2.13%2.60%June 2033300,000 300,000 
2034 Senior Unsecured Public Notes5.65%5.63%June 2034450,000 450,000 
2035 Senior Unsecured Public Notes5.35%5.60%June 2035400,000 — 
Total principal$2,610,000 $2,260,000 
Unamortized debt issuance costs and original issue discounts, net(25,392)(22,241)
Total$2,584,608 $2,237,759 
(1)The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.
The Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows on forecasted issuances of debt. Refer to Note 8 – Derivative Instruments and Hedging Activity. In connection with pricing certain Senior Unsecured Notes and Senior Unsecured Public Notes, the Company terminated forward-starting interest rate swap agreements to fix the interest rate on all or a portion of the respective notes.
Senior Unsecured Notes – Private Placements
The Senior Unsecured Notes were issued in private placements (collectively the “Private Placements”) to individual investors. The Private Placements did not involve a public offering in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).
Senior Unsecured Notes – Public Offerings
The Senior Unsecured Public Notes (collectively the “Public Notes”) are fully and unconditionally guaranteed by Agree Realty Corporation and certain wholly owned subsidiaries of the Operating Partnership. These guarantees are senior unsecured obligations of the guarantors, rank equally in right of payment with all other existing and future senior unsecured indebtedness and are effectively subordinated to all secured indebtedness of the Operating Partnership and each guarantor (to the extent of the value of the collateral securing such indebtedness).
The Public Notes are governed by an indenture, dated August 17, 2020, among the Operating Partnership, the Company and trustee (as amended and supplemented by an officer’s certificate dated at the issuance of each of the Public Notes, the “Indenture”). The Indenture contains various restrictive covenants, including limitations on the ability of the guarantors and the issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets.
In May 2025, the Operating Partnership completed an underwritten public offering of $400.0 million in aggregate principal amount of its 5.600% Notes due 2035 (the “2035 Senior Unsecured Public Notes”). The public offering was priced at 99.297% of the principal amount, resulting in proceeds of $397.2 million before deducting debt issuance costs. In connection with the underwritten public offering, the Company terminated $325.0 million of forward-starting interest rate swap agreements that hedged the 2035 Senior Unsecured Public Notes, receiving $13.6 million, net upon termination.
In addition, in May 2025, the Operating Partnership repaid the $50.0 million 2025 Senior Unsecured Notes at maturity. 
Senior Unsecured Revolving Credit Facility and Commercial Paper Program
The following table presents the balances outstanding under the senior unsecured revolving credit facility and commercial paper program as of the dates presented (in thousands):
Interest RateMaturityDecember 31, 2025December 31, 2024
Senior Unsecured Revolving Credit Facility(1)
4.50 %August 2028$— $158,000 
Commercial Paper Notes(2)
3.94 %Various320,500 — 
Total$320,500 $158,000 
(1)At December 31, 2025, the Revolving Credit Facility would have incurred interest of 4.50%, which is comprised of SOFR of 3.77% and the pricing grid spread of 72.5 basis points.
(2)At December 31, 2025, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month.
Senior Unsecured Revolving Credit Facility
On August 8, 2024, the Company entered into the Fourth Amended and Restated Revolving Credit Agreement which provides a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”).
On November 17, 2025, the Company entered into the First Amendment to the Fourth Amended and Restated Revolving Credit Agreement (the “First Amendment to the Revolving Credit Facility”) with PNC Bank, as administrative agent, and a syndicate of lenders named therein, and with certain indirect subsidiaries of the Borrower as guarantors. The First Amendment to the Revolving Credit Facility amends the Revolving Credit Facility by and among the Company, the Borrower, PNC Bank, as administrative agent, and a syndicate of lenders named therein. The First Amendment to the Revolving Credit Facility includes certain technical and administrative amendments, including an amendment to the interest rate for borrowings under the Revolving Credit Facility by reducing the SOFR adjustment to zero basis points. As a result the Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio. At December 31, 2025, borrowings under the Revolving Credit Facility, as amended, would have incurred interest at a rate of SOFR plus a pricing grid spread of 72.5 basis points.
The Revolving Credit Facility serves as a liquidity backstop for the Company’s Commercial Paper Notes and includes an accordion option that allows the Company to request additional lender commitments up to a total of $2.00 billion. The Revolving Credit Facility will mature in August 2028 with Company options to extend the maturity date to August 2029.
Prior to entering into the Fourth Amended and Restated Revolving Credit Facility, the Company had a $1.00 billion revolving credit facility under the First Amendment to the Third Amended and Restated Revolving Credit Agreement. The interest rate under the previous credit facility was based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. Interest under the previous Revolving Credit Facility was comprised of SOFR, the applicable pricing grid spread of 77.5 basis points and the 10 basis point SOFR adjustment. The previous credit facility had a maturity date of January 2026 with options to extend the maturity date to January 2027.
The Company and Richard Agree, the Executive Chairman of the Company, are parties to a Reimbursement Agreement dated October 3, 2023 (the “Reimbursement Agreement”). Pursuant to the Reimbursement Agreement, Mr. Agree has agreed to reimburse the Company for his proportionate share of loss incurred under the Revolving Credit Facility and/or certain other indebtedness in an amount to be determined by facts and circumstances at the time of loss.
Commercial Paper Program
In March 2025, the Operating Partnership established a commercial paper program (the “Commercial Paper Program”), pursuant to which it may issue short-term, fixed rate, unsecured commercial paper notes (the “Commercial Paper Notes”) under the exemption from registration contained in Section 4(a)(2) of the Securities Act. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Commercial Paper Notes outstanding under the Commercial Paper Program at any time not to exceed $625.0 million. The Commercial Paper Notes can have maturities of up to 397 days from the date of issue and are guaranteed by the Company and certain wholly owned subsidiaries of the Operating Partnership.
Debt Maturities
The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2025 (in thousands):
Scheduled
Principal		Balloon
Payment		Total
2026⁽¹⁾$628 $320,500 $321,128 
2027— 50,000 50,000 
2028⁽²⁾— 410,000 410,000 
2029— 492,250 492,250 
2030— 475,000 475,000 
Thereafter(3)
— 1,575,000 1,575,000 
Total scheduled principal payments$628 $3,322,750 $3,323,378 
(1)At December 31, 2025, the Commercial Paper Notes had a weighted-average maturity of less than one month.
(2)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029 and had no outstanding balance as of December 31, 2025.
(3)The 2031 Unsecured Term Loan matures in May 2031. No amounts had been drawn under the delayed draw, $350.0 million loan as of December 31, 2025.
Loan Covenants
Certain loan agreements contain various restrictive covenants, including the following financial covenants: maximum total leverage ratio, maximum secured leverage ratios, consolidated net worth requirements, a minimum fixed charge coverage ratio, a maximum unencumbered leverage ratio, a minimum unsecured interest expense ratio, a minimum interest coverage ratio, a minimum unsecured debt yield and a minimum unencumbered interest expense ratio. As of December 31, 2025, the most restrictive covenant was the minimum unencumbered interest expense ratio. The Company was in compliance with all of its material loan covenants and obligations as of December 31, 2025.
v3.25.4
Common and Preferred Stock
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Common and Preferred Stock Common and Preferred Stock
Authorized Shares of Common Stock
In May 2025, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of the Company’s common stock from 180 million shares to 360 million shares.
Shelf Registration
On May 5, 2023, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.
Common Stock Offerings
In October 2022, the Company completed a follow-on public offering of 5,750,000 shares of common stock, including the full exercise of the underwriters' option to purchase an additional 750,000 shares, in connection with forward sale agreements. As of December 31, 2022, the Company settled 1,600,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $106.2 million. During the year ended December 31, 2023, the Company settled the remaining 4,150,000 shares of these October 2022 forward sale agreements, realizing net proceeds of $275.0 million. The offering resulted in total net proceeds to the Company of $381.2 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.
In October 2024, the Company completed a follow-on public offering of 5,060,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 660,000 shares in connection with the forward sale agreements. As of December 31, 2024, the Company had not settled any of these shares. During the year ended December 31, 2025, the Company settled all of the October 2024 forward sales agreements, realizing net proceeds to the Company of approximately $366.6 million, after deducting fees and expenses and making certain other adjustments.
In April 2025, the Company completed a follow-on public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 675,000 shares in connection with the forward sale agreements. As of December 31, 2025, the Company had not settled any of these shares. The offering is anticipated to raise net proceeds of approximately $385.8 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.
Preferred Stock Offering
As of December 31, 2025, the Company had 7,000,000 depositary shares (the “Depositary Shares”) outstanding, each representing 1/1,000th of a share of Series A Preferred Stock.
Dividends on the Series A Preferred Shares are payable monthly in arrears on the first day of each month (or, if not on a business day, on the next succeeding business day). The dividend rate is 4.25% per annum of the $25,000 (equivalent to $25.00 per Depositary Share) liquidation preference. Monthly dividends on the Series A Preferred Shares have been and will be in the amount of $0.08854 per Depositary Share, equivalent to $1.0625 per annum.
The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.
ATM Programs
The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements.
The following table summarizes the ATM programs that were in place during 2025, 2024 and 2023 (dollars in millions):
Program
Program Size
Total Forward
Shares Sold		Total Forward
Shares Settled		Total Forward
Shares
Outstanding as of
December 31, 2025
Total Net Proceeds
Anticipated or
Received from
Forward Shares Sold
September 2022
(1)
$750.0 10,217,97310,217,973—$670.3 
February 2024
(1)
$1,000.0 10,409,01710,409,017—$705.3 
October 2024$1,250.0 4,444,245
(2)
—4,444,245
(3)
$330.3 
(1)Applicable ATM program terminated and no future forward sales will occur under the program.
(2)After considering the shares of common stock sold subject to forward sale agreements under the program, the Company had approximately $914.5 million of availability under the October 2024 Program as of December 31, 2025.
(3)The Company is required to settle the outstanding forward shares of common stock under the program by dates between June 2026 and May 2027.
Upon settlement of the relevant forward sale agreement, subject to certain exceptions, we may elect, in our sole discretion, to physically settle in common shares, cash settle, or net share settle all or any portion of our obligations under any forward sale agreement.
The following table summarizes the ATM activity completed during the periods presented:
Year Ended December 31,
202520242023
Shares of common stock sold under the ATM programs4,275,96810,598,0375,846,998
Shares of common stock settled under the ATM programs7,633,5196,630,1126,117,768
Net proceeds received (in millions)$538.3$403.8$415.4
v3.25.4
Dividends and Distributions Payable
 12 Months Ended
Dec. 31, 2025
Dividends and Distributions Payable [Abstract]  
Dividends and Distributions Payable Dividends and Distributions Payable
The Company declared dividends per common share of $3.081, $3.000 and $2.919 during the years ended December 31, 2025, 2024 and 2023, respectively.
On December 11, 2025, the Company declared a dividend per common share of $0.262 per share for the month ended December 31, 2025. The holders of Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Unit held. The monthly common dividend for December 2025 has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest. The December 2025 dividends and distributions were recorded as a liability on the consolidated balance sheets as of December 31, 2025 and were paid on January 15, 2026.
The Company declared dividends on the Series A Preferred Shares of $1.0625 per Depositary Share during the year ended December 31, 2025, 2024 and 2023. These dividends were reflected entirely as ordinary income for federal income tax purposes. The December 2025 dividend declared on the Series A Preferred Shares of $0.08854 per Depositary Share has been reflected as a reduction of stockholders’ equity and was recorded as a liability on the consolidated balance sheets as of December 31, 2025 and paid on January 2, 2026.
For federal income tax purposes, common distributions paid have been characterized as follows (unaudited):
For the Year Ended December 31,2025⁽¹⁾2024⁽¹⁾2023⁽¹⁾
Ordinary Income$2.619 $2.638 $2.498 
Return of Capital0.453 0.356 0.174 
Total$3.072 $2.994 $2.672 
(1)The common dividend declared in December of the respective year and paid in the following January is considered a distribution for federal tax purposes in the year of payment and, therefore, has been excluded from the federal income tax characterization in the year of declaration.

Earnings and profits that determine the taxability of distributions to stockholders differ from net income reported for financial reporting purposes due to differences in the estimated useful lives and methods used to compute depreciation and the carrying value (basis) of the investments in properties for tax purposes, among other things.
v3.25.4
Derivative Instruments and Hedging Activity
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activity Derivative Instruments and Hedging Activity
Background
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. For additional information regarding the leveling of the Company’s derivatives, refer to Note 9 – Fair Value Measurements.
The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchanging the underlying notional amount.
Hedging Activity
In June 2023, the Company entered into $350.0 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate SOFR interest on $350.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.57% beginning August 1, 2023 through the maturity date of January 1, 2029. The swaps are designated to hedge the variable rate interest payments of the 2029 Unsecured Term Loan indexed to SOFR. As of December 31, 2025 these interest rate swaps were valued as a liability of approximately $2.8 million.
In December 2023, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $150.0 million of long-term debt. In addition, in May 2024, the Company entered into a $150.0 million US Treasury lock at 4.51% to hedge against variability in future cash flows resulting from changes in interest rates. The Company terminated the $150.0 million forward-starting interest rate swap agreements and the $150.0 million US Treasury lock upon completion of the underwritten public offering of the 2034 Senior Unsecured Public Notes, receiving $4.4 million, net upon termination. This settlement was included as a component of accumulated other comprehensive income (“OCI”), to be recognized as an adjustment to income over the term of the debt.
During 2024 and 2025, the Company entered into $325.0 million of forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of long-term debt. The Company terminated the $325.0 million forward-starting interest rate swap agreements upon completion of the underwritten public offering of the 2035 Senior Unsecured Public Notes in May 2025, receiving $13.6 million upon termination. This settlement was included as a component of accumulated OCI, to be recognized as an adjustment to income over the term of the debt.
In September and October of 2025, the Company entered into $350.0 million of forward starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in SOFR. The swaps exchange variable rate interest on $350.0 million of SOFR indexed debt to a weighted average fixed interest rate of 3.22% until May 2031. The swaps are designated to hedge the variable rate interest payments indexed to SOFR in the 2031 Senior Unsecured Term Loan which matures May 2031. As of December 31, 2025, these interest rate swaps were valued as an asset of approximately $3.3 million.
In August, September and October 2025, the Company entered into forward-starting interest rate swap agreements to hedge against variability in future cash flows resulting from changes in interest rates from the trade date through the forecasted issuance date of $200.0 million of long-term debt. The Company hedged its exposure to the variability in future cash flows for a forecasted issuance of long-term debt over a maximum period ending June 2026. As of December 31, 2025, these interest rate swaps are valued as an asset of approximately $2.7 million. 
Recognition
The Company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheets. See discussion of measuring fair value in Note 9 - Fair Value Measurements. The Company recognizes its derivatives within other assets, net and accounts payable, accrued expenses and other liabilities on the consolidated balance sheets.
Changes in fair value for hedging instruments designated and qualifying for cash flow hedge accounting treatment are recognized as a component of OCI. Cash receipts and payments related to these hedging derivatives are included in cash flows from operating activities.
Accumulated OCI relates to (i) the change in fair value of interest rate derivatives and (ii) realized gains or losses on settled derivative instruments. Amounts are reclassified out of accumulated OCI as an adjustment to interest expense for (i) realized gains or losses related to effective interest rate swaps and (ii) realized gains or losses on settled derivative instruments, amortized over the term of the hedged debt transaction. During the next twelve months, the Company estimates that $3.8 million will be reclassified as a decrease to interest expense.
The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of the dates presented (dollars in thousands):
Number of Instruments(1)
Notional Amount(1)
December 31,December 31,December 31,December 31,
Interest Rate Derivatives2025202420252024
Interest rate swaps1311$900,000 $550,000 
(1)Number of instruments and total notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheet dates, including forward-starting interest rate swaps prior to their effective date.
The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the consolidated balance sheets as of the dates presented (in thousands):
Asset Derivatives
December 31, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Other assets, net$5,972 $17,526 
Liability Derivatives
December 31, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Accounts payable, accrued expenses, and other liabilities$2,814 $— 
The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive income for the periods presented (in thousands):
Amount of Income/(Loss) Recognized
in OCI on Derivative		Location of Accumulated OCI
Reclassified from Accumulated
OCI into Income		Amount Reclassified from
Accumulated OCI as a
(Reduction)/Increase in Interest Expense
Year Ended December 31,202520242023202520242023
Interest rate swaps$1,627 $32,060 $(1,911)Interest expense$(6,213)$(8,458)$(5,109)
The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of December 31, 2025.
Credit Risk-Related Contingent Features
The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.
The fair value of derivative contracts, which includes interest but excludes any adjustments for nonperformance risk, was in a net asset position of $3.3 million as of December 31, 2025 and an asset position of $17.9 million as of December 31, 2024.
Although the derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets.
There was no offsetting of derivative assets or liabilities as of December 31, 2024. The tables below present a gross presentation of the effects of offsetting and a net presentation of the Company’s derivatives as of December 31, 2025 (in thousands):
Offsetting of Derivative Assets as of December 31, 2025
Gross Amounts
of Recognized
Assets		Gross Amounts
Offset in the
Statement of
Financial
Position		Net Amounts of
Assets presented
in the Statement
of Financial
Position		Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments		Cash Collateral
Received		Net Amount
Derivatives$5,972 $— $5,972 $(757)$— $5,215 
Offsetting of Derivative Liabilities as of December 31, 2025
Gross Amounts
of Recognized
Liabilities		Gross Amounts
Offset in the
Statement of
Financial
Position		Net Amounts of
Liabilities presented
in the Statement
of Financial
Position		Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments		Cash Collateral
Received		Net Amount
Derivatives$2,814 $— $2,814 $(757)$— $2,057 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value
The Company accounts for fair values in accordance with ASC 820. ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.
ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Derivative Financial Instruments
The Company uses interest rate swap agreements to manage its interest rate risk. See additional details regarding interest rate swaps in Note 8 - Derivative Instruments and Hedging Activity. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.
