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AGREE REALTY CORP

2023 Q2 Form 10-Q Financial Statement

#000155837023008149 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $129.9M $126.6M
YoY Change 23.86% 28.75%
Cost Of Revenue $15.70M $16.21M
YoY Change 25.36% 34.12%
Gross Profit $114.2M $110.4M
YoY Change 23.66% 28.0%
Gross Profit Margin 87.92% 87.19%
Selling, General & Admin $8.830M $9.251M
YoY Change 9.58% 15.31%
% of Gross Profit 7.73% 8.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $42.75M $40.65M
YoY Change 33.81% 42.31%
% of Gross Profit 37.43% 36.82%
Operating Expenses $51.58M $49.90M
YoY Change 28.92% 36.39%
Operating Profit $62.62M $60.51M
YoY Change 19.65% 18.78%
Interest Expense -$19.95M $18.00M
YoY Change -228.6% 29.19%
% of Operating Profit -31.85% 29.75%
Other Income/Expense, Net $43.00K $48.00K
YoY Change -272.0% -292.0%
Pretax Income $41.72M $42.56M
YoY Change 13.29% 14.99%
Income Tax $709.0K $800.0K
% Of Pretax Income 1.7% 1.88%
Net Earnings $38.91M $41.61M
YoY Change 8.16% 15.23%
Net Earnings / Revenue 29.95% 32.87%
Basic Earnings Per Share $0.42 $0.44
Diluted Earnings Per Share $0.42 $0.44
COMMON SHARES
Basic Shares Outstanding 93.20M 90.17M
Diluted Shares Outstanding 93.13M 90.55M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.068M $11.81M
YoY Change -69.28% -52.55%
Cash & Equivalents $8.068M $11.81M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $70.93M $71.09M
Other Receivables $0.00 $0.00
Total Short-Term Assets $79.00M $82.90M
YoY Change -9.9% -1.66%
LONG-TERM ASSETS
Property, Plant & Equipment $6.334B $6.073B
YoY Change 24.4% 26.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.179M $1.131M
YoY Change 397.5% 28.82%
Total Long-Term Assets $7.193B $6.904B
YoY Change 20.88% 24.29%
TOTAL ASSETS
Total Short-Term Assets $79.00M $82.90M
Total Long-Term Assets $7.193B $6.904B
Total Assets $7.272B $6.986B
YoY Change 20.43% 23.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.62M $69.31M
YoY Change -6.21% 75.47%
Accrued Expenses $17.19M $17.31M
YoY Change -2.69% -2.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $43.00K $64.00K
YoY Change
Total Short-Term Liabilities $105.7M $109.7M
YoY Change 26.56% 46.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.150B $2.043B
YoY Change 10.59% 10.17%
Other Long-Term Liabilities $38.27M $36.33M
YoY Change 5.3% 7.76%
Total Long-Term Liabilities $2.188B $2.079B
YoY Change 10.49% 10.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.7M $109.7M
Total Long-Term Liabilities $2.188B $2.079B
Total Liabilities $2.295B $2.189B
YoY Change 11.2% 11.5%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $10.00K $9.000K
YoY Change 25.0% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.977B $4.797B
YoY Change
Total Liabilities & Shareholders Equity $7.272B $6.986B
YoY Change 20.43% 23.9%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $38.91M $41.61M
YoY Change 8.16% 15.23%
Depreciation, Depletion And Amortization $42.75M $40.65M
YoY Change 33.81% 42.31%
Cash From Operating Activities $89.56M $94.17M
YoY Change 1.06% 53.21%
INVESTING ACTIVITIES
Capital Expenditures $335.3M $303.9M
YoY Change -20.86% -25.84%
Acquisitions
YoY Change
Other Investing Activities $3.071M -$38.00K
YoY Change -80.95% -100.5%
Cash From Investing Activities -$332.3M -$331.1M
YoY Change -13.19% -24.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 242.0M 221.0M
YoY Change -18.09% -38.25%
NET CHANGE
Cash From Operating Activities 89.56M 94.17M
Cash From Investing Activities -332.3M -331.1M
Cash From Financing Activities 242.0M 221.0M
Net Change In Cash -693.0K -15.97M
YoY Change -151.68% -18.04%
FREE CASH FLOW
Cash From Operating Activities $89.56M $94.17M
Capital Expenditures $335.3M $303.9M
Free Cash Flow -$245.8M -$209.7M
YoY Change -26.65% -39.79%

