$ADC
AGREE REALTY CORP

2015 Q1 Form 10-Q Financial Statement

#000114420415027025 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $15.74M $14.32M $12.58M
YoY Change 25.19% 22.25% 26.66%
Cost Of Revenue $1.330M $940.0K $1.200M
YoY Change 10.83% 67.86% 60.0%
Gross Profit $14.41M $13.38M $11.38M
YoY Change 26.63% 30.92% 23.97%
Gross Profit Margin 91.53% 93.42% 90.5%
Selling, General & Admin $1.800M $1.800M $1.700M
YoY Change 5.88% 29.5% 6.92%
% of Gross Profit 12.49% 13.45% 14.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.571M $2.400M $1.967M
YoY Change 30.71% -7.69% 22.07%
% of Gross Profit 17.84% 17.94% 17.29%
Operating Expenses $5.360M $4.950M $4.210M
YoY Change 27.32% 43.06% 20.98%
Operating Profit $9.056M $8.430M $7.167M
YoY Change 26.36% 24.7% 25.78%
Interest Expense $2.461M -$2.480M $1.794M
YoY Change 37.13% 31.91% 24.6%
% of Operating Profit 27.17% -29.42% 25.04%
Other Income/Expense, Net
YoY Change
Pretax Income $6.490M $5.720M $5.370M
YoY Change 20.86% 7.32% 26.06%
Income Tax $3.317K $5.130K $0.00
% Of Pretax Income 0.05% 0.09% 0.0%
Net Earnings $6.368M $5.723M $5.384M
YoY Change 18.28% 1.8% 2.54%
Net Earnings / Revenue 40.45% 39.96% 42.82%
Basic Earnings Per Share $0.37 $0.37
Diluted Earnings Per Share $0.37 $0.36 $0.37
COMMON SHARES
Basic Shares Outstanding 17.37M shares 14.96M shares 14.70M shares
Diluted Shares Outstanding 17.42M shares 14.75M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.900M $5.400M $800.0K
YoY Change 887.5% -62.76% -33.33%
Cash & Equivalents $7.919M $5.399M $826.2K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $4.900M $4.500M $3.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.80M $9.900M $4.100M
YoY Change 212.2% -56.19% 41.38%
LONG-TERM ASSETS
Property, Plant & Equipment $576.6M $529.8M $428.0M
YoY Change 34.73% 32.81% 22.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.600M $3.800M $3.100M
YoY Change 16.13% 15.15% -88.3%
Total Long-Term Assets $640.2M $583.7M $462.4M
YoY Change 38.46% 32.61% 22.55%
TOTAL ASSETS
Total Short-Term Assets $12.80M $9.900M $4.100M
Total Long-Term Assets $640.2M $583.7M $462.4M
Total Assets $653.0M $593.6M $466.5M
YoY Change 39.99% 28.27% 22.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $200.0K $0.00
YoY Change 100.0% -100.0%
Accrued Expenses $600.0K $700.0K $500.0K
YoY Change 20.0% 40.0% 25.0%
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 $8.700M $11.50M $8.800M
YoY Change -1.14% 18.56% 15.79%
LONG-TERM LIABILITIES
Long-Term Debt $283.2M $221.8M $164.0M
YoY Change 72.68% 40.03% 30.68%
Other Long-Term Liabilities $5.100M $3.400M $1.800M
YoY Change 183.33% 100.0% -37.93%
Total Long-Term Liabilities $288.3M $225.2M $165.8M
YoY Change 73.88% 40.66% 29.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.700M $11.50M $8.800M
Total Long-Term Liabilities $288.3M $225.2M $165.8M
Total Liabilities $300.2M $237.5M $177.9M
YoY Change 68.73% 39.3% 27.44%
SHAREHOLDERS EQUITY
Retained Earnings -$34.14M -$32.58M
YoY Change 36.46%
Common Stock $1.760K $1.754K
YoY Change 17.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.5M $353.6M $288.6M
YoY Change
Total Liabilities & Shareholders Equity $653.0M $593.6M $466.5M
YoY Change 39.99% 28.27% 22.7%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income $6.368M $5.723M $5.384M
YoY Change 18.28% 1.8% 2.54%
Depreciation, Depletion And Amortization $2.571M $2.400M $1.967M
YoY Change 30.71% -7.69% 22.07%
Cash From Operating Activities $9.006M $9.700M $8.170M
YoY Change 10.24% 15.48% 18.97%
INVESTING ACTIVITIES
Capital Expenditures -$60.50M -$75.80M -$26.00M
YoY Change 132.69% 589.09% 52.94%
Acquisitions
YoY Change
Other Investing Activities $1.000M $5.700M $5.000M
YoY Change -80.0% -2950.0% -9.09%
Cash From Investing Activities -$59.56M -$70.10M -$21.06M
YoY Change 182.82% 525.89% 83.03%
FINANCING ACTIVITIES
Cash Dividend Paid $7.893M $6.102M
YoY Change 29.35% 33.4%
Common Stock Issuance & Retirement, Net $94.63K -$14.53K
YoY Change -751.34% -100.03%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $53.07M 64.40M -$821.2K
YoY Change -6562.48% 460.0% -117.98%
NET CHANGE
Cash From Operating Activities $9.006M 9.700M $8.170M
Cash From Investing Activities -$59.56M -70.10M -$21.06M
Cash From Financing Activities $53.07M 64.40M -$821.2K
Net Change In Cash $2.520M 4.000M -$13.71M
YoY Change -118.38% -54.02% 19211.6%
FREE CASH FLOW
Cash From Operating Activities $9.006M $9.700M $8.170M
Capital Expenditures -$60.50M -$75.80M -$26.00M
Free Cash Flow $69.51M $85.50M $34.17M
YoY Change 103.41% 340.72% 43.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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-2011833 USD
