2015 Form 10-K Financial Statement

#000114420416087541 Filed on March 11, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $69.97M $14.32M $13.76M
YoY Change 30.63% 22.25% 22.05%
Cost Of Revenue $5.800M $940.0K $1.110M
YoY Change 31.82% 67.86% 20.65%
Gross Profit $64.20M $13.38M $12.65M
YoY Change 30.75% 30.92% 22.22%
Gross Profit Margin 91.76% 93.42% 91.95%
Selling, General & Admin $7.600M $1.800M $1.870M
YoY Change 7.04% 29.5% 10.65%
% of Gross Profit 11.84% 13.45% 14.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.53M $2.400M $3.200M
YoY Change 35.87% -7.69% 39.13%
% of Gross Profit 17.96% 17.94% 25.3%
Operating Expenses $24.00M $4.950M $4.730M
YoY Change 31.15% 43.06% 24.15%
Operating Profit $40.11M $8.430M $7.697M
YoY Change 43.82% 24.7% 17.63%
Interest Expense $12.31M -$2.480M $2.439M
YoY Change 43.3% 31.91% 49.27%
% of Operating Profit 30.68% -29.42% 31.69%
Other Income/Expense, Net
YoY Change
Pretax Income $39.80M $5.720M $4.970M
YoY Change 111.7% 7.32% 1.22%
Income Tax $5.130K -$355.00
% Of Pretax Income 0.09% -0.01%
Net Earnings $39.02M $5.723M $4.853M
YoY Change 111.05% 1.8% 7.17%
Net Earnings / Revenue 55.77% 39.96% 35.28%
Basic Earnings Per Share $2.17 $0.33
Diluted Earnings Per Share $2.16 $0.36 $0.33
COMMON SHARES
Basic Shares Outstanding 18.00M shares 14.96M shares 14.71M shares
Diluted Shares Outstanding 18.07M shares 14.78M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $5.400M $1.400M
YoY Change -50.0% -62.76% -75.86%
Cash & Equivalents $2.700M $5.399M $1.403M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00
Prepaid Expenses
Receivables $7.400M $4.500M $4.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.10M $9.900M $5.400M
YoY Change 2.02% -56.19% -34.15%
LONG-TERM ASSETS
Property, Plant & Equipment $699.4M $529.8M $472.1M
YoY Change 31.94% 32.81% 17.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.200M $3.800M $4.100M
YoY Change -68.42% 15.15% -86.86%
Total Long-Term Assets $779.8M $583.7M $517.4M
YoY Change 33.6% 32.61% 18.83%
TOTAL ASSETS
Total Short-Term Assets $10.10M $9.900M $5.400M
Total Long-Term Assets $779.8M $583.7M $517.4M
Total Assets $789.9M $593.6M $522.8M
YoY Change 33.07% 28.27% 17.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $200.0K $0.00
YoY Change -50.0% 100.0% -100.0%
Accrued Expenses $1.000M $700.0K $600.0K
YoY Change 42.86% 40.0% 50.0%
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 $11.50M $9.500M
YoY Change 18.26% 18.56% 50.79%
LONG-TERM LIABILITIES
Long-Term Debt $316.9M $221.8M $224.2M
YoY Change 42.88% 40.03% 18.12%
Other Long-Term Liabilities $5.000M $3.400M $1.800M
YoY Change 47.06% 100.0% -21.74%
Total Long-Term Liabilities $321.9M $225.2M $226.0M
YoY Change 42.94% 40.66% 17.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.60M $11.50M $9.500M
Total Long-Term Liabilities $321.9M $225.2M $226.0M
Total Liabilities $338.8M $237.5M $238.7M
YoY Change 41.17% 39.3% 19.0%
SHAREHOLDERS EQUITY
Retained Earnings -$32.58M
YoY Change 36.46%
Common Stock $1.754K
YoY Change 17.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $451.1M $353.6M $284.1M
YoY Change
Total Liabilities & Shareholders Equity $789.9M $593.6M $522.8M
YoY Change 33.07% 28.27% 17.85%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $39.02M $5.723M $4.853M
YoY Change 111.05% 1.8% 7.17%
Depreciation, Depletion And Amortization $11.53M $2.400M $3.200M
YoY Change 35.87% -7.69% 39.13%
Cash From Operating Activities $44.68M $9.700M $8.600M
YoY Change 27.31% 15.48% 22.86%
INVESTING ACTIVITIES
Capital Expenditures -$230.8M -$75.80M -$39.60M
YoY Change 44.43% 589.09% 32.0%
Acquisitions
YoY Change
Other Investing Activities $28.10M $5.700M $1.400M
YoY Change 132.23% -2950.0%
Cash From Investing Activities -$202.8M -$70.10M -$38.10M
YoY Change 37.29% 525.89% 26.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$92.26M
YoY Change 25.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $155.4M 64.40M 29.30M
YoY Change 50.2% 460.0% 6.16%
NET CHANGE
Cash From Operating Activities $44.68M 9.700M 8.600M
Cash From Investing Activities -$202.8M -70.10M -38.10M
Cash From Financing Activities $155.4M 64.40M 29.30M
Net Change In Cash -$2.687M 4.000M -200.0K
YoY Change -70.59% -54.02% -104.44%
FREE CASH FLOW
Cash From Operating Activities $44.68M $9.700M $8.600M
Capital Expenditures -$230.8M -$75.80M -$39.60M
Free Cash Flow $275.5M $85.50M $48.20M
YoY Change 41.35% 340.72% 30.27%

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CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
34950980 USD
CY2015 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
223870660 USD
CY2014 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
143272607 USD
CY2015 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
6970271 USD
CY2014 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
16526566 USD
CY2015 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
28132261 USD
CY2014 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
12455673 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-202775080 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-147697836 USD
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
92259603 USD
CY2014 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
73302116 USD
CY2015 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
161000000 USD
