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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues        
Minimum rents $ 16,735,634 $ 12,628,111 $ 47,261,815 $ 35,941,801
Percentage rents 37,920 4,695 188,748 146,876
Operating cost reimbursement 970,555 1,010,157 3,246,518 2,979,738
Other income 105,703 114,462 115,238 167,838
Total Revenues 17,849,812 13,757,425 50,812,319 39,236,253
Operating Expenses        
Real estate taxes 715,685 773,647 2,341,965 2,210,622
Property operating expenses 424,296 337,811 1,411,393 1,294,631
Land lease payments 173,713 125,327 442,858 339,877
General and administrative 1,768,895 1,748,209 5,180,527 4,956,897
Depreciation and amortization 5,525,901 2,855,066 13,196,664 7,959,812
Impairment charge 0 220,000 0 3,020,000
Total Operating Expenses 8,608,490 6,060,060 22,573,407 19,781,839
Income from Operations 9,241,322 7,697,365 28,238,912 19,454,414
Other (Expense) Income        
Interest expense, net (2,964,319) (2,439,105) (8,358,343) (6,108,076)
Gain (Loss) on sale of assets 8,599,261 (292,652) 12,134,571 (292,652)
Loss on debt extinguishment 0 0 (179,867) 0
Income From Continuing Operations 14,876,264 4,965,608 31,835,273 13,053,686
Discontinued Operations        
Gain on sale of assets from discontinued operations 0 0 0 122,747
Income from discontinued operations 0 0 0 14,573
Net Income 14,876,264 4,965,608 31,835,273 13,191,006
Less Net Income Attributable to Non-Controlling Interest 280,801 112,763 607,854 299,576
Net Income Attributable to Agree Realty Corporation $ 14,595,463 $ 4,852,845 $ 31,227,419 $ 12,891,430
Basic Earnings Per Share        
Continuing operations (in dollars per share) $ 0.81 $ 0.33 $ 1.77 $ 0.87
Discontinued operations (in dollars per share) 0 0 0 0.01
Earnings Per Share, Basic (in dollars per share) 0.81 0.33 1.77 0.88
Diluted Earnings Per Share        
Continuing operations (in dollars per share) 0.81 0.33 1.76 0.86
Discontinued operations (in dollars per share) 0 0 0 0.01
Earnings Per Share, Diluted (in dollars per share) $ 0.81 $ 0.33 $ 1.76 $ 0.87
Other Comprehensive Income        
Net income $ 14,876,264 $ 4,965,608 $ 31,835,273 $ 13,191,006
Other Comprehensive Income (Loss) (2,538,187) 727,135 (2,928,837) (583,107)
Total Comprehensive Income 12,338,077 5,692,743 28,906,436 12,607,899
Comprehensive Income Attributable to Non-Controlling Interest (231,073) (129,269) (552,114) (286,339)
Comprehensive Income Attributable to Agree Realty Corporation $ 12,107,004 $ 5,563,474 $ 28,354,322 $ 12,321,560
Weighted Average Number of Common Shares Outstanding - Basic (in shares) 18,008,592 14,713,740 17,653,482 14,712,352
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) 18,064,318 14,782,051 17,716,362 14,782,484