CY2014Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
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CY2015Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
272324 USD
CY2014Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
4974387 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
64500000 USD
CY2014Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
9887829 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
975636 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21059250 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59559428 USD
CY2014Q1 adc Payment For Issuance Of Common Stock Net Of Proceeds
PaymentForIssuanceOfCommonStockNetOfProceeds
14529 USD
CY2015Q1 adc Payment For Issuance Of Common Stock Net Of Proceeds
PaymentForIssuanceOfCommonStockNetOfProceeds
94633 USD
CY2014Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
16376102 USD
CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
42600 USD
CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
28000 USD
CY2014Q1 us-gaap Depreciation
Depreciation
1967037 USD
CY2015Q1 us-gaap Depreciation
Depreciation
2571170 USD
CY2014Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
728834 USD
CY2015Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1150612 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
527712 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
523955 USD
CY2014Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
122747 USD
CY2015Q1 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
79104 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
42296 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
415399 USD
CY2014Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-845577 USD
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
826915 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1117122 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-236711 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-115845 USD
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-115845 USD
CY2014Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-10841 USD
CY2015Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-89380 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
8169837 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
9006347 USD
CY2014Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
21959330 USD
CY2015Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
60262740 USD
CY2014Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
906234 USD
CY2015Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3082805 USD
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6102159 USD
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
7892976 USD
CY2014Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
142523 USD
CY2015Q1 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
156429 USD
CY2014Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
144074 USD
CY2015Q1 us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
200300 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-821246 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53072857 USD
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13710659 USD
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2519776 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14536881 USD
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
826222 USD
CY2014Q1 us-gaap Interest Paid Net
InterestPaidNet
1630798 USD
CY2015Q1 us-gaap Interest Paid Net
InterestPaidNet
2367949 USD
CY2014Q1 us-gaap Stock Issued1
StockIssued1
2325235 USD
CY2015Q1 us-gaap Stock Issued1
StockIssued1
2463751 USD
CY2014Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
55182 USD
CY2015Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
1001 USD
CY2014Q1 us-gaap Dividends
Dividends
6584166 USD
CY2014Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2015Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
150084 USD
CY2015Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-179867 USD
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
AGREE REALTY CORP
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000917251
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 dei Trading Symbol
TradingSymbol
ADC
CY2015Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
17602615 shares
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31724 USD
CY2014Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5130 USD
CY2015Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
1038000 USD
CY2015Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
99000 USD

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