$ADC
AGREE REALTY CORP

2016 Q2 Form 10-Q Financial Statement

#000114420416114717 Filed on July 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q2
Revenue $21.84M $19.15M $17.22M
YoY Change 26.86% 33.73% 33.44%
Cost Of Revenue $2.370M $2.020M $1.280M
YoY Change 85.16% 114.89% 6.67%
Gross Profit $19.48M $17.13M $15.94M
YoY Change 22.21% 28.03% 36.12%
Gross Profit Margin 89.18% 89.43% 92.57%
Selling, General & Admin $2.210M $1.970M $1.880M
YoY Change 17.55% 9.44% 9.3%
% of Gross Profit 11.34% 11.5% 11.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.700M $3.800M $4.300M
YoY Change 32.56% 58.33% 53.57%
% of Gross Profit 29.26% 22.18% 26.98%
Operating Expenses $7.870M $5.260M $6.000M
YoY Change 31.17% 6.26% 39.21%
Operating Profit $11.61M $11.87M $9.942M
YoY Change 16.75% 40.81% 116.58%
Interest Expense $3.497M -$3.950M $2.933M
YoY Change 19.22% 59.27% 56.48%
% of Operating Profit 30.13% -33.28% 29.5%
Other Income/Expense, Net
YoY Change
Pretax Income $10.83M $7.930M $10.46M
YoY Change 3.54% 38.64% 284.56%
Income Tax $1.767K -$6.624K
% Of Pretax Income 0.02% -0.06%
Net Earnings $10.66M $7.927M $10.26M
YoY Change 3.88% 38.51% 286.69%
Net Earnings / Revenue 48.81% 41.39% 59.61%
Basic Earnings Per Share $0.48 $0.59
Diluted Earnings Per Share $0.48 $0.41 $0.58
COMMON SHARES
Basic Shares Outstanding 22.19M shares 18.89M shares 17.54M shares
Diluted Shares Outstanding 22.27M shares 17.59M shares

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.000M $2.700M $2.900M
YoY Change 37.93% -50.0% 81.25%
Cash & Equivalents $4.035M $2.712M $2.871M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $10.00M $7.400M $5.700M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.00M $10.10M $8.600M
YoY Change 62.79% 2.02% 59.26%
LONG-TERM ASSETS
Property, Plant & Equipment $850.2M $695.8M $627.6M
YoY Change 35.47% 31.32% 46.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $1.200M $4.300M
YoY Change -62.79% -68.42% 48.28%
Total Long-Term Assets $959.1M $779.8M $696.5M
YoY Change 37.7% 33.6% 46.4%
TOTAL ASSETS
Total Short-Term Assets $14.00M $10.10M $8.600M
Total Long-Term Assets $959.1M $779.8M $696.5M
Total Assets $973.1M $789.9M $705.1M
YoY Change 38.01% 33.07% 46.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $100.0K $0.00
YoY Change -50.0% -100.0%
Accrued Expenses $900.0K $1.000M $900.0K
YoY Change 0.0% 42.86% 125.0%
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 $18.20M $13.60M $12.40M
YoY Change 46.77% 18.26% 27.84%
LONG-TERM LIABILITIES
Long-Term Debt $387.1M $316.9M $318.0M
YoY Change 21.73% 42.88% 75.4%
Other Long-Term Liabilities $8.100M $5.000M $3.400M
YoY Change 138.24% 47.06% 47.83%
Total Long-Term Liabilities $395.2M $321.9M $321.4M
YoY Change 22.96% 42.94% 75.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.20M $13.60M $12.40M
Total Long-Term Liabilities $395.2M $321.9M $321.4M
Total Liabilities $416.8M $336.3M $336.9M
YoY Change 23.72% 41.55% 73.51%
SHAREHOLDERS EQUITY
Retained Earnings -$32.26M
YoY Change 12.39%
Common Stock $2.364K $2.064K $1.805K
YoY Change 30.97% 17.67% 20.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $556.3M $451.1M $368.2M
YoY Change
Total Liabilities & Shareholders Equity $973.1M $789.9M $705.1M
YoY Change 38.02% 33.07% 46.54%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income $10.66M $7.927M $10.26M
YoY Change 3.88% 38.51% 286.69%
Depreciation, Depletion And Amortization $5.700M $3.800M $4.300M
YoY Change 32.56% 58.33% 53.57%
Cash From Operating Activities $10.20M $10.40M $12.00M
YoY Change -15.0% 7.22% 41.18%
INVESTING ACTIVITIES
Capital Expenditures $151.5M -$63.80M -$64.60M
YoY Change -334.52% -15.83% 251.09%
Acquisitions
YoY Change
Other Investing Activities $6.500M $0.00 $7.700M
YoY Change -15.58% -100.0%
Cash From Investing Activities -$147.4M -$63.80M -$56.80M
YoY Change 159.51% -8.99% 208.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $109.6M $53.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 137.5M 34.80M 39.80M
YoY Change 245.48% -45.96% 271.96%
NET CHANGE
Cash From Operating Activities 10.20M 10.40M 12.00M
Cash From Investing Activities -147.4M -63.80M -56.80M
Cash From Financing Activities 137.5M 34.80M 39.80M
Net Change In Cash 300.0K -18.60M -5.000M
YoY Change -106.0% -565.0% -725.0%
FREE CASH FLOW
Cash From Operating Activities $10.20M $10.40M $12.00M
Capital Expenditures $151.5M -$63.80M -$64.60M
Free Cash Flow -$141.3M $74.20M $76.60M
YoY Change -284.46% -13.22% 184.76%

