$ADC
AGREE REALTY CORP

2014 Q1 Form 10-Q Financial Statement

#000114420414027161 Filed on May 02, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $12.58M $9.928M
YoY Change 26.66% 22.76%
Cost Of Revenue $1.200M $750.0K
YoY Change 60.0% -7.41%
Gross Profit $11.38M $9.180M
YoY Change 23.97% 21.11%
Gross Profit Margin 90.5% 92.47%
Selling, General & Admin $1.700M $1.590M
YoY Change 6.92% 0.0%
% of Gross Profit 14.94% 17.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.967M $1.611M
YoY Change 22.07% 11.15%
% of Gross Profit 17.29% 17.55%
Operating Expenses $4.210M $3.480M
YoY Change 20.98% 13.36%
Operating Profit $7.167M $5.698M
YoY Change 25.78% 16.17%
Interest Expense $1.794M $1.440M
YoY Change 24.6% 26.77%
% of Operating Profit 25.04% 25.28%
Other Income/Expense, Net
YoY Change
Pretax Income $5.370M $4.260M
YoY Change 26.06% 26.41%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $5.384M $5.251M
YoY Change 2.54% 14.24%
Net Earnings / Revenue 42.82% 52.89%
Basic Earnings Per Share $0.37 $0.42
Diluted Earnings Per Share $0.37 $0.41
COMMON SHARES
Basic Shares Outstanding 14.70M shares 12.64M shares
Diluted Shares Outstanding 14.75M shares 12.69M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $800.0K $1.200M
YoY Change -33.33% 140.0%
Cash & Equivalents $826.2K $1.199M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $3.300M $1.700M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.100M $2.900M
YoY Change 41.38% 163.64%
LONG-TERM ASSETS
Property, Plant & Equipment $428.0M $348.8M
YoY Change 22.71% 31.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.100M $26.50M
YoY Change -88.3% 41.71%
Total Long-Term Assets $462.4M $377.3M
YoY Change 22.55% 29.89%
TOTAL ASSETS
Total Short-Term Assets $4.100M $2.900M
Total Long-Term Assets $462.4M $377.3M
Total Assets $466.5M $380.2M
YoY Change 22.7% 30.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $100.0K
YoY Change -100.0% 0.0%
Accrued Expenses $500.0K $400.0K
YoY Change 25.0% -20.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.800M $7.600M
YoY Change 15.79% 10.14%
LONG-TERM LIABILITIES
Long-Term Debt $164.0M $125.5M
YoY Change 30.68% 50.66%
Other Long-Term Liabilities $1.800M $2.900M
YoY Change -37.93% 0.0%
Total Long-Term Liabilities $165.8M $128.4M
YoY Change 29.13% 48.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.800M $7.600M
Total Long-Term Liabilities $165.8M $128.4M
Total Liabilities $177.9M $139.6M
YoY Change 27.44% 48.79%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.6M $240.7M
YoY Change
Total Liabilities & Shareholders Equity $466.5M $380.2M
YoY Change 22.7% 30.39%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $5.384M $5.251M
YoY Change 2.54% 14.24%
Depreciation, Depletion And Amortization $1.967M $1.611M
YoY Change 22.07% 11.15%
Cash From Operating Activities $8.170M $6.867M
YoY Change 18.97% 79.62%
INVESTING ACTIVITIES
Capital Expenditures -$26.00M -$17.00M
YoY Change 52.94% 75.26%
Acquisitions
YoY Change
Other Investing Activities $5.000M $5.500M
YoY Change -9.09% 816.67%
Cash From Investing Activities -$21.06M -$11.51M
YoY Change 83.03% 26.44%
FINANCING ACTIVITIES
Cash Dividend Paid $6.102M $4.574M
YoY Change 33.4%
Common Stock Issuance & Retirement, Net -$14.53K $44.81M
YoY Change -100.03% 27.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$821.2K $4.568M
YoY Change -117.98% 22.16%
NET CHANGE
Cash From Operating Activities $8.170M $6.867M
Cash From Investing Activities -$21.06M -$11.51M
Cash From Financing Activities -$821.2K $4.568M
Net Change In Cash -$13.71M -$71.00K
YoY Change 19211.6% -95.38%
FREE CASH FLOW
Cash From Operating Activities $8.170M $6.867M
Capital Expenditures -$26.00M -$17.00M
Free Cash Flow $34.17M $23.87M
YoY Change 43.17% 76.49%

Facts In Submission

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CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
906234 USD
CY2013Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4574418 USD
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6102159 USD
CY2013Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
139047 USD
CY2014Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
142523 USD
CY2013Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
122080 USD
CY2014Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
144074 USD
CY2013Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
27311 USD
CY2014Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4567732 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-821246 USD
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-70997 USD
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13710659 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1270027 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1199030 USD
CY2013Q1 us-gaap Interest Paid Net
InterestPaidNet
1146919 USD
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
1630798 USD
CY2013Q1 us-gaap Stock Issued1
StockIssued1
2257195 USD
CY2014Q1 us-gaap Stock Issued1
StockIssued1
2325235 USD
CY2013Q1 adc Dividends Declared And Unpaid
DividendsDeclaredAndUnpaid
5571680 USD
CY2014Q1 adc Dividends Declared And Unpaid
DividendsDeclaredAndUnpaid
6584166 USD
CY2013Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
85874 USD
CY2014Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2014Q1 adc Interest Capitalized For Rea Lestate Under Development
InterestCapitalizedForReaLestateUnderDevelopment
55182 USD
CY2013Q1 adc Interest Capitalized For Rea Lestate Under Development
InterestCapitalizedForReaLestateUnderDevelopment
203558 USD
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Trading Symbol
TradingSymbol
ADC
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14964396 shares
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
AGREE REALTY CORP
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000917251
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q1 adc Payments For Development Of Real Estate Investments And Other Including Capitalized Interest
PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalizedInterest
2019942 USD
CY2014Q1 adc Payments For Development Of Real Estate Investments And Other Including Capitalized Interest
PaymentsForDevelopmentOfRealEstateInvestmentsAndOtherIncludingCapitalizedInterest
4074307 USD
CY2013Q1 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
CY2014Q1 dei Document Type
DocumentType
10-Q

Files In Submission

Name View Source Status
0001144204-14-027161-index-headers.html Edgar Link pending
0001144204-14-027161-index.html Edgar Link pending
0001144204-14-027161.txt Edgar Link pending
0001144204-14-027161-xbrl.zip Edgar Link pending
adc-20140331.xml Edgar Link completed
adc-20140331.xsd Edgar Link pending
adc-20140331_cal.xml Edgar Link unprocessable
adc-20140331_def.xml Edgar Link unprocessable
adc-20140331_lab.xml Edgar Link unprocessable
adc-20140331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
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v375255_10q.htm Edgar Link pending
v375255_ex31-1.htm Edgar Link pending
v375255_ex31-2.htm Edgar Link pending
v375255_ex32-1.htm Edgar Link pending
v375255_ex32-2.htm Edgar Link pending