$ADC
AGREE REALTY CORP

2022 Q3 Form 10-Q Financial Statement

#000155837022011636 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $110.1M $104.9M $91.41M
YoY Change 25.74% 27.05% 27.99%
Cost Of Revenue $13.08M $12.52M $10.75M
YoY Change 28.95% 33.59% 18.29%
Gross Profit $96.98M $92.36M $80.66M
YoY Change 25.31% 26.21% 29.41%
Gross Profit Margin 88.11% 88.06% 88.24%
Selling, General & Admin $7.396M $8.058M $7.067M
YoY Change 21.5% 21.54% -0.74%
% of Gross Profit 7.63% 8.72% 8.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.16M $31.95M $26.56M
YoY Change 43.56% 37.85% 34.85%
% of Gross Profit 36.25% 34.59% 32.93%
Operating Expenses $42.55M $40.01M $33.63M
YoY Change 39.18% 34.17% 25.45%
Operating Profit $57.31M $52.34M $47.03M
YoY Change 13.98% 4.45% 32.4%
Interest Expense $17.15M $15.51M -$13.11M
YoY Change 31.25% 23.61% 11.2%
% of Operating Profit 29.92% 29.64% -27.88%
Other Income/Expense, Net $132.0K -$25.00K $67.00K
YoY Change 78.57%
Pretax Income $40.30M $36.83M $33.82M
YoY Change 8.27% 60.5% 40.81%
Income Tax $700.0K $700.0K $517.0K
% Of Pretax Income 1.74% 1.9% 1.53%
Net Earnings $39.43M $35.97M $33.15M
YoY Change 7.53% 60.97% 40.35%
Net Earnings / Revenue 35.82% 34.3% 36.26%
Basic Earnings Per Share $0.47 $0.45
Diluted Earnings Per Share $0.46 $0.45 $468.9K
COMMON SHARES
Basic Shares Outstanding 79.83M 75.04M 69.78M
Diluted Shares Outstanding 80.59M 75.57M

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.5M $26.27M $43.25M
YoY Change 172.62% -85.16% 609.05%
Cash & Equivalents $250.5M $26.27M $43.25M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $0.00 $0.00 $5.676M
Prepaid Expenses
Receivables $68.70M $61.41M $53.44M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $319.2M $87.67M $102.4M
YoY Change 112.36% -61.06% 126.98%
LONG-TERM ASSETS
Property, Plant & Equipment $5.452B $5.092B $4.428B
YoY Change 30.58% 30.1% 32.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.027M $840.0K $1.998M
YoY Change -90.6% -92.59% 11.0%
Total Long-Term Assets $6.237B $5.951B $5.125B
YoY Change 28.67% 31.09% 33.41%
TOTAL ASSETS
Total Short-Term Assets $319.2M $87.67M $102.4M
Total Long-Term Assets $6.237B $5.951B $5.125B
Total Assets $6.556B $6.038B $5.227B
YoY Change 31.19% 26.73% 34.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.94M $46.50M $38.80M
YoY Change 9.99% 2.36% -28.29%
Accrued Expenses $17.55M $17.66M $25.00M
YoY Change -2.54% 6.61% 44.51%
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 $100.9M $83.55M $80.68M
YoY Change 12.34% 8.47% -23.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.869B $1.944B $1.694B
YoY Change 21.9% 26.79% 39.03%
Other Long-Term Liabilities $37.12M $36.34M $33.08M
YoY Change 14.05% 7.0% -7.35%
Total Long-Term Liabilities $1.906B $1.980B $1.727B
YoY Change 21.74% 26.36% 37.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.9M $83.55M $80.68M
Total Long-Term Liabilities $1.906B $1.980B $1.727B
Total Liabilities $2.007B $2.064B $1.808B
YoY Change 21.23% 25.52% 32.92%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $9.000K $8.000K $7.000K
YoY Change 28.57% 14.29% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.547B $3.973B $3.418B
YoY Change
Total Liabilities & Shareholders Equity $6.556B $6.038B $5.227B
YoY Change 31.19% 26.73% 34.5%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $39.43M $35.97M $33.15M
YoY Change 7.53% 60.97% 40.35%
Depreciation, Depletion And Amortization $35.16M $31.95M $26.56M
YoY Change 43.56% 37.85% 34.85%
Cash From Operating Activities $118.9M $88.62M $60.35M
YoY Change 74.73% 22.84% 15.83%
INVESTING ACTIVITIES
Capital Expenditures $361.5M $423.7M -$326.6M
YoY Change 6.14% 22.1% -11.02%
Acquisitions
YoY Change
Other Investing Activities $19.83M $16.12M $9.141M
YoY Change 75.3% -35.97% 915.67%
Cash From Investing Activities -$362.0M -$382.8M -$317.4M
YoY Change 8.32% 10.05% -13.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 467.5M 295.5M 199.5M
YoY Change 158.91% -35.3% -34.76%
NET CHANGE
Cash From Operating Activities 118.9M 88.62M 60.35M
Cash From Investing Activities -362.0M -382.8M -317.4M
Cash From Financing Activities 467.5M 295.5M 199.5M
Net Change In Cash 224.4M 1.341M -57.56M
YoY Change -362.24% -99.26% 601.93%
FREE CASH FLOW
Cash From Operating Activities $118.9M $88.62M $60.35M
Capital Expenditures $361.5M $423.7M -$326.6M
Free Cash Flow -$242.6M -$335.1M $386.9M
YoY Change -10.98% 21.91% -7.68%

Facts In Submission

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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Profit Loss
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us-gaap Profit Loss
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CY2021Q2 adc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2021Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2021Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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CY2022Q2 us-gaap Comprehensive Income Net Of Tax
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CY2021Q2 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Dividends
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OtherComprehensiveIncomeLossNetOfTax
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CY2022Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q2 us-gaap Dividends
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CY2022Q2 us-gaap Profit Loss
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q1 us-gaap Stock Repurchased During Period Value
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CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
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CY2021Q1 us-gaap Dividends
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CY2021Q1 us-gaap Profit Loss
ProfitLoss
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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q2 us-gaap Stock Issued During Period Value New Issues
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CY2021Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Depreciation And Amortization
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Real Estate
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CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