CY2014 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
148622976 USD
CY2015 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
158000000 USD
CY2014 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
143122976 USD
CY2015 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
5177870 USD
CY2014 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
12766704 USD
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
32992155 USD
CY2014 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
25402637 USD
CY2015 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
636143 USD
CY2014 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
590951 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
155406958 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
103609433 USD
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2687870 USD
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9137423 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14536881 USD
CY2015 us-gaap Interest Paid Net
InterestPaidNet
11548099 USD
CY2015 us-gaap Stock Issued1
StockIssued1
2863766 USD
CY2014 us-gaap Stock Issued1
StockIssued1
2390245 USD
CY2015 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-7548 USD
CY2014 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-4491 USD
CY2015 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
66410 USD
CY2014 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
354336 USD
CY2015 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
896392 USD
CY2014 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1432391 USD
CY2015 adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
122495 USD
CY2014 adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
0 USD
CY2015 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
100000000 USD
CY2014 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2015 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
0 USD
CY2014 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
65000000 USD
CY2015 adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
0 USD
CY2014 adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
5631183 USD
CY2015 us-gaap Dividends Common Stock
DividendsCommonStock
9757988 USD
CY2014 us-gaap Dividends Common Stock
DividendsCommonStock
8048404 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1102713 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
780069 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
716435 USD
CY2013 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-463380 USD
CY2013 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
135446 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
29467659 USD
CY2013 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
75920083 USD
CY2013 us-gaap Depreciation
Depreciation
6996741 USD
CY2013 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1746792 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
946347 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2750823 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
38867169 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-1093251 USD
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
73302109 USD
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2014 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
1 USD
CY2014 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1986835 USD
CY2014 us-gaap Dividends
Dividends
27798310 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
93393049 USD
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
2 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1812532 USD
CY2013 us-gaap Dividends
Dividends
22957311 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
292215557 USD
CY2013 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
14619386 USD
CY2013 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5462280 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-85260499 USD
CY2013 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
93393056 USD
CY2013 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
106189924 USD
CY2013 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
140219929 USD
CY2013 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
3478383 USD
CY2013 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
20859476 USD
CY2013 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
566619 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
69059694 USD
CY2013 us-gaap Interest Paid Net
InterestPaidNet
6149649 USD
CY2013 us-gaap Stock Issued1
StockIssued1
2401688 USD
CY2013 us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
-23814 USD
CY2013 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
183310 USD
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
398879 USD
CY2013 adc Real Estate Investment Financed With Accounts Payable
RealEstateInvestmentFinancedWithAccountsPayable
0 USD
CY2013 us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
CY2013 us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
35000000 USD
CY2013 adc Real Estate Acquisitions Financed With Debt Assumption
RealEstateAcquisitionsFinancedWithDebtAssumption
0 USD
CY2013 us-gaap Dividends Common Stock
DividendsCommonStock
6243933 USD
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
92259597 USD
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