To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2025 and 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis and fair value level as of the dates presented (in thousands):
December 31, 2025December 31, 2024
Fair ValueFair Value
Level 2Level 2
Derivative assets - interest rate swaps$5,972 $17,526 
Derivative liabilities - interest rate swaps$2,814 $— 
Other Financial Instruments
The carrying values of cash and cash equivalents, cash held in escrow, accounts receivable and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments.
The fair value of the Commercial Paper Notes is estimated to be equal to the carrying amount due to the short-term maturity of the instruments and as the stated interest rates approximate current market rates.
The fair value of the Revolving Credit Facility, 2029 Unsecured Term Loan and 2031 Unsecured Term Loan are estimated to be equal to the carrying value as they are variable rate debt.
The Company estimated the fair value of its debt based on its incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.
The table below presents the carrying value, fair value and fair value level of the Company’s debt as of the dates presented (in thousands):
December 31, 2025December 31, 2024
CarryingFair ValueCarryingFair Value
ValueLevel 2Level 3ValueLevel 2Level 3
Mortgage Notes Payable$41,546 $— $40,859 $42,210 $— $40,591 
Unsecured Term Loan$348,074 $348,074 $— $347,452 $347,452 $— 
Senior Unsecured Notes$2,584,608 $2,548,907 $— $2,237,759 $2,078,885 $— 
Unsecured Revolving Credit Facility$— $— $— $158,000 $158,000 $— 
Commercial Paper Notes$320,500 $320,500 $— $— $— $— 
v3.25.4
Equity Incentive Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plan Equity Incentive Plan
In May 2024, the Company’s stockholders approved the Agree Realty Corporation 2024 Omnibus Incentive Plan (the “2024 Plan”), which replaced the Agree Realty Corporation 2020 Omnibus Incentive Plan. The 2024 Plan provides for the award to employees, directors and consultants of the Company of options, restricted stock, restricted stock units, stock appreciation rights, performance awards (which may take the form of performance units or performance shares) and other awards to acquire up to an aggregate of 2,000,000 shares of the Company’s common stock. As of December 31, 2025, 1,721,199 shares of common stock were available for issuance under the 2024 Plan.
Restricted Stock - Employees
Restricted shares have been granted to employees which vest based on continued service to the Company.
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Restricted share awards granted prior to 2023 vest over a five-year period while awards granted in 2023 or later vest over a three-year period.
The Company estimates the fair value of restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the appropriate vesting period. The Company recognized expense related to restricted share grants of $6.5 million, $5.8 million and $4.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, there was $7.5 million of total unrecognized compensation costs related to the outstanding restricted shares, which is expected to be recognized over a weighted average period of 1.7 years. The fair value of restricted shares vested was $9.4 million, $2.3 million and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Restricted share activity is summarized as follows (shares in thousands):
Shares
Outstanding
Weighted Average
Grant Date
Fair Value
Unvested restricted stock at December 31, 2022183$65.46 
Restricted stock granted82$73.15 
Restricted stock vested(56)$63.95 
Restricted stock forfeited(15)$69.12 
Unvested restricted stock at December 31, 2023194$68.85 
Restricted stock granted101$57.51 
Restricted stock vested(68)$69.33 
Restricted stock forfeited(9)$63.63 
Unvested restricted stock at December 31, 2024218$63.65 
Restricted stock granted85$72.83 
Restricted stock vested(93)$65.43 
Restricted stock forfeited(17)$65.54 
Unvested restricted stock at December 31, 2025193$66.65 
Performance Units
Performance units have been granted to certain executive officers and are subject to a three-year performance period, following the conclusion of which shares awarded are determined by the Company’s total shareholder return (“TSR”) compared to the constituents of the MSCI US REIT Index and a defined peer group. Fifty percent of the award is based upon the TSR percentile rank versus the constituents in the MSCI US REIT Index for the three-year performance period; and fifty percent of the award is based upon TSR percentile rank versus a specified net lease peer group for the three-year performance period. For performance units granted prior to 2023, vesting of the shares awarded occurs ratably over a three-year period, with the initial vesting occurring immediately following the conclusion of the performance period such that all units vest within five years of the original award date. Performance units granted in 2023 or later vest following the conclusion of the performance period such that all units will vest three years from the original award date.
The grant date fair value of these awards is determined using a Monte Carlo simulation pricing model. For the performance units granted prior to 2023, compensation expense is amortized on an attribution method over a five-year period. For performance units granted in 2023 or later, compensation expense is amortized on a straight-line basis over a three-year period. Compensation expense related to performance units is determined at the grant date and is not adjusted throughout the measurement or vesting periods.
The Monte Carlo simulation pricing model for issued grants utilizes the following assumptions: (i) expected term (equal to the remaining performance measurement period at the grant date); (ii) volatility (based on historical volatility); and (iii) risk-free rate (interpolated based on 2- and 3-year rates).
The following assumptions were used when determining the grant date fair value:
202520242023
Expected term (years)2.92.92.9
Volatility20 %20.0 %23.6 %
Risk-free rate4.2 %4.5 %4.4 %
The Company recognized expense related to performance units for which the three-year performance period had not yet been completed of $4.7 million, $3.1 million and $2.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $7.1 million of total unrecognized compensation costs related to performance units for which the three-year performance period has not yet been completed, which is expected to be recognized over a weighted average period of 1.9 years.
The Company recognized expense related to performance units and shares for which the three-year performance period was completed, however the shares have not yet vested, of $0.6 million, $0.5 million and $0.5 million for the years ending December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $0.2 million of total unrecognized compensation costs related to performance units and shares for which the three-year performance period has been completed, however the shares have not yet vested, which is expected to be recognized over a weighted average period of 0.9 years.
Performance units activity is summarized as follows (shares in thousands):
Target Number
of Awards		Weighted Average
Grant Date
Fair Value
Performance units and shares - three-year performance period to be completed at December 31, 202285$72.27 
Performance units granted47$80.34 
Performance units - three-year performance period completed(21)$90.17 
Performance units and shares - three-year performance period to be completed at December 31, 2023111$72.14 
Performance units granted77$59.16 
Performance units - three-year performance period completed(31)$63.42 
Performance units and shares - three-year performance period to be completed at December 31, 2024157$67.50 
Performance units granted90$79.61 
Performance units - three-year performance period completed(34)$68.59 
Performance units and shares - three-year performance period to be completed at December 31, 2025213$72.42 
Shares
Outstanding		Weighted Average
Grant Date
Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 202232$61.91 
Shares earned at completion of three-year performance period(1)
33$90.17 
Shares vested(34)$69.73 
Performance shares - three-year performance period completed but not yet vested at December 31, 202331$83.40 
Shares earned at completion of three-year performance period(2)
23$63.42 
Shares vested(28)$75.18 
Performance shares - three-year performance period completed but not yet vested at December 31, 202426$74.58 
Shares earned at completion of three-year performance period(3)
51$68.59 
Shares vested(35)$74.13 
Performance shares - three-year performance period completed but not yet vested at December 31, 202542$67.64 
(1)Performance units granted in 2020 for which the three-year performance period was completed in 2023 were earned at the 150% performance level.
(2)Performance units granted in 2021 for which the three-year performance period was completed in 2024 were earned at the 76% performance level.
(3)Performance units granted in 2022 for which the three-year performance period was completed in 2025 were earned at the 150% performance level.
Restricted Stock - Directors
The Company granted restricted shares to non-employee directors which vest over a year, commensurate with the board members’ services to the Company.
The holder of a restricted share award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.
The Company estimates the fair value of board members’ restricted share grants at the date of grant and amortizes those amounts into expense on a straight-line basis over the one-year vesting period.
During the year ended December 31, 2025, 18,467 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $72.83 per share. During the year ended December 31, 2024, 23,389 restricted shares were granted to independent members of the Company’s board of directors at a weighted average grant date fair value of $57.51 per share.
The Company recognized expense relating to restricted share grants to the board members of $1.1 million, $1.3 million and 1.1 million for the years ended December 31, 2025, 2024 and 2023, respectively.
As of December 31, 2025, there was $0.2 million total unrecognized compensation costs related to the board members’ outstanding restricted shares, which is expected to be recognized in less than six months.
The Company used 0% for the forfeiture rate for determining the fair value of this restricted stock.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
In the ordinary course of business, the Company is party to various legal actions which the Company considers to be routine in nature and incidental to the operation of its business. The Company believes that the outcome of the proceedings will not have a material adverse effect upon the Company’s consolidated financial position or results of operations.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In connection with the preparation of its financial statements, the Company has evaluated events that occurred subsequent to December 31, 2025 through the date on which these financial statements were issued to determine whether any of these events required adjustments to or disclosure in the financial statements.
There were no reportable subsequent events or transactions.
v3.25.4
Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate And Accumulated Depreciation
COLUMN ACOLUMN BCOLUMN CCOLUMN DCOLUMN ECOLUMN FCOLUMN GCOLUMN HCOLUMN I
Gross Amount at Which Carried at
Initial CostClose of Period
DescriptionNumber of PropertiesEncumbranceLandBuilding and
Improvements
Costs
Capitalized
Subsequent to
Acquisition
Land
Building and
Improvements
TotalAccumulated
Depreciation		Date of
Acquisition
Life on
Which
Depreciation in
Latest
Income
Statement is
Computed
(in years)(1)
Real Estate Held for Investment
Alabama69—58,258,702112,734,863 333,623 58,331,029 112,996,159 171,327,188 14,145,037 2012-2025
3 - 40
Alaska3—4,024,7483,657,890 153 4,024,748 3,658,043 7,682,791 161,114 2023-2024
5 - 40
Arizona29—37,421,65586,583,631 3,414,250 40,157,460 87,262,076 127,419,536 9,456,543 2011-2025
3 - 40
Arkansas44—33,961,62181,342,721 986,543 33,931,265 82,359,620 116,290,885 8,631,678 2016-2025
3 - 40
California56—168,284,646231,361,808 1,247,842 168,231,535 232,662,761 400,894,296 22,330,970 2011-2025
1 - 40
Colorado19—33,427,07657,261,268 1,159,586 33,427,077 58,420,853 91,847,930 5,903,321 2016-2025
4 - 40
Connecticut28—67,928,851107,146,858 629,656 67,928,851 107,776,514 175,705,365 12,828,996 2010-2025
2 - 40
Delaware6—18,218,2047,562,092 (25,246)18,197,839 7,557,211 25,755,050 2,075,588 2012-202240
Florida138—170,847,249252,191,971 12,154,598 170,897,386 264,296,432 435,193,818 35,515,003 1996-2025
4 - 40
Georgia128—87,185,808286,763,380 1,862,876 87,191,042 288,621,022 375,812,064 30,106,116 2007-2025
1 - 40
Hawaii1——5,337,026 1,955 — 5,338,981 5,338,981 202,540 2024
18 - 28
Idaho7—3,330,66916,723,441 37,265 3,330,670 16,760,705 20,091,375 2,620,333 2018-2024
8 - 40
Illinois166—191,866,438364,852,910 4,781,534 191,337,806 370,163,076 561,500,882 39,978,630 2010-2025
2 - 40
Indiana83—41,514,275156,188,687 1,748,305 41,489,677 157,961,590 199,451,267 12,622,766 2002-2025
4 - 40
Iowa43—16,239,68455,835,404 1,193,886 16,819,993 56,448,981 73,268,974 6,508,408 2015-2025
5 - 40
Kansas49—50,048,333149,575,667 (548,926)48,782,171 150,292,903 199,075,074 17,150,271 1995-2025
3 - 40
Kentucky42—27,679,15688,671,275 9,570,857 28,176,183 97,745,105 125,921,288 13,721,545 1978-2025
3 - 40
Louisiana81—58,838,431166,175,514 1,316,076 59,020,733 167,309,288 226,330,021 18,615,737 2012-2025
5 - 40
Maine5—2,566,1659,379,875 25,421 2,566,165 9,405,296 11,971,461 1,396,778 2015-2024
4 - 40
Maryland33—62,032,47555,927,750 353,838 62,120,812 56,193,251 118,314,063 5,955,038 2011-2025
5 - 40
Massachusetts23—79,117,52489,745,382 177,375 79,122,805 89,917,476 169,040,281 8,196,298 2018-2025
5 - 40
Michigan149628,000132,390,772344,842,747 21,649,140 130,032,858 368,849,801 498,882,659 55,921,335 1977-2025
1 - 40
Minnesota60—67,229,478135,923,614 783,310 67,005,373 136,931,029 203,936,402 11,132,184 2012-2025
5 - 40
Mississippi76—38,803,924170,931,630 481,409 38,536,521 171,680,442 210,216,963 17,686,052 2013-2025
3 - 40
Missouri80—57,490,720198,738,969 2,325,263 57,496,026 201,058,926 258,554,952 21,842,576 2013-2025
3 - 40
Montana2—1,023,1545,232,131 22,469 1,023,154 5,254,600 6,277,754 473,271 2021-2024
1 - 40
Nebraska16—8,064,13230,175,460 16,992 8,064,132 30,192,452 38,256,584 2,504,785 1995-2025
3 - 40
Nevada7—2,881,0718,482,078 (13,959)2,826,071 8,523,119 11,349,190 1,327,816 2013-2025
2 - 40
New Hampshire11—23,964,70018,306,945 666,306 23,964,701 18,973,250 42,937,951 2,477,293 2015-2025
5 - 40
New Jersey56—164,560,966100,251,249 16,336,567 179,736,006 101,412,776 281,148,782 14,916,027 2005-2025
4 - 40
New Mexico25—32,803,78656,655,563 603,851 32,726,744 57,336,456 90,063,200 4,723,688 2016-2025
3 - 40
New York10311,300,000139,415,959321,735,777 1,375,958 139,474,130 323,053,564 462,527,694 31,475,778 2004-2025
3 - 40
COLUMN ACOLUMN BCOLUMN CCOLUMN DCOLUMN ECOLUMN FCOLUMN GCOLUMN HCOLUMN I
Gross Amount at Which Carried at
Initial CostClose of Period
DescriptionNumber of PropertiesEncumbranceLand
Building and
Improvements
Costs
Capitalized
Subsequent to
Acquisition
Land
Building and
Improvements
Total
Accumulated
Depreciation
Date of
Acquisition
Life on
Which
Depreciation in
Latest
Income
Statement is
Computed
(in years)(1)
North Carolina13922,400,000149,429,059305,062,596 (526,987)148,681,825 305,282,843 453,964,668 34,417,480 2010-2025
1 - 40
North Dakota12—9,967,36827,987,689 1,954,552 9,967,370 29,942,239 39,909,609 3,882,141 2013-2025
5 - 40
Ohio164—153,988,586348,204,577 3,656,752 155,401,951 350,447,964 505,849,915 39,855,010 2010-2025
1 - 40
Oklahoma47—28,194,669107,104,894 299,107 28,189,668 107,409,002 135,598,670 10,855,706 2014-2025
1 - 40
Oregon13—29,320,37840,082,009 1,709,328 29,320,538 41,791,177 71,111,715 5,356,208 2012-2025
5 - 40
Pennsylvania1188,550,000138,254,794325,830,203 (718,075)134,947,258 328,419,664 463,366,922 35,136,372 1996-2025
1 - 40
Rhode Island7—14,676,88325,414,355 821,472 14,676,468 26,236,242 40,912,710 2,920,257 2018-2025
3 - 40
South Carolina75—44,352,653177,664,969 2,173,623 44,347,183 179,844,062 224,191,245 21,282,530 2012-2025
4 - 40
South Dakota12—3,376,21218,522,813 235,505 3,376,212 18,758,318 22,134,530 2,369,011 2013-2024
6 - 40
Tennessee71—51,864,191126,285,426 (647,960)50,781,173 126,720,484 177,501,657 18,291,907 2013-2025
2 - 40
Texas169—184,881,006446,577,169 11,245,152 185,338,871 457,364,456 642,703,327 56,072,779 2011-2025
1 - 40
Utah5—7,875,15820,250,913 (20,043)7,875,158 20,230,870 28,106,028 4,101,663 2011-2022
40
Vermont4—6,554,68120,448,103 — 6,554,681 20,448,103 27,002,784 742,939 2022-2025
1 - 40
Virginia72—72,179,191125,127,393 982,257 72,205,447 126,083,394 198,288,841 14,813,803 2014-2025
4 - 40
Washington22—19,732,29864,075,345 213,281 19,732,298 64,288,626 84,020,924 4,679,046 2014-2025
3 - 40
West Virginia30—21,133,37051,644,901 337,247 21,235,684 51,879,834 73,115,518 5,039,287 2015-2025
5 - 40
Wisconsin74—61,885,001199,650,956 2,251,869 61,829,720 201,958,106 263,787,826 21,485,299 2014-2025
3 - 40
Wyoming2—1,745,4713,091,512 210,772 1,745,470 3,302,285 5,047,755 396,340 2020-2022
15 - 40
Subtotal42,878,0002,880,831,3416,209,321,399 108,846,625 2,892,177,938 6,306,821,427 9,198,999,365 714,301,293 
Property Under Development (Various)——62,690,174 — — 62,690,174 62,690,174 — 
Corporate Headquarters - Royal Oak, MI—3,316,61923,293,900 133,867 3,316,619 23,427,768 26,744,387 1,431,835 202340
Total42,878,0002,884,147,9606,295,305,473 108,980,492 2,895,494,557 6,392,939,369 9,288,433,926 715,733,128 
(1)Depreciation on real estate investments is calculated using the straight-line method over the estimated useful lives of the assets as follows:
Buildings            28 to 40 years
Building Improvements    10 to 20 years
Tenant Improvements        The shorter of the term of the related lease or useful life
Article I.1. Reconciliation of Real Estate Properties
The following table reconciles the Real Estate Properties from January 1, 2023 to December 31, 2025.
202520242023
Balance at January 1$7,982,537,708 $7,177,278,178 $6,062,209,367 
Construction, acquisition and other costs1,360,816,245 893,310,268 1,135,848,799 
Impairment charge(14,653,327)(8,852,732)(9,555,945)
Disposition of real estate(40,266,700)(79,198,006)(11,224,043)
Balance at December 31$9,288,433,926 $7,982,537,708 $7,177,278,178 
Article II.2. Reconciliation of Accumulated Depreciation
The following table reconciles the Real Estate Properties from January 1, 2023 to December 31, 2025.
