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