Agree realty corporation (ADC)
Balance Sheet / Yearly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Dec'10
ASSETS
Real Estate Investments
Land

794,616

735,991

713,711

638,946

588,295

553,704

473,446

444,001

426,937

405,457

371,047

345,255

319,935

309,687

295,311

284,938

236,700

225,274

209,688

209,267

203,982

195,091

176,050

171,375

167,395

162,096

156,313

148,807

135,504

134,740

124,703

117,453

106,941

108,672

106,695

105,214

103,693

Buildings

1,733,003

1,600,293

1,510,423

1,375,773

1,287,700

1,194,985

1,041,666

963,182

922,433

868,396

820,138

805,271

737,605

703,506

662,612

628,219

553,441

526,912

489,571

478,806

434,288

393,826

349,844

321,987

313,744

297,464

296,399

275,780

252,164

240,204

220,083

221,055

225,679

229,821

225,795

230,185

227,645

Less accumulated depreciation

135,376

127,748

121,444

112,951

106,670

100,312

98,051

93,376

89,503

85,239

80,356

75,841

73,657

69,696

65,884

62,943

59,763

56,401

53,873

60,455

61,641

59,089

66,318

64,376

62,364

60,633

63,587

61,865

60,101

58,508

57,404

65,327

67,555

68,589

70,613

69,075

66,111

Real estate investments excluding property under development

2,392,243

2,208,536

2,102,690

1,901,768

1,769,325

1,648,377

1,417,061

1,313,807

1,259,867

1,188,614

1,110,829

1,074,685

983,883

943,497

892,039

850,213

730,377

695,785

645,386

627,618

576,630

529,827

459,577

428,986

418,775

398,927

389,124

362,723

327,567

316,436

287,382

273,182

265,066

269,904

261,878

266,325

265,227

Property under development

5,372

10,056

16,238

16,950

11,444

12,957

7,767

10,411

11,702

25,402

10,197

6,665

8,414

6,764

5,795

4,090

3,575

3,663

4,921

467

294

229

12,481

11,881

9,220

6,959

12,837

12,473

21,183

18,980

13,595

7,895

5,488

1,580

420

308

359

Net Real Estate Investments

2,400,000

2,200,000

2,100,000

1,900,000

1,780,769

1,700,000

1,424,828

1,324,218

1,271,569

1,214,016

1,121,026

1,081,350

992,297

950,261

897,834

854,304

733,952

699,448

650,308

628,086

576,925

530,057

472,058

440,867

427,995

410,732

401,961

375,196

348,751

339,955

300,978

281,078

270,554

271,484

262,298

266,634

272,109

Real Estate Held for Sale, net

7,795

3,750

7,928

2,074

-

-

1,367

12,257

7,696

2,420

9,003

5,409

-

0

-

-

-

-

-

-

-

-

0

0

0

4,845

0

0

-

4,537

-

-

-

0

-

-

6,522

Cash and Cash Equivalents

72,091

15,603

9,353

5,520

22,325

53,955

16,811

8,986

2,230

50,807

25,510

4,173

2,300

33,395

11,491

4,034

3,711

2,712

21,379

2,870

7,919

5,399

1,403

1,622

826

14,536

5,824

1,225

1,199

1,270

542

618

465

2,002

886

851

593

Cash Held in Escrows

20,049

26,554

1,449

16,909

3,024

20

1,436

0

8,874

7,975

1,779

-

-

0

12,292

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Restricted Cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,280

3,280

-

-

-

-

-

Accounts Receivable - Tenants

27,747

26,808

25,495

24,914

23,695

21,547

19,882

19,197

17,947

15,477

15,634

14,243

13,069

11,535

10,623

9,974

7,807

7,418

6,138

5,693

4,923

4,507

4,018

3,793

3,305

3,262

2,361

1,786

1,718

2,160

1,393

761

604

801

2,669

2,670

1,330

Unamortized Deferred Expenses
Lease intangibles, net of accumulated amortization of $97,183 and $89,118 at March 31, 2020 and December 31, 2019, respectively