262000
CY2021Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
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us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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us-gaap Repayments Of Secured Debt
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
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AllowanceForDoubtfulAccountsReceivable
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us-gaap Interest Paid Net
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27107000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
22347000
us-gaap Net Income Loss
NetIncomeLoss
72086000
us-gaap Net Income Loss
NetIncomeLoss
52459000
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2335000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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adc Additional Right Of Use Assets Added Under New Ground Leases
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6302000
us-gaap Amortization Of Debt Discount Premium
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us-gaap Notes Assumed1
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adc Accrual Of Development Construction And Other Real Estate Investment Costs
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adc Accrual Of Development Construction And Other Real Estate Investment Costs
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us-gaap Preferred Stock Dividends Income Statement Impact
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CY2022Q2 us-gaap Amortization Of Deferred Charges
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CY2021Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
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us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
35692000
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
22698000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
38997000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
74383000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
68339000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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64053000
CY2022Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
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CY2021Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43252000
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adc Right Of Use Asset Net
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6302000
CY2021Q4 adc Straight Line Rent Receivables
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CY2022Q2 adc Lessor Operating Lease Assumptions And Judgments Number Of Tenants Collections No Longer Probable
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3
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Escrow Deposit
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CY2021Q4 us-gaap Escrow Deposit
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 adc Straight Line Rent Receivables
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us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
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34114000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
22347000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
68368000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
52459000
CY2022Q2 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
103000
CY2021Q2 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
71000
adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
207000
adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
175000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34011000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
22276000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
68161000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
52284000
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
75277924
CY2021Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
65055820
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
73385101
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
64057906
CY2022Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
240004
CY2021Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
219836
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
240004
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
219836
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037920
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64835984
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73145097
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63838070
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037920
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64835984
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73145097
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63838070
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
92177
CY2021Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
98202
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73474930
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64079697
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
85345
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
91413
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">Reclassifications</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation.  </p>
us-gaap Number Of Reportable Segments
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1
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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.</p>
CY2022Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
110062000
CY2021Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
84842000
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2021Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6302000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
213424000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
165042000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
adc Percentage Of Portfolio Leased
PercentageOfPortfolioLeased
0.996
CY2022Q2 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P9Y
