Agree realty corporation (ADC)
CashFlow / TTM
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

83,617

80,763

71,358

66,332

60,678

58,798

62,131

58,658

60,658

58,790

55,025

57,218

52,979

45,797

40,818

41,217

40,853

39,762

37,556

27,646

19,897

18,913

18,813

18,493

20,306

20,189

19,314

18,693

19,254

18,603

17,078

11,197

9,931

9,889

0

0

0

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

49,971

45,703

41,678

37,924

35,133

33,030

36,244

33,231

29,912

26,661

18,682

17,518

16,406

15,274

13,736

13,012

12,336

11,530

11,090

10,001

9,090

8,486

8,013

7,599

7,352

6,996

6,599

6,270

5,953

5,792

5,840

5,981

6,006

6,055

0

0

0

Amortization from above (below) market lease intangibles, net

14,033

13,500

12,800

12,400

11,733

10,700

4,310

4,408

4,828

5,100

10,780

9,867

8,941

8,133

6,995

6,327

5,571

4,956

3,928

3,527

2,979

2,617

2,511

2,011

1,954

1,746

2,226

2,073

1,879

1,712

1,607

1,567

1,266

1,105

0

0

0

Amortization from financing and credit facility costs

1,282

1,284

1,253

1,205

1,113

1,055

1,017

993

1,005

979

927

862

791

720

687

915

800

689

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation

4,081

3,980

3,749

3,598

3,259

2,948

2,816

2,508

2,366

2,393

2,279

2,213

2,178

2,257

2,196

2,164

2,176

1,992

1,953

1,989

1,983

1,987

1,976

1,930

1,870

1,812

1,812

1,758

1,715

1,657

1,558

1,469

1,416

1,364

0

0

0

Provision for impairment

1,200

1,600

2,200

2,700

2,700

2,300

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Settlement of interest rate swap

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Write-off of deferred costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-181

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(Gain) loss on sale of assets

11,524

13,306

9,204

10,524

10,009

11,180

15,097

11,704

14,049

14,193

12,876

16,767

14,706

9,964

7,134

11,317

12,055

12,135

11,898

3,007

-448

-405

-169

122

122

946

1,296

975

2,135

2,097

0

0

0

-

-

-

-

(Increase) decrease in accounts receivable

5,207

6,071

6,201

6,549

6,186

6,855

5,146

5,576

5,425

4,216

5,105

4,344

5,336

4,117

4,484

4,281

2,884

2,911

2,120

1,899

1,618

1,245

1,657

2,007

1,586

1,102

967

1,025

1,113

1,358

-1,275

771

-1,301

-528

0

0

0

(Increase) decrease in other assets

931

2,150

-518

672

1,715

463

342

634

-967

-444

424

-404

811

109

503

147

-891

197

-646

130

1,328

-344

479

333

-259

780

-468

-241

769

864

1,536

1,199

378

-8

0

0

0

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

-5,391

606

-1,448

6,514

2,231

2,927

3,881

1,560

4,481

6,254

1,023

743

-808

1,984

3,812

2,751

3,481

1,043

251

-144

569

-311

731

810

10

716

71

183

-12

-1,358

-232

-87

271

1,951

0

0

0

Increase (decrease) in deferred revenue

-

-

-

-

-

-

-

-

-

-

285

318

58

115

-656

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-463

-6,838

-6,895

-6,951

0

0

0

Increase (decrease) in accrued interest

-

-

-

-

-

-

-

-

-

-

188

1,338

693

1,247

602

-11

1,345

241

1,406

456

172

251

190

12

23

135

-120

-60

-36

-398

17

207

223

513

0

0

0

Increase (decrease) in tenant deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