9 USD
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
3 USD
CY2015 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1992240 USD
CY2015 us-gaap Dividends
Dividends
35336882 USD
CY2015 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
18215628 shares
CY2014 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15121212 shares
CY2015 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
212506 shares
CY2014 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
238626 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
62293 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
84309 shares
CY2013 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13314989 shares
CY2013 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
249082 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
91598 shares
CY2014Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
209 pure
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
755848938 USD
CY2014Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
589147012 USD
CY2015Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
278 pure
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
47479602 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
11534035 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
22455455 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
45575654 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
198401232 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
17539946 shares
CY2015Q4 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
CY2015Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
553502 USD
CY2015Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
3409110 USD
CY2014Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
2690005 USD
CY2015 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 accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. 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>
CY2014Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
543957 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10577794 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5719085 USD
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
28000000 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20637301 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17539946 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20637301 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2015Q4 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 Profit Loss
ProfitLoss
10465000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
14876000 USD
CY2015Q4 us-gaap Profit Loss
ProfitLoss
7927000 USD
CY2015Q1 us-gaap Revenues
Revenues
15743000 USD
CY2015Q2 us-gaap Revenues
Revenues
17219000 USD
CY2015Q3 us-gaap Revenues
Revenues
17850000 USD
CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
197965134 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
8 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1812535 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2583833 USD
CY2015 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
5645566 USD
CY2015Q4 adc Ownership Percentage On Controlling Interest By Parent
OwnershipPercentageOnControllingInterestByParent
0.983 pure
CY2015Q1 us-gaap Profit Loss
ProfitLoss
6494000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
695784214 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
529827919 USD
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.16
CY2014 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.24
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.17
CY2014 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.51
CY2015 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
924 USD
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-355 USD
CY2013 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-21543 USD
CY2015Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
39325 USD
CY2014Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
263472 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
566793 USD
CY2014 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
3567409 USD
CY2013 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2483217 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
7428514 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7344660 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
7086348 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6539456 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
6233087 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
45770383 USD
CY2015Q4 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.983 pure
CY2014Q4 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.981 pure
CY2015Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
5207000 sqft
CY2014Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
4315000 sqft
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
68765041 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
68732996 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
67872318 USD
CY2015 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
mortgage loan of approximately $20,741,000 is partially recourse to us and is secured by a limited guaranty of payment and performance for approximately 50% of the loan amount.