adc Percentage Of Annualized Base Rent Derived
PercentageOfAnnualizedBaseRentDerived
0.675
us-gaap Lessor Operating Lease Existence Of Option To Extend
LessorOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
CY2022Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
11770000
CY2021Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
8569000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
23684000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
17544000
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
98292000
CY2021Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
76273000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
189740000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
147498000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6302000
CY2021Q2 adc Right Of Use Asset Net
RightOfUseAssetNet
6302000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
377714000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
359604000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
202598000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
401134000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
389803000
CY2022Q2 adc Lessor Operating Lease Payment To Be Received Year Five And After Year Five
LessorOperatingLeasePaymentToBeReceivedYearFiveAndAfterYearFive
2001217000
CY2022Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
3732070000
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
16800000
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
13500000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
59400000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
59700000
CY2022Q2 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
23800000
CY2021Q4 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
24100000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
700000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
301000
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
267000
us-gaap Operating Lease Payments
OperatingLeasePayments
598000
us-gaap Operating Lease Payments
OperatingLeasePayments
534000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y8M12D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P36Y3M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y8M12D
CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P36Y3M18D
CY2022Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
64000
CY2021Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
65000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
128000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
86000
CY2022Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
20000
CY2021Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
19000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
40000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
54000
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2021Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
adc Right Of Use Asset Net
RightOfUseAssetNet
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
598000
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1197000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1197000
CY2022Q2 adc Net Finance Lease Liability Payments Year Four
NetFinanceLeaseLiabilityPaymentsYearFour
0
CY2022Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1197000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1195000
CY2022Q2 adc Lessee Operating Lease Liability To Be Paid Year Five And After Year Five
LesseeOperatingLeaseLiabilityToBePaidYearFiveAndAfterYearFive
29851000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35235000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountRemainderOfFiscalYear
363000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Next Twelve Months
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountNextTwelveMonths
711000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Two
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearTwo
690000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Three
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearThree
669000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Four
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFour
647000
CY2022Q2 adc Net Finance Lease Liability Payments Year Five And After Year Five
NetFinanceLeaseLiabilityPaymentsYearFiveAndAfterYearFive
0
CY2022Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
6170000
CY2022Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Five And After Year Five
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFiveAndAfterYearFive
14491000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17571000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
NetLesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
235000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Next Twelve Months
NetLesseeOperatingLeaseLiabilityPaymentsNextTwelveMonths
486000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Year Two
NetLesseeOperatingLeaseLiabilityPaymentsYearTwo
507000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Year Three
NetLesseeOperatingLeaseLiabilityPaymentsYearThree
528000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Year Four
NetLesseeOperatingLeaseLiabilityPaymentsYearFour
548000
CY2022Q2 adc Net Lessee Operating Lease Liability Payments Year Five And After Year Five
NetLesseeOperatingLeaseLiabilityPaymentsYearFiveAndAfterYearFive
15360000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
17664000
CY2022Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
168000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
336000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
6252000
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2022Q2 adc Finance Lease Liability To Be Paid Year Five And After Year Five
FinanceLeaseLiabilityToBePaidYearFiveAndAfterYearFive
0
CY2022Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6756000
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Remainder Of Fiscal Year
FinanceLeaseLiabilityUndiscountedExcessAmountRemainderOfFiscalYear
127000
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Next Twelve Months
