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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Real Estate Investments    
Land $ 405,457 $ 309,687
Buildings 868,396 703,506
Less accumulated depreciation (85,239) (69,696)
Property, Plant and Equipment, Net 1,188,614 943,497
Property under development 25,402 6,764
Net Real Estate Investments 1,214,016 950,261
Real Estate Held For Sale, net 2,420 0
Cash and Cash Equivalents 50,807 33,395
Cash Held in Escrows 7,975 0
Accounts Receivable - Tenants, net of allowance of$296 and $50 for possible losses at December 31, 2017 and December 31, 2016, respectively. 15,477 11,535
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $433 and $1,262 at December 31, 2017 and December 31, 2016, respectively 1,174 1,552
Leasing costs, net of accumulated amortization of $814 and $677 at December 31, 2017 and December 31, 2016, respectively 1,583 1,227
Lease intangibles, net of accumulated amortization of $41,390 and $25,666 at December 31, 2017 and December 31, 2016, respectively 195,158 139,871
Interest Rate Swaps 1,592 1,409
Other Assets, net 4,432 2,722
Total Assets 1,494,634 1,141,972
LIABILITIES    
Mortgage Notes Payable, net 88,270 69,067
Unsecured Term Loans, net 158,171 158,679
Senior Unsecured Notes, net 259,122 159,176
Unsecured Revolving Credit Facility 14,000 14,000
Dividends and Distributions Payable 16,303 13,124
Deferred Revenue 1,837 1,823
Accrued Interest Payable 3,412 2,210
Accounts Payable and Accrued Expenses    
Capital expenditures 354 677
Operating 10,811 4,866
Lease intangibles, net of accumulated amortization of $11,357 and $7,079 at December 31, 2017 and December 31, 2016, respectively 30,350 30,047
Interest Rate Swaps 242 1,994
Deferred Income Taxes 475 705
Tenant Deposits 97 94
Total Liabilities 583,444 456,462
EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 31,004,900 and 26,164,977 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively 3 3
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorizedSeries A junior participating preferred stock, $.0001 par value, 200,000 authorized, no shares issued and outstanding 0 0
Additional paid-in-capital 936,046 712,069
Dividends in excess of net income (28,763) (28,558)
Accumulated other comprehensive income (loss) 1,375 (536)
Total Equity - Agree Realty Corporation 908,661 682,978
Non-controlling interest 2,529 2,532
Total Equity 911,190 685,510
Total Liabilities and Equity $ 1,494,634 $ 1,141,972