Facts In Submission

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CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
41145000
CY2022Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
56952000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
158000
CY2022Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
276000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
40987000
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
56676000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90028255
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71228930
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90548172
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71336103
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4630390000
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
195133000
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2607000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1831000
CY2023Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1859000
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
66189000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-629000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
41774000
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4797844000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3419316000
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
250684000
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1745000
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
648000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1635000
CY2022Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1859000
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
49890000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
20663000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
36289000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3675741000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
41774000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
36289000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
40646000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28561000
CY2023Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
8611000
CY2022Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
8178000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1113000
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1061000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1831000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1635000
CY2023Q1 us-gaap Straight Line Rent
StraightLineRent
3039000
CY2022Q1 us-gaap Straight Line Rent
StraightLineRent
3135000
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
10024000
CY2022Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
4708000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
15468000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2274000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
94171000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
61467000
CY2023Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
303382000
CY2022Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
413098000
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
539000
CY2022Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
112000
CY2023Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
27687000
CY2022Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
33291000
CY2023Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
38000
CY2022Q1 us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
45000
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0
CY2022Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
7643000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-331107000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-438791000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195133000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
250684000
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2607000
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1745000
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
385000000
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
330000000
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
289000000
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
170000000
CY2023Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
221000
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
209000
CY2023Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1859000
CY2022Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
1859000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
65198000
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
48771000
CY2023Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
266000
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
237000
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
15000
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
23000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
220967000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
357840000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-15969000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-19484000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28909000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45250000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12940000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25766000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
7044000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
13367000
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
279000
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1336000
CY2023Q1 adc Accrual Of Development Construction And Other Real Estate Investment Costs
AccrualOfDevelopmentConstructionAndOtherRealEstateInvestmentCosts
-6459000
CY2022Q1 adc Accrual Of Development Construction And Other Real Estate Investment Costs
AccrualOfDevelopmentConstructionAndOtherRealEstateInvestmentCosts
411000
CY2023Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
93545698
CY2023Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
22235000
CY2022Q1 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
16973000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
65720000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
81581000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
76639000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
71971000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
65329000
CY2023Q1 adc Finite Lived Intangible Asset Expected Amortization Year Five And After Year Five
FiniteLivedIntangibleAssetExpectedAmortizationYearFiveAndAfterYearFive
406088000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
767328000
CY2023Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
11400000
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
27100000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11809000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27763000
CY2023Q1 us-gaap Escrow Deposit
EscrowDeposit
1131000
CY2022Q4 us-gaap Escrow Deposit
EscrowDeposit
1146000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12940000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28909000
CY2023Q1 adc Straight Line Rent Receivables
StraightLineRentReceivables
56900000
CY2022Q4 adc Straight Line Rent Receivables
StraightLineRentReceivables
53900000
CY2023Q1 adc Accounts Receivable Allowance For Credit Loss Number Of Leases
AccountsReceivableAllowanceForCreditLossNumberOfLeases
7
CY2023Q1 adc Accounts Receivable Allowance For Credit Loss Number Of Customers
AccountsReceivableAllowanceForCreditLossNumberOfCustomers
5
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
41614000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
36113000
CY2023Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1859000
CY2022Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1859000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39755000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34254000
CY2023Q1 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
106000
CY2022Q1 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
110000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
39649000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34144000
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
90273864
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
71471247
CY2023Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
245609
CY2022Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
242317
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90028255
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71228930
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90028255
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71228930
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
71925
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
