AGREE REALTY CORPORATION ADC Income Statement

Agree realty corporation (ADC)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Rental Income
200,717	187,279	172,797	158,748	146,949	136,884	133,513	126,867	118,951	110,685	99,848	94,802	89,554	84,031	77,697	72,154	68,214	64,278	60,723	56,615	52,433	49,403	47,021	44,814	43,045	40,895	37,945	36,160	34,124	32,568	29,408	27,901	27,209	27,418	30,585	31,407	0	0	0
Percentage rents
-	-	-	-	-	-	-	-	-	-	212	219	226	197	188	219	353	180	201	168	169	160	163	158	16	36	21	21	28	24	31	32	29	30	29	41	0	0	0
Operating cost reimbursement
-	-	-	-	-	-	-	-	-	-	9,915	8,969	8,022	7,267	7,399	6,524	5,687	5,277	4,091	4,131	3,980	3,825	3,581	3,421	3,054	2,567	2,245	1,937	1,970	1,970	1,483	1,510	1,572	1,768	2,565	2,636	0	0	0
Other
222	199	121	148	195	238	752	941	888	832	350	109	61	32	97	173	190	231	118	127	143	171	185	72	48	19	1	14	42	59	98	111	145	150	139	128	0	0	0
Development fee income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	894	941	1,080	0	0	0
Total Revenues
200,939	187,478	172,918	158,896	147,144	137,122	126,037	122,371	117,283	111,517	110,325	104,099	97,863	91,527	85,382	79,071	74,446	69,966	65,135	61,042	56,726	53,559	50,952	48,467	46,164	43,517	40,213	38,134	36,166	34,624	31,022	29,556	29,439	30,263	34,262	35,294	0	0	0
Operating Expenses
Real estate taxes
16,600	15,520	13,912	13,062	11,966	10,721	10,041	9,366	8,773	8,204	7,413	6,737	6,144	5,459	5,696	4,939	4,365	4,005	2,897	2,955	2,831	2,766	2,703	2,542	2,310	2,035	1,965	1,748	1,732	1,785	1,416	1,499	1,597	1,699	2,101	2,130	0	0	0
Property operating expenses
7,345	6,749	6,746	6,126	5,868	5,645	4,699	4,652	4,329	3,610	3,456	2,694	2,708	2,484	2,027	2,282	1,769	1,768	1,795	1,709	1,751	1,679	1,587	1,558	1,364	1,192	1,056	1,001	959	967	788	839	961	1,048	1,467	1,492	0	0	0
Land lease expense
1,305	1,200	1,010	828	632	600	722	713	700	700	653	653	653	653	651	662	637	606	574	525	495	471	446	428	428	427	427	426	500	574	649	724	724	721	637	552	0	0	0
General and administrative
16,189	15,566	14,584	13,699	12,929	11,756	11,050	10,557	9,809	9,428	9,052	8,618	8,298	7,862	7,914	7,663	7,365	6,988	6,852	6,831	6,704	6,629	6,241	6,080	6,057	5,952	6,196	5,925	5,760	5,681	5,762	5,535	5,627	5,661	5,203	5,315	0	0	0
Depreciation and amortization
49,971	45,703	41,678	37,923	35,133	33,030	27,653	27,739	27,397	26,661	29,463	27,386	25,347	23,407	20,731	19,565	18,017	16,486	15,798	13,669	12,142	11,103	10,221	9,478	9,114	8,489	7,680	7,208	6,652	6,240	5,549	5,461	5,202	5,199	5,875	5,731	0	0	0
Provision for impairment
1,200	1,600	2,200	2,700	2,700	2,300	1,700	1,200	0	-	0	0	-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Impairment charge
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	-	-	-	0	-	-	-	-
Total Operating Expenses
92,673	86,389	80,252	74,448	69,308	64,116	55,769	54,143	50,961	48,556	50,037	46,088	43,150	39,865	37,022	35,114	32,154	29,853	27,919	25,911	26,946	25,668	24,221	22,889	19,276	18,098	17,325	16,310	15,605	15,250	14,165	14,660	14,714	14,930	15,884	15,222	0	0	0
Income from Operations
108,266	101,089	92,666	84,448	77,836	73,006	70,268	68,228	66,322	62,961	60,288	58,011	54,713	51,662	48,360	43,957	42,292	40,113	37,216	35,131	29,780	27,891	26,731	25,577	26,888	25,419	22,887	21,824	20,560	19,373	16,856	14,896	14,725	15,332	18,377	20,071	0	0	0
Other (Expense) Income
Interest expense, net
35,205	33,094	30,273	28,459	26,965	24,872	22,886	21,014	19,464	18,137	17,321	16,746	15,832	15,343	14,642	14,056	13,493	12,305	11,377	10,312	9,253	8,587	7,983	7,178	6,828	6,474	6,107	5,817	5,438	5,134	8,601	6,287	4,083	3,956	78	2,172	0	0	0
