$ADC
AGREE REALTY CORP

2014 Q4 Form 10-Q Financial Statement

#000114420414064293 Filed on October 31, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q3
Revenue $14.32M $11.27M
YoY Change 22.25% 26.62%
Cost Of Revenue $940.0K $920.0K
YoY Change 67.86% 41.54%
Gross Profit $13.38M $10.35M
YoY Change 30.92% 21.19%
Gross Profit Margin 93.42% 91.82%
Selling, General & Admin $1.800M $1.690M
YoY Change 29.5% 19.01%
% of Gross Profit 13.45% 16.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.400M $2.300M
YoY Change -7.69% 21.05%
% of Gross Profit 17.94% 22.22%
Operating Expenses $4.950M $3.810M
YoY Change 43.06% 24.51%
Operating Profit $8.430M $6.544M
YoY Change 24.7% 19.4%
Interest Expense -$2.480M $1.634M
YoY Change 31.91% 21.56%
% of Operating Profit -29.42% 24.97%
Other Income/Expense, Net
YoY Change
Pretax Income $5.720M $4.910M
YoY Change 7.32% 18.6%
Income Tax $5.130K $0.00
% Of Pretax Income 0.09% 0.0%
Net Earnings $5.723M $4.528M
YoY Change 1.8% 15.91%
Net Earnings / Revenue 39.96% 40.17%
Basic Earnings Per Share $0.35
Diluted Earnings Per Share $0.36 $0.35
COMMON SHARES
Basic Shares Outstanding 14.96M shares 12.98M shares
Diluted Shares Outstanding 13.06M shares

Balance Sheet

Concept 2014 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.400M $5.800M
YoY Change -62.76% 1060.0%
Cash & Equivalents $5.399M $5.824M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $4.500M $2.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $9.900M $8.200M
YoY Change -56.19% 331.58%
LONG-TERM ASSETS
Property, Plant & Equipment $529.8M $402.0M
YoY Change 32.81% 33.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.800M $31.20M
YoY Change 15.15% 14.29%
Total Long-Term Assets $583.7M $435.4M
YoY Change 32.61% 31.62%
TOTAL ASSETS
Total Short-Term Assets $9.900M $8.200M
Total Long-Term Assets $583.7M $435.4M
Total Assets $593.6M $443.6M
YoY Change 28.27% 33.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $300.0K
YoY Change 100.0%
Accrued Expenses $700.0K $400.0K
YoY Change 40.0% -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 $11.50M $6.300M
YoY Change 18.56% -5.97%
LONG-TERM LIABILITIES
Long-Term Debt $221.8M $189.8M
YoY Change 40.03% 52.57%
Other Long-Term Liabilities $3.400M $2.300M
YoY Change 100.0% -32.35%
Total Long-Term Liabilities $225.2M $192.1M
YoY Change 40.66% 50.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.50M $6.300M
Total Long-Term Liabilities $225.2M $192.1M
Total Liabilities $237.5M $200.6M
YoY Change 39.3% 45.57%
SHAREHOLDERS EQUITY
Retained Earnings -$32.58M -$23.26M
YoY Change 36.46%
Common Stock $1.754K $1.324K
YoY Change 17.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $353.6M $240.4M
YoY Change
Total Liabilities & Shareholders Equity $593.6M $443.6M
YoY Change 28.27% 33.34%

Cashflow Statement

Concept 2014 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $5.723M $4.528M
YoY Change 1.8% 15.91%
Depreciation, Depletion And Amortization $2.400M $2.300M
YoY Change -7.69% 21.05%
Cash From Operating Activities $9.700M $7.000M
YoY Change 15.48% 27.27%
INVESTING ACTIVITIES
Capital Expenditures -$75.80M -$30.00M
YoY Change 589.09% 56.25%
Acquisitions
YoY Change
Other Investing Activities $5.700M $0.00
YoY Change -2950.0% -100.0%
Cash From Investing Activities -$70.10M -$30.10M
YoY Change 525.89% 186.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.40M 27.60M
YoY Change 460.0% 475.0%
NET CHANGE
Cash From Operating Activities 9.700M 7.000M
Cash From Investing Activities -70.10M -30.10M
Cash From Financing Activities 64.40M 27.60M
Net Change In Cash 4.000M 4.500M
YoY Change -54.02% -2350.0%
FREE CASH FLOW
Cash From Operating Activities $9.700M $7.000M
Capital Expenditures -$75.80M -$30.00M
Free Cash Flow $85.50M $37.00M
YoY Change 340.72% 49.8%

Facts In Submission

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CY2013Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
103540 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
129269 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
15174996 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
12321560 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
3992262 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
5563474 USD
CY2013Q3 adc Real Estate Investment Fair Value
RealEstateInvestmentFairValue
4875000 USD
CY2014Q3 adc Real Estate Investment Fair Value
RealEstateInvestmentFairValue
6361000 USD
CY2013Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
450000 USD
CY2014Q3 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
220000 USD
us-gaap Depreciation
Depreciation
5130963 USD
us-gaap Depreciation
Depreciation
6147445 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1827470 USD
us-gaap Adjustment For Amortization
AdjustmentForAmortization
2592226 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1391785 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1555712 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
450000 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3020000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
946347 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-169905 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
201050 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
755779 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
130958 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-170062 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-549019 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-533631 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-347535 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-347535 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
36485 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
91907 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-13090 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
3801 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21216240 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25305119 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
70208192 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
70946751 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
9304598 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
13096829 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
8950 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
302468 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5462280 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
6740694 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-74059460 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-77605354 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
44802340 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
-14529 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
86894408 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
95622975 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
90424413 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
88622975 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2586204 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
11843509 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
15430910 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
18969743 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
424095 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
441475 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
122080 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
144074 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
311522 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1420064 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
57397524 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
39166606 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4554304 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13133629 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1270027 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5824331 USD
us-gaap Interest Paid Net
InterestPaidNet
5383679 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
322719 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0 USD
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-292652 USD
CY2013Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0 USD
CY2014Q3 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-292652 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
35000000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
65000000 USD
adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
0 USD
adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
5631183 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
26627 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
3120 USD
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
-6680 USD
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Noncontrolling Interest
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToNoncontrollingInterest
0 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
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
dei Trading Symbol
TradingSymbol
ADC
CY2014Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14960218 shares
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0 USD
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
438843 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
221410 USD

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