2024 Q3 Form 10-Q Financial Statement

#000155837024009974 Filed on July 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $154.3M $152.6M $149.5M
YoY Change 12.81% 17.46% 18.03%
Cost Of Revenue $17.95M $17.21M $18.07M
YoY Change 15.06% 9.64% 11.47%
Gross Profit $136.4M $135.4M $131.4M
YoY Change 12.53% 18.53% 19.0%
Gross Profit Margin 88.37% 88.72% 87.91%
Selling, General & Admin $9.535M $10.12M $9.930M
YoY Change 2.53% 14.63% 7.34%
% of Gross Profit 6.99% 7.48% 7.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.50M $50.45M $48.46M
YoY Change 12.95% 18.02% 19.23%
% of Gross Profit 37.76% 37.27% 36.89%
Operating Expenses $61.04M $60.58M $58.39M
YoY Change 11.18% 17.44% 17.03%
Operating Profit $74.44M $81.97M $72.99M
YoY Change 18.02% 30.89% 20.62%
Interest Expense -$28.94M -$26.42M -$24.45M
YoY Change -239.12% 32.42% -235.85%
% of Operating Profit -38.88% -32.23% -33.5%
Other Income/Expense, Net $104.0K $366.0K $117.0K
YoY Change 10.64% 751.16% 143.75%
Pretax Income $45.61M $55.92M $46.16M
YoY Change 7.56% 34.02% 8.47%
Income Tax $1.077M $1.004M $1.149M
% Of Pretax Income 2.36% 1.8% 2.49%
Net Earnings $44.38M $54.72M $42.88M
YoY Change 6.87% 40.65% 3.04%
Net Earnings / Revenue 28.75% 35.87% 28.69%
Basic Earnings Per Share $0.42 $0.53 $0.43
Diluted Earnings Per Share $0.42 $0.52 $0.43
COMMON SHARES
Basic Shares Outstanding 100.6M 100.6M 100.5M
Diluted Shares Outstanding 101.7M 100.5M 100.3M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.24M $9.639M $6.314M
YoY Change 106.83% 19.47% -46.53%
Cash & Equivalents $13.24M $9.639M $6.314M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $13.61M $0.00 $5.416M
Prepaid Expenses
Receivables $98.21M $94.85M $91.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $125.1M $104.5M $103.0M
YoY Change 43.25% 32.27% 24.29%
LONG-TERM ASSETS
Property, Plant & Equipment $7.188B $7.013B $6.881B
YoY Change 7.7% 10.72% 13.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.62M $9.120M
YoY Change 249.72% 706.37%
Total Long-Term Assets $8.059B $7.896B $7.766B
YoY Change 6.61% 9.78% 12.49%
TOTAL ASSETS
Total Short-Term Assets $125.1M $104.5M $103.0M
Total Long-Term Assets $8.059B $7.896B $7.766B
Total Assets $8.184B $8.001B $7.869B
YoY Change 7.02% 10.02% 12.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $87.19M $56.40M $66.24M
YoY Change 34.97% 29.31% -4.43%
Accrued Expenses $16.93M $17.06M $16.82M
YoY Change -0.99% -0.76% -2.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.983M $6.002M $6.023M
YoY Change 13858.14% 9310.94%
Total Short-Term Liabilities $168.2M $131.9M $137.9M
YoY Change 33.7% 24.75% 25.75%
LONG-TERM LIABILITIES
Long-Term Debt $2.676B $2.669B $2.514B
YoY Change 19.56% 24.14% 23.1%
Other Long-Term Liabilities $45.20M $36.98M $36.76M
YoY Change 20.54% -3.37% 1.19%
Total Long-Term Liabilities $2.721B $2.706B $2.551B
YoY Change 19.57% 23.66% 22.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.2M $131.9M $137.9M
Total Long-Term Liabilities $2.721B $2.706B $2.551B
Total Liabilities $2.890B $2.838B $2.690B
YoY Change 20.31% 23.64% 22.91%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 11.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.294B $5.162B $5.179B
YoY Change
Total Liabilities & Shareholders Equity $8.184B $8.001B $7.869B
YoY Change 7.02% 10.02% 12.63%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $44.38M $54.72M $42.88M
YoY Change 6.87% 40.65% 3.04%
Depreciation, Depletion And Amortization $51.50M $50.45M $48.46M
YoY Change 12.95% 18.02% 19.23%
Cash From Operating Activities $140.5M $96.98M $103.1M
YoY Change 27.8% 8.29% 9.53%
INVESTING ACTIVITIES
Capital Expenditures $216.0M $187.6M $146.8M
YoY Change -45.96% -44.06% -51.7%
Acquisitions
YoY Change
Other Investing Activities $6.028M $35.17M $20.81M
YoY Change 5928.0% 1045.36% -54860.53%
Cash From Investing Activities -$246.8M -$164.3M -$126.0M
YoY Change -41.27% -50.56% -61.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 95.35M 76.12M 23.73M
YoY Change -68.7% -68.55% -89.26%
NET CHANGE
Cash From Operating Activities 140.5M 96.98M 103.1M
Cash From Investing Activities -246.8M -164.3M -126.0M
Cash From Financing Activities 95.35M 76.12M 23.73M
Net Change In Cash -11.02M 8.820M 910.0K
YoY Change 89.95% -1372.73% -105.7%
FREE CASH FLOW
Cash From Operating Activities $140.5M $96.98M $103.1M
Capital Expenditures $216.0M $187.6M $146.8M
Free Cash Flow -$75.54M -$90.62M -$43.63M
YoY Change -73.93% -63.13% -79.2%

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347619
CY2024Q2 adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
100802322
CY2023Q2 adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
93482004
adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
100763085
adc Weighted Average Number Of Common Shares And Op Units Outstanding
WeightedAverageNumberOfCommonSharesAndOpUnitsOutstanding
92209909
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-color:#000000;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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
us-gaap Lessor Operating Lease Existence Of Option To Extend
LessorOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
157223000
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