202520242023
Balance at January 1$564,429,282 $433,957,769 $321,141,833 
Current year depreciation expense159,745,691 138,426,235 115,969,605 
Impairment charge(2,580,729)(1,607,706)(2,425,088)
Disposition of real estate(5,861,116)(6,347,016)(728,581)
Balance at December 31$715,733,128 $564,429,282 $433,957,769 
Article III.3. Tax Basis – (Unaudited)
The aggregate cost of our real estate assets for federal income tax purposes is approximately $10.70 billion at December 31, 2025.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Managing Material Risks & Integrated Risk Management
We have a comprehensive and systematic cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program follows a risk-based approach, which prioritizes the cybersecurity risks according to their likelihood and impact and allocates the appropriate resources and actions to mitigate these risks and leverages the National Institute of Standards and Technology (NIST) framework.
The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants and board oversight. The program is reviewed and updated on a monthly basis, or whenever there is a significant change in our environment, operations, or objectives.
Engagement and Oversight of Third-parties
We have contracted a reputable, global third-party external Security Operations Center (“SOC”) to ensure that our cybersecurity processes, tools, and monitoring are operating continuously. The SOC service provides a holistic view of our security landscape using a cloud-native Security Incident & Event Management platform, removing security siloes to gain actionable insights and providing continuous 24/7 detection and response services, as well as proactively identifying threats to prevent security disruptions.
We engage the SOC on a regular basis to conduct external audits and assessments of our cybersecurity posture and performance. The SOC provides independent and objective feedback and recommendations on how to improve our cybersecurity strategy, policies, processes, and controls. The SOC also assists the Company in identifying and prioritizing the most critical and emerging cybersecurity risks and threats, and to align our cybersecurity initiatives with the best practices and standards in the industry.
We also have a robust and rigorous oversight process for managing cybersecurity risks related to our third-party service providers. The process includes:
•conducting due diligence and background checks on the potential service providers;
•verifying their cybersecurity credentials, capabilities, and track record;
•establishing clear and specific contractual terms and conditions regarding the Company’s cybersecurity expectations, obligations, and the responsibilities of the service providers;
•conducting quarterly business reviews of service providers including security operations performance and recommendations; and
•monitoring and auditing the service providers’ performance, compliance, reporting and escalation procedures for any cybersecurity issues or incidents identified through quarterly business reviews.
Risks from Cybersecurity Threats
While we face a variety of cybersecurity risks, such as phishing attempts, ransomware attacks, and unauthorized access attempts, such risks have not materially affected us to-date, including our business strategy, results of operations or financial condition. For more information about the cybersecurity risks we face, see “Item 1A – Risk Factors - We face risks relating to information technology and cybersecurity attacks, loss of confidential information and other business disruptions” and “Item 1A – Risk Factors - The use of artificial intelligence presents risks and challenges that may adversely impact our business and operating results or that of our tenants”.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Managing Material Risks & Integrated Risk Management
We have a comprehensive and systematic cybersecurity risk assessment program, which covers the identification, analysis, evaluation, and management of cybersecurity risks. The program follows a risk-based approach, which prioritizes the cybersecurity risks according to their likelihood and impact and allocates the appropriate resources and actions to mitigate these risks and leverages the National Institute of Standards and Technology (NIST) framework.
The program is cross-functional involving the participation and input of internal stakeholders, third-party consultants and board oversight. The program is reviewed and updated on a monthly basis, or whenever there is a significant change in our environment, operations, or objectives.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board of Directors’ Oversight
Our board of directors takes an active and informed role in our risk management policies and strategies. Our executive officers, which are responsible for our day-to-day risk management practices, present to the board of directors on the material risks to our Company, including risks related to information technology and cybersecurity.
The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, the Chief Information Officer (“CIO”) provides quarterly updates to the audit committee with respect to security improvement projects, cybersecurity incidents, mitigation, and management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, the Chief Information Officer (“CIO”) provides quarterly updates to the audit committee with respect to security improvement projects, cybersecurity incidents, mitigation, and management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors takes an active and informed role in our risk management policies and strategies. Our executive officers, which are responsible for our day-to-day risk management practices, present to the board of directors on the material risks to our Company, including risks related to information technology and cybersecurity.
The audit committee has formal oversight responsibility for cybersecurity and is responsible for reviewing the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. As part of the board of directors and audit committee’s oversight, the Chief Information Officer (“CIO”) provides quarterly updates to the audit committee with respect to security improvement projects, cybersecurity incidents, mitigation, and management.
Cybersecurity Risk Role of Management [Text Block]
Our CIO is responsible for developing and overseeing matters related to cybersecurity and serves as the Company’s Chief Information Security Officer. The CIO has over 25 years of experience in information technology and is certified as an IT Business Relationship Management Professional (BRMP®), Six Sigma Blackbelt and Lean Office Champion. The CIO reports directly to the Chief Operating Officer, who is accountable for the overall information technology and security strategy and governance of the Company.
We have a comprehensive and continuous cybersecurity training program for our employees, which aims to raise their awareness and knowledge of cybersecurity threats and challenges, and to enhance their skills and competencies in preventing and responding to the cybersecurity incidents. The program covers the Company’s cybersecurity policies, guidelines, cybersecurity best practice guidelines, cybersecurity scenarios and simulations.
In connection with improving the management of cybersecurity risk, the Company has:
•audited our systems with the help of information security consultants;
•completed ransomware simulations and enhanced our Disaster Recovery and Business Continuity Plan to reflect lessons learned;
•implemented information security policies to monitor for and notify if personnel take potentially malicious actions against the company, such as forwarding sensitive emails or uploading data to non-approved cloud services;
•conducted recovery simulation of our proprietary database to determine restoration timing;
•implemented a continuous vulnerability scanning solution to identify known threats in near real-time;
•conducted penetration testing and remediated all issues identified; and
•enhanced e-mail filtering software to limit the possibility of phishing or ransomware attacks.
Monitor Cybersecurity Incidents
We have a well-defined and tested cybersecurity incident response plan, which outlines the roles and responsibilities, procedures and protocols, tools and resources, and communication and escalation channels that will be activated and implemented in the event of a cybersecurity incident. The plan aims to detect and contain the incident, analyze and assess its nature, scope, and severity, and restore and resume the normal operations and functions of the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our CIO is responsible for developing and overseeing matters related to cybersecurity and serves as the Company’s Chief Information Security Officer. The CIO has over 25 years of experience in information technology and is certified as an IT Business Relationship Management Professional (BRMP®), Six Sigma Blackbelt and Lean Office Champion. The CIO reports directly to the Chief Operating Officer, who is accountable for the overall information technology and security strategy and governance of the Company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO has over 25 years of experience in information technology and is certified as an IT Business Relationship Management Professional (BRMP®), Six Sigma Blackbelt and Lean Office Champion.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We have a well-defined and tested cybersecurity incident response plan, which outlines the roles and responsibilities, procedures and protocols, tools and resources, and communication and escalation channels that will be activated and implemented in the event of a cybersecurity incident. The plan aims to detect and contain the incident, analyze and assess its nature, scope, and severity, and restore and resume the normal operations and functions of the Company.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Consolidation
Consolidation
Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. The Company consolidates the Operating Partnership under the guidance set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, and as a result, the consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated, including the Company’s Series A preferred equity interest in the Operating Partnership.
Real Estate Investments
Real Estate Investments
The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed.
Assets Held for Sale
Assets Held for Sale
Assets are classified as real estate held for sale based on specific criteria as outlined in FASB ASC Topic 360, Property, Plant & Equipment, and are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.
Any properties classified as held for sale are not depreciated. Assets are generally classified as real estate held for sale once management has actively engaged in marketing the asset and has received a firm purchase commitment that is expected to close within one year.
Acquisitions of Real Estate
Acquisitions of Real Estate
The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building, and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases and above- or below-market debt, if any. In making estimates of fair values, the Company may use various sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located.
In allocating the fair value of the identified tangible and intangible assets and liabilities of an acquired property, land is valued based upon comparable market data or independent appraisals. Buildings are valued on an as-if vacant basis based on a cost approach utilizing estimates of cost and the economic age of the building or an income approach utilizing various market data. In-place lease intangibles are valued based on the Company’s estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. Above- and below-market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition and the Company’s estimate of current market lease rates for the property. In the case of sale-leaseback transactions, it is typically assumed that the lease is not in-place prior to the close of the transaction.
Depreciation and Amortization
Depreciation and Amortization
Land, buildings and improvements are recorded and stated at cost. The Company’s properties are depreciated using the straight-line method over the estimated remaining useful life of the assets, which are generally 40 years for buildings, 10 to 20 years for building improvements and the shorter of the term of the related lease or useful life for tenant improvements. Properties classified as held for sale and properties under development or redevelopment are not depreciated. Major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives.
In-place lease intangible assets and the capitalized above- and below-market lease intangibles are amortized over the non-cancelable term of the lease as well as any option periods included in the estimated fair value. In-place lease intangible assets are amortized to amortization expense and above- and below-market lease intangibles are amortized as a net adjustment to rental income. In the event of early lease termination, the remaining net book value of any above- or below-market lease intangible is recognized as an adjustment to rental income.
Impairments
Impairments
The Company reviews real estate investments and related lease intangibles for possible impairment when certain events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, a change in estimated residual values, a change in the Company’s ability or expectation to re-lease properties that are vacant or become vacant or a change in the anticipated holding period for a property.
Management determines whether an impairment in value has occurred by comparing the estimated future cash flows (undiscounted and without interest charges), including the residual value of the real estate, to the carrying value of the individual asset.
Impairments are measured to the extent the carrying value exceeds the estimated fair value.
The valuation of impaired assets is determined using valuation techniques including discounted cash flow analysis, analysis of recent comparable sales transactions and purchase offers received from third parties, which are Level 3 inputs. The Company may consider a single valuation technique or multiple valuation techniques, as appropriate, when estimating the fair value of its real estate. Estimating future cash flows is highly subjective and estimates can differ significantly from actual results.
Cash and Cash Equivalents and Cash Held in Escrow
Cash and Cash Equivalents and Cash Held in Escrow
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of deposit, checking, and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage or are held in accounts without any federal insurance, and as a result, there is a credit risk related to amounts on deposit in excess of FDIC insurance coverage. We invest our cash with high-credit quality institutions, have not realized any losses from such accounts, and believe that we are not exposed to significant credit risk. Cash held in escrow primarily relates to proposed like-kind exchange transactions pursued under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or cash that is not immediately available to the Company due to other contractual agreements.
Revenue Recognition and Accounts Receivable
Revenue Recognition and Accounts Receivable
The Company leases real estate to its tenants under long-term net leases which are accounted for as operating leases. Under this method, leases that have fixed and determinable rent increases are recognized on a straight-line basis over the lease term. Rental increases based upon changes in the consumer price indexes, or other variable factors, are recognized only after changes in such factors have occurred and are then applied according to the lease agreements. Certain leases also provide for additional rent based on tenants’ sales volumes. These rents are recognized when determinable after the tenant exceeds a sales breakpoint.
Recognizing rent escalations on a straight-line method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the accounts receivable – tenants, net line item in the consolidated balance sheets. The balance of straight-line rent receivables at December 31, 2025 and 2024 was $94.5 million and $77.3 million, respectively.
The Company’s leases provide for reimbursement from tenants for common area maintenance, insurance, real estate taxes and other operating expenses. A portion of the Company’s operating cost reimbursement revenue is estimated each period and is recognized as rental revenue in the period the recoverable costs are incurred and accrued, and the related revenue is earned. The balance of unbilled operating cost reimbursement receivable at December 31, 2025 and 2024 was $23.0 million and $15.8 million, respectively. Unbilled operating cost reimbursement receivable is reflected in accounts receivable - tenants, net in the consolidated balance sheets.
The Company has adopted the practical expedient in FASB ASC Topic 842, Leases (“ASC 842”) that allows lessors to combine non-lease components with the lease components when the timing and patterns of transfer for the lease and non-lease components are the same and the lease is classified as an operating lease. As a result, all rentals and reimbursements pursuant to tenant leases are reflected as one-line, rental income, in the consolidated statements of operations and comprehensive income.
The Company reviews the collectability of all charges under its tenant operating leases on a regular basis including current and future rent and reimbursements for common area maintenance, insurance, real estate taxes and other operating expenses, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental revenue. The Company’s review of collectability of charges under its operating leases also includes any accrued rental revenue related to the straight-line method of reporting rental revenue.
As of December 31, 2025, the Company had one lease with one tenant where collection is not considered probable. For this lease, the Company is recording rental income on a cash basis and has written off any outstanding receivables, including straight-line rent receivables.
In addition to the tenant-specific collectability assessment performed, the Company may also recognize a general allowance, as a reduction to rental revenue, for its operating lease receivables which are not expected to be fully collectible based on the potential for settlement of arrears. The Company had no general allowance at December 31, 2025 and 2024.
Earnings per Share
Earnings per Share
Earnings per share of common stock has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings Per Share. The guidance requires the classification of the Company’s unvested restricted common shares (“restricted shares”), which contain rights to receive non-forfeitable dividends, as participating securities requiring the two-class method of computing net income per share of common stock. In accordance with the two-class method, earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average number of shares of common stock outstanding less unvested restricted shares. Diluted earnings per share is computed by dividing net income less net income attributable to unvested restricted shares by the weighted average shares of common shares and potentially dilutive securities in accordance with the treasury stock method.
Forward Equity Sales
Forward Equity Sales
The Company periodically sells shares of common stock through forward sale agreements to enable the Company to set the price of such shares upon pricing the offering (subject to certain adjustments) while delaying the issuance of such shares and the receipt of the net proceeds by the Company.
To account for the forward sale agreements, the Company considers the accounting guidance governing financial instruments and derivatives. To date, the Company has concluded that its forward sale agreements are not liabilities as they do not embody obligations to repurchase its shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to its shares. The Company then evaluates whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. The Company has concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock.
The Company also considers the potential dilution resulting from the forward sale agreements on the earnings per share calculations. The Company uses the treasury stock method to determine the dilution resulting from forward sale agreements during the period of time prior to settlement.
Equity Offering Costs
Equity Offering Costs
Underwriting commissions and costs of equity offerings are reflected as a reduction of additional paid-in-capital in the Company’s consolidated balance sheets and consolidated statements of equity.
Income Taxes
Income Taxes
The Company has made an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and related regulations. The Company generally will not be subject to federal income taxes on amounts distributed to stockholders, provided that it distributes 100% of its REIT taxable income and meets certain other requirements for qualifying as a REIT. For each of the periods covered in the consolidated financial statements, the Company believes it has qualified as a REIT. Accordingly, no provision has been made for federal income taxes related to the Company’s REIT taxable income in the accompanying consolidated financial statements.
The Company has elected taxable REIT subsidiary (“TRS”) status for certain subsidiaries pursuant to the provisions of the REIT Modernization Act. A TRS is able to engage in activities resulting in income that previously would have been disqualified from being eligible REIT income under the federal income tax regulations. As a result, certain activities of the Company which occur within its TRS entities are subject to federal income taxes. All provisions for federal income taxes in the accompanying consolidated financial statements are attributable to the Company’s TRS. During 2025, the Company paid $0.6 million in federal income taxes related to TRS entities.
The One Big Beautiful Bill Act, which passed on July 4, 2025, increased the percentage limit under the REIT asset test applicable to TRSs for taxable years beginning after December 31, 2025, and thus beginning in 2026 the aggregate value of all securities of TRSs held by a REIT may not exceed 25% of the value of its gross assets (rather than the prior 20% limit).
Notwithstanding its qualification for taxation as a REIT, the Company is subject to certain state and local income and franchise taxes, which are included in income and other tax expense on the consolidated statements of operations and comprehensive income. During 2025, the Company paid $1.0 million to state, local and other taxes, net of refunds. No amounts paid or refunds received for individual jurisdiction are significant.
The Company is subject to the provisions of FASB ASC Topic 740-10 (“ASC 740-10”) and regularly analyzes its various federal and state filing positions and only recognizes the income tax effect in its financial statements when certain criteria regarding uncertain income tax positions have been met. The Company believes that its income tax positions are documented and supported and would more likely than not be sustained upon examination by all relevant taxing authorities. Therefore, no provisions for uncertain income tax positions have been recorded pursuant to ASC 740-10 in the consolidated financial statements. The Company has elected to record related interest and penalties, if any, as income and other tax expense on the consolidated statements of operations and comprehensive income. The Company has no material interest or penalties relating to income taxes recognized for the years ended December 31, 2025, 2024 and 2023.
Management's Responsibility to Evaluate Its Ability to Continue as a Going Concern
Management’s Responsibility to Evaluate Its Ability to Continue as a Going Concern
When preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its evaluation, the Company considers, among other things, any risks and/or uncertainties to its results of operations, contractual obligations in the form of near-term debt maturities, dividend requirements, or other factors impacting the Company’s liquidity and capital resources.  No conditions or events that raised substantial doubt about the ability to continue as a going concern within one year were identified as of the issuance date of the consolidated financial statements contained in this Annual Report on Form 10-K.
Segment Reporting
Segment Reporting
The Company is primarily engaged in the business of owning, acquiring, developing and managing retail real estate. We organize and operate our business as a single operating segment and the Company’s chief operating decision maker, (“CODM”), which is its Chief Executive Officer, does not distinguish or group operations on a geographic, tenant sector, tenant or other basis when assessing the financial performance of the Company’s portfolio of properties. Accordingly, the Company has a single reportable segment for disclosure purposes.
The CODM assesses performance and allocates resources based on consolidated net income as reported on the consolidated statements of operations and comprehensive income. The CODM uses consolidated net income to evaluate the performance of the portfolio and to inform decisions about whether to reinvest profits to grow the portfolio or utilize the profits for other purposes including debt extinguishment or dividend payments. The CODM does not regularly review a measure of segment assets to evaluate performance. Significant segment expenses and other segment items are identical to what is reported on the face of the consolidated statements of operations and comprehensive income. Total expenditures for long-lived assets are reported on the consolidated statements of cash flows.
