2013 Form 10-K Financial Statement

#000114420414014127 Filed on March 07, 2014

View on sec.gov

Income Statement

Concept 2013 2012 Q4 2012 Q3
Revenue $43.52M $9.267M $8.902M
YoY Change 25.69% 19.73% 19.17%
Cost Of Revenue $3.200M $580.0K $650.0K
YoY Change 14.29% -21.62% -16.67%
Gross Profit $40.30M $7.830M $8.540M
YoY Change 26.33% 11.7% 27.65%
Gross Profit Margin 92.61% 84.49% 95.93%
Selling, General & Admin $6.400M $1.630M $1.420M
YoY Change 1.59% -8.94% 11.81%
% of Gross Profit 15.88% 20.82% 16.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.997M $1.900M $1.900M
YoY Change 20.79% 0.0% 0.0%
% of Gross Profit 17.36% 24.27% 22.25%
Operating Expenses $14.90M $3.090M $3.060M
YoY Change 19.2% -2.22% 10.47%
Operating Profit $25.42M $4.740M $5.480M
YoY Change 31.21% 23.12% 39.81%
Interest Expense $6.475M -$1.510M $1.344M
YoY Change 26.11% 41.12% -238.58%
% of Operating Profit 25.47% -31.86% 24.53%
Other Income/Expense, Net
YoY Change
Pretax Income $18.90M $3.240M $4.140M
YoY Change 33.1% 16.97% -12.1%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0% 0.0% 0.0%
Net Earnings $19.67M $4.747M $3.907M
YoY Change 9.0% 52.64% -310.57%
Net Earnings / Revenue 45.21% 51.22% 43.89%
Basic Earnings Per Share $1.51 $0.35
Diluted Earnings Per Share $1.50 $0.40 $0.35
COMMON SHARES
Basic Shares Outstanding 13.07M shares 11.19M shares
Diluted Shares Outstanding 13.16M shares 11.24M shares

Balance Sheet

Concept 2013 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.50M $1.300M $500.0K
YoY Change 1015.38% -35.0% -44.44%
Cash & Equivalents $14.50M $1.270M $543.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $4.800M
Prepaid Expenses
Receivables $3.300M $2.200M $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.60M $3.500M $1.900M
YoY Change 545.71% 25.0% -47.22%
LONG-TERM ASSETS
Property, Plant & Equipment $405.9M $316.4M $301.0M
YoY Change 21.02% 17.24% 14.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.300M $24.90M $27.30M
YoY Change -8.33% 33.16% 78.43%
Total Long-Term Assets $440.1M $366.6M $330.8M
YoY Change 20.05% 25.91% 18.82%
TOTAL ASSETS
Total Short-Term Assets $22.60M $3.500M $1.900M
Total Long-Term Assets $440.1M $366.6M $330.8M
Total Assets $462.7M $370.1M $332.7M
YoY Change 25.02% 25.91% 17.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $100.0K $0.00
YoY Change 0.0% -75.0% -100.0%
Accrued Expenses $500.0K $300.0K $500.0K
YoY Change 66.67% -57.14% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.900M $7.100M $6.700M
YoY Change -2.82% -14.46% 39.58%
LONG-TERM LIABILITIES
Long-Term Debt $158.4M $160.9M $124.4M
YoY Change -1.55% 34.87% 14.02%
Other Long-Term Liabilities $1.700M $3.300M $3.400M
YoY Change -48.48% 10.0% 3.03%
Total Long-Term Liabilities $160.1M $164.2M $127.8M
YoY Change -2.5% 34.26% 13.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.900M $7.100M $6.700M
Total Long-Term Liabilities $160.1M $164.2M $127.8M
Total Liabilities $173.2M $172.1M $137.8M
YoY Change -0.92% 30.68% 12.86%
SHAREHOLDERS EQUITY
Retained Earnings -$21.17M
YoY Change 1.19%
Common Stock $1.144K
YoY Change 16.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $289.6M $195.3M $194.9M
YoY Change
Total Liabilities & Shareholders Equity $462.7M $370.1M $332.7M
YoY Change 25.02% 25.91% 17.98%