135691000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
312086000
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
267842000
CY2024Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
18505000
CY2023Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
14731000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
36506000
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
31122000
CY2024Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
138718000
CY2023Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
120960000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
275580000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
236720000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
292962000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
583818000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
565274000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
538389000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
501420000
CY2024Q2 adc Lessor Operating Lease Payment To Be Received Year Five And After Year Five
LessorOperatingLeasePaymentToBeReceivedYearFiveAndAfterYearFive
2494421000
CY2024Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
4976284000
CY2024Q2 us-gaap Deferred Revenue
DeferredRevenue
26600000
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
21900000
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60300000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
60200000
CY2024Q2 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
23100000
CY2023Q4 adc Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
23000000.0
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
299000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
299000
us-gaap Operating Lease Payments
OperatingLeasePayments
598000
us-gaap Operating Lease Payments
OperatingLeasePayments
598000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P29Y10M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y4M24D
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P29Y10M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P33Y4M24D
CY2024Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
62000
CY2023Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
63000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
124000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
126000
CY2024Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
22000
CY2023Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
21000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
43000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
42000
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M18D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2024Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M18D
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
365000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
365000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.04
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
598000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1216000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1215000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1062000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1034000
CY2024Q2 adc Lessee Operating Lease Liability To Be Paid Year Five And After Year Five
LesseeOperatingLeaseLiabilityToBePaidYearFiveAndAfterYearFive
28760000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33885000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountRemainderOfFiscalYear
343000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Next Twelve Months
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountNextTwelveMonths
692000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Two
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearTwo
670000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Three
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearThree
650000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Four
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFour
633000
CY2024Q2 adc Lessee Operating Lease Liability Undiscounted Excess Amount Year Five And After Year Five
LesseeOperatingLeaseLiabilityUndiscountedExcessAmountYearFiveAndAfterYearFive
13840000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16828000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
NetLesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
255000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Next Twelve Months
NetLesseeOperatingLeaseLiabilityPaymentsNextTwelveMonths
524000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Year Two
NetLesseeOperatingLeaseLiabilityPaymentsYearTwo
545000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Year Three
NetLesseeOperatingLeaseLiabilityPaymentsYearThree
412000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Year Four
NetLesseeOperatingLeaseLiabilityPaymentsYearFour
401000
CY2024Q2 adc Net Lessee Operating Lease Liability Payments Year Five And After Year Five
NetLesseeOperatingLeaseLiabilityPaymentsYearFiveAndAfterYearFive
14920000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
17057000
CY2024Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6084000