65

65

51

2

-8

0

0

0

-

-

-

-

-23

-13

-24

-20

-19

0

0

0

-

-

-

-

Net Cash Provided by Operating Activities

131,896

126,707

117,538

113,808

98,940

93,247

91,270

84,575

84,446

82,203

71,086

69,705

60,773

61,735

56,168

50,220

52,056

44,680

43,991

39,447

35,937

34,951

33,556

31,900

30,770

29,467

28,082

26,670

24,249

21,205

23,259

22,950

23,267

25,496

0

0

0

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

795,461

708,144

827,567

732,451

654,006

611,129

430,525

333,607

365,284

319,572

303,145

297,999

318,062

297,868

298,033

284,898

197,094

223,871

234,019

232,582

181,576

143,273

76,658

67,967

82,931

75,920

89,525

81,650

69,388

64,166

59,981

57,006

42,457

35,657

0

0

0

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

19,529

24,428

17,971

23,026

22,754

21,481

33,452

39,293

45,208

43,302

34,897

32,607

24,653

27,919

21,886

14,383

12,900

6,970

8,776

7,911

12,725

16,527

18,411

17,518

16,673

14,619

0

0

0

-

-

-

-

-

-

-

-

Payment of leasing costs

500

411

438

1,551

1,427

1,337

1,215

129

189

568

582

614

1,036

686

648

521

105

66

0

0

0

-

-

-

-

-

-

-

-

55

60

174

196

197

0

0

0

Net proceeds from sale of assets

80,013

65,464

40,305

62,248

55,620

65,830

74,967

52,834

54,205

44,343

36,235

43,786

39,101

28,919

22,098

26,358

27,156

28,132

33,847

16,282

8,457

12,456

6,740

4,974

4,974

5,462

5,447

14,238

20,150

15,315

16,866

8,075

2,162

8,058

0

0

0

Net Cash Used in Investing Activities

-735,477

-667,519

-805,671

-694,780

-622,567

-568,117

-390,225

-320,195

-356,476

-319,099

-290,097

-287,434

-304,650

-297,554

-310,761

-273,445

-182,943

-202,775

-209,065

-224,621

-186,198

-147,698

-88,806

-80,704

-94,813

-85,260

-110,502

-90,964

-71,662

-69,256

-47,912

-53,843

-41,948

-29,252

0

0

0

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

519,516

472,746

457,100

584,688

397,682

339,744

245,566

114,276

222,452

222,695

240,645

223,921

226,169

228,011

177,564

190,729

94,346

92,260

112,111

86,924

73,192

73,302

48,576

48,576

48,596

93,393

44,802

44,802

44,810

35,042

0

0

0

-

-

-

-

Repurchase of common shares

1,635

1,406

1,403

1,469

1,469

1,145

1,145

1,090

1,090

1,111

1,108

1,104

1,104

712

712

703

703

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unsecured revolving credit facility borrowings (repayments), net

171,000

70,000

0

0

0

-

-

0

226,000

-

209,000

230,000

249,000

252,000

260,000

229,500

138,500

161,000

181,000

213,234

196,746

148,623

114,918

98,769

105,323

106,189

129,053

120,465

104,520

101,220

133,198

137,403

123,966

119,244

0

0

0

Unsecured revolving credit facility repayments

-

-

-

-

-

-

-

-

-

-

256,000

280,000

280,000

256,000

0

0

0

-

-

-

-

143,123

138,418

96,045

98,334

140,219

143,893

124,259

125,904

114,134

121,743

120,297

119,712

91,180

0

0

0

Payments of mortgage notes payable

26,737

24,404

3,311

2,662

2,618

27,576

27,533

27,492

27,452

2,412

2,313

22,737

22,868

31,578

31,770

11,440

11,395

5,178

5,390

5,563

14,943

12,767

12,735

12,739

3,534

3,478

3,422

3,346

3,274

3,164

3,098

3,029

3,217

4,229

0

0

0

Payments of unsecured term loans

-

18,543

18,733

18,923

761

761

761

761

750

739

788

598

418

239

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends paid

94,230

90,257

84,722

77,558

72,354

67,638

63,772

61,476

58,316

55,146

51,857

48,741

45,414

42,058

39,376

36,424

34,695

32,992

30,642

28,680

27,193

25,403

24,398

23,392

22,387

20,859

20,005

19,152

18,297

17,663

0

0

0

-

-

-

-

Distributions to Non-Controlling Interest

792

782

770

762

749

737

724

712

704

695

687

678

667

657

651

646

641

636

624

611

604

591

583

577

570

566

563

559

556

556

-12,306

-8,363

-4,420

594

0

0

0

Debt extinguishment costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

150

150

150

150

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of payables for capital expenditures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

122

122

122

424

424

424

424

286

0

0

0

Payments for financing costs

3,397

3,360

1,473

1,899

1,859

1,824

718

312

306

309

2,083

2,479

2,515

2,548

634

124

933

896

0

0

0

-

-

-

-

398

0

0

0

-

-

-

-

-

-

-

-

Net Cash Provided by Financing Activities

670,372

528,994

680,688

594,415

537,872

470,063

289,913

240,433

280,834

262,283

234,809

217,867

242,466

266,502

244,704

224,390

126,679

155,408

185,050

186,420

157,353

103,609

50,828

49,201

63,670

69,059

87,701

64,900

48,146

47,317

24,309

30,658

18,346

5,164

0

0

0

Net Increase (Decrease) in Cash and Cash Equivalents

66,791

-11,818

-7,445

13,443

14,245

-4,807

-9,042

4,813

8,804

25,387

15,798

138

-1,411

30,683

-9,889

1,164

-4,207

-2,687

19,976

1,247

7,092

-9,138

-4,421

397

-372

13,266

5,281

606

733

-732

-343

-233

-333

1,409

0

0

0

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

32,692

29,925

29,567

27,683

23,691

23,015

23,617

14,351

19,939

17,331

17,321

20,718

14,956

13,822

11,564

13,616

11,664

11,548

11,584

9,287

8,562

7,825

7,069

6,721

6,633

6,149

5,773

5,275

4,586

4,722

4,423

4,395

4,535

4,458

0

0

0

Cash paid for income tax

780

666

819

832

774

452

644

371

496

257

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

-

3,480

4,106

4,106

3,517

3,459

3,459

3,459

2,864

2,528

2,528

2,528

2,390

2,336

2,430

2,469

2,401

2,390

2,296

2,266

2,175

2,175

2,319

2,309

2,312

0

0

0

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

-

7,505

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

12,167

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends and limited partners' distributions declared and unpaid

30,359

25,014

26,576

28,204

26,248

21,031

20,181

18,612

19,470

16,303

0

0

0

-

-

-

-

-

-

0

0

-

-

-

7,256

6,243

5,569

5,564

5,585

4,710

0

0

0

-

-

-

-

Accrual of development, construction and other real estate investment costs

4,735

4,330

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Forgiveness of mortgage debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Real estate investment financed with accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

0

0

0

0

-

0

0

0

-

0

0

0