Cashflow Statement

Concept 2013 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $19.67M $4.747M $3.907M
YoY Change 9.0% 52.64% -310.57%
Depreciation, Depletion And Amortization $6.997M $1.900M $1.900M
YoY Change 20.79% 0.0% 0.0%
Cash From Operating Activities $29.59M $6.900M $5.500M
YoY Change 39.54% -22.47% 3.77%
INVESTING ACTIVITIES
Capital Expenditures -$90.50M -$39.70M -$19.20M
YoY Change 7.1% 139.16% 17.79%
Acquisitions
YoY Change
Other Investing Activities $5.300M $3.300M $8.800M
YoY Change -65.36% 120.0% -8900.0%
Cash From Investing Activities -$85.26M -$36.50M -$10.50M
YoY Change 23.11% 141.72% -36.36%
FINANCING ACTIVITIES
Cash Dividend Paid $20.86M
YoY Change 18.09%
Common Stock Issuance & Retirement, Net $93.39M
YoY Change 166.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $68.94M 30.30M 4.800M
YoY Change 45.69% 315.07% -57.14%
NET CHANGE
Cash From Operating Activities $29.59M 6.900M 5.500M
Cash From Investing Activities -$85.26M -36.50M -10.50M
Cash From Financing Activities $68.94M 30.30M 4.800M
Net Change In Cash $13.27M 700.0K -200.0K
YoY Change -1910.84% -36.36% -21474836479998990.0%
FREE CASH FLOW
Cash From Operating Activities $29.59M $6.900M $5.500M
Capital Expenditures -$90.50M -$39.70M -$19.20M
Free Cash Flow $120.1M $46.60M $24.70M
YoY Change 13.61% 82.75% 14.35%