The accounting policies of the reportable segment are the same as those described in Note 2 – Summary of Significant Accounting Policies. Revenues are generated through leasing long-lived assets to external customers. There are no inter-entity revenues, and no tenant comprises more than 10 percent of the Company’s revenues.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Values of Financial Instruments
Fair Values of Financial Instruments
The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance, ASC Topic 820 Fair Value Measurement (“ASC 820”). The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:
Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.
Level 2 –Valuation is based upon inputs other than Level 1 inputs that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the income tax rate reconciliation and to provide additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid, net of refunds disaggregated by federal, state and foreign jurisdictions as well as amounts paid to individual jurisdictions over a quantitative threshold, if significant. The Company implemented ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See the related disclosures within the Income Taxes section above.
In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses (“ASU 2024-03”). Within the notes to the financial statements, the amendment requires tabular disclosure of disaggregated information related to expense captions presented on the face of the income statement that include expense categories such as employee compensation, depreciation, and intangible asset amortization. The amendment does not change the timing or amount of expense recognized, rather it is intended to provide incremental information about the components of an entity’s expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company continues to evaluate the impact of the guidance and additional disclosures required.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 is intended to increase the operability of the accounting for internal-use software costs by removing all references to software development project stages. ASU 2025-06 requires capitalization of software costs to start when management has authorized and committed to funding the software project, it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027. Early adoption is permitted as of the beginning of an annual reporting period. The Company continues to evaluate the impact of the guidance.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815) - Hedging Accounting Improvements ("ASU 2025-09"). The objective of ASU 2025-09 is to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendment includes five issues that are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, and on a prospective basis for all hedging relationships. An entity may elect to adopt the amendments in this Update for hedging relationships that exist as of the date of adoption. ASU 2025-09 is not considered to impact the Company based on existing hedging activity, however the Company continues to evaluate the impact of the guidance.
In December 2025, the FASB issued ASC 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements ("ASU 2025-11"). The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. Rather, the objective of the amendments is to provide clarity on interim reporting requirements. ASU 2025-11 results in a comprehensive list of interim disclosures that are required by GAAP and is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company continues to evaluate the impact of the guidance.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Amortization of Lease Intangibles
The following schedule summarizes the Company’s amortization of lease intangibles for the periods presented (in thousands):
Year Ended December 31,
202520242023
Lease intangibles (in-place)$77,069 $66,544 $58,396 
Lease intangibles (above-market)42,587 38,857 39,917 
Lease intangibles (below-market)(6,173)(5,621)(6,821)
Total$113,483 $99,780 $91,492 
Schedule of Estimated Future Amortization of Lease Intangibles
The following schedule represents estimated future amortization of lease intangibles as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease intangibles (in-place)$80,815 $73,371 $65,170 $56,524 $46,805 $211,887 $534,572 
Lease intangibles (above-market)46,889 44,001 40,097 36,393 30,950 268,065 $466,395 
Lease intangibles (below-market)(6,050)(5,702)(4,923)(4,344)(3,868)(35,302)$(60,189)
Total$121,654 $111,670 $100,344 $88,573 $73,887 $444,650 $940,778 
Schedule of Cash, Cash equivalents and Cash Held in Escrow
The following table provides a reconciliation of cash and cash equivalents and cash held in escrow, both as reported within the consolidated balance sheets, to the total of the cash and cash equivalents and cash held in escrow as reported within the consolidated statements of cash flows (in thousands):
December 31, 2025December 31, 2024
Cash and cash equivalents$16,295 $6,399 
Cash held in escrow4,327 — 
Total of cash and cash equivalents and cash held in escrow$20,622 $6,399 
Schedule of Reconciliation of Basic and Diluted Net Earnings Per Common Share
The following is a reconciliation of the numerator and denominator used in the computation of basic and diluted net earnings per share of common stock for the periods presented (in thousands, except for share and unit data):
Year Ended December 31,
202520242023
Net income attributable to Agree Realty Corporation$204,349 $189,197 $169,959 
Less: Series A preferred stock dividends(7,437)(7,437)(7,437)
Net income attributable to common stockholders196,912 181,760 162,522 
Less: Income attributable to unvested restricted shares(447)(485)(405)
Net income used in basic and diluted earnings per share$196,465 $181,275 $162,117 
Weighted average number of common shares outstanding110,976,092101,366,69395,431,468
Less: Unvested restricted shares(252,717)(267,441)(240,059)
Weighted average number of common shares outstanding used in basic earnings per share110,723,375101,099,25295,191,409
Weighted average number of common shares outstanding used in basic earnings per share110,723,375 101,099,252 95,191,409 
Effect of dilutive securities:
Share-based compensation260,567 201,744 131,261 
ATM Forward Equity Offerings148,228 556,845 39,519 
September 2022 Forward Equity Offering— — 75,223 
October 2024 Forward Equity Offering67,361 18,463 — 
April 2025 Forward Equity Offering1,114 — — 
Weighted average number of common shares outstanding used in diluted earnings per share111,200,645101,876,30495,437,412
Operating Partnership Units ("OP Units")347,619347,619347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share111,548,264102,223,92395,785,031
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following summarizes the number of restricted common shares and performance units that were anti-dilutive and not included in the computation of diluted earnings per share, for the periods presented:
Year Ended December 31,
202520242023
Common stock related to forward equity offerings145,584 — — 
Anti-dilutive share-based compensation— 10 185 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory income tax rate to the effective income tax rate, as required by ASU 2023-09 - Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (“ASU 2023-09”) for the period presented (in thousands):
2025
Income and Other Tax ExpensePercent of Net Income Before Income and Other Tax Expense
Expected tax at U.S. statutory rate (21%)$43,393 21.0 %
Nontaxable items - REIT income(42,908)(20.8)%
State and local tax expense 2,170 1.1 %
Other reconciling items(920)(0.5)%
Effective income and other tax rate$1,735 0.8 %
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the periods presented (in thousands):
For the Year Ended December 31,
202520242023
Total lease payments$737,581 $637,831 $558,200 
Less: Operating cost reimbursements, termination income and percentage rents82,469 71,163 60,694 
Total non-variable lease payments$655,112 $566,668 $497,506 
Schedule of Lease Income to be Received
At December 31, 2025, future non-variable lease payments to be received from the Company’s operating leases are as follows (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Future non-variable lease payments$716,614 $697,557 $660,405 $607,530 $538,972 $2,586,332 $5,807,410 
Schedule of Lease Costs
The following tables include information on the Company’s land leases for which it is the lessee, for the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Operating leases:
Operating cash outflows$1,790 $1,202 $1,197 
Weighted-average remaining lease term - operating leases (years)28.332.133.2
Finance leases:
Operating cash outflows$191 $195 $252 
Financing cash outflows$— $125 $84 
Weighted-average remaining lease term - finance leases (years)25.127.10.8
Supplemental Disclosure:
Right of use assets added under new ground leases$2,794 $3,198 $— 
Right of use assets removed as a result of acquisition of real property(2,736)(15,143)— 
Right of use assets net change$58 $(11,945)$— 
Schedule of Maturity Analysis of Lease Liabilities for Operating Land Leases
The following is a maturity analysis of lease liabilities for operating land leases as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease payments$1,854 $1,919 $1,896 $1,886 $1,651 $27,393 $36,599 
Imputed interest(871)(819)(763)(705)(647)(12,688)(16,493)
Total lease liabilities$983 $1,100 $1,133 $1,181 $1,004 $14,705 $20,106 
Schedule of Maturity Analysis of Lease Liabilities for Finance Land Leases
The following is a maturity analysis of lease liabilities for finance land leases as of December 31, 2025 (in thousands):
Year Ending December 31,20262027202820292030ThereafterTotal
Lease payments$201 $201 $201 $202 $205 $5,634 $6,644 
Imputed interest(189)(189)(188)(187)(186)(2,532)(3,471)
Total lease liabilities$12 $12 $13 $15 $19 $3,102 $3,173 
v3.25.4
Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties Acquisitions
The following summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands):
Year Ended December 31,
20252024
Number of properties acquired305242
Purchase price allocation, including acquisition and closing costs:
Land$376,055 $232,283 
Building and improvements836,095 537,049 
Lease intangibles, net235,916 104,753 
Other Assets— 423 
Total purchase price, including acquisition and closing costs$1,448,066 $874,508 
Schedule of Real Estate Properties Development
The following summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented:
Year Ended December 31,
20252024
Projects completed2121
Projects commenced1425
Projects under construction at period-end1320
Schedule of Real Estate Properties Dispositions
The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Number of properties sold22266
Net proceeds$42,067 $94,331 $13,843 
Gain on sale of assets, net$5,416 $11,508 $1,849 
Schedule of Real Estate Properties Provision for Impairment
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands):
Year Ended December 31,
202520242023
Number of properties impaired1253
Provision for impairment$11,872 $7,224 $7,175 
Estimated fair value of impaired properties at time of impairment$11,000 $18,839 $6,250 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Mortgage notes payable consisted of the following as of the dates presented (in thousands):
December 31, 2025December 31, 2024
Note payable in monthly installments of $92 including interest at 6.27% per annum, with a final monthly payment due July 2026
$628 $1,654 
Note payable in monthly installments of interest only at 3.63% per annum, with a balloon payment due December 2029
42,250 42,250 
Total principal42,878 43,904 
Unamortized debt issuance costs and assumed debt discount, net(1,332)(1,694)
Total$41,546 $42,210 
The following table presents the senior unsecured notes principal balances net of unamortized debt issuance costs and original issue discounts for the Company’s private placement and public offerings as of the dates presented (in thousands):
All-in
Interest Rate(1)
Coupon
Rate		MaturityDecember 31, 2025December 31, 2024
2025 Senior Unsecured Notes4.16%4.16%May 2025$— $50,000 
2027 Senior Unsecured Notes4.26%4.26%May 202750,000 50,000 
2028 Senior Unsecured Public Notes2.11%2.00%June 2028350,000 350,000 
2028 Senior Unsecured Notes4.42%4.42%July 202860,000 60,000 
2029 Senior Unsecured Notes4.19%4.19%September 2029100,000 100,000 
2030 Senior Unsecured Notes4.32%4.32%September 2030125,000 125,000 
2030 Senior Unsecured Public Notes3.49%2.90%October 2030350,000 350,000 
2031 Senior Unsecured Notes4.42%4.47%October 2031125,000 125,000 
2032 Senior Unsecured Public Notes3.96%4.80%October 2032300,000 300,000 
2033 Senior Unsecured Public Notes2.13%2.60%June 2033300,000 300,000 
2034 Senior Unsecured Public Notes5.65%5.63%June 2034450,000 450,000 
2035 Senior Unsecured Public Notes5.35%5.60%June 2035400,000 — 
Total principal$2,610,000 $2,260,000 
Unamortized debt issuance costs and original issue discounts, net(25,392)(22,241)
Total$2,584,608 $2,237,759 
(1)The all-in interest rate reflects the straight-line amortization of the terminated swap agreements and original issuance discount, as applicable.
Schedule of Maturities of Long-Term Debt
The following table presents the unsecured term loan principal balances net of unamortized debt issuance costs as of the dates presented (in thousands):
All-in
Interest Rate		MaturityDecember 31, 2025December 31, 2024
2029 Unsecured Term Loan(1)
4.37 %January 2029$350,000 $350,000 
2031 Unsecured Term Loan(2)
4.02 %May 2031- - 
Total principal$350,000 $350,000 
Unamortized debt issuance costs, net(1,926)(2,548)
Total$348,074 $347,452 
(1)At December 31, 2025, the interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.
(2)At December 31, 2025, if amounts were drawn under the 2031 Unsecured Term Loan, the applicable interest rate would have reflected the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%.
The following table presents scheduled principal payments related to the Company’s debt as of December 31, 2025 (in thousands):
Scheduled
Principal		Balloon
Payment		Total
2026⁽¹⁾$628 $320,500 $321,128 
2027— 50,000 50,000 
2028⁽²⁾— 410,000 410,000 
2029— 492,250 492,250 
2030— 475,000 475,000 
Thereafter(3)
— 1,575,000 1,575,000 
Total scheduled principal payments$628 $3,322,750 $3,323,378 
(1)At December 31, 2025, the Commercial Paper Notes had a weighted-average maturity of less than one month.
(2)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029 and had no outstanding balance as of December 31, 2025.
(3)The 2031 Unsecured Term Loan matures in May 2031. No amounts had been drawn under the delayed draw, $350.0 million loan as of December 31, 2025.
Schedule of Debt
The following table presents the balances outstanding under the senior unsecured revolving credit facility and commercial paper program as of the dates presented (in thousands):
Interest RateMaturityDecember 31, 2025December 31, 2024
Senior Unsecured Revolving Credit Facility(1)
4.50 %August 2028$— $158,000 
Commercial Paper Notes(2)
3.94 %Various320,500 — 
Total$320,500 $158,000 
(1)At December 31, 2025, the Revolving Credit Facility would have incurred interest of 4.50%, which is comprised of SOFR of 3.77% and the pricing grid spread of 72.5 basis points.
(2)At December 31, 2025, the weighted-average maturity of the outstanding Commercial Paper Notes was less than one month.
v3.25.4
Common and Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of ATM programs
The following table summarizes the ATM programs that were in place during 2025, 2024 and 2023 (dollars in millions):
Program
Program Size
Total Forward
Shares Sold		Total Forward
Shares Settled		Total Forward
Shares
Outstanding as of
December 31, 2025
Total Net Proceeds
Anticipated or
Received from
Forward Shares Sold
September 2022
(1)
$750.0 10,217,97310,217,973—$670.3 
February 2024
(1)
$1,000.0 10,409,01710,409,017—$705.3 
October 2024$1,250.0 4,444,245
(2)
—4,444,245
(3)
$330.3 
(1)Applicable ATM program terminated and no future forward sales will occur under the program.
(2)After considering the shares of common stock sold subject to forward sale agreements under the program, the Company had approximately $914.5 million of availability under the October 2024 Program as of December 31, 2025.
(3)The Company is required to settle the outstanding forward shares of common stock under the program by dates between June 2026 and May 2027.
Schedule of ATM activity
The following table summarizes the ATM activity completed during the periods presented:
Year Ended December 31,
202520242023
Shares of common stock sold under the ATM programs4,275,96810,598,0375,846,998
Shares of common stock settled under the ATM programs7,633,5196,630,1126,117,768
Net proceeds received (in millions)$538.3$403.8$415.4
v3.25.4
Dividends and Distributions Payable (Tables)
 12 Months Ended
Dec. 31, 2025
Dividends and Distributions Payable [Abstract]  
Schedule of dividends declared
For federal income tax purposes, common distributions paid have been characterized as follows (unaudited):
For the Year Ended December 31,2025⁽¹⁾2024⁽¹⁾2023⁽¹⁾
Ordinary Income$2.619 $2.638 $2.498 
Return of Capital0.453 0.356 0.174 
Total$3.072 $2.994 $2.672 
(1)The common dividend declared in December of the respective year and paid in the following January is considered a distribution for federal tax purposes in the year of payment and, therefore, has been excluded from the federal income tax characterization in the year of declaration.
v3.25.4
Derivative Instruments and Hedging Activity (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of the dates presented (dollars in thousands):
Number of Instruments(1)
Notional Amount(1)
December 31,December 31,December 31,December 31,
Interest Rate Derivatives2025202420252024
Interest rate swaps1311$900,000 $550,000 
(1)Number of instruments and total notional amounts disclosed includes all interest rate swap agreements outstanding at the balance sheet dates, including forward-starting interest rate swaps prior to their effective date.