FinanceLeaseLiabilityUndiscountedExcessAmountNextTwelveMonths
252000
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Two
FinanceLeaseLiabilityUndiscountedExcessAmountYearTwo
207000
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Three
FinanceLeaseLiabilityUndiscountedExcessAmountYearThree
0
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Four
FinanceLeaseLiabilityUndiscountedExcessAmountYearFour
0
CY2022Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Five And After Year Five
FinanceLeaseLiabilityUndiscountedExcessAmountYearFiveAndAfterYearFive
0
CY2022Q2 adc Finance Leases Liability Undiscounted Excess Amount
FinanceLeasesLiabilityUndiscountedExcessAmount
586000
CY2022Q2 adc Net Finance Lease Liability Payments Remainder Of Fiscal Year
NetFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
41000
CY2022Q2 adc Net Finance Lease Liability Payments Next Twelve Months
NetFinanceLeaseLiabilityPaymentsNextTwelveMonths
84000
CY2022Q2 adc Net Finance Lease Liability Payments Year Two
NetFinanceLeaseLiabilityPaymentsYearTwo
6045000
CY2022Q2 adc Net Finance Lease Liability Payments Year Three
NetFinanceLeaseLiabilityPaymentsYearThree
0
CY2022Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1607
CY2022Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
33800000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1000000.0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
523100000
CY2021Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q2 adc Impaired Real Estate Estate Fair Value
ImpairedRealEstateEstateFairValue
1800000
CY2022Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5100000000
CY2021Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1404
CY2021Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
29100000
CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4400000000
CY2022Q2 adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
99
CY2022Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
423700000
CY2022Q2 adc Mortgage Notes Assumed
MortgageNotesAssumed
42300000
CY2022Q2 adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
33
CY2022Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
205
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
833500000
adc Mortgage Notes Assumed
MortgageNotesAssumed
42300000
adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
40
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P9Y7M6D
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
205700000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
102200000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2500000
adc Mortgage Notes Assumed
MortgageNotesAssumed
42300000
CY2022Q2 adc Number Of Development And Partner Capital Solutions Projects Commenced
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCommenced
5
adc Number Of Development And Partner Capital Solutions Projects Construction
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsConstruction
21
adc Number Of Development And Partner Capital Solutions Projects Commenced
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCommenced
20
CY2022Q2 adc Number Of Properties Sold
NumberOfPropertiesSold
4
CY2022Q2 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
16300000
adc Number Of Properties Sold
NumberOfPropertiesSold
5
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
23900000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2300000
CY2021Q4 adc Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
1
CY2021Q4 adc Real Estate Held For Sale Land
RealEstateHeldForSaleLand
4485000
CY2021Q4 adc Real Estate Held For Sale Lease Intangibles
RealEstateHeldForSaleLeaseIntangibles
1213000
CY2021Q4 adc Real Estate Held For Sale Gross
RealEstateHeldForSaleGross
5698000
CY2021Q4 adc Real Estate Held For Sale Accumulated Depreciation
RealEstateHeldForSaleAccumulatedDepreciation
22000
CY2021Q4 adc Real Estate Held For Sale Net Total
RealEstateHeldForSaleNetTotal
5676000
CY2022Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2000000000.0
CY2022Q2 us-gaap Derivative Assets
DerivativeAssets
35595000
CY2022Q2 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
0
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
29167000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
963000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
51026000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
370629000
CY2022Q2 adc Long Term Debt Maturities Repayments Of Principal In Year Five And After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveAndAfterYearFive
1502250000
CY2022Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1954467000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1500000
us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
500000
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
300000
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodBeforeTaxAttributableToParent
13400000
CY2022Q2 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
35700000
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
35595000
CY2022Q2 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
3335000
CY2022Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
35595000
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
0
CY2022Q2 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
0
CY2022Q2 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
0
CY2022Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2022Q2 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
0
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1868000
CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
1868000
CY2021Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
1679000
CY2021Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0
CY2021Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
189000
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
3335000
CY2021Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
0
CY2021Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
1679000
CY2021Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2021Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
1656000

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