354,685

343,514

335,840

307,303

289,928

280,153

270,606

235,776

208,663

195,158

184,920

172,928

140,652

139,871

102,602

100,510

76,650

76,552

65,571

61,515

56,520

47,479

38,307

29,459

29,160

27,705

27,903

26,926

23,174

21,342

21,825

24,712

16,308

16,150

13,531

8,539

8,152

Interest Rate Swaps

-

-

-

-

-

-

4,516

4,062

3,270

1,592

1,232

1,285

1,561

1,409

-

-

-

98

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other Assets, net

28,963

29,709

24,328

29,005

30,596

11,180

5,339

5,200

4,374

4,432

4,993

4,554

5,330

2,722

2,336

2,702

2,259

2,471

1,816

2,631

3,194

2,345

2,907

2,550

2,131

3,219

2,316

2,546

1,991

1,813

2,428

2,278

1,246

962

902

851

911

Total Assets

2,908,945

2,664,530

2,523,321

2,304,443

2,150,337

2,028,189

1,748,634

1,612,161

1,527,247

1,494,634

1,366,973

1,286,840

1,158,240

1,141,972

1,038,813

973,104

825,553

789,907

749,236

705,067

653,046

593,580

522,823

481,158

466,485

462,741

443,619

410,852

380,207

370,092

332,678

315,075

291,582

293,943

282,022

281,362

285,042

Credit facility finance costs, net of accumulated amortization of $886 and $433 at December 31, 2018 and December 31, 2017, respectively

-

-

-

-

-

-

1,267

972

1,073

1,174

1,275

1,352

1,456

1,552

406

437

490

543

3,333

3,481

2,810

3,008

3,166

2,162

2,344

2,526

2,637

2,538

2,713

2,864

1,553

1,645

1,690

1,804

1,012

1,018

1,133

Leasing costs, net of accumulated amortization of $901 and $814 at December 31, 2018 and December 31, 2017, respectively

-

-

-

-

-

-

2,582

1,493

1,551

1,583

1,601

1,546

1,575

1,227

1,229

1,139

682

665

688

788

753

783

960

702

722

758

613

632

660

687

674

700

713

737

722

796

812

LIABILITIES
Mortgage Notes Payable, net

33,720

36,698

58,423

59,670

60,303

60,926

61,537

62,136

62,724

88,270

67,458

68,003

68,539

69,067

69,594

90,464

91,124

100,391

102,295

102,996

103,679

106,762

107,685

102,929

112,991

113,897

114,789

115,668

116,526

117,376

69,572

61,794

52,940

62,854

65,706

68,800

71,526

Unsecured Term Loans, net

237,453

237,403

237,984

237,980

256,244

256,419

157,760

157,901

158,037

158,171

158,305

158,437

158,557

158,679

159,211

99,417

99,420

99,390

100,000

100,000

100,000

100,000

100,000

35,000

35,000

35,000

35,000

-

-

0

-

-

-

-

-

-

-

Senior Unsecured Notes, net

509,226

509,198

384,171

384,143

384,117

384,064

384,073

259,168

259,146

259,122

259,112

159,218

159,198

159,176

159,156

99,197

99,176

99,161

100,000

100,000

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unsecured Revolving Credit Facility

242,000

89,000

248,000

54,000

71,000

19,000

14,000

166,000

76,000

14,000

0

48,000

29,000

14,000

47,000

98,000

60,000

18,000

27,000

15,000

79,500

15,000

16,500

43,364

15,988

9,500

40,000

-

-

43,530

-

-

-

-

-

-

-

Total Notes Payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

224,185

181,293

163,979

-

189,789

40,639

9,000

160,906

54,840

44,434

30,384

56,443

43,384

27,328

28,380

Dividends and Distributions Payable

26,859

25,014

24,353

24,119

21,535

21,031

18,808

16,946

16,318

16,303

14,930

14,637

13,151

13,124

11,631

11,513

9,812

9,758

8,942

8,554

8,065

8,048

6,579

6,583

6,573

6,243

5,570

5,570

5,570

4,710

4,711

4,715

4,697

4,070

4,068

4,075

5,145

Deferred Revenue

-

-

-

-

-

-

1,079

1,845

1,710

1,837

1,452

1,794

1,650

1,823

0

308

424

1,708

656

772

888

1,004

1,119

1,235

1,351

1,467

1,583

1,699

1,814

1,930

2,046

2,162

2,278

2,394

2,510

9,000

9,345

Accrued Interest Payable

-

-

-

-

-

-

2,706

3,503

2,726

3,412

2,759

2,216

2,671

2,210

2,571

878

1,977

963

1,968

889

632

721

562

432

460

470

371

420

436

335

491

481

473

734

474

273

221

Accounts Payable, Accrued Expenses, and Other Liabilities

75,334

48,987

52,644

48,700

39,843

21,045

12,088

-

-

11,165

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Capital expenditures

-

-

-

-

-

-

-

43

13

-

145

68

61

677

136

289

27

122

2

27

24

200

0

105

0

144

322

0

85

122

3

35

54

424

54

456

286

Operating

-

-

-

-

-

-

-

6,810

9,615

-

7,381

5,989

4,956

4,866

6,847

5,734

6,252

2,759

2,914

2,861

2,459

2,684

2,320

2,659

1,744

2,851

1,464

1,726

1,601

2,015

1,393

1,541

1,630

3,379

1,635

1,637

1,427

Lease intangibles, net of accumulated amortization of $20,319 and $19,307 at March 31, 2020 and December 31, 2019, respectively

