Agree realty corporation (ADC)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash Flows from Operating Activities
Net income

80,763

58,798

58,790

45,797

39,762

18,913

20,189

18,603

9,889

15,627

17,994

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

45,703

33,030

26,661

15,274

11,530

8,486

6,996

5,792

6,055

5,810

5,643

Amortization from above (below) market lease intangibles, net

13,500

10,700

5,100

8,133

4,956

2,617

1,746

1,712

1,105

409

354

Amortization from financing and credit facility costs

1,284

1,055

979

720

689

951

736

-

-

-

-

Stock-based compensation

3,980

2,948

2,393

2,257

1,992

1,987

1,812

1,657

1,364

1,166

1,175

Provision for impairment

1,600

2,300

0

0

-

-

-

-

13,500

8,140

-

Settlement of interest rate swap

788

-

-

-

-

-

-

-

-

-

-

Impairment charge

-

-

-

-

-

3,020

450

0

-

-

0

Write-off of deferred costs

-

-

-

-333

-181

0

0

-

2,360

0

0

(Gain) loss on sale of assets

13,306

11,180

14,193

9,964

12,135

-405

946

2,097

110

4,737

0

(Increase) decrease in accounts receivable

6,071

6,855

4,216

4,117

2,911

1,245

1,102

1,358

-528

-656

-1,022

(Increase) decrease in other assets

2,150

463

-444

109

197

-344

780

864

-8

114

69

Increase (decrease) in accounts payable, accrued expenses, and other liabilities

606

2,927

6,254

1,984

1,043

-311

716

-1,358

1,951

-101

267

Increase (decrease) in deferred revenue

-

-

-

115

-463

-463

-463

-463

-6,951

-689

-689

Increase (decrease) in accrued interest

-

-

-

1,247

241

251

135

-398

513

-39

-239

Increase (decrease) in deferred income taxes

-

-

-

0

0

-

-

-

-

-

-

Increase (decrease) in tenant deposits

-

-

-

65

-8

-4

-23

-19

3

-16

27

Net Cash Provided by Operating Activities

126,707

93,247

82,203

61,735

44,680

34,951

29,467

21,205

25,496

26,111

23,579

Cash Flows from Investing Activities
Acquisition of real estate investments and other assets

708,144

611,129

319,572

297,868

223,871

143,273

75,920

64,166

35,657

47,024

8,748

Development of real estate investments and other assets (including capitalized interest of $25 in 2020, $90 in 2019)

24,428

21,481

43,302

27,919

6,970

16,527

14,619

20,349

1,456

-

-

Payment of leasing costs

411

1,337

568

686

66

354

183

55

197

368

118

Cash held in escrows on sale of assets

-

-

-

-

0

-

-

-

-

-

-

Payment of lease intangibles costs

-

-

-

-

-

-

-

-

-

-

0

Net proceeds from sale of assets

65,464

65,830

44,343

28,919

28,132

12,456

5,462

15,315

8,058

14,204

0

Net Cash Used in Investing Activities

-667,519

-568,117

-319,099

-297,554

-202,775

-147,698

-85,260

-69,256

-29,252

-33,188

-8,867

Cash Flows from Financing Activities
Proceeds (costs) from common stock offerings, net

472,746

339,744

222,695

228,011

92,260

73,302

93,393

35,042

0

31,072

0

Repurchase of common shares

1,406

1,145

1,111

712

0

0

-

-

-

-

-

Unsecured revolving credit facility borrowings (repayments), net

70,000

5,000

-

252,000

161,000

148,623

106,189

101,220

119,244

46,896

26,499

Unsecured revolving credit facility repayments

-

-

-

256,000

158,000

143,123

140,219

114,134

91,180

47,516

30,444

Mortgage notes payable proceeds

-

-

-

-

-

-

-

48,640

0

0

11,358

Payments of mortgage notes payable

24,404

27,576

2,412

31,578

5,178

12,767

3,478

3,164

4,229

4,026

3,428

Unsecured term loan proceeds

-

100,000

-

60,283

0

65,000

35,000

0

-

-

-

Payments of unsecured term loans

18,543

761

739

239

0

0

-

-

-

-

-

Senior unsecured notes proceeds

125,000

125,000

100,000

60,000

100,000

0

0

-

-

-

-

Dividends paid

90,257

67,638

55,146

42,058

32,992

25,403

20,859

17,663

16,803

18,344

-

Distributions to Non-Controlling Interest

782

737

695

657

636

591

566

556

594

709

17,129

Term loan payable proceeds

-

-

-

-

-

-

-

-

0

-

-

Debt extinguishment costs

-

-

-

-

150

0

0

-

-

-

-

Repayments of payables for capital expenditures

-

-

-

-

-

-

-

424

286

352

850

Payments for financing costs

3,360

1,824

309

2,548

896

1,432

398

1,641

985

39

697

Net Cash Provided by Financing Activities

528,994

470,063

262,283

266,502

155,408

103,609

69,059

47,317

5,164

6,981

-14,692

Net Increase (Decrease) in Cash and Cash Equivalents

-11,818

-4,807

25,387

30,683

-2,687

-9,138

13,266

-732

1,409

-95

19

Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)

29,925

23,015

17,331

13,822

11,548

7,825

6,149

4,722

4,458

4,487

4,590

Cash paid for income tax

666

452

257

153

155

0

-21

318

220

293

-

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Conversion of OP Units

-

-

-

-

-

-

-

-

-

-

2,398

Shares issued under equity incentive plans (in dollars)

-

-

-

3,517

2,864

2,390

2,401

2,175

2,312

2,068

1,159

Operating lease right of use assets added upon implementation of leases standard on January 1, 2019

7,505

-

-

-

-

-

-

-

-

-

-

Additional operating lease right of use assets added under new ground leases after January 1, 2019

12,167

-

-

-

-

-

-

-

-

-

-

Operating lease right of use assets disposed of upon acquisition of underlying ground leased land

-3,059

-

-

-

-

-

-

-

-

-

-

Dividends and limited partners' distributions declared and unpaid

25,014

21,031

16,303

13,124

9,758

-

6,243

4,710

4,070

5,145

-

Accrual of development, construction and other real estate investment costs

4,330

1,768

6,742

-

-

-

-

-

-

-

-

Forgiveness of mortgage debt

-

-

-

-

-

-

-

-

0

0

-

Real Estate acquisitions financed with debt assumption

-

-

-

0

0

5,631

0

18,220

3,403

0

0

Real estate investment financed with accounts payable

-

-

-

-

-

-

0

-

-

286

352