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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2015
Dec. 31, 2014
Real Estate Investments    
Land $ 225,273,640 $ 195,091,303
Buildings 526,911,997 393,826,467
Less accumulated depreciation (56,401,423) (59,089,851)
Property, Plant and Equipment, Net 695,784,214 529,827,919
Property under development 3,663,301 229,242
Net Real Estate Investments 699,447,515 530,057,161
Cash and Cash Equivalents 2,711,588 5,399,458
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at December 31, 2015 and December 31, 2014 7,418,327 4,507,735
Unamortized Deferred Expenses    
Financing costs, net of accumulated amortization of $3,409,110 and $2,690,005 at December 31, 2015 and December 31, 2014, respectively 3,185,567 3,008,280
Leasing costs, net of accumulated amortization of $553,502 and $543,957 at December 31, 2015 and December 31, 2014, respectively 664,565 783,335
Lease intangibles, net of accumulated amortization of $10,577,794 and $5,719,085 at December 31, 2015 and December 31, 2014, respectively 76,552,316 47,479,602
Other Assets 2,569,659 2,345,290
Total Assets 792,549,537 593,580,861
LIABILITIES    
Mortgage Notes Payable 101,584,368 106,762,238
Unsecured Term Loans 100,000,000 100,000,000
Senior Unsecured Notes 100,000,000 0
Unsecured Revolving Credit Facility 18,000,000 15,000,000
Dividends and Distributions Payable 9,757,988 8,048,404
Deferred Revenue 540,643 1,004,023
Accrued Interest Payable 962,825 721,459
Accounts Payable and Accrued Expense    
Capital expenditures 122,496 200,300
Operating 3,926,962 2,684,599
Interest Rate Swaps 3,301,108 2,383,308
Deferred Income Taxes 705,000 705,000
Tenant Deposits 28,608 36,156
Total Liabilities 338,929,998 237,545,487
STOCKHOLDERS' EQUITY    
Common stock, $.0001 par value, 28,000,000 shares authorized, 20,637,301 and 17,539,946 shares issued and outstanding, respectively 2,064 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 482,514,380 388,262,847
Dividends in excess of net income (28,262,441) (32,584,612)
Accumulated other comprehensive loss (3,130,376) (2,059,998)
Total Stockholders' Equity - Agree Realty Corporation 451,123,627 353,619,991
Non-controlling interest 2,495,912 2,415,383
Total Stockholders' Equity 453,619,539 356,035,374
Total Liabilities and Stockholders' Equity $ 792,549,537 $ 593,580,861