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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Real Estate Investments    
Land $ 309,687 $ 225,274
Buildings 703,506 526,912
Less accumulated depreciation (69,696) (56,401)
Property, Plant and Equipment, Net 943,497 695,785
Property under development 6,764 3,663
Net Real Estate Investments 950,261 699,448
Cash and Cash Equivalents 33,395 2,712
Accounts Receivable - Tenants, net of allowance of $50 and $35 for possible losses at December 31, 2016 and December 31, 2015, respectively 11,535 7,418
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $1,262 and $1,532 at December 31, 2016 and December 31, 2015, respectively 1,552 543
Leasing costs, net of accumulated amortization of $677 and $554 at December 31, 2016 and December 31, 2015, respectively 1,227 665
Lease intangibles, net of accumulated amortization of $18,588 and $10,578 at December 31, 2016 and December 31, 2015, respectively 109,824 76,552
Interest Rate Swaps 1,409 98
Other Assets 2,722 2,471
Total Assets 1,111,925 789,907
LIABILITIES    
Mortgage Notes Payable, net 69,067 100,391
Unsecured Term Loans, net 158,679 99,390
Senior Unsecured Notes, net 159,176 99,161
Unsecured Revolving Credit Facility 14,000 18,000
Dividends and Distributions Payable 13,124 9,758
Deferred Revenue 1,823 1,708
Accrued Interest Payable 2,210 963
Accounts Payable and Accrued Expenses    
Capital expenditures 677 122
Operating 4,866 2,759
Interest Rate Swaps 1,994 3,301
Deferred Income Taxes 705 705
Tenant Deposits 94 29
Total Liabilities 426,415 336,287
STOCKHOLDERS' EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 26,164,977 and 20,637,301 shares issued and outstanding, respectively 3 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 712,069 482,514
Dividends in excess of net income (28,558) (28,262)
Accumulated other comprehensive loss (536) (3,130)
Total Stockholders' Equity - Agree Realty Corporation 682,978 451,124
Non-controlling interest 2,532 2,496
Total Stockholders' Equity 685,510 453,620
Total Liabilities and Stockholders' Equity $ 1,111,925 $ 789,907