Schedule of Cash Flow Hedging Instruments, as well as their Classification in the Condensed Consolidated Balance Sheets
The table below presents the estimated fair value of the Company’s derivative financial instruments, as well as their classification in the consolidated balance sheets as of the dates presented (in thousands):
Asset Derivatives
December 31, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Other assets, net$5,972 $17,526 
Liability Derivatives
December 31, 2025December 31, 2024
Derivatives designated as cash flow hedges:
Accounts payable, accrued expenses, and other liabilities$2,814 $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The tables below present the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive income for the periods presented (in thousands):
Amount of Income/(Loss) Recognized
in OCI on Derivative		Location of Accumulated OCI
Reclassified from Accumulated
OCI into Income		Amount Reclassified from
Accumulated OCI as a
(Reduction)/Increase in Interest Expense
Year Ended December 31,202520242023202520242023
Interest rate swaps$1,627 $32,060 $(1,911)Interest expense$(6,213)$(8,458)$(5,109)
Schedule of Offsetting Assets and Liabilities
Offsetting of Derivative Assets as of December 31, 2025
Gross Amounts
of Recognized
Assets		Gross Amounts
Offset in the
Statement of
Financial
Position		Net Amounts of
Assets presented
in the Statement
of Financial
Position		Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments		Cash Collateral
Received		Net Amount
Derivatives$5,972 $— $5,972 $(757)$— $5,215 
Offsetting of Derivative Liabilities as of December 31, 2025
Gross Amounts
of Recognized
Liabilities		Gross Amounts
Offset in the
Statement of
Financial
Position		Net Amounts of
Liabilities presented
in the Statement
of Financial
Position		Gross Amounts Not Offset in the
Statement of Financial Position
Financial
Instruments		Cash Collateral
Received		Net Amount
Derivatives$2,814 $— $2,814 $(757)$— $2,057 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis and fair value level as of the dates presented (in thousands):
December 31, 2025December 31, 2024
Fair ValueFair Value
Level 2Level 2
Derivative assets - interest rate swaps$5,972 $17,526 
Derivative liabilities - interest rate swaps$2,814 $— 
Schedule of Carrying Value
The table below presents the carrying value, fair value and fair value level of the Company’s debt as of the dates presented (in thousands):
December 31, 2025December 31, 2024
CarryingFair ValueCarryingFair Value
ValueLevel 2Level 3ValueLevel 2Level 3
Mortgage Notes Payable$41,546 $— $40,859 $42,210 $— $40,591 
Unsecured Term Loan$348,074 $348,074 $— $347,452 $347,452 $— 
Senior Unsecured Notes$2,584,608 $2,548,907 $— $2,237,759 $2,078,885 $— 
Unsecured Revolving Credit Facility$— $— $— $158,000 $158,000 $— 
Commercial Paper Notes$320,500 $320,500 $— $— $— $— 
v3.25.4
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Share Activity
Restricted share activity is summarized as follows (shares in thousands):
Shares
Outstanding
Weighted Average
Grant Date
Fair Value
Unvested restricted stock at December 31, 2022183$65.46 
Restricted stock granted82$73.15 
Restricted stock vested(56)$63.95 
Restricted stock forfeited(15)$69.12 
Unvested restricted stock at December 31, 2023194$68.85 
Restricted stock granted101$57.51 
Restricted stock vested(68)$69.33 
Restricted stock forfeited(9)$63.63 
Unvested restricted stock at December 31, 2024218$63.65 
Restricted stock granted85$72.83 
Restricted stock vested(93)$65.43 
Restricted stock forfeited(17)$65.54 
Unvested restricted stock at December 31, 2025193$66.65 
Schedule of Valuation Assumptions
The following assumptions were used when determining the grant date fair value:
202520242023
Expected term (years)2.92.92.9
Volatility20 %20.0 %23.6 %
Risk-free rate4.2 %4.5 %4.4 %
Schedule of Performance Share and Unit Activity
Performance units activity is summarized as follows (shares in thousands):
Target Number
of Awards		Weighted Average
Grant Date
Fair Value
Performance units and shares - three-year performance period to be completed at December 31, 202285$72.27 
Performance units granted47$80.34 
Performance units - three-year performance period completed(21)$90.17 
Performance units and shares - three-year performance period to be completed at December 31, 2023111$72.14 
Performance units granted77$59.16 
Performance units - three-year performance period completed(31)$63.42 
Performance units and shares - three-year performance period to be completed at December 31, 2024157$67.50 
Performance units granted90$79.61 
Performance units - three-year performance period completed(34)$68.59 
Performance units and shares - three-year performance period to be completed at December 31, 2025213$72.42 
Shares
Outstanding		Weighted Average
Grant Date
Fair Value
Performance shares - three-year performance period completed but not yet vested at December 31, 202232$61.91 
Shares earned at completion of three-year performance period(1)
33$90.17 
Shares vested(34)$69.73 
Performance shares - three-year performance period completed but not yet vested at December 31, 202331$83.40 
Shares earned at completion of three-year performance period(2)
23$63.42 
Shares vested(28)$75.18 
Performance shares - three-year performance period completed but not yet vested at December 31, 202426$74.58 
Shares earned at completion of three-year performance period(3)
51$68.59 
Shares vested(35)$74.13 
Performance shares - three-year performance period completed but not yet vested at December 31, 202542$67.64 
(1)Performance units granted in 2020 for which the three-year performance period was completed in 2023 were earned at the 150% performance level.
(2)Performance units granted in 2021 for which the three-year performance period was completed in 2024 were earned at the 76% performance level.
(3)Performance units granted in 2022 for which the three-year performance period was completed in 2025 were earned at the 150% performance level.
v3.25.4
Organization (Details)
ft² in Millions
 12 Months Ended
Dec. 31, 2025
ft²
property
shares
Dec. 31, 2024
ft²
property
Nature of Operations [Line Items]    
Number of properties | property 2,674 2,370
Total gross leasable area (GLA) | ft² 55.5 48.8
Agree Realty Corporation | General Partner    
Nature of Operations [Line Items]    
Limited liability company (llc) or limited partnership (lp), managing member or general partner, ownership interest 99.70% 99.70%
Agree Realty Corporation | Third party    
Nature of Operations [Line Items]    
Limited liability company or limited partnership, members or limited partners, ownership interest 0.30% 0.30%
Number of common stock outstanding if non-controlling units were exchanged | shares 120,376,025  
Series A Preferred Stock    
Nature of Operations [Line Items]    
Equity interest basis 1  
Series A Preferred Stock | Agree Realty Corporation | General Partner    
Nature of Operations [Line Items]    
Limited liability company (llc) or limited partnership (lp), managing member or general partner, ownership interest 100.00%  
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
lease
tenant
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Policies [Line Items]      
Straight-line rent receivables $ 94,500 $ 77,300  
Leases | lease 1    
Accounts receivable, allowance for credit loss, number of customers | tenant 1    
Income tax paid federal $ 600    
Income tax paid, state 1,000    
Net of capitalized amount $ 129,149 101,808 $ 70,789
Reportable segment | segment 1    
Number of operating segments | segment 1    
Previously Reported      
Accounting Policies [Line Items]      
Net of capitalized amount   123,700 $ 87,500
Unbilled Revenues      
Accounting Policies [Line Items]      
Unbilled operating cost reimbursement receivable $ 23,000 $ 15,800  
Building      
Accounting Policies [Line Items]      
Useful life 40 years    
Building Improvements | Minimum      
Accounting Policies [Line Items]      
Useful life 10 years    
Building Improvements | Maximum      
Accounting Policies [Line Items]      
Useful life 20 years    
v3.25.4
Summary of Significant Accounting Policies - Amortization of Deferred Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Amortization of deferred charges $ 113,483 $ 99,780 $ 91,492
Lease intangibles (in-place)      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Amortization of deferred charges 77,069 66,544 58,396
Lease intangibles (above-market)      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Amortization of deferred charges 42,587 38,857 39,917
Lease intangibles (below-market)      
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]      
Amortization of below market lease $ (6,173) $ (5,621) $ (6,821)
v3.25.4
Summary of Significant Accounting Policies - Future Amortization of Deferred Expenses (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Year Ending December 31,    
2026 $ 121,654  
2027 111,670  
2028 100,344  
2029 88,573  
2030 73,887  
Thereafter 444,650  
Total 940,778  
Total (60,189) $ (46,249)
Lease intangibles (in-place)    
Year Ending December 31,    
2026 80,815  
2027 73,371  
2028 65,170  
2029 56,524  
2030 46,805  
Thereafter 211,887  
Total 534,572  
Lease intangibles (above-market)    
Year Ending December 31,    
2026 46,889  
2027 44,001  
2028 40,097  
2029 36,393  
2030 30,950  
Thereafter 268,065  
Total 466,395  
Lease intangibles (below-market)    
Year Ending December 31,    
2026 (6,050)  
2027 (5,702)  
2028 (4,923)  
2029 (4,344)  
2030 (3,868)  
Thereafter (35,302)  
Total $ (60,189)  
v3.25.4
Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents and Cash Held in Escrow (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
Cash and cash equivalents $ 16,295 $ 6,399    
Cash held in escrow 4,327 0    
Total of cash and cash equivalents and cash held in escrow $ 20,622 $ 6,399 $ 14,524 $ 28,909
v3.25.4
Summary of Significant Accounting Policies - Earnings per Share (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share Basic And Diluted [Line Items]      
Net income attributable to Agree Realty Corporation $ 204,349 $ 189,197 $ 169,959
Less: Series A preferred stock dividends (7,437) (7,437) (7,437)
Net Income Attributable to Common Stockholders 196,912 181,760 162,522
Less: Income attributable to unvested restricted shares (447) (485) (405)
Net income used in basic and diluted earnings per share $ 196,465 $ 181,275 $ 162,117
Weighted average number of common shares outstanding 110,976,092 101,366,693 95,431,468
Less: Unvested restricted shares (252,717) (267,441) (240,059)
Weighted average number of common shares outstanding used in basic earnings per share 110,723,375 101,099,252 95,191,409
Effect of dilutive securities:      
Share-based compensation 260,567 201,744 131,261
Weighted average number of common shares outstanding used in diluted earnings per share 111,200,645 101,876,304 95,437,412
Operating Partnership Units ("OP Units") 347,619 347,619 347,619
Weighted average number of common shares and OP Units outstanding used in diluted earnings per share 111,548,264 102,223,923 95,785,031
ATM Forward Equity Offerings      
Effect of dilutive securities:      
Forward equity offering 148,228 556,845 39,519
September 2022 Forward Equity Offering      
Effect of dilutive securities:      
Forward equity offering 0 0 75,223
October 2024 Forward Equity Offering      
Effect of dilutive securities:      
Forward equity offering 67,361 18,463 0
April 2025 Forward Equity Offering      
Effect of dilutive securities:      
Forward equity offering 1,114 0 0
v3.25.4
Summary of Significant Accounting Policies - Anti-Dilutive Securities Excluded From the Computation of Earnings per Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common stock related to forward equity offerings      
Accounting Policies [Line Items]      
Number of anti-dilutive shares not included in computation diluted earnings per share (in shares) 145,584 0 0
Anti-dilutive share-based compensation      
Accounting Policies [Line Items]      
Number of anti-dilutive shares not included in computation diluted earnings per share (in shares) 0 10 185
v3.25.4
Summary of Significant Accounting Policies - Income Tax Rate to the Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected tax at U.S. statutory rate (21%) $ 43,393    
Nontaxable items - REIT income (42,908)    
State and local tax expense 2,170    
Other reconciling items (920)    
Effective income and other tax rate $ 1,735 $ 4,306 $ 2,910
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Expected tax at U.S. statutory rate (21%) 21.00%    
Nontaxable items - REIT income (20.80%)    
State and local tax expense 1.10%    
Other reconciling items (0.50%)    
Effective income and other tax rate 0.80%    
Tax Jurisdiction of Domicile [Extensible Enumeration] UNITED STATES    
v3.25.4
Leases - Tenant Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Total lease payments $ 737,581 $ 637,831 $ 558,200
Less: Operating cost reimbursements, termination income and percentage rents 82,469 71,163 60,694
Total non-variable lease payments $ 655,112 $ 566,668 $ 497,506
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Rental income Rental income Rental income
v3.25.4
Leases - Non-variable Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 716,614
2027 697,557
2028 660,405
2029 607,530
2030 538,972
Thereafter 2,586,332
Total $ 5,807,410
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Deferred revenue $ 36,200 $ 33,100  
Right of use assets 46,500 47,500  
Lease obligations, net 23,300 21,000  
Land lease expense 2,143 1,618 $ 1,664
Amortization of right of use assets for finance lease 0    
Finance lease $ 200 $ 200 $ 300
Weighted-average discount rate - operating leases 4.60% 4.50% 4.10%
Weighted-average discount rate - finance leases 4.60% 4.50% 4.10%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets  
v3.25.4
Leases - Land Lease Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease costs      
Operating cash outflows $ 1,790 $ 1,202 $ 1,197
Weighted-average remaining lease term - operating leases (years) 28 years 3 months 18 days 32 years 1 month 6 days 33 years 2 months 12 days
Operating cash outflows $ 191 $ 195 $ 252
Financing cash outflows $ 0 $ 125 $ 84
Weighted-average remaining lease term - finance leases (years) 25 years 1 month 6 days 27 years 1 month 6 days 9 months 18 days
Lease right of use assets added under new ground leases $ 2,794 $ 3,198 $ 0
Right of use assets removed as a result of acquisition of real property (2,736) (15,143) 0
Right of use assets net change $ 58 $ (11,945) $ 0
v3.25.4
Leases - Liabilities for Operating Land Leases (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Lease payments 2026 $ 1,854
Lease payments 2027 1,919
Lease payments 2028 1,896
Lease payments 2029 1,886
Lease Payment 2030 1,651
Lease Payment Thereafter 27,393
Total lease payments 36,599
Imputed interest 2026 (871)
Imputed interest 2027 (819)
Imputed interest 2028 (763)
Imputed interest 2029 (705)
Imputed Interest 2030 (647)
Imputed Interest Thereafter (12,688)
Total imputed interest (16,493)
Total Lease Liabilities 2026 983
Total Lease Liabilities 2027 1,100
Total Lease Liabilities 2028 1,133
Total Lease Liabilities 2029 1,181
Total Lease Liabilities 2030 1,004
Total Lease Liabilities Thereafter 14,705
Operating Lease, Liability $ 20,106
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable, accrued expenses, and other liabilities
v3.25.4
Leases - Liabilities for Finance Land Leases (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
Lease payments 2026 $ 201
Lease payments 2027 201
Lease payments 2028 201
Lease Payment 2029 202
Lease Payment 2030 205
Thereafter 5,634
Total lease payments 6,644
Imputed interest 2026 (189)
Imputed interest 2027 (189)
Imputed interest 2028 (188)
Imputed interest 2029 (187)
Imputed interest 2030 (186)
Imputed interest Thereafter (2,532)
Imputed interest Total (3,471)
Total Lease Liabilities 2026 12
Total Lease Liabilities 2027 12
Total Lease Liabilities 2028 13
Total Lease Liabilities 2029 15
Total Lease Liabilities 2030 19
Total Lease Liabilities Thereafter 3,102
Total lease liabilities $ 3,173
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable, accrued expenses, and other liabilities
v3.25.4
Real Estate Investments - Narrative (Details)
$ in Thousands, ft² in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2023
Office
Dec. 31, 2023
Office
Dec. 31, 2025
USD ($)
ft²
property
Dec. 31, 2024
USD ($)
ft²
property
Dec. 31, 2023
USD ($)
Feb. 10, 2026
property
Jun. 30, 2023
Office
Real Estate [Line Items]              
Number of Properties | property     2,674 2,370      
Total gross leasable area (GLA) | ft²     55.5 48.8      
Net real estate investments | $     $ 8,572,701 $ 7,418,108      
Number of bona fide offers for property held for sale | Office   2          
Number of real estate properties held-for-sale | property     0 0      
Subsequent Event              
Real Estate [Line Items]              
Number of real estate properties held-for-sale | property           6  
Building              
Real Estate [Line Items]              
Number of buildings | Office             2
Number of buildings, disposed | Office 1            
Impairment of long-lived assets to be disposed of | $         $ 2,700    
Related Party | Building              
Real Estate [Line Items]              
Proceeds from sale, property, held-for-sale | $         $ 3,700    
Real Estate Investment Acquisition              
Real Estate [Line Items]              
Weighted average amortization period for the lease intangibles     14 years 2 months 12 days 12 years 6 months      
v3.25.4
Real Estate Investments - Real Estate Properties Acquisitions (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Real Estate [Abstract]    
Number of properties acquired | property 305 242
Land $ 376,055 $ 232,283
Building and improvements 836,095 537,049
Lease intangibles, net 235,916 104,753
Other Assets 0 423
Total purchase price, including acquisition and closing costs $ 1,448,066 $ 874,508
v3.25.4
Real Estate Investments - Real Estate Properties Development (Details) - site
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Abstract]    
Projects completed 21 21
Projects commenced 14 25
Projects under construction at period-end 13 20
v3.25.4
Real Estate Investments - Real Estate Properties Dispositions (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Real Estate [Abstract]      
Number of properties sold | property 22 26 6
Net proceeds $ 42,067 $ 94,331 $ 13,843
Gain on sale of assets, net $ 5,416 $ 11,508 $ 1,849
v3.25.4
Real Estate Investments - Schedule of Real Estate Properties Provision for Impairment (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Real Estate [Abstract]      
Number of properties impaired | property 12 5 3
Provision for impairment $ 11,872 $ 7,224 $ 7,175
Estimated fair value of impaired properties at time of impairment $ 11,000 $ 18,839 $ 6,250
v3.25.4
Debt - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 17, 2025
Aug. 08, 2024
Aug. 07, 2024
Jul. 31, 2023
May 31, 2025
May 31, 2024
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Note And Mortgages Payable [Line Items]                    
Total principal               $ 3,323,378    
Unsecured revolving credit facility and commercial paper notes               320,500 $ 158,000  
Proceeds from senior unsecured notes               397,188 444,722 $ 0
Payments of senior unsecured notes               50,000 0 0
Commercial Paper Notes                    
Note And Mortgages Payable [Line Items]                    
Debt instrument, term             397 days      
Commercial paper notes             $ 625,000      
Unsecured Revolving Credit Facility                    
Note And Mortgages Payable [Line Items]                    
Debt instrument, face amount   $ 1,250,000 $ 1,000,000              
Spread on variable rate     0.775%              
Variable rate   0.725% 0.10%              
Interest rate swaps                    
Note And Mortgages Payable [Line Items]                    
Derivative notional amount               900,000 550,000  
Minimum | Unsecured Revolving Credit Facility                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate   0.725% 0.725%              
Maximum | Unsecured Revolving Credit Facility                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate   1.40% 1.40%              
Mortgages                    
Note And Mortgages Payable [Line Items]                    
Total principal               42,878 $ 43,904  
Debt instrument, collateral amount               $ 73,300    
Mortgage notes payable               3.67% 3.73%  
Unsecured Loan                    
Note And Mortgages Payable [Line Items]                    
Total principal               $ 350,000 $ 350,000  
Unsecured Loan | 2029 Unsecured term loan                    
Note And Mortgages Payable [Line Items]                    
Total principal               350,000 350,000  
Debt instrument, face amount       $ 350,000       $ 350,000    
Debt instrument, term       5 years 6 months            
Additional lender commitments       $ 500,000            
Spread on variable rate       0.95%       0.80%    
Variable rate       0.10%            
Debt instrument , credit spread on variable rate 0.00%     0.05%            
Hedge, fixed interest rate               3.57%    
