$ADC
AGREE REALTY CORP

2023 Q3 Form 10-Q Financial Statement

#000155837023012736 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $136.8M $129.9M
YoY Change 24.3% 23.86%
Cost Of Revenue $15.60M $15.70M
YoY Change 19.24% 25.36%
Gross Profit $121.2M $114.2M
YoY Change 24.97% 23.66%
Gross Profit Margin 88.59% 87.92%
Selling, General & Admin $9.300M $8.830M
YoY Change 25.74% 9.58%
% of Gross Profit 7.67% 7.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.60M $42.75M
YoY Change 29.71% 33.81%
% of Gross Profit 37.62% 37.43%
Operating Expenses $54.90M $51.58M
YoY Change 29.02% 28.92%
Operating Profit $63.08M $62.62M
YoY Change 10.05% 19.65%
Interest Expense $20.80M -$19.95M
YoY Change 21.31% -228.6%
% of Operating Profit 32.98% -31.85%
Other Income/Expense, Net $94.00K $43.00K
YoY Change -28.79% -272.0%
Pretax Income $42.40M $41.72M
YoY Change 5.22% 13.29%
Income Tax $709.0K $709.0K
% Of Pretax Income 1.67% 1.7%
Net Earnings $41.52M $38.91M
YoY Change 5.32% 8.16%
Net Earnings / Revenue 30.35% 29.95%
Basic Earnings Per Share $0.41 $0.42
Diluted Earnings Per Share $0.41 $0.42
COMMON SHARES
Basic Shares Outstanding 96.27M 93.20M
Diluted Shares Outstanding 97.35M 93.13M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.400M $8.068M
YoY Change -97.44% -69.28%
Cash & Equivalents $6.384M $8.068M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $3.200M
Prepaid Expenses
Receivables $77.70M $70.93M
Other Receivables $0.00 $0.00
Total Short-Term Assets $87.30M $79.00M
YoY Change -72.65% -9.9%
LONG-TERM ASSETS
Property, Plant & Equipment $6.675B $6.334B
YoY Change 22.43% 24.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $4.179M
YoY Change -100.0% 397.5%
Total Long-Term Assets $7.560B $7.193B
YoY Change 21.21% 20.88%
TOTAL ASSETS
Total Short-Term Assets $87.30M $79.00M
Total Long-Term Assets $7.560B $7.193B
Total Assets $7.647B $7.272B
YoY Change 16.64% 20.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.60M $43.62M
YoY Change 4.3% -6.21%
Accrued Expenses $17.10M $17.19M
YoY Change -2.55% -2.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $43.00K
YoY Change
Total Short-Term Liabilities $125.8M $105.7M
YoY Change 24.66% 26.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.238B $2.150B
YoY Change 19.74% 10.59%
Other Long-Term Liabilities $37.50M $38.27M
YoY Change 1.03% 5.3%
Total Long-Term Liabilities $2.276B $2.188B
YoY Change 19.38% 10.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.8M $105.7M
Total Long-Term Liabilities $2.276B $2.188B
Total Liabilities $2.402B $2.295B
YoY Change 19.64% 11.2%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $10.00K $10.00K
YoY Change 11.11% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.244B $4.977B
YoY Change
Total Liabilities & Shareholders Equity $7.647B $7.272B
YoY Change 16.64% 20.43%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $41.52M $38.91M
YoY Change 5.32% 8.16%
Depreciation, Depletion And Amortization $45.60M $42.75M
YoY Change 29.71% 33.81%
Cash From Operating Activities $109.9M $89.56M
YoY Change -7.54% 1.06%
INVESTING ACTIVITIES
Capital Expenditures $399.7M $335.3M
YoY Change 10.57% -20.86%
Acquisitions
YoY Change
Other Investing Activities $100.0K $3.071M
YoY Change -99.5% -80.95%
Cash From Investing Activities -$420.3M -$332.3M
YoY Change 16.11% -13.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 304.6M 242.0M
YoY Change -34.85% -18.09%
NET CHANGE
Cash From Operating Activities 109.9M 89.56M
Cash From Investing Activities -420.3M -332.3M
Cash From Financing Activities 304.6M 242.0M
Net Change In Cash -5.800M -693.0K
YoY Change -102.58% -151.68%
FREE CASH FLOW
Cash From Operating Activities $109.9M $89.56M
Capital Expenditures $399.7M $335.3M
Free Cash Flow -$289.8M -$245.8M
YoY Change 19.43% -26.65%