58190
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90548172
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71336103
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
4554732000
CY2023Q1 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>
CY2023Q1 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>
CY2023Q1 adc Percentage Of Portfolio Leased
PercentageOfPortfolioLeased
0.997
CY2023Q1 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P8Y9M18D
CY2023Q1 adc Percentage Of Annualized Base Rent Derived
PercentageOfAnnualizedBaseRentDerived
0.680
CY2023Q1 us-gaap Lessor Operating Lease Existence Of Option To Extend
LessorOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q1 us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
132152000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
103362000
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
16391000
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
11914000
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
115761000
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
91448000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
368894000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
487577000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
477641000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
458347000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
436493000
CY2023Q1 adc Lessor Operating Lease Payment To Be Received Year Five And After Year Five
LessorOperatingLeasePaymentToBeReceivedYearFiveAndAfterYearFive
2325780000
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
21100000
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
18100000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60700000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60900000
CY2023Q1 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
23400000
CY2022Q4 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
23600000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
299000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
298000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y4M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y8M12D
CY2023Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
63000
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
64000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
21000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
20000
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
897000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1197000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1197000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1195000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1042000
CY2023Q1 adc Lessee Operating Lease Liability To Be Paid Year Five And After Year Five
LesseeOperatingLeaseLiabilityToBePaidYearFiveAndAfterYearFive
28809000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
34337000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountRemainderOfFiscalYear
531000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Next Twelve Months
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountNextTwelveMonths
690000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Two
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearTwo
669000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Three
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearThree
647000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Four
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFour
627000
CY2023Q1 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Five And After Year Five
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFiveAndAfterYearFive
13863000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17027000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
NetLesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
366000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Next Twelve Months
NetLesseeOperatingLeaseLiabilityPaymentsNextTwelveMonths
507000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Year Two
NetLesseeOperatingLeaseLiabilityPaymentsYearTwo
528000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Year Three
NetLesseeOperatingLeaseLiabilityPaymentsYearThree
548000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Year Four
NetLesseeOperatingLeaseLiabilityPaymentsYearFour
415000
CY2023Q1 adc Net Lessee Operating Lease Liability Payments Year Five And After Year Five
NetLesseeOperatingLeaseLiabilityPaymentsYearFiveAndAfterYearFive
14946000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
17310000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
252000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
6252000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
0
CY2023Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1908
CY2023Q1 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
40100000
CY2023Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6000000000.0
CY2022Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
1839
CY2022Q4 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
38100000
CY2022Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
5700000000
CY2023Q1 adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
66
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
303900000
CY2023Q1 adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
24
CY2023Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P13Y1M6D
CY2023Q1 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
59700000
CY2023Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
217400000
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
26800000
CY2022Q1 adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
106
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
409800000
CY2022Q1 adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
32
CY2022Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P9Y2M12D
CY2022Q1 us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
99800000
CY2022Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
249200000
CY2022Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
60800000
CY2023Q1 adc Number Of Development And Partner Capital Solutions Projects Commenced
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCommenced
5
CY2023Q1 adc Number Of Development And Partner Capital Solutions Projects Completed
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCompleted
3
CY2023Q1 adc Number Of Development And Partner Capital Solutions Projects Construction
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsConstruction
26
CY2022Q1 adc Number Of Development And Partner Capital Solutions Projects Commenced
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCommenced
15
CY2022Q1 adc Number Of Development And Partner Capital Solutions Projects Completed
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsCompleted
1
CY2022Q1 adc Number Of Development And Partner Capital Solutions Projects Construction
NumberOfDevelopmentAndPartnerCapitalSolutionsProjectsConstruction
17
CY2023Q1 adc Number Of Properties Sold
NumberOfPropertiesSold
0
CY2022Q1 adc Number Of Properties Sold
NumberOfPropertiesSold
1
CY2022Q1 us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
7600000
CY2022Q1 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
2300000
CY2023Q1 adc Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0
CY2022Q4 adc Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1000000.0
CY2022Q4 adc Impaired Real Estate Estate Fair Value
ImpairedRealEstateEstateFairValue
1800000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2060000000.00
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5305000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
963000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
51026000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
196629000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
50000000
CY2023Q1 adc Long Term Debt Maturities Repayments Of Principal In Year Five And After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveAndAfterYearFive
1752250000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2056173000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000
CY2023Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
2500000
CY2023Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
0
CY2022Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
0

Files In Submission

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adc-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
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0001558370-23-008149.txt Edgar Link pending
0001558370-23-008149-xbrl.zip Edgar Link pending
adc-20230331.xsd Edgar Link pending
adc-20230331x10q.htm Edgar Link pending
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adc-20230331x10q_htm.xml Edgar Link completed
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