XML 18 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues        
Minimum rents $ 27,325 $ 22,279 $ 76,500 $ 60,682
Percentage rents 0 7 212 197
Operating cost reimbursement 2,791 1,845 8,016 5,368
Other income 271 30 299 (18)
Total Revenues 30,387 24,161 85,027 66,229
Operating Expenses        
Real estate taxes 2,149 1,473 5,988 4,035
Property operating expenses 931 169 2,641 1,669
Land lease payments 163 163 490 490
General and administrative 2,491 2,020 7,665 6,107
Depreciation and amortization 8,228 6,151 22,956 16,901
Total Operating Expenses 13,962 9,976 39,740 29,202
Income from Operations 16,425 14,185 45,287 37,027
Other (Expense) Income        
Interest expense, net (4,666) (4,091) (13,213) (11,236)
Gain (Loss) on sale of assets, net 524 4,415 10,045 7,133
Loss on debt extinguishment 0 (33) 0 (33)
Net Income 12,283 14,476 42,119 32,891
Less Net Income Attributable to Non-Controlling Interest 118 213 501 506
Net Income Attributable to Agree Realty Corporation $ 12,165 $ 14,263 $ 41,618 $ 32,385
Net Income Per Share Attributable to Agree Realty Corporation        
Basic (in dollars per share) $ 0.42 $ 0.61 $ 1.53 $ 1.47
Diluted (in dollars per share) $ 0.42 $ 0.61 $ 1.52 $ 1.46
Other Comprehensive Income        
Net income $ 12,283 $ 14,476 $ 42,119 $ 32,891
Other Comprehensive Income (Loss) - Gain (Loss) on Interest Rate Swaps 203 1,378 533 (3,236)
Total Comprehensive Income 12,486 15,854 42,652 29,655
Comprehensive Income Attributable to Non-Controlling Interest (149) (229) (509) (456)
Comprehensive Income Attributable to Agree Realty Corporation $ 12,337 $ 15,625 $ 42,143 $ 29,199
Diluted Earnings Per Share        
Weighted Average Number of Common Shares Outstanding - Basic: (in shares) 28,573,022 23,454,083 26,988,589 22,034,389
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares) 28,656,684 23,563,331 27,069,352 22,127,329