Agree realty corporation (ADC)
Income statement / 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'11Sep'10Jun'10
Revenues
Rental Income

55,783

52,039

48,020

44,875

42,345

37,557

33,971

33,076

32,280

34,186

27,325

25,160

24,014

23,349

22,279

19,912

18,491

17,015

16,736

15,972

14,554

13,461

12,628

11,790

11,523

11,080

10,420

10,021

9,372

8,130

8,635

7,985

7,817

4,970

7,128

7,293

8,026

8,137

7,950

Percentage rents

-

-

-

-

-

-

-

-

-

-

0

0

212

0

7

7

183

-8

38

141

9

13

4

142

0

16

0

0

19

1

0

7

15

8

0

5

16

7

12

Operating cost reimbursement

-

-

-

-

-

-

-

-

-

-

2,791

2,881

2,344

1,899

1,845

1,934

1,589

2,031

970

1,097

1,178

845

1,010

946

1,022

602

849

579

536

279

542

612

536

-207

569

673

732

590

640

Other

26

96

55

45

3

18

82

92

46

532

271

39

-10

50

30

-9

-39

115

106

8

1

3

114

24

29

17

1

0

0

-0

14

27

17

38

28

61

22

28

16

Development fee income

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

483

411

47

138

Total Revenues

55,809

52,135

48,075

44,920

42,348

37,575

34,053

33,168

32,326

26,490

30,387

28,080

26,560

25,298

24,161

21,844

20,224

19,153

17,850

17,219

15,743

14,322

13,757

12,903

12,575

11,716

11,271

10,601

9,928

8,412

9,192

8,633

8,386

4,810

7,726

8,516

9,209

8,810

8,759

Operating Expenses
Real estate taxes

4,702

4,504

3,674

3,720

3,622

2,896

2,824

2,624

2,377

2,216

2,149

2,031

1,808

1,425

1,473

1,438

1,123

1,662

716

863

762

555

773

739

697

493

612

507

422

422

395

492

476

52

478

589

577

455

507

Property operating expenses

2,335

1,916

1,598

1,496

1,739

1,913

978

1,238

1,516

967

931

915

797

813

169

929

573

356

424

415

571

384

337

458

498

292

308

264

326

157

253

221

334

-22

305

344

421

396

330

Land lease expense

300

279

354

372

195

89

172

176

163

211

163

163

163

164

163

163

163

162

174

137

131

131

125

107

107

106

106

106

106

106

106

181

181

181

181

181

178

96

96

General and administrative

4,658

3,819

3,832

3,880

4,035

2,837

2,947

3,110

2,862

2,131

2,454

2,362

2,481

1,755

2,020

2,042

2,045

1,807

1,769

1,744

1,667

1,672

1,748

1,616

1,591

1,284

1,587

1,593

1,486

1,528

1,317

1,428

1,407

1,609

1,089

1,520

1,441

1,150

1,202

Depreciation and amortization

14,132

13,106

11,897

10,836

9,864

9,081

8,142

8,046

7,761

3,704

8,228

7,704

7,025

6,506

6,151

5,665

5,085

3,830

4,985

4,117

3,553

3,143

2,855

2,591

2,513

2,261

2,112

2,227

1,887

1,452

1,640

1,671

1,475

761

1,552

1,412

1,472

1,437

1,408

Provision for impairment

0

0

0

1,200

400

600

500

1,200

0

-

0

0

-

-

-

-

-

-

-

-

-

-

220

2,800

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Impairment charge

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

0

-

-

-

600

-

-

-

-

Total Operating Expenses

26,155

23,666

21,355

21,497

19,871

17,529

15,551

16,357

14,679

9,182

13,925

13,175

12,274

10,663

9,976

10,237

8,989

7,820

8,068

7,277

6,687

5,886

6,060

8,313

5,408

4,439

4,728

4,700

4,230

3,667

3,712

3,995

3,875

2,582

4,206

4,049

4,091

3,537

3,544

Income from Operations

29,654

28,469

26,720

23,423

22,477

20,046

18,502

16,811

17,647

17,308

16,462

14,905

14,286

14,635

14,185

11,607

11,235

11,333

9,782

9,941

9,055

8,436

7,697

4,590

7,166

7,277

6,543

5,901

5,697

4,745

5,480

4,637

4,510

2,228

3,520

4,466

5,117

5,272

5,214

Other (Expense) Income
Interest expense, net

9,669

9,729

8,352

7,455

7,558

6,908

6,538

5,961

5,465

4,922

4,666

4,411

4,138

4,106

4,091

3,497

3,649

3,405

3,505

2,933

2,460

2,478

2,439

1,874

1,794

1,875

1,634

1,525

1,440

1,508

1,344

1,145

1,136

4,975

-970

-1,058

1,009

1,097

1,124

Gain (loss) on sale of assets, net

1,645

4,333

2,597

2,949

3,427

231

3,917

2,434

4,598

4,147

524

4,780

4,742

2,831

4,415

2,718

0

0

8,599

3,456

79

-235

-292

0

0

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Income tax (expense) benefit

260

329

184

195

-170

125

125

216

50

-139

37

207

122

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on debt extinguishment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-33

-

-

-1

0

0

-179

-

0

-

-

-

-

-

-

-

-

-

-

-

2,360

-

-

-

-

Other (expense) income

-

-

-

-

-

-

-

-

-94

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income From Continuing Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,722

