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CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Real Estate Investments    
Land $ 209,688,872 $ 195,091,303
Buildings 489,571,159 393,826,467
Less accumulated depreciation (53,873,530) (59,089,851)
Property, Plant and Equipment, Net 645,386,501 529,827,919
Property under development 4,921,625 229,242
Net Real Estate Investments 650,308,126 530,057,161
Cash and Cash Equivalents 21,379,827 5,399,458
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at September 30, 2015 and December 31, 2014 6,138,906 4,507,735
Unamortized Deferred Expenses    
Financing costs, net of accumulated amortization of $3,251,313 and $2,690,005 at September 30, 2015 and December 31, 2014, respectively 3,333,365 3,008,280
Leasing costs, net of accumulated amortization of $529,866 and $543,957 at September 30, 2015 and December 31, 2014, respectively 688,200 783,335
Lease intangibles, net of accumulated amortization of $9,531,410 and $5,719,085 at September 30, 2015 and December 31, 2014, respectively 65,571,624 47,479,602
Other Assets 1,816,501 2,345,290
Total Assets 749,236,549 593,580,861
LIABILITIES    
Mortgage Notes Payable 102,295,587 106,762,238
Unsecured Term Loans 100,000,000 100,000,000
Senior Unsecured Notes 100,000,000 0
Unsecured Revolving Credit Facility 27,000,000 15,000,000
Dividends and Distributions Payable 8,942,873 8,048,404
Deferred Revenue 656,488 1,004,023
Accrued Interest Payable 1,968,820 721,459
Accounts Payable and Accrued Expense    
Capital expenditures 2,200 200,300
Operating 2,914,549 2,684,599
Interest Rate Swaps 5,038,132 2,383,308
Deferred Income Taxes 705,000 705,000
Tenant Deposits 28,608 36,156
Total Liabilities 349,552,257 237,545,487
STOCKHOLDERS' EQUITY    
Common stock, $.0001 par value, 28,000,000 shares authorized, 18,888,412 and 17,539,946 shares issued and outstanding, respectively 1,889 1,754
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value, 200,000 authorized, no shares issued and outstanding 0 0
Additional paid-in-capital 428,579,718 388,262,847
Deficit (26,452,162) (32,584,612)
Accumulated other comprehensive loss (4,933,446) (2,059,998)
Total Stockholders' Equity - Agree Realty Corporation 397,195,999 353,619,991
Non-controlling interest 2,488,293 2,415,383
Total Stockholders' Equity 399,684,292 356,035,374
Total Liabilities and Stockholders' Equity $ 749,236,549 $ 593,580,861