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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2016
Dec. 31, 2015
Real Estate Investments    
Land $ 295,311 $ 225,274
Buildings 662,612 526,912
Less accumulated depreciation (65,884) (56,401)
Property, Plant and Equipment, Net 892,039 695,785
Property under development 5,795 3,663
Net Real Estate Investments 897,834 699,448
Cash and Cash Equivalents 11,491 2,712
Cash Held in Escrows 12,292 0
Accounts Receivable - Tenants, net of allowance of $50 and $35 for possible losses at September 30, 2016 and December 31, 2015 10,623 7,418
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $1,693 and $1,532 at September 30, 2016 and December 31, 2015, respectively 406 543
Leasing costs, net of accumulated amortization of $637 and $554 at September 30, 2016 and December 31, 2015, respectively 1,229 665
Lease intangibles, net of accumulated amortization of $16,438 and $10,578 at September 30, 2016 and December 31, 2015, respectively 102,602 76,552
Other Assets 2,336 2,569
Total Assets 1,038,813 789,907
LIABILITIES    
Mortgage Notes Payable 69,594 100,391
Unsecured Term Loans 159,211 99,390
Senior Unsecured Notes 159,156 99,161
Unsecured Revolving Credit Facility 47,000 18,000
Dividends and Distributions Payable 11,631 9,758
Deferred Revenue 0 541
Accrued Interest Payable 2,571 963
Accounts Payable and Accrued Expenses    
Capital expenditures 136 122
Operating 6,847 3,926
Interest Rate Swaps 6,437 3,301
Deferred Income Taxes 705 705
Tenant Deposits 94 29
Total Liabilities 463,382 336,287
STOCKHOLDERS' EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 23,884,220 and 20,637,301 shares issued and outstanding, respectively 2 2
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 607,627 482,514
Dividends in excess of net income (28,339) (28,262)
Accumulated other comprehensive loss (6,311) (3,130)
Total Stockholders' Equity - Agree Realty Corporation 572,979 451,124
Non-controlling interest 2,452 2,496
Total Stockholders' Equity 575,431 453,620
Total Liabilities and Stockholders' Equity $ 1,038,813 $ 789,907