$ADC
AGREE REALTY CORP

2015 Q2 Form 10-Q Financial Statement

#000114420415045492 Filed on July 31, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $17.22M $12.90M
YoY Change 33.44% 21.72%
Cost Of Revenue $1.280M $1.200M
YoY Change 6.67% 55.84%
Gross Profit $15.94M $11.71M
YoY Change 36.12% 19.13%
Gross Profit Margin 92.57% 90.75%
Selling, General & Admin $1.880M $1.720M
YoY Change 9.3% 1.18%
% of Gross Profit 11.79% 14.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.300M $2.800M
YoY Change 53.57% 12.0%
% of Gross Profit 26.98% 23.91%
Operating Expenses $6.000M $4.310M
YoY Change 39.21% 9.67%
Operating Profit $9.942M $4.590M
YoY Change 116.58% -22.21%
Interest Expense $2.933M $1.875M
YoY Change 56.48% 22.92%
% of Operating Profit 29.5% 40.84%
Other Income/Expense, Net
YoY Change
Pretax Income $10.46M $2.720M
YoY Change 284.56% -37.9%
Income Tax -$6.624K $0.00
% Of Pretax Income -0.06% 0.0%
Net Earnings $10.26M $2.654M
YoY Change 286.69% -39.85%
Net Earnings / Revenue 59.61% 20.57%
Basic Earnings Per Share $0.59 $0.18
Diluted Earnings Per Share $0.58 $0.18
COMMON SHARES
Basic Shares Outstanding 17.54M shares 14.71M shares
Diluted Shares Outstanding 17.59M shares 14.78M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.900M $1.600M
YoY Change 81.25% 33.33%
Cash & Equivalents $2.871M $1.623M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $5.700M $3.800M
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.600M $5.400M
YoY Change 59.26% 80.0%
LONG-TERM ASSETS
Property, Plant & Equipment $627.6M $429.0M
YoY Change 46.3% 18.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.300M $2.900M
YoY Change 48.28% -90.37%
Total Long-Term Assets $696.5M $475.8M
YoY Change 46.4% 16.65%
TOTAL ASSETS
Total Short-Term Assets $8.600M $5.400M
Total Long-Term Assets $696.5M $475.8M
Total Assets $705.1M $481.2M
YoY Change 46.54% 17.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $100.0K
YoY Change -100.0%
Accrued Expenses $900.0K $400.0K
YoY Change 125.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.40M $9.700M
YoY Change 27.84% 25.97%
LONG-TERM LIABILITIES
Long-Term Debt $318.0M $181.3M
YoY Change 75.4% 15.99%
Other Long-Term Liabilities $3.400M $2.300M
YoY Change 47.83% 15.0%
Total Long-Term Liabilities $321.4M $183.6M
YoY Change 75.05% 15.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.40M $9.700M
Total Long-Term Liabilities $321.4M $183.6M
Total Liabilities $336.9M $194.2M
YoY Change 73.51% 16.39%
SHAREHOLDERS EQUITY
Retained Earnings -$32.26M -$28.71M
YoY Change 12.39% 28.39%
Common Stock $1.805K $1.496K
YoY Change 20.66% 12.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $368.2M $284.5M
YoY Change
Total Liabilities & Shareholders Equity $705.1M $481.2M
YoY Change 46.54% 17.11%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $10.26M $2.654M
YoY Change 286.69% -39.85%
Depreciation, Depletion And Amortization $4.300M $2.800M
YoY Change 53.57% 12.0%
Cash From Operating Activities $12.00M $8.500M
YoY Change 41.18% 16.44%
INVESTING ACTIVITIES
Capital Expenditures -$64.60M -$18.40M
YoY Change 251.09% -43.38%
Acquisitions
YoY Change
Other Investing Activities $7.700M $0.00
YoY Change
Cash From Investing Activities -$56.80M -$18.40M
YoY Change 208.7% -43.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.80M 10.70M
YoY Change 271.96% -57.54%
NET CHANGE
Cash From Operating Activities 12.00M 8.500M
Cash From Investing Activities -56.80M -18.40M
Cash From Financing Activities 39.80M 10.70M
Net Change In Cash -5.000M 800.0K
YoY Change -725.0% -85899345920000100.0%
FREE CASH FLOW
Cash From Operating Activities $12.00M $8.500M
Capital Expenditures -$64.60M -$18.40M
Free Cash Flow $76.60M $26.90M
YoY Change 184.76% -32.41%

Facts In Submission

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CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
47479602 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1412125 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
11533637 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
22455034 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
42575206 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2750347 USD
CY2015Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
237270334 USD
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
317996683 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
627618942 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
529827919 USD
CY2015Q2 us-gaap Senior Notes
SeniorNotes
100000000 USD
CY2014Q4 us-gaap Senior Notes
SeniorNotes
0 USD
CY2015Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2015Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
3062644 USD
CY2014Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
2690005 USD
CY2015Q2 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
580907 USD
CY2014Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
543957 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7821364 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5719085 USD
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18053529 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18053529 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17539946 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17539946 shares
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2015Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2014Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2800000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2800000 USD
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.95
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5130 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="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"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><u><font style="FONT-SIZE: 10pt">Use of Estimates</font></u></i></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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, 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>
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25100 USD
CY2015Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
4950000 sqft
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
2800000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2014Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
4315000 sqft
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
5289 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-667 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
65410 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
9360 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
845652 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
27837 USD
adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
105275 USD
CY2014Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
5000000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
42600 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
28000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
100000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2015Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
8150000 USD
CY2015Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
3456000 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
9188000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
3535000 USD
CY2015Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
2512 USD
CY2014Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
113547 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13607940 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
7 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
1 USD
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1044797 USD
us-gaap Dividends
Dividends
16629773 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-390650 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
16060000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
92072000 USD
CY2015Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
16223000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
8556534 USD
adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
0 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6624 USD
CY2015Q2 adc Ownership Percentage On Controlling Interest By Parent
OwnershipPercentageOnControllingInterestByParent
0.9811 pure

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