Agree realty corporation (ADC)
CashFlow / Quarterly
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'11Mar'11
Cash Flows from Operating Activities
Net income

21,370

22,743

20,782

18,722

18,516

13,338

15,756

13,068

16,636

16,671

12,283

15,068

14,768

12,906

14,476

10,829

7,586

7,927

14,875

10,464

6,494

5,721

4,965

2,715

5,509

5,622

4,645

4,529

5,392

4,746

4,025

5,089

4,741

3,221

-1,855

3,823

4,700

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

14,132

13,106

11,897

10,836

9,864

9,081

8,143

8,045

7,761

12,295

5,130

4,726

4,510

4,316

3,966

3,614

3,378

2,778

3,242

2,938

2,571

2,338

2,153

2,026

1,967

1,865

1,739

1,779

1,611

1,468

1,409

1,463

1,449

1,516

1,551

1,488

1,498

Amortization from above (below) market lease intangibles, net

3,809

3,600

3,400

3,224

3,276

2,900

3,000

2,557

2,243

-3,490

3,098

2,977

2,515

2,190

2,185

2,051

1,707

1,052

1,517

1,294

1,091

24

1,116

746

728

-80

617

689

520

398

464

495

353

293

423

195

192

Amortization from financing and credit facility costs

323

318

316

325

325

287

268

233

267

249

244

245

241

197

179

174

170

164

407

58

58

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

1,014

1,008

1,034

1,025

913

777

883

686

602

645

575

544

629

531

509

509

708

470

477

520

523

431

513

515

527

420

466

454

470

421

412

412

412

322

323

359

359

Provision for impairment

0

0

0

1,200

400

600

500

1,200

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of interest rate swap

-17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-off of deferred costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1

-0

0

-179

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of assets

1,645

4,333

2,597

2,949

3,427

231

3,917

2,434

4,598

4,148

524

4,779

4,742

2,831

4,415

2,718

0

1

8,598

3,456

79

-235

-292

0

122

0

0

0

946

350

-320

1,159

908

-

-

-

-

(Increase) decrease in accounts receivable

1,284

1,603

631

1,689

2,148

1,733

979

1,326

2,817

24

1,409

1,175

1,608

913

648

2,167

389

1,280

445

770

415

489

224

488

42

901

574

68

-441

766

632

156

-197

-1,867

2,680

-1,916

575

(Increase) decrease in other assets

-50

2,197

-1,010

-206

1,169

-471

180

837

-83

-592

472

-764

440

276

-356

451

-262

670

-711

-588

826

-173

66

609

-845

649

-79

15

194

-598

147

1,027

288

72

-190

206

-97

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

-9,056

5,517

-4,248

2,396

-3,059

3,463

3,714

-1,887

-2,363

4,417

1,393

1,034

-590

-814

1,113

-517

2,202

1,014

52

212

-236

222

-342

926

-1,117

1,265

-263

126

-411

620

-151

-70

-1,756

1,745

-6

288

-77

Increase (decrease) in deferred revenue

-

-

-

-

-

-

-

-

-

-

-342

144

-173

656

-309

-116

-116

-115

-116

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-115

-6,490

-172

-172

Increase (decrease) in accrued interest

-

-

-

-

-

-

-

-

-

-

543

-455

461

-361

1,693

-1,100

1,015

-1,006

1,079

256

-89

159

130

-27

-10

98

-48

-16

101

-156

10

7

-260

259

201

22

29

Increase (decrease) in tenant deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