CY2024Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
0
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
0
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2024Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2024Q2 adc Finance Lease Liability To Be Paid Year Five And After Year Five
FinanceLeaseLiabilityToBePaidYearFiveAndAfterYearFive
0
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6084000
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Remainder Of Fiscal Year
FinanceLeaseLiabilityUndiscountedExcessAmountRemainderOfFiscalYear
82000
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Next Twelve Months
FinanceLeaseLiabilityUndiscountedExcessAmountNextTwelveMonths
0
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Two
FinanceLeaseLiabilityUndiscountedExcessAmountYearTwo
0
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Three
FinanceLeaseLiabilityUndiscountedExcessAmountYearThree
0
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Four
FinanceLeaseLiabilityUndiscountedExcessAmountYearFour
0
CY2024Q2 adc Finance Lease Liability Undiscounted Excess Amount Year Five And After Year Five
FinanceLeaseLiabilityUndiscountedExcessAmountYearFiveAndAfterYearFive
0
CY2024Q2 adc Finance Leases Liability Undiscounted Excess Amount
FinanceLeasesLiabilityUndiscountedExcessAmount
82000
CY2024Q2 adc Net Finance Lease Liability Payments Remainder Of Fiscal Year
NetFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6002000
CY2024Q2 adc Net Finance Lease Liability Payments Next Twelve Months
NetFinanceLeaseLiabilityPaymentsNextTwelveMonths
0
CY2024Q2 adc Net Finance Lease Liability Payments Year Two
NetFinanceLeaseLiabilityPaymentsYearTwo
0
CY2024Q2 adc Net Finance Lease Liability Payments Year Three
NetFinanceLeaseLiabilityPaymentsYearThree
0
CY2024Q2 adc Net Finance Lease Liability Payments Year Four
NetFinanceLeaseLiabilityPaymentsYearFour
0
CY2024Q2 adc Net Finance Lease Liability Payments Year Five And After Year Five
NetFinanceLeaseLiabilityPaymentsYearFiveAndAfterYearFive
0
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
6002000
CY2024Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
2202
CY2024Q2 adc Gross Leasable Area Of Properties
GrossLeasableAreaOfProperties
45800000
CY2024Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6950000000
CY2023Q4 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
2135
CY2023Q4 adc Gross Leasable Area Of Properties
GrossLeasableAreaOfProperties
44200000
CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
6740000000
CY2024Q2 adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
47
CY2024Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
187600000
CY2024Q2 adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
21
CY2024Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P9Y3M18D
adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
78
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
315300000
adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
33
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P8Y9M18D
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
70600000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
209000000.0
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
35600000
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
100000
CY2023Q2 adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
92
CY2023Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
307000000.0
CY2023Q2 adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
31
CY2023Q2 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P9Y10M24D
adc Retail Net Lease Assets Purchased
RetailNetLeaseAssetsPurchased
158
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
610800000
adc Number Of States Properties Located
NumberOfStatesPropertiesLocated
35
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P11Y6M
us-gaap Payments To Acquire Land Held For Use
PaymentsToAcquireLandHeldForUse
144200000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
395400000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
71300000
CY2024Q2 adc Number Of Development And Developer Funding Platform Projects Commenced
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCommenced
5
CY2024Q2 adc Number Of Development And Developer Funding Platform Projects Completed
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCompleted
4
adc Number Of Development And Developer Funding Platform Projects Commenced
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCommenced
9
adc Number Of Development And Developer Funding Platform Projects Completed
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCompleted
6
adc Number Of Development And Developer Funding Platform Projects Construction
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsConstruction
19
CY2023Q2 adc Number Of Development And Developer Funding Platform Projects Commenced
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCommenced
2
CY2023Q2 adc Number Of Development And Developer Funding Platform Projects Completed
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCompleted
6
adc Number Of Development And Developer Funding Platform Projects Commenced
