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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Real Estate Investments    
Land $ 444,001 $ 405,457
Buildings 963,182 868,396
Less accumulated depreciation (93,376) (85,239)
Property, Plant and Equipment, Net 1,313,807 1,188,614
Property under development 10,411 25,402
Net Real Estate Investments 1,324,218 1,214,016
Real Estate Held For Sale, net 12,257 2,420
Cash and Cash Equivalents 8,986 50,807
Cash Held in Escrows 0 7,975
Accounts Receivable - Tenants, net of allowance of $308 and $296 for possible losses at June 30, 2018 and December 31, 2017, respectively 19,197 15,477
Unamortized Deferred Expenses    
Credit facility finance costs, net of accumulated amortization of $611 and $433 at June 30, 2018 and December 31, 2017, respectively 972 1,174
Leasing costs, net of accumulated amortization of $763 and $814 at June 30, 2018 and December 31, 2017, respectively 1,493 1,583
Lease intangibles, net of accumulated amortization of $51,645 and $41,390 at June 30, 2018 and December 31, 2017, respectively 235,776 195,158
Interest Rate Swaps 4,062 1,592
Other Assets, net 5,200 4,432
Total Assets 1,612,161 1,494,634
LIABILITIES    
Mortgage Notes Payable, net 62,136 88,270
Unsecured Term Loans, net 157,901 158,171
Senior Unsecured Notes, net 259,168 259,122
Unsecured Revolving Credit Facility 166,000 14,000
Dividends and Distributions Payable 16,946 16,303
Deferred Revenue 1,845 1,837
Accrued Interest Payable 3,503 3,412
Accounts Payable and Accrued Expenses    
Capital expenditures 43 354
Operating 6,810 10,811
Lease intangibles, net of accumulated amortization of $13,485 and $11,357 at June 30, 2018 and December 31, 2017, respectively 27,108 30,350
Interest Rate Swaps 0 242
Deferred Income Taxes 475 475
Tenant Deposits 102 97
Total Liabilities 702,037 583,444
EQUITY    
Common stock, $.0001 par value, 45,000,000 shares authorized, 31,033,259 and 31,004,900 shares issued and outstanding at June 30, 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 935,828 936,046
Dividends in excess of net income (32,284) (28,763)
Accumulated other comprehensive income (loss) 4,057 1,375
Total Equity - Agree Realty Corporation 907,604 908,661
Non-controlling interest 2,520 2,529
Total Equity 910,124 911,190
Total Liabilities and Equity $ 1,612,161 $ 1,494,634