55

10

0

-13

5

0

-

-

-

-

-10

-5

-5

-2

0

-16

-1

-1

-

-

-

-

Net Cash Provided by Operating Activities

28,696

38,164

30,944

34,092

23,507

28,995

27,214

19,224

17,814

27,018

20,519

19,095

15,571

15,901

19,138

10,163

16,533

10,334

13,190

11,999

9,156

9,645

8,646

8,488

8,169

8,251

6,990

7,358

6,867

6,865

5,578

4,937

3,823

8,920

5,269

5,254

6,052

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

229,586

139,621

247,593

178,661

142,269

259,044

152,477

100,216

99,392

78,440

55,559

131,893

53,680

62,013

50,413

151,956

33,486

62,178

37,278

64,151

60,262

72,326

35,841

13,145

21,959

5,711

27,150

28,109

14,948

19,317

19,275

15,847

9,726

15,131

16,301

1,298

2,925

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

1,217

10,548

3,517

4,247

6,116

4,091

8,572

3,975

4,843

16,062

14,413

9,890

2,937

7,657

12,123

1,936

6,203

1,624

4,620

452

272

3,430

3,756

5,266

4,074

5,314

2,863

4,421

2,019

-

-

-

-

-

-

-

-

Payment of leasing costs

189

119

68

124

100

146

1,181

0

10

24

95

60

389

38

127

482

39

0

0

65

0

-

-

-

-

-

-

-

-

41

0

13

0

46

113

35

1

Net proceeds from sale of assets

24,383

30,951

7,710

16,969

9,834

5,792

29,653

10,341

20,044

14,929

7,520

11,712

10,182

6,821

15,071

7,027

0

0

19,331

7,824

975

5,715

1,766

0

4,974

0

0

0

5,462

-14

8,790

5,912

627

1,535

0

0

6,522

Net Cash Used in Investing Activities

-206,609

-119,337

-243,468

-166,063

-138,651

-257,489

-132,577

-93,850

-84,201

-79,597

-62,547

-130,131

-46,824

-50,595

-59,884

-147,347

-39,728

-63,802

-22,568

-56,844

-59,559

-70,092

-38,124

-18,421

-21,059

-11,201

-30,022

-32,530

-11,505

-36,442

-10,484

-13,228

-9,099

-15,099

-16,415

-1,333

3,596

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

104,615

195,786

32,448

186,667

57,845

180,140

160,036

-339

-93

85,962

28,746

107,837

150

103,912

12,022

110,085

1,992

53,465

25,187

13,702

-94

73,316

0

-29

14

48,590

0

-8

44,810

0

0

0

35,042

-

-

-

-

Repurchase of common shares

1,627

6

2

0

1,398

3

68

0

1,074

3

13

0

1,095

0

9

0

703

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unsecured revolving credit facility borrowings (repayments), net

153,000

-159,000

194,000

-17,000

52,000

-

-

90,000

62,000

-

26,000

119,000

39,000

25,000

47,000

138,000

42,000

33,000

16,500

47,000

64,500

53,000

48,734

30,512

16,376

19,295

32,585

37,065

17,242

42,158

23,998

21,120

13,943

74,136

28,202

7,683

9,221

Unsecured revolving credit facility repayments

-

-

-

-

-

-

-

-

-

-

74,000

100,000

24,000

58,000

98,000

100,000

0

-

-

-

-

54,500

75,598

3,136

9,887

49,795

33,225

5,425

51,772

53,468

13,592

7,070

40,002

61,077

12,146

6,484

11,471

Payments of mortgage notes payable

3,005

21,754

1,297

681

672

661

648

637

25,630

618

607

597

590

519

21,031

728

9,300

711

701

682

3,082

923

874

10,062

906

892

878

857

850

836

802

786

739

769

733

973

1,751

Payments of unsecured term loans

-

0

0

18,353

190

190

190

191

190

190

190

180

179

239

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid

24,811

24,155

23,922

21,342

20,838

18,620

16,758

16,138

16,122

14,754

14,462

12,978

12,952

11,465

11,346

9,651

9,596

8,783

8,394

7,921

7,892

6,433

6,432

6,434

6,102

5,428

5,427

5,429

4,574

4,574

4,574

4,574

3,940

-

-

-

-

Distributions to Non-Controlling Interest

203

200

196

193

193

188

188

180

181

175

176

172

172

167

167

161

162

161

162

156

156

149

149

149

142

142

142

142

139

139

139

139

139

-12,723

4,081

4,081

5,154

Debt extinguishment costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-0

0

150

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of payables for capital expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

200

-

0

0

144

-

0

0

122

0

0

0

424

0

0

0

286

Payments for financing costs

73

3,143

134

47

36

1,256

560

7

1

150

154

1

4

1,924

550

37

37

10

40

845

0

-

-

-

-

87

280

3

27

-

-

-

-

-

-

-

-

Net Cash Provided by Financing Activities

227,896

112,528

200,897

129,051

86,518

264,222

114,624

72,508

18,709

84,072

65,144

112,909

158

56,598

48,202

137,508

24,194

34,800

27,888

39,796

52,922

64,442

29,258

10,729

-821

11,662

27,631

25,198

4,567

30,303

4,830

8,444

3,739

7,295

11,180

-3,868

-9,442

Net Increase (Decrease) in Cash and Cash Equivalents

49,983

31,355

-11,627

-2,920

-28,626

35,728

9,261

-2,118

-47,678

31,493

23,116

1,873

-31,095

21,904

7,456

324

999

-18,668

18,509

-5,048

2,519

3,995

-219

796

-13,710

8,712

4,599

26

-70

727

-75

153

-1,537

1,115

34

52

205

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

9,669

4,429

9,986

8,608

6,902

4,071

8,102

4,616

6,226

4,673

-1,164

10,204

3,618

4,663

2,233

4,442

2,484

2,405

4,285

2,489

2,367

2,441

1,988

1,764

1,630

1,685

1,640

1,676

1,146

1,309

1,141

987

1,282

1,010

1,114

1,127

1,205

Cash paid for income tax

760

-88

6

102

646

65

19

44

324

257

-254

169

85

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental Disclosure of Non-Cash Investing and Financing Activities
Shares issued under equity incentive plans (in dollars)

-

-

-

-

-

-

-

-

-

-

-626

0

3,648

458

0

0

3,059

400

0

0

2,463

64

0

0

2,325

11

93

39

2,257

0

0

9

2,166

0

143

0

2,168

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

-

0

0

0

7,505

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

0

0

0

12,167

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends and limited partners' distributions declared and unpaid

26,880

661

234

2,584

21,535

2,223

1,862

628

16,318

1,373

293

1,486

13,151

-

-

-

-

-

-

478

8,077

-

-

-

6,584

672

1

-1

5,571

-1

-3

18

4,697

-

-

-

-

Accrual of development, construction and other real estate investment costs

3,034

-3,001

743

3,959

2,629

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Forgiveness of mortgage debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

9,173

-

-

-

-

Real estate investment financed with accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3

24

-

-

-

-

-322

322

-85

85

-

0

-19

54

-

-401

216

239