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCommenced
7
adc Number Of Development And Developer Funding Platform Projects Completed
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsCompleted
9
adc Number Of Development And Developer Funding Platform Projects Construction
NumberOfDevelopmentAndDeveloperFundingPlatformProjectsConstruction
22
CY2024Q2 adc Number Of Real Estate Properties Held For Sale Sold
NumberOfRealEstatePropertiesHeldForSaleSold
10
CY2024Q2 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
35500000
CY2024Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
7200000
adc Number Of Real Estate Properties Held For Sale Sold
NumberOfRealEstatePropertiesHeldForSaleSold
16
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
56700000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
9300000
adc Number Of Real Estate Properties Held For Sale Sold
NumberOfRealEstatePropertiesHeldForSaleSold
1
CY2023Q2 adc Number Of Real Estate Properties Held For Sale Sold
NumberOfRealEstatePropertiesHeldForSaleSold
1
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
3100000
CY2023Q2 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
3100000
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
300000
CY2023Q2 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
300000
CY2024Q2 adc Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
0
CY2023Q4 adc Number Of Real Estate Properties Held For Sale
NumberOfRealEstatePropertiesHeldForSale
1
CY2023Q4 adc Real Estate Held For Sale Land
RealEstateHeldForSaleLand
671000
CY2023Q4 adc Real Estate Held For Sale Building
RealEstateHeldForSaleBuilding
2978000
CY2023Q4 adc Real Estate Held For Sale Gross
RealEstateHeldForSaleGross
3649000
CY2023Q4 adc Real Estate Held For Sale Accumulated Depreciation
RealEstateHeldForSaleAccumulatedDepreciation
7000
CY2023Q4 adc Real Estate Held For Sale Net Total
RealEstateHeldForSaleNetTotal
3642000
CY2024Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1300000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
4500000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1300000
CY2024Q2 adc Impaired Real Estate Estate Fair Value
ImpairedRealEstateEstateFairValue
13700000
CY2023Q2 adc Impaired Real Estate Estate Fair Value
ImpairedRealEstateEstateFairValue
500000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2700000000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
488000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
51026000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
43629000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
50000000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
410000000
CY2024Q2 adc Long Term Debt Maturities Repayments Of Principal In Year Five And After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveAndAfterYearFive
2142250000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2697393000
adc Schedule Of Equity Distributions
ScheduleOfEquityDistributions
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company enters into at-the-market (“ATM”) programs through which the Company, from time to time, sells shares of common stock and/or enters into forward sale agreements.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Program Size</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Net Proceeds</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Program Year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;"> ($ million)</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Shares Issued</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">($ million)</i></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$400.0 </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,334,056</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$209.5 </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$500.0 </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5,453,975</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$379.1 </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2022</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$750.0 </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">10,217,973</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$670.0 </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$1,000.0 </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3,235,964</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:23.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$194.5 </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">* ATM Programs have been terminated and no future issuance will occur under them.</p>
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
7600000
CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
5722000
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
3341000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
18813000
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
3341000
CY2024Q2 adc Derivative Net Asset Position Aggregate Fair Value
DerivativeNetAssetPositionAggregateFairValue
7300000
CY2023Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
4100000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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