Unsecured Loan | 2029 Unsecured term loan | Interest rate swaps                    
Note And Mortgages Payable [Line Items]                    
Derivative notional amount       $ 350,000            
Hedge, fixed interest rate       3.57%            
Unsecured Loan | 2029 Unsecured term loan | Minimum                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate 0.80%     0.80%            
Unsecured Loan | 2029 Unsecured term loan | Maximum                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate 1.60%     1.60%            
Unsecured Loan | 2031 Unsecured Term Loan                    
Note And Mortgages Payable [Line Items]                    
Total principal               $ 0 0  
Debt instrument, face amount $ 350,000             $ 350,000    
Debt instrument, term 5 years 6 months                  
Additional lender commitments $ 500,000                  
Spread on variable rate 0.80%             0.80%    
Hedge, fixed interest rate               3.22%    
Unsecured Loan | 2031 Unsecured Term Loan | Interest rate swaps                    
Note And Mortgages Payable [Line Items]                    
Derivative notional amount $ 350,000                  
Hedge, fixed interest rate 3.22%                  
Unsecured Loan | 2031 Unsecured Term Loan | Minimum                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate 0.80%                  
Unsecured Loan | 2031 Unsecured Term Loan | Maximum                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate 1.60%                  
Senior Unsecured Debt                    
Note And Mortgages Payable [Line Items]                    
Total principal               $ 2,610,000 2,260,000  
Senior Unsecured Debt | Unsecured Revolving Credit Facility                    
Note And Mortgages Payable [Line Items]                    
Spread on variable rate               0.725%    
Lender commitments               $ 2,000,000    
Senior Unsecured Debt | 2034 Senior Unsecured Public Notes                    
Note And Mortgages Payable [Line Items]                    
Total principal               $ 450,000 450,000  
Debt instrument, face amount           $ 400,000        
Debt instrument, interest rate, stated percentage           5.60%   5.63%    
Percentage of public offering price of the principal amount           99.297%        
Proceeds from senior unsecured notes           $ 397,200        
Net upon termination           13,600       $ 4,400
Senior Unsecured Debt | 2034 Senior Unsecured Public Notes | Interest rate swaps                    
Note And Mortgages Payable [Line Items]                    
Nominal amount of derivative terminated           $ 325,000        
Senior Unsecured Debt | 2025 Senior Unsecured Notes                    
Note And Mortgages Payable [Line Items]                    
Total principal               $ 0 $ 50,000  
Debt instrument, interest rate, stated percentage               4.16%    
Payments of senior unsecured notes         $ 50,000          
v3.25.4
Debt - Mortgages Payable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total principal $ 3,323,378  
Mortgages    
Debt Instrument [Line Items]    
Total principal 42,878 $ 43,904
Unamortized debt issuance costs and assumed debt discount, net (1,332) (1,694)
Total 41,546 42,210
Notes Payable Due July 2026 6.27% | Mortgages    
Debt Instrument [Line Items]    
Total principal 628 1,654
Debt instrument, periodic payment $ 92  
Debt instrument, interest rate, stated percentage 6.27%  
Notes Payable Due December 2029 3.63% | Mortgages    
Debt Instrument [Line Items]    
Total principal $ 42,250 $ 42,250
Debt instrument, interest rate, stated percentage 3.63%  
v3.25.4
Debt - Unsecured Term Loan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Nov. 17, 2025
Jul. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Total principal     $ 3,323,378  
Unsecured Loan        
Total principal     350,000 $ 350,000
Unamortized debt issuance costs, net     (1,926) (2,548)
Total     $ 348,074 347,452
2029 Unsecured term loan | Unsecured Loan        
All-in Interest Rate     4.37%  
Total principal     $ 350,000 350,000
Spread on variable rate   0.95% 0.80%  
Debt instrument, face amount   $ 350,000 $ 350,000  
Hedge, fixed interest rate     3.57%  
2031 Unsecured Term Loan | Unsecured Loan        
All-in Interest Rate     4.02%  
Total principal     $ 0 $ 0
Spread on variable rate 0.80%   0.80%  
Debt instrument, face amount $ 350,000   $ 350,000  
Hedge, fixed interest rate     3.22%  
v3.25.4
Debt - Senior Unsecured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
May 31, 2024
Total principal $ 3,323,378    
Senior Unsecured Debt      
Total principal 2,610,000 $ 2,260,000  
Unamortized debt issuance costs and assumed debt discount, net (25,392) (22,241)  
Total $ 2,584,608 2,237,759  
Senior Unsecured Debt | 2025 Senior Unsecured Notes      
All-in Interest Rate 4.16%    
Coupon Rate 4.16%    
Total principal $ 0 50,000  
Senior Unsecured Debt | 2027 Senior Unsecured Notes      
All-in Interest Rate 4.26%    
Coupon Rate 4.26%    
Total principal $ 50,000 50,000  
Senior Unsecured Debt | 2028 Senior Unsecured Public Notes      
All-in Interest Rate 2.11%    
Coupon Rate 2.00%    
Total principal $ 350,000 350,000  
Senior Unsecured Debt | 2028 Senior Unsecured Notes      
All-in Interest Rate 4.42%    
Coupon Rate 4.42%    
Total principal $ 60,000 60,000  
Senior Unsecured Debt | 2029 Senior Unsecured Notes      
All-in Interest Rate 4.19%    
Coupon Rate 4.19%    
Total principal $ 100,000 100,000  
Senior Unsecured Debt | 2030 Senior Unsecured Notes      
All-in Interest Rate 4.32%    
Coupon Rate 4.32%    
Total principal $ 125,000 125,000  
Senior Unsecured Debt | 2030 Senior Unsecured Public Notes      
All-in Interest Rate 3.49%    
Coupon Rate 2.90%    
Total principal $ 350,000 350,000  
Senior Unsecured Debt | 2031 Senior Unsecured Notes      
All-in Interest Rate 4.42%    
Coupon Rate 4.47%    
Total principal $ 125,000 125,000  
Senior Unsecured Debt | 2032 Senior Unsecured Public Notes      
All-in Interest Rate 3.96%    
Coupon Rate 4.80%    
Total principal $ 300,000 300,000  
Senior Unsecured Debt | 2033 Senior Unsecured Public Notes      
All-in Interest Rate 2.13%    
Coupon Rate 2.60%    
Total principal $ 300,000 300,000  
Senior Unsecured Debt | 2034 Senior Unsecured Public Notes      
All-in Interest Rate 5.65%    
Coupon Rate 5.63%   5.60%
Total principal $ 450,000 450,000  
Senior Unsecured Debt | 2035 Senior Unsecured Public Notes      
All-in Interest Rate 5.35%    
Coupon Rate 5.60%    
Total principal $ 400,000 $ 0  
v3.25.4
Debt - Senior Unsecured Revolving Credit Facility (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 07, 2024
Dec. 31, 2025
Dec. 31, 2024
Unsecured revolving credit facility and commercial paper notes   $ 320,500 $ 158,000
Commercial Paper Notes      
Interest Rate   3.94%  
Commercial Paper Notes   $ 320,500 0
Unsecured Revolving Credit Facility      
Interest Rate   4.50%  
Senior Unsecured Revolving Credit Facility   $ 0 $ 158,000
Spread on variable rate 0.775%    
Unsecured Revolving Credit Facility | Senior Unsecured Debt      
Senior Unsecured Revolving Credit Facility   $ 0  
Investment, Variable Interest Rate, Type [Extensible Enumeration]   Secured Overnight Financing Rate (SOFR) [Member]  
SOFR rate   3.77%  
Spread on variable rate   0.725%  
All-in Interest Rate   4.50%  
v3.25.4
Debt - Debt Maturities (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Nov. 17, 2025
USD ($)
Mar. 31, 2025
Dec. 31, 2025
USD ($)
extension
Dec. 31, 2024
USD ($)
Aug. 08, 2024
USD ($)
Aug. 07, 2024
USD ($)
Long Term Debt Maturities Repayments Of Principal Line Items            
2026     $ 321,128      
2027     50,000      
2028     410,000      
2029     492,250      
2030     475,000      
Thereafter     1,575,000      
Total scheduled principal payments     3,323,378      
Unsecured Loan            
Long Term Debt Maturities Repayments Of Principal Line Items            
Total scheduled principal payments     350,000 $ 350,000    
2031 Unsecured Term Loan | Unsecured Loan            
Long Term Debt Maturities Repayments Of Principal Line Items            
Total scheduled principal payments     0 0    
Debt instrument, term 5 years 6 months          
Debt instrument, face amount $ 350,000   $ 350,000      
Commercial Paper Notes            
Long Term Debt Maturities Repayments Of Principal Line Items            
Debt instrument, term   397 days        
Weighted Average | Commercial Paper Notes            
Long Term Debt Maturities Repayments Of Principal Line Items            
Debt instrument, term     1 month      
Unsecured Revolving Credit Facility            
Long Term Debt Maturities Repayments Of Principal Line Items            
Options to extend maturity date     6 months      
Maximum number of options to extend maturity date | extension     2      
Unsecured revolving credit facility and commercial paper notes     $ 0 $ 158,000    
Debt instrument, face amount         $ 1,250,000 $ 1,000,000
Scheduled Principal            
Long Term Debt Maturities Repayments Of Principal Line Items            
2026     628      
2027     0      
2028     0      
2029     0      
2030     0      
Thereafter     0      
Total scheduled principal payments     628      
Balloon Payment            
Long Term Debt Maturities Repayments Of Principal Line Items            
2026     320,500      
2027     50,000      
2028     410,000      
2029     492,250      
2030     475,000      
Thereafter     1,575,000      
Total scheduled principal payments     $ 3,322,750      
v3.25.4
Common and Preferred Stock - Common Stock Offerings (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 31, 2025
Apr. 30, 2025
Oct. 31, 2024
Oct. 31, 2022
Class of Stock [Line Items]                
Common stock, shares authorized (in shares) 360,000,000 180,000,000     360,000,000 180,000,000    
Net proceeds received (in millions) $ 904,311 $ 402,938 $ 689,896          
Common Stock                
Class of Stock [Line Items]                
Issuance of common stock, net of issuance costs, (in shares) 12,693,519,000 6,630,112,000 10,267,768,000          
October 2024 Forward Equity Offering | Common Stock                
Class of Stock [Line Items]                
Net proceeds received (in millions) $ 366,600              
April 2025 Forward Equity Offering | Common Stock                
Class of Stock [Line Items]                
Net proceeds received (in millions) 385,800              
Common stock related to forward equity offerings | October 2022 Forward Equity Offering | Common Stock                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)               5,750,000
Issuance of common stock, net of issuance costs, (in shares)     4,150,000 1,600,000        
Net proceeds received (in millions) $ 381,200   $ 275,000 $ 106,200        
Common stock related to forward equity offerings | October 2022 Forward Equity Offering | Common Stock | Over-Allotment Option                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)               750,000
Common stock related to forward equity offerings | October 2024 Forward Equity Offering | Common Stock                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)             5,060,000  
Issuance of common stock, net of issuance costs, (in shares)   0            
Common stock related to forward equity offerings | October 2024 Forward Equity Offering | Common Stock | Over-Allotment Option                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)             660,000  
Common stock related to forward equity offerings | April 2025 Forward Equity Offering | Common Stock                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)           5,175,000    
Issuance of common stock, net of issuance costs, (in shares) 0              
Common stock related to forward equity offerings | April 2025 Forward Equity Offering | Common Stock | Over-Allotment Option                
Class of Stock [Line Items]                
Common stock, shares authorized (in shares)           675,000    
v3.25.4
Common and Preferred Stock - Preferred Stock Offering (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
shares
Series A Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) | shares 7,000 7,000
Preferred stock, dividend rate, percentage 4.25%  
Preferred stock, liquidation preference, value per share | $ $ 25,000 $ 25,000
Series A Preferred Stock | Over-Allotment Option    
Class of Stock [Line Items]    
Stock split, conversion ratio 0.001  
Redeemable Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) | shares 7,000,000  
Preferred stock liquidating preference $ 25.00  
Preferred stock, dividends to be declared monthly (in dollars per share) 0.08854  
Preferred stock, dividends declared per annum (in dollars per share) 1.0625  
Preferred Stock, Redemption Price Per Share (in dollars per share) $ 25.00  
v3.25.4
Common and Preferred Stock - ATM Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Total Forward Shares Outstanding as of December 31, 2025 120,028,406 107,248,705  
Common Stock      
Class of Stock [Line Items]      
Issuance of common stock, net of issuance costs, (in shares) 12,693,519,000 6,630,112,000 10,267,768,000
Common Stock | Forward Sale Agreement      
Class of Stock [Line Items]      
Total Forward Shares Sold 4,275,968 10,598,037 5,846,998
At Market Program, September 2022 | Common Stock | Forward Sale Agreement      
Class of Stock [Line Items]      
Program Size $ 750.0    
Total Forward Shares Sold 10,217,973    
Issuance of common stock, net of issuance costs, (in shares) 10,217,973    
Total Forward Shares Outstanding as of December 31, 2025 0    
Total Net Proceeds Anticipated or Received from Forward Shares Sold $ 670.3    
At Market Program, February 2024 | Common Stock | Forward Sale Agreement      
Class of Stock [Line Items]      
Program Size $ 1,000.0    
Total Forward Shares Sold 10,409,017    
Issuance of common stock, net of issuance costs, (in shares) 10,409,017    
Total Forward Shares Outstanding as of December 31, 2025 0    
Total Net Proceeds Anticipated or Received from Forward Shares Sold $ 705.3    
At Market Program, October 2024 | Common Stock | Forward Sale Agreement      
Class of Stock [Line Items]      
Program Size $ 1,250.0    
Total Forward Shares Sold 4,444,245    
Issuance of common stock, net of issuance costs, (in shares) 0    
Total Forward Shares Outstanding as of December 31, 2025 4,444,245    
Total Net Proceeds Anticipated or Received from Forward Shares Sold $ 330.3    
Amount available under ATM program $ 914.5    
v3.25.4
Common and Preferred Stock - ATM Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]      
Net proceeds received (in millions) $ 904,311 $ 402,938 $ 689,896
Common Stock      
Class of Stock [Line Items]      
Shares of common stock settled under the ATM programs (in shares) 12,693,519,000 6,630,112,000 10,267,768,000
Common stock related to forward equity offerings | Common Stock      
Class of Stock [Line Items]      
Shares of common stock sold under the ATM programs (in shares) 4,275,968 10,598,037 5,846,998
Common stock related to forward equity offerings | Common Stock | ATM Forward Equity Offerings      
Class of Stock [Line Items]      
Shares of common stock settled under the ATM programs (in shares) 7,633,519 6,630,112 6,117,768
Net proceeds received (in millions) $ 538,300 $ 403,800 $ 415,400
v3.25.4
Dividends and Distributions Payable - Narrative (Details) - $ / shares
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends And Distribution Payable [Line Items]          
Cash dividends declared per common share (in dollars per share)   $ 0.262 $ 3.081 $ 3.000 $ 2.919
Series A Preferred Stock          
Dividends And Distribution Payable [Line Items]          
Preferred Stock, Dividends Per Share, Declared (in dollars per share) $ 0.08854   $ 1.0625 $ 1.0625 $ 1.0625
v3.25.4
Dividends and Distributions Payable - Common Distributions Paid for Federal Income Tax Purposes (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends Payable [Line Items]      
Total $ 3.072 $ 2.994 $ 2.672
Ordinary Income      
Dividends Payable [Line Items]      
Total 2.619 2.638 2.498
Return of Capital      
Dividends Payable [Line Items]      
Total $ 0.453 $ 0.356 $ 0.174
v3.25.4
Derivative Instruments and Hedging Activity - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2025
May 31, 2024
Dec. 31, 2025
Dec. 31, 2023
Oct. 31, 2025
Dec. 31, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Reclassified as a decrease to interest expense     $ 3,800        
Derivative net asset position aggregate fair value     3,300     $ 17,900  
Offsetting of derivative assets or liabilities           0  
2034 Senior Unsecured Public Notes | Senior Unsecured Debt              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Net upon termination   $ 13,600   $ 4,400      
Cash Flow Hedging | Interest Rate Swap Agreement in 2025              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount         $ 350,000    
Derivative asset, notional amount         3,300    
Cash Flow Hedging | Interest Rate Swap Agreement in 2025 | Senior Unsecured Debt              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount         $ 350,000    
Interest Rate Swap Agreement In June 2023 | Cash Flow Hedging              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount             $ 350,000
Hedge, fixed interest rate             3.57%
Derivative asset, notional amount     2,800        
Interest Rate Swap Agreement In December 2023 | 2034 Senior Unsecured Public Notes | Senior Unsecured Debt              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Nominal amount of derivative terminated   150,000          
Interest Rate Swap Agreement In December 2023 | Cash Flow Hedging              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount       $ 150,000      
US Treasury lock | 2034 Senior Unsecured Public Notes | Senior Unsecured Debt              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Nominal amount of derivative terminated   150,000          
US Treasury lock | Cash Flow Hedging              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount   $ 150,000          
Fixed interest rate   4.51%          
Interest Rate Swap Agreements During August and September 2024 and March 2025 | Cash Flow Hedging | Senior Unsecured Public Notes 2035              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount     325,000     $ 325,000  
Nominal amount of derivative terminated $ 325,000            
Net upon termination $ 13,600            
Interest Rate Swap Agreement in 2025 | Cash Flow Hedging              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Hedge, fixed interest rate         3.22%    
Interest Rate Swap Agreement In Q3 2024              
Derivative Instruments and Hedging Activities Disclosures [Line Items]              
Derivative notional amount         $ 200,000    
Derivative asset, notional amount     $ 2,700        
v3.25.4
Derivative Instruments and Hedging Activity - Interest Rate Derivatives (Details) - Interest rate swaps
$ in Thousands
Dec. 31, 2025
USD ($)
DerivativeInstrument
Dec. 31, 2024
USD ($)
DerivativeInstrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Number of Instruments | DerivativeInstrument 13 11
Derivative notional amount | $ $ 900,000 $ 550,000
v3.25.4
Derivative Instruments and Hedging Activity - Fair Value (Details) - Interest rate swaps - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Other assets, net    
Derivatives designated as cash flow hedges    
Other assets, net $ 5,972 $ 17,526
Accounts payable, accrued expenses, and other liabilities    
Derivatives designated as cash flow hedges    
Accounts payable, accrued expenses, and other liabilities $ 2,814 $ 0
v3.25.4
Derivative Instruments and Hedging Activity - Consolidated Statements of Operations and Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest expense      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount Reclassified from Accumulated OCI as a (Reduction)/Increase in Interest Expense $ (6,213) $ (8,458) $ (5,109)
Interest rate swaps      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Income/(Loss) Recognized in OCI on Derivative $ 1,627 $ 32,060 $ (1,911)
v3.25.4
Derivative Instruments and Hedging Activity - Offsetting Assets (Details) - Interest rate swaps
$ in Thousands
Dec. 31, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Gross Amounts of Recognized Assets $ 5,972
Gross Amounts Offset in the Statement of Financial Position 0
Net Amounts of Assets presented in the Statement of Financial Position 5,972
Financial Instruments (757)
Cash Collateral Received 0
Net Amount $ 5,215
v3.25.4
Derivative Instruments and Hedging Activity - Offsetting Liabilities (Details) - Interest rate swaps
$ in Thousands
Dec. 31, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]  
Gross Amounts of Recognized Liabilities $ 2,814
Gross Amounts Offset in the Statement of Financial Position 0
Net Amounts of Liabilities presented in the Statement of Financial Position 2,814
Financial Instruments (757)
Cash Collateral Received 0
Net Amount $ 2,057
v3.25.4
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - Interest rate swaps - Level 2 - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative assets - interest rate swaps $ 5,972 $ 17,526
