$ADC
AGREE REALTY CORP

2017 Q2 Form 10-Q Financial Statement

#000114420417037843 Filed on July 24, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $28.08M $21.84M
YoY Change 28.55% 26.86%
Cost Of Revenue $2.950M $2.370M
YoY Change 24.47% 85.16%
Gross Profit $25.13M $19.48M
YoY Change 29.0% 22.21%
Gross Profit Margin 89.49% 89.18%
Selling, General & Admin $2.530M $2.210M
YoY Change 14.48% 17.55%
% of Gross Profit 10.07% 11.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.700M $5.700M
YoY Change 35.09% 32.56%
% of Gross Profit 30.64% 29.26%
Operating Expenses $10.23M $7.870M
YoY Change 29.99% 31.17%
Operating Profit $14.91M $11.61M
YoY Change 28.41% 16.75%
Interest Expense $4.411M $3.497M
YoY Change 26.14% 19.22%
% of Operating Profit 29.59% 30.13%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $15.27M $10.83M
YoY Change 41.0% 3.54%
Income Tax $207.0K $1.767K
% Of Pretax Income 1.36% 0.02%
Net Earnings $14.88M $10.66M
YoY Change 39.53% 3.88%
Net Earnings / Revenue 52.98% 48.81%
Basic Earnings Per Share $0.56 $0.48
Diluted Earnings Per Share $0.56 $0.48
COMMON SHARES
Basic Shares Outstanding 26.39M shares 22.19M shares
Diluted Shares Outstanding 26.46M shares 22.27M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.200M $4.000M
YoY Change 5.0% 37.93%
Cash & Equivalents $4.173M $4.035M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $5.400M
Prepaid Expenses
Receivables $14.20M $10.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.80M $14.00M
YoY Change 70.0% 62.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.075B $850.2M
YoY Change 26.4% 35.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $1.600M
YoY Change 81.25% -62.79%
Total Long-Term Assets $1.263B $959.1M
YoY Change 31.69% 37.7%
TOTAL ASSETS
Total Short-Term Assets $23.80M $14.00M
Total Long-Term Assets $1.263B $959.1M
Total Assets $1.287B $973.1M
YoY Change 32.24% 38.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $300.0K
YoY Change -66.67%
Accrued Expenses $2.200M $900.0K
YoY Change 144.44% 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 $17.00M $18.20M
YoY Change -6.59% 46.77%
LONG-TERM LIABILITIES
Long-Term Debt $433.7M $387.1M
YoY Change 12.04% 21.73%
Other Long-Term Liabilities $33.50M $8.100M
YoY Change 313.58% 138.24%
Total Long-Term Liabilities $467.2M $395.2M
YoY Change 18.22% 22.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.00M $18.20M
Total Long-Term Liabilities $467.2M $395.2M
Total Liabilities $493.5M $416.8M
YoY Change 18.4% 23.72%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $2.364K
YoY Change 30.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $793.4M $556.3M
YoY Change
Total Liabilities & Shareholders Equity $1.287B $973.1M
YoY Change 32.24% 38.02%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $14.88M $10.66M
YoY Change 39.53% 3.88%
Depreciation, Depletion And Amortization $7.700M $5.700M
YoY Change 35.09% 32.56%
Cash From Operating Activities $19.10M $10.20M
YoY Change 87.25% -15.0%
INVESTING ACTIVITIES
Capital Expenditures -$141.8M $151.5M
YoY Change -193.6% -334.52%
Acquisitions
YoY Change
Other Investing Activities $11.60M $6.500M
YoY Change 78.46% -15.58%
Cash From Investing Activities -$130.2M -$147.4M
YoY Change -11.67% 159.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $108.0M $109.6M
YoY Change -1.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 112.9M 137.5M
YoY Change -17.89% 245.48%
NET CHANGE
Cash From Operating Activities 19.10M 10.20M
Cash From Investing Activities -130.2M -147.4M
Cash From Financing Activities 112.9M 137.5M
Net Change In Cash 1.800M 300.0K
YoY Change 500.0% -106.0%
FREE CASH FLOW
Cash From Operating Activities $19.10M $10.20M
Capital Expenditures -$141.8M $151.5M
Free Cash Flow $160.9M -$141.3M
YoY Change -213.87% -284.46%

Facts In Submission

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CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
32997000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
25666000 USD
CY2017Q2 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
9132000 USD
CY2016Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
7079000 USD
CY2017Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2017Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45000000 shares
CY2017Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
28637180 shares
CY2017Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
28637180 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
26164977 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
26164977 shares
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
49174000 USD
us-gaap Percentage Rent
PercentageRent
190000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
5225000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
3523000 USD
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
38403000 USD
us-gaap Percentage Rent
PercentageRent
212000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
330000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4613000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
30166000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
13802000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
389000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToNoncontrollingInterest
220000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
29777000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
13582000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26172730 shares
us-gaap Other Income
OtherIncome
29000 USD
us-gaap Other Income
OtherIncome
-48000 USD
us-gaap Revenues
Revenues
54640000 USD
us-gaap Revenues
Revenues
42068000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
3839000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
2561000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
1710000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
1501000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
327000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
327000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5174000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4087000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
14728000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10750000 USD
us-gaap Costs And Expenses
CostsAndExpenses
25778000 USD
us-gaap Costs And Expenses
CostsAndExpenses
19226000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
28862000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
22842000 USD
us-gaap Interest Expense
InterestExpense
8547000 USD
us-gaap Interest Expense
InterestExpense
7145000 USD
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
9521000 USD
us-gaap Gains Losses On Sales Of Assets
GainsLossesOnSalesOfAssets
2718000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
384000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
293000 USD
us-gaap Net Income Loss
NetIncomeLoss
29452000 USD
us-gaap Net Income Loss
NetIncomeLoss
18122000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21315541 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26240220 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21385098 shares
CY2017Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
5409000 USD
CY2016Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
8000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
154000 USD
CY2016Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
14000 USD
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
26402377 shares
CY2017Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
108200000 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: 0in" 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; TEXT-INDENT: 0in" 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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in" 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 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>
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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in" 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; TEXT-INDENT: 0in" 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;FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px; TEXT-INDENT: 0in" 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. Prepaid rents are presented on the Balance Sheet as Deferred Revenue; in previously filed reports prepaid rents were presented in Accounts Payable - Operating. The classification of below-market lease intangibles are presented net of accumulated amortization as a Liability; in previously filed reports below-market lease intangibles were presented in Unamortized Deferred Expenses: Lease Intangibles, net with in-place and above-market lease intangibles.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21536791 shares
CY2017Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-411000 USD
CY2016Q2 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-1677000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
330000 USD
us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
-4613000 USD
CY2017Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-435000 USD
CY2016Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-533000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-900000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-1058000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
5559000 USD
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
3864000 USD
CY2017Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
413 pure
CY2017Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
7900000 sqft
CY2016Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
366 pure
CY2016Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
7000000 sqft
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
229647 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
221250 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
67490 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
69557 shares
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
21900000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
9500000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
834 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7747 USD
CY2017Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
11700000 USD
CY2017Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
4800000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1602000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
28337000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
21298000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3867000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
48998000 USD
CY2017Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
332403000 USD
CY2017Q2 us-gaap Long Term Debt
LongTermDebt
436505000 USD
adc Rental Income Revenue Percentage In Total Income
RentalIncomeRevenuePercentageInTotalIncome
0.9 pure
us-gaap Dividends Common Stock
DividendsCommonStock
11513000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
14637000 USD

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