Facts In Submission

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CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
79614 shares
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
47694 shares
CY2015Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
278 pure
CY2016Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
917248367 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
755848938 USD
CY2016Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
326 pure
CY2016Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
1505827 USD
CY2016Q2 adc Ownership Percentage On Controlling Interest By Parent
OwnershipPercentageOnControllingInterestByParent
0.986 pure
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;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-WEIGHT: normal"><i><u>Use of Estimates</u></i></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-WEIGHT: normal">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities at 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>
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;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-WEIGHT: normal"> <i><u>Reclassification</u></i></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-WEIGHT: normal">Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. As a result of the adoption of ASU 2015-03, unamortized debt issuance cost is presented as a direct deduction from the carrying amount of the debt liability; in previously filed reports the unamortized debt issuance cost was classified on the Balance Sheet as an Unamortized Deferred Expense.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
3200000 USD
CY2015Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1700000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1767 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6624 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
850213867 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
695784214 USD
CY2016Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2016Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1636680 USD
CY2015Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1531671 USD
CY2016Q2 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
599218 USD
CY2015Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
553502 USD
CY2016Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14290255 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10577794 USD
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20637301 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23637843 shares
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4612927 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
0 USD
us-gaap Proceeds From Unsecured Notes Payable
ProceedsFromUnsecuredNotesPayable
100000000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
151500000 USD
CY2016Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P11Y7M6D
CY2016Q2 adc Weighted Average Capitalization Rate For Acquired Assets
WeightedAverageCapitalizationRateForAcquiredAssets
0.078 pure
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
184500000 USD
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y8M12D
adc Weighted Average Capitalization Rate For Acquired Assets
WeightedAverageCapitalizationRateForAcquiredAssets
0.078 pure
CY2016Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLand
60000000 USD
CY2016Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
96800000 USD
CY2016Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
27700000 USD
CY2016Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2800000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
109700000 USD
CY2016Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
6318729 sqft
CY2015Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
5207000 sqft
CY2016Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2875000 shares
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
100000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
111500000 USD
CY2016Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
13659 USD
CY2015Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
2512 USD
adc Additional Costs On Disposition Of Assets
AdditionalCostsOnDispositionOfAssets
35000 USD
CY2016Q2 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
DerivativeLiabilityNotSubjectToMasterNettingArrangement
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7747 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25100 USD
CY2016Q2 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
7500000 USD
CY2016Q2 us-gaap Assets Needed For Immediate Settlement Aggregate Fair Value
AssetsNeededForImmediateSettlementAggregateFairValue
7500000 USD
CY2016Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-1677250 USD
CY2015Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
1621177 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-4612926 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-390650 USD
CY2016Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-533368 USD
CY2015Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-629100 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1194264 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1405448 USD
CY2016Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0 USD
CY2016Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 USD
CY2016Q2 us-gaap Derivative Assets
DerivativeAssets
0 USD
CY2016Q2 us-gaap Derivative Asset Not Subject To Master Netting Arrangement
DerivativeAssetNotSubjectToMasterNettingArrangement
0 USD
CY2016Q2 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2016Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0 USD
CY2016Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
7815472 USD
CY2016Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 USD
CY2016Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
7815472 USD
CY2016Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2015Q4 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
DerivativeLiabilityNotSubjectToMasterNettingArrangement
0 USD
CY2015Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2015Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
3301108 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2400000 USD
CY2016Q2 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
7815472 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
98562 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 USD
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
98562 USD
CY2015Q4 us-gaap Derivative Asset Not Subject To Master Netting Arrangement
DerivativeAssetNotSubjectToMasterNettingArrangement
0 USD
CY2015Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 USD
CY2015Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
98562 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3301108 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 USD
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3301108 USD

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