$ADC
AGREE REALTY CORP

2016 Q4 Form 10-Q Financial Statement

#000114420416129195 Filed on October 24, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $25.30M $24.16M $19.15M
YoY Change 32.08% 35.36% 33.73%
Cost Of Revenue $2.240M $1.640M $2.020M
YoY Change 10.89% 43.86% 114.89%
Gross Profit $23.06M $22.52M $17.13M
YoY Change 34.62% 34.77% 28.03%
Gross Profit Margin 91.15% 93.21% 89.43%
Selling, General & Admin $1.920M $2.180M $1.970M
YoY Change -2.54% 12.37% 9.44%
% of Gross Profit 8.33% 9.68% 11.5%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.500M $6.100M $3.800M
YoY Change 71.05% 29.79% 58.33%
% of Gross Profit 28.19% 27.09% 22.18%
Operating Expenses $8.420M $8.340M $5.260M
YoY Change 60.08% 20.35% 6.26%
Operating Profit $14.64M $14.19M $11.87M
YoY Change 23.34% 45.01% 40.81%
Interest Expense -$4.110M $4.091M -$3.950M
YoY Change 4.05% 16.72% 59.27%
% of Operating Profit -28.07% 28.84% -33.28%
Other Income/Expense, Net
YoY Change
Pretax Income $13.06M $14.48M $7.930M
YoY Change 64.69% -2.69% 38.64%
Income Tax $150.0K $0.00
% Of Pretax Income 1.15% 0.0%
Net Earnings $12.91M $14.26M $7.927M
YoY Change 62.81% -2.27% 38.51%
Net Earnings / Revenue 51.01% 59.03% 41.39%
Basic Earnings Per Share $0.61
Diluted Earnings Per Share $0.50 $0.61 $0.41
COMMON SHARES
Basic Shares Outstanding 24.07M shares 23.45M shares 18.89M shares
Diluted Shares Outstanding 23.56M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.40M $11.50M $2.700M
YoY Change 1137.04% -46.26% -50.0%
Cash & Equivalents $33.40M $11.49M $2.712M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $11.50M $10.60M $7.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $44.90M $22.10M $10.10M
YoY Change 344.55% -19.64% 2.02%
LONG-TERM ASSETS
Property, Plant & Equipment $943.5M $892.0M $695.8M
YoY Change 35.6% 38.22% 31.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800M $13.90M $1.200M
YoY Change 133.33% 247.5% -68.42%
Total Long-Term Assets $1.097B $1.017B $779.8M
YoY Change 40.7% 40.88% 33.6%
TOTAL ASSETS
Total Short-Term Assets $44.90M $22.10M $10.10M
Total Long-Term Assets $1.097B $1.017B $779.8M
Total Assets $1.142B $1.039B $789.9M
YoY Change 44.58% 38.65% 33.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $100.0K $100.0K
YoY Change 600.0% -50.0%
Accrued Expenses $2.200M $2.600M $1.000M
YoY Change 120.0% 30.0% 42.86%
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 $20.30M $14.40M $13.60M
YoY Change 49.26% 3.6% 18.26%
LONG-TERM LIABILITIES
Long-Term Debt $400.9M $435.0M $316.9M
YoY Change 26.51% 32.1% 42.88%
Other Long-Term Liabilities $33.90M $6.400M $5.000M
YoY Change 578.0% 12.28% 47.06%
Total Long-Term Liabilities $434.8M $441.4M $321.9M
YoY Change 35.07% 31.76% 42.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.30M $14.40M $13.60M
Total Long-Term Liabilities $434.8M $441.4M $321.9M
Total Liabilities $456.5M $465.8M $336.3M
YoY Change 35.75% 32.33% 41.55%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $3.000K $2.064K
YoY Change 45.35% 17.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $683.0M $573.0M $451.1M
YoY Change
Total Liabilities & Shareholders Equity $1.142B $1.039B $789.9M
YoY Change 44.57% 38.66% 33.07%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $12.91M $14.26M $7.927M
YoY Change 62.81% -2.27% 38.51%
Depreciation, Depletion And Amortization $6.500M $6.100M $3.800M
YoY Change 71.05% 29.79% 58.33%
Cash From Operating Activities $15.90M $19.10M $10.40M
YoY Change 52.88% 45.8% 7.22%
INVESTING ACTIVITIES
Capital Expenditures -$69.70M $49.50M -$63.80M
YoY Change 9.25% -218.14% -15.83%
Acquisitions
YoY Change
Other Investing Activities $19.00M $2.700M $0.00
YoY Change -86.08% -100.0%
Cash From Investing Activities -$50.60M -$59.90M -$63.80M
YoY Change -20.69% 165.04% -8.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $95.00M $53.00M
YoY Change 79.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.60M 48.20M 34.80M
YoY Change 62.64% 72.76% -45.96%
NET CHANGE
Cash From Operating Activities 15.90M 19.10M 10.40M
Cash From Investing Activities -50.60M -59.90M -63.80M
Cash From Financing Activities 56.60M 48.20M 34.80M
Net Change In Cash 21.90M 7.400M -18.60M
YoY Change -217.74% -59.78% -565.0%
FREE CASH FLOW
Cash From Operating Activities $15.90M $19.10M $10.40M
Capital Expenditures -$69.70M $49.50M -$63.80M
Free Cash Flow $85.60M -$30.40M $74.20M
YoY Change 15.36% -155.27% -13.22%

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CY2016Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
6437000 USD
CY2016Q3 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
DerivativeLiabilityNotSubjectToMasterNettingArrangement
0 USD
CY2016Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0 USD
CY2016Q3 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
6437000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
99000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 USD
CY2015Q4 us-gaap Derivative Assets
DerivativeAssets
99000 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
99000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3301000 USD
CY2015Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 USD
CY2015Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3301000 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
3301000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
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
CY2016Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
24067974 shares
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
892039000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
695785000 USD
CY2016Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
50000 USD
CY2015Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
554000 USD
CY2015Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
35000 USD
CY2016Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
DeferredCostsLeasingAccumulatedAmortization
637000 USD
CY2016Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1693000 USD
CY2015Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
1532000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16438000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10578000 USD
CY2016Q3 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
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2016Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2016Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
23884220 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20637301 shares
CY2016Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
23884220 shares
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20637301 shares
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
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>
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 Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
124099000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
712000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1726000 USD
us-gaap Dividends
Dividends
32957000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3236000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2016Q3 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
15000000 USD
CY2016Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4400000 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
22100000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
7100000 USD
CY2016Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
109700000 USD
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
60283000 USD
CY2016Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
27000 USD
CY2016Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
341 pure
CY2016Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
1378000 USD
CY2015Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-2538000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-3236000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-2929000 USD
CY2016Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-585000 USD
CY2015Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-628000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-2033000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1779000 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2016Q3 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
6200000 USD
CY2016Q3 us-gaap Assets Needed For Immediate Settlement Aggregate Fair Value
AssetsNeededForImmediateSettlementAggregateFairValue
6200000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2000000 USD
CY2015Q4 adc Cash Held In Escrow
CashHeldInEscrow
0 USD
CY2016Q3 adc Cash Held In Escrow
CashHeldInEscrow
12292000 USD
adc Increase Decrease In Cash Held In Escrows
IncreaseDecreaseInCashHeldInEscrows
-12292000 USD
adc Increase Decrease In Cash Held In Escrows
IncreaseDecreaseInCashHeldInEscrows
0 USD
CY2016Q3 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
2243000 USD
CY2015Q3 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
1802000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
234000000 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
CY2016Q3 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
6685 sqft
CY2015Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
5207 sqft

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