Derivative liabilities - interest rate swaps $ 2,814 $ 0
v3.25.4
Fair Value Measurements - Carrying Value (Details) - Long-Term Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying | Commercial Paper Notes    
Derivative [Line Items]    
Value of debt $ 320,500 $ 0
Carrying | Mortgages    
Derivative [Line Items]    
Value of debt 41,546 42,210
Carrying | Unsecured Term Loan    
Derivative [Line Items]    
Value of debt 348,074 347,452
Carrying | Senior Unsecured Debt    
Derivative [Line Items]    
Value of debt 2,584,608 2,237,759
Carrying | Senior Unsecured Debt | Unsecured Revolving Credit Facility    
Derivative [Line Items]    
Value of debt 0 158,000
Fair Value | Level 2 | Commercial Paper Notes    
Derivative [Line Items]    
Value of debt 320,500 0
Fair Value | Level 3 | Commercial Paper Notes    
Derivative [Line Items]    
Value of debt 0 0
Fair Value | Mortgages | Level 2    
Derivative [Line Items]    
Value of debt 0 0
Fair Value | Mortgages | Level 3    
Derivative [Line Items]    
Value of debt 40,859 40,591
Fair Value | Unsecured Term Loan | Level 2    
Derivative [Line Items]    
Value of debt 348,074 347,452
Fair Value | Unsecured Term Loan | Level 3    
Derivative [Line Items]    
Value of debt 0 0
Fair Value | Senior Unsecured Debt | Level 2    
Derivative [Line Items]    
Value of debt 2,548,907 2,078,885
Fair Value | Senior Unsecured Debt | Level 2 | Unsecured Revolving Credit Facility    
Derivative [Line Items]    
Value of debt 0 158,000
Fair Value | Senior Unsecured Debt | Level 3    
Derivative [Line Items]    
Value of debt 0 0
Fair Value | Senior Unsecured Debt | Level 3 | Unsecured Revolving Credit Facility    
Derivative [Line Items]    
Value of debt $ 0 $ 0
v3.25.4
Equity Incentive Plan - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
May 31, 2024
Restricted Stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 3 years      
Recognized share based compensation $ 6.5 $ 5.8 $ 4.6  
Unrecognized compensation, other than options $ 7.5      
Unrecognized compensation recognition period 1 year 8 months 12 days      
Intrinsic value of restricted shares $ 9.4 $ 2.3 $ 2.7  
Restricted shares were granted (in shares) 85,000 101,000 82,000  
Fair value of shares granted to directors $ 72.83 $ 57.51 $ 73.15  
Restricted Stock | Director        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 1 year      
Recognized share based compensation $ 1.1 $ 1.3 $ 1.1  
Unrecognized compensation, other than options $ 0.2      
Unrecognized compensation recognition period 6 months      
Restricted shares were granted (in shares) 18,467 23,389    
Fair value of shares granted to directors $ 72.83 $ 57.51    
Forfeiture rate 0.00%      
Performance units and shares        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Performance period 3 years      
Performance units and shares | 3 Year Performance period completed        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Recognized share based compensation $ 0.6 $ 0.5 0.5  
Unrecognized compensation, other than options $ 0.2      
Unrecognized compensation recognition period 10 months 24 days      
Performance period 3 years      
Vesting percentage 50.00%      
Performance units and shares | 3 Year Performance period to be completed        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Recognized share based compensation $ 4.7 $ 3.1 $ 2.2  
Unrecognized compensation, other than options $ 7.1      
Unrecognized compensation recognition period 1 year 10 months 24 days      
Performance period 3 years      
Vesting percentage 50.00%      
Prior To 2023 | Restricted Stock        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 5 years      
Prior To 2023 | Performance units and shares        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 3 years      
Amortization period of compensation expense 5 years      
Prior To 2023 | Performance units and shares | Maximum        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 5 years      
During 2023 And After | Performance units and shares        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Vesting period 3 years      
During 2023 And After | Performance units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Amortization period of compensation expense 3 years      
2024 Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Issuance of common stock (in shares)       2,000,000
Future issuances (in shares) 1,721,199      
v3.25.4
Equity Incentive Plan - Restricted share activity (Details) - Restricted Stock - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Shares Outstanding, at beginning of the period 218 194 183
Shares Outstanding, granted (in shares) 85 101 82
Shares Outstanding, vested (in shares) (93) (68) (56)
Shares Outstanding, forfeited (in shares) (17) (9) (15)
Shares Outstanding, at end of the period 193 218 194
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share) $ 63.65 $ 68.85 $ 65.46
Weighted Average Grant Date Fair Value, granted (in dollars per share) 72.83 57.51 73.15
Weighted Average Grant Date Fair Value, vested (in dollars per share) 65.43 69.33 63.95
Weighted Average Grant Date Fair Value, forfeited (in dollars per share) 65.54 63.63 69.12
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share) $ 66.65 $ 63.65 $ 68.85
v3.25.4
Equity Incentive Plan - Valuation assumption (Details) - Performance units and shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Expected term (years) 2 years 10 months 24 days 2 years 10 months 24 days 2 years 10 months 24 days
Volatility 20.00% 20.00% 23.60%
Risk-free rate 4.20% 4.50% 4.40%
v3.25.4
Equity Incentive Plan - Performance share activity (Details) - Performance shares - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Performance Period to be Completed      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Shares Outstanding, at beginning of the period 157 111 85
Shares Outstanding, granted (in shares) 90 77 47
Shares Outstanding, vested (in shares) (34) (31) (21)
Shares Outstanding, at end of the period 213 157 111
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share) $ 67.50 $ 72.14 $ 72.27
Weighted Average Grant Date Fair Value, granted (in dollars per share) 79.61 59.16 80.34
Weighted Average Grant Date Fair Value, vested (in dollars per share) 68.59 63.42 90.17
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share) $ 72.42 $ 67.50 $ 72.14
Performance Period Completed      
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Shares Outstanding, at beginning of the period 26 31 32
Shares Outstanding, granted (in shares) 51 23 33
Shares Outstanding, vested (in shares) (35) (28) (34)
Shares Outstanding, at end of the period 42 26 31
Weighted Average Grant Date Fair Value      
Weighted Average Grant Date Fair Value, at beginning of the period (in dollars per share) $ 74.58 $ 83.40 $ 61.91
Weighted Average Grant Date Fair Value, granted (in dollars per share) 68.59 63.42 90.17
Weighted Average Grant Date Fair Value, vested (in dollars per share) 74.13 75.18 69.73
Weighted Average Grant Date Fair Value, at end of the period (in dollars per share) $ 67.64 $ 74.58 $ 83.40
During 2020 | Performance Period Completed      
Weighted Average Grant Date Fair Value      
Vesting period 3 years    
During 2021 | Performance Period Completed      
Weighted Average Grant Date Fair Value      
Vesting period 3 years    
Percentage of performance shares paid out 76.00%    
During 2022 | Performance Period Completed      
Weighted Average Grant Date Fair Value      
Vesting period 3 years    
Percentage of performance shares paid out 150.00%   150.00%
v3.25.4
Schedule III - Real Estate and Accumulated Depreciation (Details)
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2,674 2,370    
Encumbrance $ 42,878,000      
Initial Cost of Land 2,884,147,960      
Initial Cost of Buildings and Improvements 6,295,305,473      
Costs Capitalized Subsequent to Acquisition 108,980,492      
Gross Amount at Which Carried at Land 2,895,494,557      
Gross Amount at Which Carried at Close of Period Building and Improvements 6,392,939,369      
Gross Amount at Which Carried at Total 9,288,433,926 $ 7,982,537,708 $ 7,177,278,178 $ 6,062,209,367
Accumulated Depreciation $ 715,733,128 $ 564,429,282 $ 433,957,769 $ 321,141,833
Minimum | Building        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 28 years      
Minimum | Building Improvements        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 10 years      
Maximum | Building        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Maximum | Building Improvements        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 20 years      
Alabama        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 69      
Encumbrance $ 0      
Initial Cost of Land 58,258,702      
Initial Cost of Buildings and Improvements 112,734,863      
Costs Capitalized Subsequent to Acquisition 333,623      
Gross Amount at Which Carried at Land 58,331,029      
Gross Amount at Which Carried at Close of Period Building and Improvements 112,996,159      
Gross Amount at Which Carried at Total 171,327,188      
Accumulated Depreciation $ 14,145,037      
Alabama | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Alabama | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Alaska        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 3      
Encumbrance $ 0      
Initial Cost of Land 4,024,748      
Initial Cost of Buildings and Improvements 3,657,890      
Costs Capitalized Subsequent to Acquisition 153      
Gross Amount at Which Carried at Land 4,024,748      
Gross Amount at Which Carried at Close of Period Building and Improvements 3,658,043      
Gross Amount at Which Carried at Total 7,682,791      
Accumulated Depreciation $ 161,114      
Alaska | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Alaska | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Arizona        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 29      
Encumbrance $ 0      
Initial Cost of Land 37,421,655      
Initial Cost of Buildings and Improvements 86,583,631      
Costs Capitalized Subsequent to Acquisition 3,414,250      
Gross Amount at Which Carried at Land 40,157,460      
Gross Amount at Which Carried at Close of Period Building and Improvements 87,262,076      
Gross Amount at Which Carried at Total 127,419,536      
Accumulated Depreciation $ 9,456,543      
Arizona | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Arizona | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Arkansas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 44      
Encumbrance $ 0      
Initial Cost of Land 33,961,621      
Initial Cost of Buildings and Improvements 81,342,721      
Costs Capitalized Subsequent to Acquisition 986,543      
Gross Amount at Which Carried at Land 33,931,265      
Gross Amount at Which Carried at Close of Period Building and Improvements 82,359,620      
Gross Amount at Which Carried at Total 116,290,885      
Accumulated Depreciation $ 8,631,678      
Arkansas | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Arkansas | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
California        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 56      
Encumbrance $ 0      
Initial Cost of Land 168,284,646      
Initial Cost of Buildings and Improvements 231,361,808      
Costs Capitalized Subsequent to Acquisition 1,247,842      
Gross Amount at Which Carried at Land 168,231,535      
Gross Amount at Which Carried at Close of Period Building and Improvements 232,662,761      
Gross Amount at Which Carried at Total 400,894,296      
Accumulated Depreciation $ 22,330,970      
California | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
California | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Colorado        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 19      
Encumbrance $ 0      
Initial Cost of Land 33,427,076      
Initial Cost of Buildings and Improvements 57,261,268      
Costs Capitalized Subsequent to Acquisition 1,159,586      
Gross Amount at Which Carried at Land 33,427,077      
Gross Amount at Which Carried at Close of Period Building and Improvements 58,420,853      
Gross Amount at Which Carried at Total 91,847,930      
Accumulated Depreciation $ 5,903,321      
Colorado | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
Colorado | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Connecticut        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 28      
Encumbrance $ 0      
Initial Cost of Land 67,928,851      
Initial Cost of Buildings and Improvements 107,146,858      
Costs Capitalized Subsequent to Acquisition 629,656      
Gross Amount at Which Carried at Land 67,928,851      
Gross Amount at Which Carried at Close of Period Building and Improvements 107,776,514      
Gross Amount at Which Carried at Total 175,705,365      
Accumulated Depreciation $ 12,828,996      
Connecticut | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 2 years      
Connecticut | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Delaware        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 6      
Encumbrance $ 0      
Initial Cost of Land 18,218,204      
Initial Cost of Buildings and Improvements 7,562,092      
Costs Capitalized Subsequent to Acquisition (25,246)      
Gross Amount at Which Carried at Land 18,197,839      
Gross Amount at Which Carried at Close of Period Building and Improvements 7,557,211      
Gross Amount at Which Carried at Total 25,755,050      
Accumulated Depreciation $ 2,075,588      
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Florida        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 138      
Encumbrance $ 0      
Initial Cost of Land 170,847,249      
Initial Cost of Buildings and Improvements 252,191,971      
Costs Capitalized Subsequent to Acquisition 12,154,598      
Gross Amount at Which Carried at Land 170,897,386      
Gross Amount at Which Carried at Close of Period Building and Improvements 264,296,432      
Gross Amount at Which Carried at Total 435,193,818      
Accumulated Depreciation $ 35,515,003      
Florida | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
Florida | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Georgia        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 128      
Encumbrance $ 0      
Initial Cost of Land 87,185,808      
Initial Cost of Buildings and Improvements 286,763,380      
Costs Capitalized Subsequent to Acquisition 1,862,876      
Gross Amount at Which Carried at Land 87,191,042      
Gross Amount at Which Carried at Close of Period Building and Improvements 288,621,022      
Gross Amount at Which Carried at Total 375,812,064      
Accumulated Depreciation $ 30,106,116      
Georgia | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Georgia | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Hawaii        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 1      
Encumbrance $ 0      
Initial Cost of Land 0      
Initial Cost of Buildings and Improvements 5,337,026      
Costs Capitalized Subsequent to Acquisition 1,955      
Gross Amount at Which Carried at Land 0      
Gross Amount at Which Carried at Close of Period Building and Improvements 5,338,981      
Gross Amount at Which Carried at Total 5,338,981      
Accumulated Depreciation $ 202,540      
Hawaii | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 18 years      
Hawaii | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 28 years      
Idaho        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 7      
Encumbrance $ 0      
Initial Cost of Land 3,330,669      
Initial Cost of Buildings and Improvements 16,723,441      
Costs Capitalized Subsequent to Acquisition 37,265      
Gross Amount at Which Carried at Land 3,330,670      
Gross Amount at Which Carried at Close of Period Building and Improvements 16,760,705      
Gross Amount at Which Carried at Total 20,091,375      
Accumulated Depreciation $ 2,620,333      
Idaho | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 8 years      
Idaho | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Illinois        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 166      
Encumbrance $ 0      
Initial Cost of Land 191,866,438      
Initial Cost of Buildings and Improvements 364,852,910      
Costs Capitalized Subsequent to Acquisition 4,781,534      
Gross Amount at Which Carried at Land 191,337,806      
Gross Amount at Which Carried at Close of Period Building and Improvements 370,163,076      
Gross Amount at Which Carried at Total 561,500,882      
Accumulated Depreciation $ 39,978,630      
Illinois | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 2 years      
Illinois | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Indiana        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 83      
Encumbrance $ 0      
Initial Cost of Land 41,514,275      
Initial Cost of Buildings and Improvements 156,188,687      
Costs Capitalized Subsequent to Acquisition 1,748,305      
Gross Amount at Which Carried at Land 41,489,677      
Gross Amount at Which Carried at Close of Period Building and Improvements 157,961,590      
Gross Amount at Which Carried at Total 199,451,267      
Accumulated Depreciation $ 12,622,766      
Indiana | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
Indiana | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Iowa        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 43      
Encumbrance $ 0      
Initial Cost of Land 16,239,684      
Initial Cost of Buildings and Improvements 55,835,404      
Costs Capitalized Subsequent to Acquisition 1,193,886      
Gross Amount at Which Carried at Land 16,819,993      
Gross Amount at Which Carried at Close of Period Building and Improvements 56,448,981      
Gross Amount at Which Carried at Total 73,268,974      
Accumulated Depreciation $ 6,508,408      
Iowa | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Iowa | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Kansas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 49      
Encumbrance $ 0      
Initial Cost of Land 50,048,333      
Initial Cost of Buildings and Improvements 149,575,667      
Costs Capitalized Subsequent to Acquisition (548,926)      
Gross Amount at Which Carried at Land 48,782,171      
Gross Amount at Which Carried at Close of Period Building and Improvements 150,292,903      
Gross Amount at Which Carried at Total 199,075,074      
Accumulated Depreciation $ 17,150,271      
Kansas | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Kansas | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Kentucky        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 42      
Encumbrance $ 0      
Initial Cost of Land 27,679,156      
Initial Cost of Buildings and Improvements 88,671,275      
Costs Capitalized Subsequent to Acquisition 9,570,857      
Gross Amount at Which Carried at Land 28,176,183      
Gross Amount at Which Carried at Close of Period Building and Improvements 97,745,105      
Gross Amount at Which Carried at Total 125,921,288      
Accumulated Depreciation $ 13,721,545      
Kentucky | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Kentucky | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Louisiana        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 81      
Encumbrance $ 0      
Initial Cost of Land 58,838,431      
Initial Cost of Buildings and Improvements 166,175,514      
Costs Capitalized Subsequent to Acquisition 1,316,076      
Gross Amount at Which Carried at Land 59,020,733      
Gross Amount at Which Carried at Close of Period Building and Improvements 167,309,288      
Gross Amount at Which Carried at Total 226,330,021      
Accumulated Depreciation $ 18,615,737      
Louisiana | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Louisiana | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Maine        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 5      
Encumbrance $ 0      
Initial Cost of Land 2,566,165      
Initial Cost of Buildings and Improvements 9,379,875      
Costs Capitalized Subsequent to Acquisition 25,421      
Gross Amount at Which Carried at Land 2,566,165      
Gross Amount at Which Carried at Close of Period Building and Improvements 9,405,296      
Gross Amount at Which Carried at Total 11,971,461      
Accumulated Depreciation $ 1,396,778      
Maine | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
Maine | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Maryland        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 33      
Encumbrance $ 0      
Initial Cost of Land 62,032,475      
Initial Cost of Buildings and Improvements 55,927,750      
Costs Capitalized Subsequent to Acquisition 353,838      
Gross Amount at Which Carried at Land 62,120,812      
Gross Amount at Which Carried at Close of Period Building and Improvements 56,193,251      
Gross Amount at Which Carried at Total 118,314,063      
Accumulated Depreciation $ 5,955,038      
Maryland | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Maryland | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Massachusetts        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 23      
Encumbrance $ 0      
Initial Cost of Land 79,117,524      
Initial Cost of Buildings and Improvements 89,745,382      
Costs Capitalized Subsequent to Acquisition 177,375      
