XML 15 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Minimum rents $ 32,129 $ 25,160 $ 62,872 $ 49,174
Percentage rents 0 0 216 212
Operating cost reimbursement 3,490 2,881 7,055 5,225
Other 92 39 137 29
Total Revenues 35,711 28,080 70,280 54,640
Operating Expenses        
Real estate taxes 2,624 2,031 5,001 3,839
Property operating expenses 1,238 915 2,755 1,710
Land lease expense 176 163 339 327
General and administrative 3,185 2,362 6,047 4,845
Depreciation and amortization 10,559 7,704 20,562 14,728
Total Operating Expenses 17,782 13,175 34,704 25,449
Income from Operations 17,929 14,905 35,576 29,191
Other (Expense) Income        
Interest expense, net (5,961) (4,411) (11,426) (8,547)
Gain (loss) on sale of assets, net 2,434 4,780 7,032 9,521
Income tax expense (216) (207) (266) (329)
Other (expense) income 45 0 (49) 0
Provision for impairment (1,163) 0 (1,163) 0
Net Income 13,068 15,067 29,704 29,836
Less Net Income Attributable to Non-Controlling Interest 145 191 329 384
Net Income Attributable to Agree Realty Corporation $ 12,923 $ 14,876 $ 29,375 $ 29,452
Net Income Per Share Attributable to Agree Realty Corporation        
Basic $ 0.42 $ 0.56 $ 0.95 $ 1.13
Diluted $ 0.41 $ 0.56 $ 0.94 $ 1.12
Other Comprehensive Income        
Net income $ 13,068 $ 15,067 $ 29,704 $ 29,836
Other Comprehensive Income (Loss) - Change in Fair Value of Interest Rate Swaps 792 (411) 2,712 330
Total Comprehensive Income 13,860 14,656 32,416 30,166
Less Comprehensive Income Attributable to Non-Controlling Interest 154 189 359 389
Comprehensive Income Attributable to Agree Realty Corporation $ 13,706 $ 14,467 $ 32,057 $ 29,777
Weighted Average Number of Common Shares Outstanding - Basic: 30,821,185 26,389,703 30,811,383 26,172,730
Weighted Average Number of Common Shares Outstanding - Diluted: 31,222,221 26,457,340 31,036,694 26,240,220