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1.60
CY2013 us-gaap Common Stock Dividends Per Share Declared
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1.64
CY2011 us-gaap Depreciation
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6055225 USD
CY2012 us-gaap Depreciation
Depreciation
5792281 USD
CY2013 us-gaap Depreciation
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6996741 USD
CY2011 us-gaap Adjustment For Amortization
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1105087 USD
CY2012 us-gaap Adjustment For Amortization
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1712530 USD
CY2013 us-gaap Adjustment For Amortization
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2483217 USD
CY2011 us-gaap Share Based Compensation
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1364280 USD
CY2011 us-gaap Increase Decrease In Deferred Revenue
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-6951591 USD
CY2012 us-gaap Increase Decrease In Deferred Revenue
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-463380 USD
CY2012 us-gaap Share Based Compensation
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1657209 USD
CY2013 us-gaap Share Based Compensation
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1812532 USD
CY2011 us-gaap Asset Impairment Charges
AssetImpairmentCharges
13500000 USD
CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
450000 USD
CY2011 us-gaap Increase Decrease In Accounts Receivable
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-528448 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
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1358374 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
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1102713 USD
CY2011 us-gaap Increase Decrease In Other Operating Assets
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-8072 USD
CY2012 us-gaap Increase Decrease In Other Operating Assets
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864294 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
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780069 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
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838515 USD
CY2013 us-gaap Increase Decrease In Deferred Revenue
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-463380 USD
CY2011 us-gaap Increase Decrease In Interest Payable Net
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513041 USD
CY2012 us-gaap Increase Decrease In Interest Payable Net
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-398779 USD
CY2013 us-gaap Increase Decrease In Interest Payable Net
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135446 USD
CY2011 us-gaap Increase Decrease In Security Deposits
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3873 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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25496949 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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21205721 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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29589739 USD
CY2011 us-gaap Payments To Acquire Productive Assets
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CY2012 us-gaap Payments To Acquire Productive Assets
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64166390 USD
CY2013 us-gaap Payments To Acquire Productive Assets
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CY2011 us-gaap Payments For Leasing Costs
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197259 USD
CY2012 us-gaap Payments For Leasing Costs
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55960 USD
CY2013 us-gaap Payments For Leasing Costs
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183310 USD
CY2011 us-gaap Proceeds From Sale Of Productive Assets
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8058520 USD
CY2012 us-gaap Proceeds From Sale Of Productive Assets
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CY2013 us-gaap Proceeds From Sale Of Productive Assets
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CY2011 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-29252352 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-69256310 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-85260499 USD
CY2011 us-gaap Proceeds From Issuance Of Common Stock
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0 USD
CY2012 us-gaap Proceeds From Issuance Of Common Stock
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35042235 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
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CY2011 us-gaap Proceeds From Lines Of Credit
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CY2012 us-gaap Proceeds From Lines Of Credit
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CY2013 us-gaap Proceeds From Lines Of Credit
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CY2011 us-gaap Repayments Of Lines Of Credit
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CY2012 us-gaap Repayments Of Lines Of Credit
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CY2013 us-gaap Repayments Of Lines Of Credit
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CY2011 us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
CY2012 us-gaap Proceeds From Issuance Of Secured Debt
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CY2011 us-gaap Repayments Of Secured Debt
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CY2012 us-gaap Repayments Of Secured Debt
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CY2013 us-gaap Repayments Of Secured Debt
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CY2011 us-gaap Payments Of Dividends
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CY2012 us-gaap Payments Of Dividends
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CY2011 us-gaap Payments Of Capital Distribution
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CY2013 us-gaap Payments Of Capital Distribution
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CY2011 us-gaap Repayments Of Other Debt
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CY2012 us-gaap Repayments Of Other Debt
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CY2013 us-gaap Repayments Of Other Debt
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CY2011 us-gaap Payments Of Financing Costs
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CY2012 us-gaap Payments Of Financing Costs
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CY2013 us-gaap Payments Of Financing Costs
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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47317953 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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1409382 USD
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-732636 USD
CY2013 us-gaap Cash And Cash Equivalents Period Increase Decrease
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13266854 USD
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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593281 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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2002663 USD
CY2011 us-gaap Interest Paid Net
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4458292 USD
CY2012 us-gaap Interest Paid Net
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4722042 USD
CY2013 us-gaap Interest Paid Net
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CY2011 us-gaap Income Taxes Paid Net
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CY2012 us-gaap Income Taxes Paid Net
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CY2013 us-gaap Income Taxes Paid Net
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CY2012 us-gaap Stock Issued1
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StockIssued1
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CY2011 adc Dividends Declared And Unpaid
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4070690 USD
CY2012 adc Dividends Declared And Unpaid
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4710446 USD
CY2013 adc Dividends Declared And Unpaid
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6243933 USD
CY2011 us-gaap Debt Instrument Decrease Forgiveness
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0 USD
CY2012 us-gaap Debt Instrument Decrease Forgiveness
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9173789 USD
CY2013 us-gaap Debt Instrument Decrease Forgiveness