27,341

26,668

27,332

27,908

27,873

27,218

27,628

27,108

27,523

30,350

30,529

30,186

30,702

30,047

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest Rate Swaps

-

-

-

-

-

-

0

0

0

242

1,284

1,539

1,404

1,994

6,437

7,815

6,138

3,301

5,038

2,591

4,187

2,383

690

1,112

436

204

734

331

1,087

1,337

1,333

1,156

576

629

759

780

793

Deferred Income Taxes

-

-

-

-

-

-

475

475

475

475

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

705

Tenant Deposits

-

-

-

-

-

-

102

102

97

97

96

96

94

94

94

93

38

29

28

41

36

36

44

39

40

40

51

56

61

64

64

81

82

84

93

83

80

Total Liabilities

1,151,933

972,968

1,032,907

836,520

860,915

789,703

680,256

702,037

614,384

583,444

544,156

490,888

470,688

456,462

463,382

414,417

375,098

336,287

349,552

334,440

300,177

237,545

236,207

194,166

175,291

170,525

200,592

166,817

136,890

172,127

135,163

117,107

93,823

131,719

119,392

113,142

117,912

Commitments and Contingencies

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

EQUITY
Common stock, $.0001 par value, 90,000,000 shares authorized, 47,002,109 and 45,573,623 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively

5

5

4

4

4

4

3

3

3

3

3

3

3

3

2

2

2

2

1

1

1

1

1

1

1

1

1

1

1

1

1

1

1

0

0

0

0

Excess stock, $.0001 par value, 8,000,000 shares authorized, no shares issued and outstanding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized

-

-

-

-

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

-

0

0

0

0

0

0

0

0

0

Additional paid-in-capital

1,856,914

1,752,912

1,556,124

1,522,644

1,334,952

1,277,592

1,096,679

935,828

935,481

936,046

849,442

820,134

711,753

712,069

607,627

595,105

484,511

482,514

428,579

402,915

388,692

388,262

314,515

314,002

313,487

312,974

263,962

263,496

263,049

217,768

217,347

216,935

216,523

181,069

180,747

180,424

179,705

Dividends in excess of net income

62,542

57,094

54,841

51,298

45,940

42,945

35,317

32,284

28,449

28,763

29,136

26,547

26,962

28,558

28,339

31,137

30,452

28,262

-

-

-

32,584

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deficit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-26,452

-32,264

-34,137

-

-30,288

-28,708

-24,929

-23,879

-23,262

-22,359

-21,344

-21,166

-21,198

-20,531

-20,896

-20,918

-20,089

-14,355

-14,702

Accumulated other comprehensive income (loss)

-39,291

-6,492

-13,068

-5,711

-1,950

1,424

4,506

4,057

3,274

1,375

-10

-211

195

-536

-6,311

-7,669

-6,017

-3,130

-4,933

-2,442

-4,032

-2,059

-98

-808

22

471

-308

227

-1,050

-1,294

-1,290

-1,118

-555

-606

-731

-752

-764

Total Equity - Agree Realty Corporation

1,755,086

1,689,331

1,488,219

1,465,639

1,287,066

1,236,075

1,065,871

907,604

910,309

908,661

820,299

793,379

684,989

682,978

572,979

556,301

448,043

451,124

397,195

368,210

350,523

353,619

284,130

284,486

288,581

289,568

240,393

241,365

240,655

195,309

194,860

195,287

195,073

159,545

159,926

165,317

164,239

Non-controlling interest

1,926

2,231

2,195

2,284

2,356

2,411

2,507

2,520

2,554

2,529

2,518

2,573

2,563

2,532

2,452

2,385

2,411

2,496

2,488

2,416

2,345

2,415

2,485

2,505

2,612

2,647

2,633

2,669

2,661

2,655

2,654

2,680

2,686

2,678

2,703

2,903

2,890

Total Equity

1,757,012

1,691,562

1,490,414

1,467,923

1,289,422

1,238,486

1,068,378

910,124

912,863

911,190

822,817

795,952

687,552

685,510

575,431

558,686

450,454

453,620

399,684

370,626

352,869

356,035

286,615

286,992

291,194

292,215

243,026

244,034

243,317

197,965

197,515

197,968

197,759

162,224

162,630

168,220

167,130

Total Liabilities and Equity

2,908,945

2,664,530

2,523,321

2,304,443

2,150,337

2,028,189

1,748,634

1,612,161

1,527,247

1,494,634

1,366,973

1,286,840

1,158,240

1,141,972

1,038,813

973,104

825,553

789,907

749,236

705,067

653,046

593,580

522,823

481,158

466,485

462,741

443,619

410,852

380,207

370,092

332,678

315,075

291,582

293,943

282,022

281,362

285,042