Gross Amount at Which Carried at Land 79,122,805      
Gross Amount at Which Carried at Close of Period Building and Improvements 89,917,476      
Gross Amount at Which Carried at Total 169,040,281      
Accumulated Depreciation $ 8,196,298      
Massachusetts | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Massachusetts | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Michigan        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 149      
Encumbrance $ 628,000      
Initial Cost of Land 132,390,772      
Initial Cost of Buildings and Improvements 344,842,747      
Costs Capitalized Subsequent to Acquisition 21,649,140      
Gross Amount at Which Carried at Land 130,032,858      
Gross Amount at Which Carried at Close of Period Building and Improvements 368,849,801      
Gross Amount at Which Carried at Total 498,882,659      
Accumulated Depreciation $ 55,921,335      
Michigan | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Michigan | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Minnesota        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 60      
Encumbrance $ 0      
Initial Cost of Land 67,229,478      
Initial Cost of Buildings and Improvements 135,923,614      
Costs Capitalized Subsequent to Acquisition 783,310      
Gross Amount at Which Carried at Land 67,005,373      
Gross Amount at Which Carried at Close of Period Building and Improvements 136,931,029      
Gross Amount at Which Carried at Total 203,936,402      
Accumulated Depreciation $ 11,132,184      
Minnesota | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Minnesota | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Mississippi        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 76      
Encumbrance $ 0      
Initial Cost of Land 38,803,924      
Initial Cost of Buildings and Improvements 170,931,630      
Costs Capitalized Subsequent to Acquisition 481,409      
Gross Amount at Which Carried at Land 38,536,521      
Gross Amount at Which Carried at Close of Period Building and Improvements 171,680,442      
Gross Amount at Which Carried at Total 210,216,963      
Accumulated Depreciation $ 17,686,052      
Mississippi | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Mississippi | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Missouri        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 80      
Encumbrance $ 0      
Initial Cost of Land 57,490,720      
Initial Cost of Buildings and Improvements 198,738,969      
Costs Capitalized Subsequent to Acquisition 2,325,263      
Gross Amount at Which Carried at Land 57,496,026      
Gross Amount at Which Carried at Close of Period Building and Improvements 201,058,926      
Gross Amount at Which Carried at Total 258,554,952      
Accumulated Depreciation $ 21,842,576      
Missouri | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Missouri | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Montana        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2      
Encumbrance $ 0      
Initial Cost of Land 1,023,154      
Initial Cost of Buildings and Improvements 5,232,131      
Costs Capitalized Subsequent to Acquisition 22,469      
Gross Amount at Which Carried at Land 1,023,154      
Gross Amount at Which Carried at Close of Period Building and Improvements 5,254,600      
Gross Amount at Which Carried at Total 6,277,754      
Accumulated Depreciation $ 473,271      
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Nebraska        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 16      
Encumbrance $ 0      
Initial Cost of Land 8,064,132      
Initial Cost of Buildings and Improvements 30,175,460      
Costs Capitalized Subsequent to Acquisition 16,992      
Gross Amount at Which Carried at Land 8,064,132      
Gross Amount at Which Carried at Close of Period Building and Improvements 30,192,452      
Gross Amount at Which Carried at Total 38,256,584      
Accumulated Depreciation $ 2,504,785      
Nebraska | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Nebraska | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Nevada        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 7      
Encumbrance $ 0      
Initial Cost of Land 2,881,071      
Initial Cost of Buildings and Improvements 8,482,078      
Costs Capitalized Subsequent to Acquisition (13,959)      
Gross Amount at Which Carried at Land 2,826,071      
Gross Amount at Which Carried at Close of Period Building and Improvements 8,523,119      
Gross Amount at Which Carried at Total 11,349,190      
Accumulated Depreciation $ 1,327,816      
Nevada | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 2 years      
Nevada | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
New Hampshire        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 11      
Encumbrance $ 0      
Initial Cost of Land 23,964,700      
Initial Cost of Buildings and Improvements 18,306,945      
Costs Capitalized Subsequent to Acquisition 666,306      
Gross Amount at Which Carried at Land 23,964,701      
Gross Amount at Which Carried at Close of Period Building and Improvements 18,973,250      
Gross Amount at Which Carried at Total 42,937,951      
Accumulated Depreciation $ 2,477,293      
New Hampshire | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
New Hampshire | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
New Jersey        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 56      
Encumbrance $ 0      
Initial Cost of Land 164,560,966      
Initial Cost of Buildings and Improvements 100,251,249      
Costs Capitalized Subsequent to Acquisition 16,336,567      
Gross Amount at Which Carried at Land 179,736,006      
Gross Amount at Which Carried at Close of Period Building and Improvements 101,412,776      
Gross Amount at Which Carried at Total 281,148,782      
Accumulated Depreciation $ 14,916,027      
New Jersey | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
New Jersey | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
New Mexico        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 25      
Encumbrance $ 0      
Initial Cost of Land 32,803,786      
Initial Cost of Buildings and Improvements 56,655,563      
Costs Capitalized Subsequent to Acquisition 603,851      
Gross Amount at Which Carried at Land 32,726,744      
Gross Amount at Which Carried at Close of Period Building and Improvements 57,336,456      
Gross Amount at Which Carried at Total 90,063,200      
Accumulated Depreciation $ 4,723,688      
New Mexico | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
New Mexico | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
New York        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 103      
Encumbrance $ 11,300,000      
Initial Cost of Land 139,415,959      
Initial Cost of Buildings and Improvements 321,735,777      
Costs Capitalized Subsequent to Acquisition 1,375,958      
Gross Amount at Which Carried at Land 139,474,130      
Gross Amount at Which Carried at Close of Period Building and Improvements 323,053,564      
Gross Amount at Which Carried at Total 462,527,694      
Accumulated Depreciation $ 31,475,778      
New York | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
New York | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
North Carolina        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 139      
Encumbrance $ 22,400,000      
Initial Cost of Land 149,429,059      
Initial Cost of Buildings and Improvements 305,062,596      
Costs Capitalized Subsequent to Acquisition (526,987)      
Gross Amount at Which Carried at Land 148,681,825      
Gross Amount at Which Carried at Close of Period Building and Improvements 305,282,843      
Gross Amount at Which Carried at Total 453,964,668      
Accumulated Depreciation $ 34,417,480      
North Carolina | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
North Carolina | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
North Dakota        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 12      
Encumbrance $ 0      
Initial Cost of Land 9,967,368      
Initial Cost of Buildings and Improvements 27,987,689      
Costs Capitalized Subsequent to Acquisition 1,954,552      
Gross Amount at Which Carried at Land 9,967,370      
Gross Amount at Which Carried at Close of Period Building and Improvements 29,942,239      
Gross Amount at Which Carried at Total 39,909,609      
Accumulated Depreciation $ 3,882,141      
North Dakota | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
North Dakota | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Ohio        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 164      
Encumbrance $ 0      
Initial Cost of Land 153,988,586      
Initial Cost of Buildings and Improvements 348,204,577      
Costs Capitalized Subsequent to Acquisition 3,656,752      
Gross Amount at Which Carried at Land 155,401,951      
Gross Amount at Which Carried at Close of Period Building and Improvements 350,447,964      
Gross Amount at Which Carried at Total 505,849,915      
Accumulated Depreciation $ 39,855,010      
Ohio | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Ohio | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Oklahoma        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 47      
Encumbrance $ 0      
Initial Cost of Land 28,194,669      
Initial Cost of Buildings and Improvements 107,104,894      
Costs Capitalized Subsequent to Acquisition 299,107      
Gross Amount at Which Carried at Land 28,189,668      
Gross Amount at Which Carried at Close of Period Building and Improvements 107,409,002      
Gross Amount at Which Carried at Total 135,598,670      
Accumulated Depreciation $ 10,855,706      
Oklahoma | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Oklahoma | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Oregon        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 13      
Encumbrance $ 0      
Initial Cost of Land 29,320,378      
Initial Cost of Buildings and Improvements 40,082,009      
Costs Capitalized Subsequent to Acquisition 1,709,328      
Gross Amount at Which Carried at Land 29,320,538      
Gross Amount at Which Carried at Close of Period Building and Improvements 41,791,177      
Gross Amount at Which Carried at Total 71,111,715      
Accumulated Depreciation $ 5,356,208      
Oregon | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
Oregon | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Pennsylvania        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 118      
Encumbrance $ 8,550,000      
Initial Cost of Land 138,254,794      
Initial Cost of Buildings and Improvements 325,830,203      
Costs Capitalized Subsequent to Acquisition (718,075)      
Gross Amount at Which Carried at Land 134,947,258      
Gross Amount at Which Carried at Close of Period Building and Improvements 328,419,664      
Gross Amount at Which Carried at Total 463,366,922      
Accumulated Depreciation $ 35,136,372      
Pennsylvania | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Pennsylvania | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Rhode Island        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 7      
Encumbrance $ 0      
Initial Cost of Land 14,676,883      
Initial Cost of Buildings and Improvements 25,414,355      
Costs Capitalized Subsequent to Acquisition 821,472      
Gross Amount at Which Carried at Land 14,676,468      
Gross Amount at Which Carried at Close of Period Building and Improvements 26,236,242      
Gross Amount at Which Carried at Total 40,912,710      
Accumulated Depreciation $ 2,920,257      
Rhode Island | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Rhode Island | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
South Carolina        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 75      
Encumbrance $ 0      
Initial Cost of Land 44,352,653      
Initial Cost of Buildings and Improvements 177,664,969      
Costs Capitalized Subsequent to Acquisition 2,173,623      
Gross Amount at Which Carried at Land 44,347,183      
Gross Amount at Which Carried at Close of Period Building and Improvements 179,844,062      
Gross Amount at Which Carried at Total 224,191,245      
Accumulated Depreciation $ 21,282,530      
South Carolina | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
South Carolina | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
South Dakota        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 12      
Encumbrance $ 0      
Initial Cost of Land 3,376,212      
Initial Cost of Buildings and Improvements 18,522,813      
Costs Capitalized Subsequent to Acquisition 235,505      
Gross Amount at Which Carried at Land 3,376,212      
Gross Amount at Which Carried at Close of Period Building and Improvements 18,758,318      
Gross Amount at Which Carried at Total 22,134,530      
Accumulated Depreciation $ 2,369,011      
South Dakota | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 6 years      
South Dakota | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Tennessee        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 71      
Encumbrance $ 0      
Initial Cost of Land 51,864,191      
Initial Cost of Buildings and Improvements 126,285,426      
Costs Capitalized Subsequent to Acquisition (647,960)      
Gross Amount at Which Carried at Land 50,781,173      
Gross Amount at Which Carried at Close of Period Building and Improvements 126,720,484      
Gross Amount at Which Carried at Total 177,501,657      
Accumulated Depreciation $ 18,291,907      
Tennessee | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 2 years      
Tennessee | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Texas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 169      
Encumbrance $ 0      
Initial Cost of Land 184,881,006      
Initial Cost of Buildings and Improvements 446,577,169      
Costs Capitalized Subsequent to Acquisition 11,245,152      
Gross Amount at Which Carried at Land 185,338,871      
Gross Amount at Which Carried at Close of Period Building and Improvements 457,364,456      
Gross Amount at Which Carried at Total 642,703,327      
Accumulated Depreciation $ 56,072,779      
Texas | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Texas | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Utah        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 5      
Encumbrance $ 0      
Initial Cost of Land 7,875,158      
Initial Cost of Buildings and Improvements 20,250,913      
Costs Capitalized Subsequent to Acquisition (20,043)      
Gross Amount at Which Carried at Land 7,875,158      
Gross Amount at Which Carried at Close of Period Building and Improvements 20,230,870      
Gross Amount at Which Carried at Total 28,106,028      
Accumulated Depreciation $ 4,101,663      
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Vermont        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 4      
Encumbrance $ 0      
Initial Cost of Land 6,554,681      
Initial Cost of Buildings and Improvements 20,448,103      
Costs Capitalized Subsequent to Acquisition 0      
Gross Amount at Which Carried at Land 6,554,681      
Gross Amount at Which Carried at Close of Period Building and Improvements 20,448,103      
Gross Amount at Which Carried at Total 27,002,784      
Accumulated Depreciation $ 742,939      
Vermont | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 1 year      
Vermont | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Virginia        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 72      
Encumbrance $ 0      
Initial Cost of Land 72,179,191      
Initial Cost of Buildings and Improvements 125,127,393      
Costs Capitalized Subsequent to Acquisition 982,257      
Gross Amount at Which Carried at Land 72,205,447      
Gross Amount at Which Carried at Close of Period Building and Improvements 126,083,394      
Gross Amount at Which Carried at Total 198,288,841      
Accumulated Depreciation $ 14,813,803      
Virginia | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 4 years      
Virginia | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Washington        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 22      
Encumbrance $ 0      
Initial Cost of Land 19,732,298      
Initial Cost of Buildings and Improvements 64,075,345      
Costs Capitalized Subsequent to Acquisition 213,281      
Gross Amount at Which Carried at Land 19,732,298      
Gross Amount at Which Carried at Close of Period Building and Improvements 64,288,626      
Gross Amount at Which Carried at Total 84,020,924      
Accumulated Depreciation $ 4,679,046      
Washington | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Washington | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
West Virginia        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 30      
Encumbrance $ 0      
Initial Cost of Land 21,133,370      
Initial Cost of Buildings and Improvements 51,644,901      
Costs Capitalized Subsequent to Acquisition 337,247      
Gross Amount at Which Carried at Land 21,235,684      
Gross Amount at Which Carried at Close of Period Building and Improvements 51,879,834      
Gross Amount at Which Carried at Total 73,115,518      
Accumulated Depreciation $ 5,039,287      
West Virginia | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 5 years      
West Virginia | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Wisconsin        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 74      
Encumbrance $ 0      
Initial Cost of Land 61,885,001      
Initial Cost of Buildings and Improvements 199,650,956      
Costs Capitalized Subsequent to Acquisition 2,251,869      
Gross Amount at Which Carried at Land 61,829,720      
Gross Amount at Which Carried at Close of Period Building and Improvements 201,958,106      
Gross Amount at Which Carried at Total 263,787,826      
Accumulated Depreciation $ 21,485,299      
Wisconsin | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 3 years      
Wisconsin | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Wyoming        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Number of Properties | property 2      
Encumbrance $ 0      
Initial Cost of Land 1,745,471      
Initial Cost of Buildings and Improvements 3,091,512      
Costs Capitalized Subsequent to Acquisition 210,772      
Gross Amount at Which Carried at Land 1,745,470      
Gross Amount at Which Carried at Close of Period Building and Improvements 3,302,285      
Gross Amount at Which Carried at Total 5,047,755      
Accumulated Depreciation $ 396,340      
Wyoming | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 15 years      
Wyoming | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
Subtotal        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrance $ 42,878,000      
Initial Cost of Land 2,880,831,341      
Initial Cost of Buildings and Improvements 6,209,321,399      
Costs Capitalized Subsequent to Acquisition 108,846,625      
Gross Amount at Which Carried at Land 2,892,177,938      
Gross Amount at Which Carried at Close of Period Building and Improvements 6,306,821,427      
Gross Amount at Which Carried at Total 9,198,999,365      
Accumulated Depreciation 714,301,293      
Property Under Development (Various) | Property Under Development (Various)        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrance 0      
Initial Cost of Land 0      
Initial Cost of Buildings and Improvements 62,690,174      
Costs Capitalized Subsequent to Acquisition 0      
Gross Amount at Which Carried at Land 0      
Gross Amount at Which Carried at Close of Period Building and Improvements 62,690,174      
Gross Amount at Which Carried at Total 62,690,174      
Accumulated Depreciation 0      
Corporate Headquarters - Royal Oak, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrance 0      
Initial Cost of Land 3,316,619      
Initial Cost of Buildings and Improvements 23,293,900      
Costs Capitalized Subsequent to Acquisition 133,867      
Gross Amount at Which Carried at Land 3,316,619      
Gross Amount at Which Carried at Close of Period Building and Improvements 23,427,768      
Gross Amount at Which Carried at Total 26,744,387      
Accumulated Depreciation $ 1,431,835      
Life on Which Depreciation in Latest Income Statement is Computed (in years) 40 years      
v3.25.4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Balance at January 1 $ 7,982,537,708 $ 7,177,278,178 $ 6,062,209,367
Construction, acquisition and other costs 1,360,816,245 893,310,268 1,135,848,799
Impairment charge (14,653,327) (8,852,732) (9,555,945)
Disposition of real estate (40,266,700) (79,198,006) (11,224,043)
Balance at December 31 $ 9,288,433,926 $ 7,982,537,708 $ 7,177,278,178
v3.25.4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Balance at January 1 $ 564,429,282 $ 433,957,769 $ 321,141,833
Current year depreciation expense 159,745,691 138,426,235 115,969,605
Impairment charge (2,580,729) (1,607,706) (2,425,088)
Disposition of real estate (5,861,116) (6,347,016) (728,581)
Balance at December 31 $ 715,733,128 $ 564,429,282 $ 433,957,769
v3.25.4
Schedule III - Real Estate and Accumulated Depreciation - Tax Basis of Building and Improvements (Details)
$ in Millions
Dec. 31, 2025
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Aggregate cost of real estate assets for income tax purposes $ 10,700