AGREE REALTY CORPORATION ADC Income Statement

Agree realty corporation (ADC)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Revenues
Rental Income
187,279	136,884	110,685	84,031	64,278	49,403	40,895	32,568	27,418	24,667	25,689
Percentage rents
-	-	-	197	180	160	36	24	30	34	15
Operating cost reimbursement
-	-	-	7,267	5,277	3,825	2,567	1,970	1,768	2,032	2,506
Other
199	238	832	32	231	171	19	59	150	97	30
Development fee income
-	-	-	-	-	-	-	-	894	589	409
Total Revenues
187,478	137,122	111,517	91,527	69,966	53,559	43,517	34,624	30,263	27,422	28,651
Operating Expenses
Real estate taxes
15,520	10,721	8,204	5,459	4,005	2,766	2,035	1,785	1,699	1,533	1,891
Property operating expenses
6,749	5,645	3,610	2,484	1,768	1,679	1,192	967	1,048	1,110	1,466
Land lease expense
1,200	600	700	653	606	471	427	574	721	476	387
General and administrative
15,566	11,756	9,428	7,862	6,988	6,629	5,952	5,681	5,661	5,003	4,559
Depreciation and amortization
45,703	33,030	26,661	23,407	16,486	11,103	8,489	6,240	5,199	4,333	4,523
Provision for impairment
1,600	2,300	0	0	-	3,020	0	0	-	-	0
Impairment charge
-	-	-	-	-	-	-	-	600	6,160	-
Total Operating Expenses
86,389	64,116	48,556	39,865	29,853	25,668	18,098	15,250	14,930	18,617	12,827
Income from Operations
101,089	73,006	62,961	51,662	40,113	27,891	25,419	19,373	15,332	8,805	15,824
Other (Expense) Income
Interest expense, net
33,094	24,872	18,137	15,343	12,305	8,587	6,474	5,134	3,956	3,460	-3,309
Gain (loss) on sale of assets, net
13,306	11,180	14,193	9,964	12,135	-528	0	0	-	-	-
Income tax (expense) benefit
538	516	227	153	-	-	-	-	-	-	-
Loss on debt extinguishment
-	-	-	-333	-181	0	0	-	2,360	0	0
Other (expense) income
-	-	-	-	0	-	-	-	-	-	-
Income From Continuing Operations
-	-	-	-	-	18,776	18,944	14,239	13,736	5,344	12,514
Gain on sale of assets from discontinued operations
-	-	-	-	-	123	946	2,097	110	4,737	0
Income from discontinued operations
-	-	-	-	-	14	298	2,266	-3,956	5,545	5,479
Net Income
80,763	58,798	58,790	45,797	39,762	18,913	20,189	18,603	9,889	15,627	17,994
Less Net Income Attributable to Non-Controlling Interest
682	626	678	679	744	425	515	554	338	561	950
Net Income Attributable to Agree Realty Corporation
80,081	58,172	58,112	45,118	39,018	18,488	19,674	18,049	9,551	15,066	17,043
Net Income Per Share Attributable to Agree Realty Corporation
Continuing operations (in dollars per share)
-	-	-	-	-	1.23	1.41	1.25	1.38	0.57	1.50
Discontinued operations (in dollars per share)
-	-	-	-	-	0.01	0.10	0.38	-0.39	1.08	0.65
Basic
1.96	1.80	2.09	1.97	2.17	1.24	1.51	1.63	0.99	1.65	2.15
Continuing operations (in dollars per share)
-	-	-	-	-	1.23	1.40	1.24	1.37	0.56	1.49
Discontinued operations (in dollars per share)
-	-	-	-	-	0.01	0.10	0.38	-0.38	1.08	0.65
Diluted
1.93	1.78	2.08	1.97	2.16	1.24	1.50	1.62	0.99	1.64	2.14
Other Comprehensive Income
Net income
80,763	58,798	58,790	45,797	39,762	18,913	20,189	18,603	9,889	15,627	17,994
Changes in fair value of interest rate swaps
-8,775	54	1,935	2,618	-1,093	-2,584	1,812	-708	163	-718	-70
Realized gain (loss) on settlement of interest rate swaps
788	-	-	-	-	-	-	-	-	-	-
Total Comprehensive Income (Loss)
72,776	58,852	60,725	47,712	37,945	15,956	21,440	17,361	9,709	14,372	-
Comprehensive Income (Loss) Attributable to Agree Realty Corporation
72,165	58,221	60,023	48,415	38,669	16,329	22,002	17,895	10,053	14,909	16,973
Less Comprehensive Income Attributable to Non-Controlling Interest
611	631	702	703	724	373	561	533	-343	-536	-
Weighted Average Number of Common Shares Outstanding - Basic
40,577	32,070	27,625	22,868	18,003	14,882	13,065	11,071	9,637	9,155	-
Weighted Average Number of Common Shares Outstanding - Diluted
41,223	32,401	27,700	22,959	18,065	14,966	13,157	11,136	9,681	9,191	-