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0 USD
CY2011 adc Real Estate Acquisitions Financed With Debt Assumption
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3403603 USD
CY2012 adc Real Estate Acquisitions Financed With Debt Assumption
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18220528 USD
CY2013 adc Real Estate Acquisitions Financed With Debt Assumption
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0 USD
CY2011 adc Interest Capitalized For Real Estate Under Development
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0 USD
CY2012 adc Interest Capitalized For Real Estate Under Development
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149054 USD
CY2013 adc Interest Capitalized For Real Estate Under Development
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566793 USD
CY2013 us-gaap Nature Of Operations
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<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0in"> <font style="FONT-SIZE: 10pt">Agree Realty Corporation (the &#8220;Company&#8221;) is a self-administered, self-managed real estate investment trust (&#8220;REIT&#8221;), which is primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. At December 31, 2013, the Company's properties are comprised of 122 net leased retail facilities and nine community shopping centers located in 33 states. Included in the 131 properties was one property held for sale at December 31, 2013.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> Excluding the property held for sale, at December 31, 2013, approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 97</font>% of the Company's annual base rental revenues were from national and regional tenants under long-term leases, including approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 27</font>% from Walgreen Co. (&#8220;Walgreen&#8221;), <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% from <font style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"> CVS Caremark Corporation (&#8220;CVS&#8221;), <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% from</font> Kmart Corporation (&#8220;Kmart&#8221;), a wholly-owned subsidiary of Sears Holdings Corporation, <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% from Wawa, Inc.&#160;and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">5</font>% from Walmart Stores, Inc.</font>&#160;</div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 us-gaap Use Of Estimates
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<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><strong><i><font style="FONT-SIZE: 10pt"> Reclassifications</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The results of operations of properties that have either been disposed of or are classified as held for sale are reported as discontinued operations.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> As a result of these discontinued operations, certain of the 2012 and 2011 balances have been reclassified to conform to the 2013 presentation.<strong><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font></strong> Certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2013 presentation.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013 adc Annual Base Rental Revenues Received Percentage
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0.97 pure
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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2856168 USD
CY2012Q4 us-gaap Minority Interest Ownership Percentage By Parent
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0.9705 pure
CY2013Q4 us-gaap Minority Interest Ownership Percentage By Parent
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0.9772 pure
CY2012 adc Estimated Current Market Interest Rate
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0.0376 pure
CY2013 us-gaap Current Income Tax Expense Benefit
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3000 USD
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43087000 USD
CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable In Two Years
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CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable In Three Years
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39534000 USD
CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable In Four Years
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38991000 USD
CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable In Five Years
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37598000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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2551978 USD
CY2013 adc Estimated Current Market Interest Rate
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0.0504 pure
CY2013Q4 us-gaap Real Estate Federal Income Tax Basis
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18900000 USD
CY2013 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P19Y4M24D
CY2012 us-gaap Business Acquisitions Pro Forma Revenue
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38266000 USD
CY2013 us-gaap Business Acquisitions Pro Forma Revenue
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45910000 USD
CY2012 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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14311000 USD
CY2013 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
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19178000 USD
CY2013 us-gaap Real Estate Revenue Net
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2860000 USD
CY2013 us-gaap Income Loss From Continuing Operations
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142000 USD
CY2011Q4 adc Real Estate Investment Fair Value
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19805000 USD
CY2013Q4 adc Real Estate Investment Fair Value
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4875000 USD
CY2013 adc Deferred Revenue Recognition Period
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P3Y2M12D
CY2012Q4 us-gaap Taxes Payable Current
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CY2013Q4 us-gaap Taxes Payable Current
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CY2012 us-gaap Current Income Tax Expense Benefit
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211000 USD
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2423747 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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2330506 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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2198622 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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18629283 USD
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30990304 USD
CY2011 adc Weighted Average Number Of Common Shares Outstanding Before Unvested Restricted Stock
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CY2012 adc Weighted Average Number Of Common Shares Outstanding Before Unvested Restricted Stock
WeightedAverageNumberOfCommonSharesOutstandingBeforeUnvestedRestrictedStock
11321498 shares
CY2013 adc Weighted Average Number Of Common Shares Outstanding Before Unvested Restricted Stock
WeightedAverageNumberOfCommonSharesOutstandingBeforeUnvestedRestrictedStock
13314989 shares
CY2011 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
216920 shares
CY2012 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
250180 shares
CY2013 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
249082 shares
CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
43867 shares
CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
65592 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
91598 shares
CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable Due Thereafter
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334493000 USD
CY2013Q4 us-gaap Capital Leases Future Minimum Payments Receivable
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535592000 USD
CY2013 adc Weighted Average Remaining Lease Term
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P11Y8M12D
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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415900 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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415900 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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415900 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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415900 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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410233 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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8285521 USD
