XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues        
Minimum rents $ 19,911,907 $ 15,972,170 $ 38,402,943 $ 30,526,181
Percentage rents 6,509 141,017 189,854 150,828
Operating cost reimbursement 1,934,119 1,097,938 3,523,178 2,275,963
Other income (8,715) 8,326 (48,296) 9,536
Total Revenues 21,843,820 17,219,451 42,067,679 32,962,508
Operating Expenses        
Real estate taxes 1,438,089 863,357 2,560,753 1,626,280
Property operating expenses 928,388 415,707 1,501,414 987,097
Land lease payments 163,275 137,282 326,551 269,145
General and administrative 2,042,089 1,744,026 4,087,112 3,411,632
Depreciation and amortization 5,664,701 4,117,182 10,749,952 7,670,763
Total Operating Expenses 10,236,542 7,277,554 19,225,782 13,964,917
Income from Operations 11,607,278 9,941,897 22,841,897 18,997,591
Other (Expense) Income        
Interest expense, net (3,496,855) (2,933,269) (7,145,146) (5,394,024)
Gain (loss) on sale of assets 2,717,903 3,456,206 2,717,903 3,535,310
Loss on debt extinguishment 0 0 0 (179,867)
Net Income 10,828,326 10,464,834 18,414,654 16,959,010
Less Net Income Attributable to Non-Controlling Interest 166,996 201,237 292,488 327,054
Net Income Attributable to Agree Realty Corporation $ 10,661,330 $ 10,263,597 $ 18,122,166 $ 16,631,956
Net Income Per Share Attributable to Agree Corporation        
Basic (in dollars per share) $ 0.48 $ 0.59 $ 0.85 $ 0.95
Diluted (in dollars per share) $ 0.48 $ 0.58 $ 0.85 $ 0.95
Other Comprehensive Income        
Net income $ 10,828,326 $ 10,464,834 $ 18,414,654 $ 16,959,010
Other Comprehensive Income (Loss) (1,677,250) 1,621,177 (4,612,927) (390,650)
Total Comprehensive Income 9,151,076 12,086,011 13,801,727 16,568,360
Comprehensive Income Attributable to Non-Controlling Interest (139,801) (232,027) (219,578) (319,520)
Comprehensive Income Attributable to Agree Realty Corporation $ 9,011,275 $ 11,853,984 $ 13,582,149 $ 16,248,840
Basic Earnings Per Share        
Weighted Average Number of Common Shares Outstanding - Basic: (in shares) 22,185,525 17,539,358 21,315,541 17,457,699
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares) 22,265,139 17,587,052 21,385,098 17,511,418