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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Real Estate Investments    
Land $ 426,937 $ 405,457
Buildings 922,433 868,396
Less accumulated depreciation (89,503) (85,239)
Property, Plant and Equipment, Net 1,259,867 1,188,614
Property under development 11,702 25,402
Net Real Estate Investments 1,271,569 1,214,016
Real Estate Held For Sale, net 7,696 2,420
Cash and Cash Equivalents 2,230 50,807
Cash Held in Escrows 8,874 7,975
Accounts Receivable - Tenants, net of allowance of $278 and $296 for possible losses at March 31, 2018 and December 31, 2017, respectively 17,947 15,477
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $509 and $433 at March 31, 2018 and December 31, 2017, respectively 1,073 1,174
Leasing costs, net of accumulated amortization of $739 and $814 at March 31, 2018 and December 31, 2017, respectively 1,551 1,583
Lease intangibles, net of accumulated amortization of $47,000 and $41,390 at March 31, 2018 and December 31, 2017, respectively 208,663 195,158
Interest Rate Swaps 3,270 1,592
Other Assets, net 4,374 4,432
Total Assets 1,527,247 1,494,634
LIABILITIES    
Mortgage Notes Payable, net 62,724 88,270
Unsecured Term Loans, net 158,037 158,171
Senior Unsecured Notes, net 259,146 259,122
Unsecured Revolving Credit Facility 76,000 14,000
Dividends and Distributions Payable 16,318 16,303
Deferred Revenue 1,710 1,837
Accrued Interest Payable 2,726 3,412
Accounts Payable and Accrued Expenses    
Capital expenditures 13 354
Operating 9,615 10,811
Lease intangibles, net of accumulated amortization of $13,175 and $11,357 at March 31, 2018 and December 31, 2017, respectively 27,523 30,350
Interest Rate Swaps 0 242
Deferred Income Taxes 475 475
Tenant Deposits 97 97
Total Liabilities 614,384 583,444
EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 31,033,259 and 31,004,900 shares issued and outstanding at March 31, 2018 and December 31, 2017, 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 935,481 936,046
Dividends in excess of net income (28,449) (28,763)
Accumulated other comprehensive income (loss) 3,274 1,375
Total Equity - Agree Realty Corporation 910,309 908,661
Non-controlling interest 2,554 2,529
Total Equity 912,863 911,190
Total Liabilities and Equity $ 1,527,247 $ 1,494,634