$ADC
AGREE REALTY CORP

2014 Q2 Form 10-Q Financial Statement

#000114420414046439 Filed on August 01, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $12.90M $10.60M
YoY Change 21.72% 26.68%
Cost Of Revenue $1.200M $770.0K
YoY Change 55.84% 8.45%
Gross Profit $11.71M $9.830M
YoY Change 19.13% 24.12%
Gross Profit Margin 90.75% 92.73%
Selling, General & Admin $1.720M $1.700M
YoY Change 1.18% 5.59%
% of Gross Profit 14.69% 17.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.800M $2.500M
YoY Change 12.0% 31.58%
% of Gross Profit 23.91% 25.43%
Operating Expenses $4.310M $3.930M
YoY Change 9.67% 19.45%
Operating Profit $4.590M $5.901M
YoY Change -22.21% 27.25%
Interest Expense $1.875M $1.525M
YoY Change 22.92% 33.11%
% of Operating Profit 40.84% 25.84%
Other Income/Expense, Net
YoY Change
Pretax Income $2.720M $4.380M
YoY Change -37.9% 25.5%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0% 0.0%
Net Earnings $2.654M $4.413M
YoY Change -39.85% -10.67%
Net Earnings / Revenue 20.57% 41.62%
Basic Earnings Per Share $0.18 $0.34
Diluted Earnings Per Share $0.18 $0.34
COMMON SHARES
Basic Shares Outstanding 14.71M shares 12.99M shares
Diluted Shares Outstanding 14.78M shares 13.07M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $1.200M
YoY Change 33.33% 100.0%
Cash & Equivalents $1.623M $1.225M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $3.800M $1.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.400M $3.000M
YoY Change 80.0% 114.29%
LONG-TERM ASSETS
Property, Plant & Equipment $429.0M $362.7M
YoY Change 18.27% 29.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $30.10M
YoY Change -90.37% -0.66%
Total Long-Term Assets $475.8M $407.9M
YoY Change 16.65% 30.01%
TOTAL ASSETS
Total Short-Term Assets $5.400M $3.000M
Total Long-Term Assets $475.8M $407.9M
Total Assets $481.2M $410.9M
YoY Change 17.11% 30.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $0.00
YoY Change
Accrued Expenses $400.0K $400.0K
YoY Change 0.0% -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 $9.700M $7.700M
YoY Change 25.97% 13.24%
LONG-TERM LIABILITIES
Long-Term Debt $181.3M $156.3M
YoY Change 15.99% 47.18%
Other Long-Term Liabilities $2.300M $2.000M
YoY Change 15.0% -39.39%
Total Long-Term Liabilities $183.6M $158.3M
YoY Change 15.98% 44.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.700M $7.700M
Total Long-Term Liabilities $183.6M $158.3M
Total Liabilities $194.2M $166.8M
YoY Change 16.39% 39.25%
SHAREHOLDERS EQUITY
Retained Earnings -$28.71M -$22.36M
YoY Change 28.39%
Common Stock $1.496K $1.324K
YoY Change 12.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.5M $241.4M
YoY Change
Total Liabilities & Shareholders Equity $481.2M $410.9M
YoY Change 17.11% 30.39%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.654M $4.413M
YoY Change -39.85% -10.67%
Depreciation, Depletion And Amortization $2.800M $2.500M
YoY Change 12.0% 31.58%
Cash From Operating Activities $8.500M $7.300M
YoY Change 16.44% 46.0%
INVESTING ACTIVITIES
Capital Expenditures -$18.40M -$32.50M
YoY Change -43.38% 104.4%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$18.40M -$32.50M
YoY Change -43.38% 146.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.70M 25.20M
YoY Change -57.54% 196.47%
NET CHANGE
Cash From Operating Activities 8.500M 7.300M
Cash From Investing Activities -18.40M -32.50M
Cash From Financing Activities 10.70M 25.20M
Net Change In Cash 800.0K -0.0000000009313
YoY Change -85899345920000100.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $8.500M $7.300M
Capital Expenditures -$18.40M -$32.50M
Free Cash Flow $26.90M $39.80M
YoY Change -32.41% 90.43%

Facts In Submission

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dei Trading Symbol
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us-gaap Stock Issued1
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dei Document Type
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dei Amendment Flag
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dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
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2014
dei Document Fiscal Period Focus
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dei Entity Registrant Name
EntityRegistrantName
AGREE REALTY CORP
dei Entity Central Index Key
EntityCentralIndexKey
0000917251
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Impairment Of Real Estate
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0 USD
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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us-gaap Payments For Leasing Costs
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us-gaap Payments For Leasing Costs
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CY2014Q2 adc Real Estate Investment Fair Value
RealEstateInvestmentFairValue
1261000 USD

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