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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Real Estate Investments    
Land $ 371,047 $ 309,687
Buildings 820,138 703,506
Less accumulated depreciation (80,356) (69,696)
Property, Plant and Equipment, Net 1,110,829 943,497
Property under development 10,197 6,764
Net Real Estate Investments 1,121,026 950,261
Real Estate Held For Sale, net 9,003 0
Cash and Cash Equivalents 25,510 33,395
Cash Held in Escrows 1,779 0
Accounts Receivable - Tenants, net of allowance of $142 and $50 for possible losses at September 30, 2017 and December 31, 2016, respectively 15,634 11,535
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $332 and $1,262 at September 30, 2017 and December 31, 2016, respectively 1,275 1,552
Leasing costs, net of accumulated amortization of $772 and $677 at September 30, 2017 and December 31, 2016, respectively 1,601 1,227
Lease intangibles, net of accumulated amortization of $36,875 and $25,666 at September 30, 2017 and December 31, 2016, respectively 184,920 139,871
Interest Rate Swaps 1,232 1,409
Other Assets 4,993 2,722
Total Assets 1,366,973 1,141,972
LIABILITIES    
Mortgage Notes Payable, net 67,458 69,067
Unsecured Term Loans, net 158,305 158,679
Senior Unsecured Notes, net 259,112 159,176
Unsecured Revolving Credit Facility 0 14,000
Dividends and Distributions Payable 14,930 13,124
Deferred Revenue 1,452 1,823
Accrued Interest Payable 2,759 2,210
Accounts Payable and Accrued Expenses    
Capital expenditures 145 677
Operating 7,381 4,866
Lease intangibles, net of accumulated amortization of $10,246 and $7,079 at September 30, 2017 and December 31, 2016, respectively 30,529 30,047
Interest Rate Swaps 1,284 1,994
Deferred Income Taxes 705 705
Tenant Deposits 96 94
Total Liabilities 544,156 456,462
EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 29,215,835 and 26,164,977 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 3 3
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 849,442 712,069
Dividends in excess of net income (29,136) (28,558)
Accumulated other comprehensive loss (10) (536)
Total Equity - Agree Realty Corporation 820,299 682,978
Non-controlling interest 2,518 2,532
Total Equity 822,817 685,510
Total Liabilities and Equity $ 1,366,973 $ 1,141,972