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CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Real Estate Investments    
Land $ 284,938,479 $ 225,273,640
Buildings 628,219,043 526,911,997
Less accumulated depreciation (62,943,655) (56,401,423)
Property, Plant and Equipment, Net 850,213,867 695,784,214
Property under development 4,090,845 3,663,301
Net Real Estate Investments 854,304,712 699,447,515
Cash and Cash Equivalents 4,034,580 2,711,588
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at June 30, 2016 and December 31, 2015 9,974,171 7,418,327
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $1,636,680 and $1,531,671 at June 30, 2016 and December 31, 2015, respectively 437,780 542,789
Leasing costs, net of accumulated amortization of $599,218 and $553,502 at June 30, 2016 and December 31, 2015, respectively 1,139,576 664,565
Lease intangibles, net of accumulated amortization of $14,290,255 and $10,577,794 at June 30, 2016 and December 31, 2015, respectively 100,510,847 76,552,316
Other Assets 2,702,462 2,569,659
Total Assets 973,104,128 789,906,759
LIABILITIES    
Mortgage Notes Payable 90,464,356 100,390,969
Unsecured Term Loans 99,417,855 99,389,620
Senior Unsecured Notes 99,197,009 99,161,001
Unsecured Revolving Credit Facility 98,000,000 18,000,000
Dividends and Distributions Payable 11,513,022 9,757,988
Deferred Revenue 308,953 540,643
Accrued Interest Payable 878,054 962,825
Accounts Payable and Accrued Expense    
Capital expenditures 289,374 122,496
Operating 5,734,439 3,926,962
Interest Rate Swaps 7,815,472 3,301,108
Deferred Income Taxes 705,000 705,000
Tenant Deposits 93,725 28,608
Total Liabilities 414,417,259 336,287,220
STOCKHOLDERS' EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 23,637,843 and 20,637,301 shares issued and outstanding, respectively 2,364 2,064
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 595,105,083 482,514,380
Dividends in excess of net income (31,137,175) (28,262,441)
Accumulated other comprehensive loss (7,669,118) (3,130,376)
Total Stockholders' Equity - Agree Realty Corporation 556,301,154 451,123,627
Non-controlling interest 2,385,715 2,495,912
Total Stockholders' Equity 558,686,869 453,619,539
Total Liabilities and Stockholders' Equity $ 973,104,128 $ 789,906,759