4,965

2,715

5,372

5,401

4,909

4,376

4,257

3,236

4,136

3,491

3,374

1,309

4,910

3,408

4,108

4,175

4,090

Gain on sale of assets from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

122

0

0

0

946

350

-320

1,159

908

-

0

0

-

-

-3

Income from discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-0

0

0

14

220

-263

153

188

1,159

209

438

458

1,801

-6,765

415

591

365

344

Total Discontinued Operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-263

153

1,134

-

-111

1,598

-

-

-

-

-

-

-

Net Income

21,370

22,744

20,781

18,722

18,516

13,338

15,756

13,068

16,636

16,672

12,283

15,067

14,768

12,907

14,476

10,828

7,586

7,926

14,876

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

4,540

4,431

Less Net Income Attributable to Non-Controlling Interest

141

185

170

158

169

126

170

145

185

176

118

191

193

174

213

167

125

135

281

201

125

125

112

61

125

139

117

116

141

140

118

150

145

109

-61

130

160

148

140

Net Income Attributable to Agree Realty Corporation

21,229

22,559

20,611

18,564

18,347

13,212

15,586

12,923

16,451

16,496

12,165

14,876

14,575

12,733

14,263

10,661

7,461

7,791

14,595

10,263

6,368

5,596

4,852

2,654

5,384

5,483

4,528

4,412

5,250

4,606

3,906

4,939

4,596

3,111

-1,793

3,693

4,539

4,391

4,291

Net Income Per Share Attributable to Agree Realty Corporation
Continuing operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.36

0.33

0.18

0.36

0.38

0.37

0.33

0.33

0.28

0.36

0.30

0.31

0.14

0.49

0.34

0.41

-

-

Discontinued operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

0.01

0.02

-0.02

0.01

0.09

0.13

-0.01

0.14

0.12

0.19

-0.68

0.04

0.06

-

-

Basic

0.47

0.53

0.49

0.45

0.49

0.36

0.49

0.42

0.53

0.55

0.42

0.56

0.56

0.52

0.61

0.48

0.36

0.40

0.81

0.59

0.37

0.36

0.33

0.18

0.37

0.40

0.35

0.34

0.42

0.41

0.35

0.44

0.43

0.33

-0.19

0.38

0.47

0.46

0.46

Continuing operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.36

0.33

0.18

0.36

0.38

0.37

0.33

0.32

0.27

0.36

0.30

0.31

0.13

0.49

0.34

0.41

-

-

Discontinued operations (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.00

0.00

0.00

0.01

0.02

-0.02

0.01

0.09

0.13

-0.01

0.14

0.12

0.20

-0.68

0.04

0.06

-

-

Diluted

0.46

0.52

0.48

0.45

0.48

0.36

0.48

0.41

0.53

0.54

0.42

0.56

0.56

0.52

0.61

0.48

0.36

0.40

0.81

0.58

0.37

0.36

0.33

0.18

0.37

0.40

0.35

0.34

0.41

0.40

0.35

0.44

0.43

0.33

-0.19

0.38

0.47

0.46

0.46

Other Comprehensive Income
Net income

21,370

22,744

20,781

18,722

18,516

13,338

15,756

13,068

16,636

16,672

12,283

15,067

14,768

12,907

14,476

10,828

7,586

7,926

14,876

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

4,540

4,431

Changes in fair value of interest rate swaps

-33,025

5,842

-7,418

-3,794

-3,405

-3,112

454

792

1,920

1,402

203

-411

741

5,852

1,378

-1,677

-2,935

1,835

-2,538

1,621

-2,011

-2,000

727

-850

-460

800

-549

1,311

250

-4

-177

-579

52

-

20

-105

-

-

-

Realized gain (loss) on settlement of interest rate swaps

-17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total Comprehensive Income (Loss)

-11,672

29,374

13,363

14,928

15,111

10,226

16,210

13,860

18,556

18,615

12,337

14,467

15,306

18,502

15,625

9,011

4,574

9,038

12,338

12,086

4,482

3,634

5,563

1,823

4,934

6,262

3,992

5,690

5,494

4,602

3,734

4,376

4,647

-

-

-

-

-

-

Comprehensive Income (Loss) Attributable to Agree Realty Corporation

-11,563

29,135

13,254

14,803

14,973

10,129

16,036

13,706

18,350

17,372

12,486

14,656

15,509

18,759

15,854

9,151

4,651

10,312

12,107

11,853

4,395

3,721

5,692

1,865

5,049

6,422

4,095

5,841

5,642

4,742

3,848

4,510

4,794

3,581

-1,772

3,587

4,657

-

-

Less Comprehensive Income Attributable to Non-Controlling Interest

-109

239

109

125

138

97

174

154

206

161

149

189

203

257

229

140

77

174

231

232

86

86

129

42

114

159

103

150

148

926

-113

-133

-147

-

-

-

-

-

-

Other Comprehensive Income, Net of $1,621 and $4,153 Attributable to Non-Controlling Interest, respectively

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

117

-

-

Dividends Declared Per Share (in dollars per share)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.40

0.40

0.40

0.51

0.51

Weighted Average Number of Common Shares Outstanding - Basic

45,436

42,376

41,832

40,612

37,487

34,899

31,758

30,821

30,801

29,584

28,573

26,389

25,953

25,396

23,454

22,185

20,438

19,094

18,008

17,539

17,369

15,403

14,713

14,714

14,698

13,652

12,983

12,985

12,641

11,193

11,185

11,183

10,722

9,665

9,635

9,628

9,619

9,580

9,317

Weighted Average Number of Common Shares Outstanding - Diluted

45,565

43,114

42,318

41,141

38,320

35,243

32,287

31,222

30,851

29,678

28,656

26,457

26,009

25,530

23,563

22,265

20,480

19,193

18,064

17,587

17,416

15,564

14,782

14,775

14,745

13,807

13,063

13,065

12,693

11,340

11,238

11,213

10,754

9,753

9,666

9,655

9,648

9,618

9,349