$ADC
AGREE REALTY CORP

2015 Q4 Form 10-Q Financial Statement

#000114420415061900 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $19.15M $17.85M $14.32M
YoY Change 33.73% 29.75% 22.25%
Cost Of Revenue $2.020M $1.140M $940.0K
YoY Change 114.89% 2.7% 67.86%
Gross Profit $17.13M $16.71M $13.38M
YoY Change 28.03% 32.09% 30.92%
Gross Profit Margin 89.43% 93.61% 93.42%
Selling, General & Admin $1.970M $1.940M $1.800M
YoY Change 9.44% 3.74% 29.5%
% of Gross Profit 11.5% 11.61% 13.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $4.700M $2.400M
YoY Change 58.33% 46.88% -7.69%
% of Gross Profit 22.18% 28.13% 17.94%
Operating Expenses $5.260M $6.930M $4.950M
YoY Change 6.26% 46.51% 43.06%
Operating Profit $11.87M $9.782M $8.430M
YoY Change 40.81% 27.08% 24.7%
Interest Expense -$3.950M $3.505M -$2.480M
YoY Change 59.27% 43.7% 31.91%
% of Operating Profit -33.28% 35.83% -29.42%
Other Income/Expense, Net
YoY Change
Pretax Income $7.930M $14.88M $5.720M
YoY Change 38.64% 199.4% 7.32%
Income Tax $0.00 $5.130K
% Of Pretax Income 0.0% 0.09%
Net Earnings $7.927M $14.60M $5.723M
YoY Change 38.51% 200.75% 1.8%
Net Earnings / Revenue 41.39% 81.76% 39.96%
Basic Earnings Per Share $0.81
Diluted Earnings Per Share $0.41 $0.81 $0.36
COMMON SHARES
Basic Shares Outstanding 18.89M shares 18.01M shares 14.96M shares
Diluted Shares Outstanding 18.06M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $21.40M $5.400M
YoY Change -50.0% 1428.57% -62.76%
Cash & Equivalents $2.712M $21.40M $5.399M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $7.400M $6.100M $4.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.10M $27.50M $9.900M
YoY Change 2.02% 409.26% -56.19%
LONG-TERM ASSETS
Property, Plant & Equipment $695.8M $645.4M $529.8M
YoY Change 31.32% 36.71% 32.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.200M $4.000M $3.800M
YoY Change -68.42% -2.44% 15.15%
Total Long-Term Assets $779.8M $721.7M $583.7M
YoY Change 33.6% 39.49% 32.61%
TOTAL ASSETS
Total Short-Term Assets $10.10M $27.50M $9.900M
Total Long-Term Assets $779.8M $721.7M $583.7M
Total Assets $789.9M $749.2M $593.6M
YoY Change 33.07% 43.31% 28.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $0.00 $200.0K
YoY Change -50.0% 100.0%
Accrued Expenses $1.000M $2.000M $700.0K
YoY Change 42.86% 233.33% 40.0%
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 $13.60M $13.90M $11.50M
YoY Change 18.26% 46.32% 18.56%
LONG-TERM LIABILITIES
Long-Term Debt $316.9M $329.3M $221.8M
YoY Change 42.88% 46.88% 40.03%
Other Long-Term Liabilities $5.000M $5.700M $3.400M
YoY Change 47.06% 216.67% 100.0%
Total Long-Term Liabilities $321.9M $335.0M $225.2M
YoY Change 42.94% 48.23% 40.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.60M $13.90M $11.50M
Total Long-Term Liabilities $321.9M $335.0M $225.2M
Total Liabilities $336.3M $352.0M $237.5M
YoY Change 41.55% 47.47% 39.3%
SHAREHOLDERS EQUITY
Retained Earnings -$26.45M -$32.58M
YoY Change 36.46%
Common Stock $2.064K $1.754K
YoY Change 17.67% 17.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $451.1M $397.2M $353.6M
YoY Change
Total Liabilities & Shareholders Equity $789.9M $749.2M $593.6M
YoY Change 33.07% 43.31% 28.27%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $7.927M $14.60M $5.723M
YoY Change 38.51% 200.75% 1.8%
Depreciation, Depletion And Amortization $3.800M $4.700M $2.400M
YoY Change 58.33% 46.88% -7.69%
Cash From Operating Activities $10.40M $13.10M $9.700M
YoY Change 7.22% 52.33% 15.48%
INVESTING ACTIVITIES
Capital Expenditures -$63.80M -$41.90M -$75.80M
YoY Change -15.83% 5.81% 589.09%
Acquisitions
YoY Change
Other Investing Activities $0.00 $19.40M $5.700M
YoY Change -100.0% 1285.71% -2950.0%
Cash From Investing Activities -$63.80M -$22.60M -$70.10M
YoY Change -8.99% -40.68% 525.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $53.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.80M 27.90M 64.40M
YoY Change -45.96% -4.78% 460.0%
NET CHANGE
Cash From Operating Activities 10.40M 13.10M 9.700M
Cash From Investing Activities -63.80M -22.60M -70.10M
Cash From Financing Activities 34.80M 27.90M 64.40M
Net Change In Cash -18.60M 18.40M 4.000M
YoY Change -565.0% -9300.0% -54.02%
FREE CASH FLOW
Cash From Operating Activities $10.40M $13.10M $9.700M
Capital Expenditures -$63.80M -$41.90M -$75.80M
Free Cash Flow $74.20M $55.00M $85.50M
YoY Change -13.22% 14.11% 340.72%

Facts In Submission

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CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Interest Paid Net
InterestPaidNet
9142568 USD
us-gaap Interest Paid Net
InterestPaidNet
5383679 USD
us-gaap Stock Issued1
StockIssued1
2463751 USD
us-gaap Stock Issued1
StockIssued1
2325235 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
150084 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3020000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-7546 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
3801 USD
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
66410 USD
us-gaap Payments For Leasing Costs
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302468 USD
us-gaap Payments Of Financing Costs
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886396 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1420064 USD
adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
2200 USD
adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
100000000 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 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
CY2015Q3 adc Ownership Percentage On Controlling Interest By Parent
OwnershipPercentageOnControllingInterestByParent
0.9819 pure
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
18213436 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14960218 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
-204844 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
-246478 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
55726 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
17858326 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14958830 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
-204844 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
-246478 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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62880 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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70132 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25100 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4775 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-355 USD
CY2014Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
209 pure
CY2015Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
704181656 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
589147012 USD
CY2015Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
65571624 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
47479602 USD
CY2015Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
19667000 USD
CY2015Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
118933000 USD
CY2015Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
21987000 USD
CY2015Q3 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
19805000 USD
CY2015Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
8599000 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
28993000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
12135000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
711124 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
11533637 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
22455034 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
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
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
CY2015Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
18888412 shares
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
645386501 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
529827919 USD
CY2015Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
6582370 USD
CY2015Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
3251313 USD
CY2014Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
2690005 USD
CY2015Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
529866 USD
CY2014Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
543957 USD
CY2015Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9531410 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5719085 USD
CY2015Q3 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
CY2015Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
18888412 shares
CY2015Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
18888412 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17539946 shares
CY2015Q3 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
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17539946 shares
us-gaap Dividends Common Stock
DividendsCommonStock
8944754 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0.5in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px" align="justify"><i><u>Use of Estimates</u></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2015Q3 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
4823000 sqft
CY2014Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
4315000 sqft
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2015Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
16694 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
221410 USD
CY2015Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
263 pure

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adc-20150930.xml Edgar Link completed
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