CY2013Q4 us-gaap Operating Leases Future Minimum Payments Due
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10359354 USD
CY2013 adc Lease Transaction Annual Rental Payments
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90000 USD
CY2013 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2014-12-31
CY2011Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
9200000 USD
CY2011 us-gaap Disposal Group Including Discontinued Operation Revenue
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13773597 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Revenue
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3932462 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1290601 USD
CY2011 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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17730409 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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1665533 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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992259 USD
CY2011 us-gaap Disposal Group Including Discontinued Operation Interest Expense
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1313875 USD
CY2012 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
CY2013 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
CY2011 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
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-131621 USD
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
129993 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
31953 USD
CY2012Q1 us-gaap Revenues
Revenues
8087000 USD
CY2013Q1 us-gaap Revenues
Revenues
9928000 USD
CY2012Q2 us-gaap Revenues
Revenues
8368000 USD
CY2013Q2 us-gaap Revenues
Revenues
10601000 USD
CY2012Q3 us-gaap Revenues
Revenues
8902000 USD
CY2013Q3 us-gaap Revenues
Revenues
11272000 USD
CY2012Q4 us-gaap Revenues
Revenues
9267000 USD
CY2013Q4 us-gaap Revenues
Revenues
11716000 USD
CY2012Q1 us-gaap Profit Loss
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4742000 USD
CY2013Q1 us-gaap Profit Loss
ProfitLoss
5392000 USD
CY2012Q2 us-gaap Profit Loss
ProfitLoss
5090000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
4530000 USD
CY2012Q3 us-gaap Profit Loss
ProfitLoss
4025000 USD
CY2013Q3 us-gaap Profit Loss
ProfitLoss
4646000 USD
CY2012Q4 us-gaap Profit Loss
ProfitLoss
4747000 USD
CY2013Q4 us-gaap Profit Loss
ProfitLoss
5622000 USD
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.34
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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113897759 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
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167406541 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
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293305072 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
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15457201 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
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165451146 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
310717678 USD
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Trading Symbol
TradingSymbol
ADC
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14964396 shares
CY2013 dei Entity Registrant Name
EntityRegistrantName
AGREE REALTY CORP
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0000917251
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
390768166 USD
CY2004Q3 us-gaap Real Estate Investments Joint Ventures
RealEstateInvestmentsJointVentures
4000000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
476168824 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
65436739 USD
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
398811830 USD
CY2011Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
340073911 USD
CY2010Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
339492832 USD
CY2013 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
82692554 USD
CY2012 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
97418031 USD
CY2011 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
31219239 USD
CY2013 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
4885560 USD
CY2012 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
38680112 USD
CY2011 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
17138160 USD
CY2012Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
58856688 USD
CY2011Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
68589778 USD
CY2010Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
67383413 USD
CY2013 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
6930145 USD
CY2012 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5726319 USD
CY2011 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
6005270 USD
CY2013 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
350094 USD
CY2012 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
15459409 USD
CY2011 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
4798905 USD
CY2013Q4 us-gaap Tax Basis Of Investments Cost For Income Tax Purposes
TaxBasisOfInvestmentsCostForIncomeTaxPurposes
18877000 USD
CY2013 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
35000000 USD
CY2012 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2011 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
CY2013Q4 us-gaap Line Of Credit
LineOfCredit
9500000 USD
CY2012Q4 us-gaap Line Of Credit
LineOfCredit
43530005 USD
CY2013Q4 us-gaap Loans Payable
LoansPayable
35000000 USD
CY2012Q4 us-gaap Loans Payable
LoansPayable
0 USD
CY2013Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.41
CY2012Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.40
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12730495 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13191970 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12520195 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
22489650 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
27403792 USD
CY2013Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
70061657 USD
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
158397759 USD
CY2013Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
85000000 USD
CY2013Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
135000000 USD
CY2013 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2015-10-26
CY2013 adc Extension Options
ExtensionOptions
two one-year terms
CY2013 adc Line Of Credit Facility Extension Option Expiration Date
LineOfCreditFacilityExtensionOptionExpirationDate
October 2017
CY2013 us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
interest at LIBOR plus a spread of 150 to 215 basis points, or the base rate, depending on the Companys leverage ratio
CY2013Q4 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
9500000 USD
CY2013Q4 adc Line Of Credit Facility Weighted Average Interest Rate
LineOfCreditFacilityWeightedAverageInterestRate
0.0375 pure
CY2013Q4 adc Line Of Credit Facility Available For Borrowing Subject To Customary Condition
LineOfCreditFacilityAvailableForBorrowingSubjectToCustomaryCondition
75500000 USD
CY2013Q4 us-gaap Real Estate Investments
RealEstateInvestments
146657000 USD
CY2013Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0438 pure
CY2012Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0443 pure
CY2013 adc Payments For Development Of Real Estate Investments And Other Including Capitalized
PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalized
14619386 USD
CY2012 adc Payments For Development Of Real Estate Investments And Other Including Capitalized
PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalized
20349688 USD
CY2011 adc Payments For Development Of Real Estate Investments And Other Including Capitalized
PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalized
1456455 USD
CY2013Q4 us-gaap Interest Rate Derivative Assets At Fair Value
InterestRateDerivativeAssetsAtFairValue
679234 USD
CY2013 adc Line Of Credit Facility Number Of Variable Rate Basis Points
LineOfCreditFacilityNumberOfVariableRateBasisPoints
150 to 215 basis points, or the base rate,

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0001144204-14-014127.txt Edgar Link pending
0001144204-14-014127-xbrl.zip Edgar Link pending
adc-20131231.xml Edgar Link completed
adc-20131231.xsd Edgar Link pending
adc-20131231_cal.xml Edgar Link unprocessable
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