Gain (loss) on sale of assets, net
11,524	13,306	9,204	10,524	10,009	11,180	15,096	11,703	14,049	14,193	12,877	16,768	14,706	9,964	7,133	11,317	12,055	12,135	11,898	3,007	-448	-528	-292	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Income tax (expense) benefit
968	538	334	275	296	516	252	164	155	227	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on debt extinguishment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-181	-179	0	0	-	0	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Other (expense) income
-	-	-	-	-	-	-	-	253	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income From Continuing Operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,776	18,455	18,399	20,059	18,944	16,780	16,006	15,122	14,239	12,312	13,086	13,002	13,736	16,601	15,781	0	0	0
Gain on sale of assets from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	123	122	122	122	946	1,296	975	2,135	2,097	1,746	2,067	0	-	0	0	-	-	0
Income from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14	234	-28	124	298	1,237	1,710	1,996	2,266	2,909	-4,066	-4,089	-3,956	-5,393	1,717	0	0	0
Total Discontinued Operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	-	-	-	-	-	-	-
Net Income
83,617	80,763	71,357	66,332	60,678	58,798	62,132	58,659	60,658	58,790	55,025	57,218	52,979	45,797	40,816	41,216	40,853	39,762	37,557	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	11,208	17,495	0	0	0
Less Net Income Attributable to Non-Controlling Interest
654	682	623	623	610	626	676	624	670	678	676	771	747	679	640	708	743	744	733	565	425	425	438	443	498	515	516	516	550	554	523	343	323	338	377	579	0	0	0
Net Income Attributable to Agree Realty Corporation
82,963	80,081	70,734	65,709	60,068	58,172	61,456	58,035	59,988	58,112	54,349	56,447	52,232	45,118	40,176	40,508	40,110	39,018	36,823	27,081	19,472	18,488	18,374	18,049	19,808	19,674	18,798	18,176	18,703	18,049	16,554	10,854	9,607	9,551	10,831	16,915	0	0	0
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
83,617	80,763	71,357	66,332	60,678	58,798	62,132	58,659	60,658	58,790	55,025	57,218	52,979	45,797	40,816	41,216	40,853	39,762	37,557	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	11,208	17,495	0	0	0
Changes in fair value of interest rate swaps
-38,395	-8,775	-17,729	-9,857	-5,271	54	4,568	4,317	3,114	1,935	6,385	7,560	6,294	2,618	-1,398	-5,314	-2,016	-1,093	-4,929	-1,664	-4,135	-2,584	217	-1,059	1,101	1,812	1,007	1,380	-510	-708	-683	-611	0	-	0	0	-	-	-
Realized gain (loss) on settlement of interest rate swaps
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Comprehensive Income (Loss)
45,993	72,776	53,628	56,475	55,407	58,852	67,241	63,368	63,975	60,725	60,612	63,900	58,444	47,712	38,248	34,961	38,036	37,945	32,540	25,766	15,503	15,956	18,584	17,013	20,880	21,440	19,780	19,522	18,209	17,361	0	0	0	-	-	-	-	-	-
Comprehensive Income (Loss) Attributable to Agree Realty Corporation
45,629	72,165	53,159	55,941	54,844	58,221	65,464	61,914	62,864	60,023	61,410	64,778	59,273	48,415	39,968	36,221	38,924	38,669	32,077	25,663	15,675	16,329	19,030	17,433	21,408	22,002	20,322	20,074	18,743	17,895	16,733	11,113	10,190	10,053	0	0	0	-	-
Less Comprehensive Income Attributable to Non-Controlling Interest
364	611	469	534	563	631	695	670	705	702	798	878	829	703	620	622	714	724	636	534	345	373	445	420	528	561	1,328	1,112	828	533	0	0	0	-	-	-	-	-	-
Other Comprehensive Income, Net of $1,621 and $4,153 Attributable to Non-Controlling Interest, respectively
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-
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