Facts In Submission

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EarningsPerShareDiluted
0.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
CY2023Q2 us-gaap Profit Loss
ProfitLoss
41015000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
36130000
us-gaap Profit Loss
ProfitLoss
82789000
us-gaap Profit Loss
ProfitLoss
72419000
CY2023Q2 adc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement
OtherComprehensiveIncomeLossCashFlowHedgeGainLossFromSettlement
-630000
CY2022Q2 adc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement
OtherComprehensiveIncomeLossCashFlowHedgeGainLossFromSettlement
82000
adc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement
OtherComprehensiveIncomeLossCashFlowHedgeGainLossFromSettlement
-1259000
adc Other Comprehensive Income Loss Cash Flow Hedge Gain Loss From Settlement
OtherComprehensiveIncomeLossCashFlowHedgeGainLossFromSettlement
164000
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
3341000
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
16481000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
3341000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
37062000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
43726000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
52693000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
84871000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
109645000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
157000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
233000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
315000
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
509000
CY2023Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
43569000
CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
52460000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
84556000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
109136000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93053870
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037920
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91549390
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73145097
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93134385
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75570089
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91862290
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73474930
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
CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
205105000
CY2023Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
8000
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2177000
CY2023Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1859000
CY2023Q2 us-gaap Dividends Common Stock
DividendsCommonStock
68940000
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
2711000
CY2023Q2 us-gaap Profit Loss
ProfitLoss
41015000
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4978045000
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
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
300110000
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
76000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1743000
CY2022Q2 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1859000
CY2022Q2 us-gaap Dividends Common Stock
DividendsCommonStock
54112000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16563000
CY2022Q2 us-gaap Profit Loss
ProfitLoss
36130000
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3974240000
us-gaap Profit Loss
ProfitLoss
82789000
us-gaap Profit Loss
ProfitLoss
72419000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
83396000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
60510000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
17322000
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
16489000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2225000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1884000
us-gaap Share Based Compensation
ShareBasedCompensation
4008000
us-gaap Share Based Compensation
ShareBasedCompensation
3378000
us-gaap Straight Line Rent
StraightLineRent
6147000
us-gaap Straight Line Rent
StraightLineRent
6230000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1315000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1015000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
319000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2326000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-945000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1564000
us-gaap Notes Assumed1
NotesAssumed1
39702000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
10366000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
951000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8560000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5465000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
183728000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
150089000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
610593000
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
799166000
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
1203000
CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
262000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
55813000
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
46105000
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
36000
us-gaap Payments For Leasing Costs
PaymentsForLeasingCosts
203000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
3069000
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
23924000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-663373000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-821550000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
400237000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
550794000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2615000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1821000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
636000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
680000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
433000000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
470000000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
445000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
418000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3718000
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
3718000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
133112000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
101018000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
266000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
478000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
98000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
23000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
462983000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
653318000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-16662000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-18143000
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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12247000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27107000
us-gaap Interest Paid Net
InterestPaidNet
47048000
us-gaap Interest Paid Net
InterestPaidNet
28502000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3019000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2335000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2548000
us-gaap Notes Assumed1
NotesAssumed1
0
adc Accrual Of Development Construction And Other Real Estate Investment Costs
AccrualOfDevelopmentConstructionAndOtherRealEstateInvestmentCosts
-4589000
adc Accrual Of Development Construction And Other Real Estate Investment Costs
AccrualOfDevelopmentConstructionAndOtherRealEstateInvestmentCosts
-341000
CY2023Q2 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
96616955
CY2023Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
22894000
CY2022Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
18718000
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
45129000
us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
35692000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
45418000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
86124000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
81183000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
76472000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
69353000
CY2023Q2 adc Finite Lived Intangible Asset Expected Amortization Year Five And After Year Five
FiniteLivedIntangibleAssetExpectedAmortizationYearFiveAndAfterYearFive
429176000
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
787726000
CY2023Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
10400000
CY2022Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
27100000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8068000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27763000
CY2023Q2 us-gaap Escrow Deposit
EscrowDeposit
4179000
CY2022Q4 us-gaap Escrow Deposit
EscrowDeposit
1146000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12247000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28909000
CY2023Q2 adc Straight Line Rent Receivables
StraightLineRentReceivables
59900000
CY2022Q4 adc Straight Line Rent Receivables
StraightLineRentReceivables
53900000
CY2023Q2 adc Accounts Receivable Allowance For Credit Loss Number Of Leases
AccountsReceivableAllowanceForCreditLossNumberOfLeases
9
CY2023Q2 adc Accounts Receivable Allowance For Credit Loss Number Of Customers
AccountsReceivableAllowanceForCreditLossNumberOfCustomers
7
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
40868000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
35973000
us-gaap Net Income Loss
NetIncomeLoss
82482000
us-gaap Net Income Loss
NetIncomeLoss
72086000
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1859000
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1859000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3718000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3718000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39009000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34114000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
78764000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
68368000
CY2023Q2 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
100000
CY2022Q2 adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
103000
adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
204000
adc Net Income Loss Unvested Restricted Stock
NetIncomeLossUnvestedRestrictedStock
207000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
38909000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
34011000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
78560000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
68161000
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
93299541
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
75277924
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
91795061
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
73385101
CY2023Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
245671
CY2022Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
240004
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
245671
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
240004
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93053870
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037920
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91549390
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73145097
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
93053870
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75037920
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91549390
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73145097
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
79914
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
92177
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
88603
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
85345
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
93134385
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75570089
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91862290
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73474930
CY2023Q2 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
347619
CY2022Q2 us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
347619
us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
347619
us-gaap Weighted Average General Partnership Units Outstanding
WeightedAverageGeneralPartnershipUnitsOutstanding
347619
CY2023Q2 adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
93482004
CY2022Q2 adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
75917708
adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
92209909
adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
73822549
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 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>
adc Percentage Of Portfolio Leased
PercentageOfPortfolioLeased
0.997
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CY2023Q2 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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