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
9 USD
CY2012Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
398811830 USD
CY2015 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
196672924 USD
CY2014 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
143365974 USD
CY2013 adc Real Estate Construction And Acquisition Cost
RealEstateConstructionAndAcquisitionCost
82692554 USD
CY2015 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2014 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
3020000 USD
CY2013 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
450000 USD
CY2015 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
29970998 USD
CY2014 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
27367786 USD
CY2013 us-gaap Real Estate Cost Of Real Estate Sold
RealEstateCostOfRealEstateSold
4885560 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
65552286 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
63184391 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
505204411 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
839311443 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
101584368 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
228678221 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
516133187 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
14442112 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
225273640 USD
CY2015Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
530575298 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
639903 USD
CY2015Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
755848938 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
639903 USD
CY2015Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
56401423 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
640819 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
633778 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
632178 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
8426118 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11612699 USD
CY2015Q4 us-gaap Tax Basis Of Investments Cost For Income Tax Purposes
TaxBasisOfInvestmentsCostForIncomeTaxPurposes
23420000 USD
CY2015 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
79056000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
57840000 USD
CY2015 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
36149000 USD
CY2014 us-gaap Business Acquisitions Pro Forma Income Loss From Continuing Operations Before Changes In Accounting And Extraordinary Items Net Of Tax
BusinessAcquisitionsProFormaIncomeLossFromContinuingOperationsBeforeChangesInAccountingAndExtraordinaryItemsNetOfTax
19369000 USD
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
589147012 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
476168824 USD
CY2014Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
59089851 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
65436739 USD
CY2012Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
58856688 USD
CY2015 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
11464695 USD
CY2014 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8361698 USD
CY2013 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
6930145 USD
CY2015 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
14153123 USD
CY2014 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
14708586 USD
CY2013 us-gaap Real Estate Accumulated Depreciation Real Estate Sold
RealEstateAccumulatedDepreciationRealEstateSold
350094 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2000 USD
CY2014Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3317 USD
CY2015Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.845
CY2014Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.740
CY2013Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.640
CY2015 adc Deferred Revenue Revenue Recognization Period
DeferredRevenueRevenueRecognizationPeriod
P1Y2M12D
CY2014 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
90000 USD
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2015Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-14000 USD
CY2014Q1 us-gaap Revenues
Revenues
12575000 USD
CY2014Q2 us-gaap Revenues
Revenues
12904000 USD
CY2014Q3 us-gaap Revenues
Revenues
13757000 USD
CY2014Q4 us-gaap Revenues
Revenues
14323000 USD
CY2014Q1 us-gaap Profit Loss
ProfitLoss
5509000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
2716000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
4966000 USD
CY2014Q4 us-gaap Profit Loss
ProfitLoss
5723000 USD
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.37
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.36
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
CY2015 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
12135036 USD
CY2014 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
-527743 USD
CY2013 us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
0 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
1992241 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1986835 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
1812532 USD
CY2015 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
689321 USD
CY2014 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
950876 USD
CY2013 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
736425 USD
CY2015 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
150085 USD
CY2014 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2013 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
80402447 USD
CY2015 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Reclassifications</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 results of operations for properties that had been disposed of or classified as held for sale prior to March 31, 2014 are reported as discontinued operations. As a result of these discontinued operations, certain reclassifications of prior period amounts have been made in the financial statements in order to conform to the 2014 presentation.&#160;In addition, certain reclassifications of prior period amounts within the Statement of Cash Flows have been made in order to conform to the 2015 presentation.&#160;&#160;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 adc Real Estate Portfolio Leased Intangible Assets Percentage
RealEstatePortfolioLeasedIntangibleAssetsPercentage
0.995 pure
CY2015 adc Real Estate Portfolio Leased Intangible Assets Weighted Average Remaining Lease Term
RealEstatePortfolioLeasedIntangibleAssetsWeightedAverageRemainingLeaseTerm
P11Y4M24D
CY2015 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
29000000 USD
CY2015 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
12100000 USD
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 dei Entity Registrant Name
EntityRegistrantName
AGREE REALTY CORP
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0000917251
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q2 dei Entity Public Float
EntityPublicFloat
526621441 USD
CY2015 dei Trading Symbol
TradingSymbol
ADC
CY2016Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20700378 shares
CY2015Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1700000 USD

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