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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Rental Income $ 44,875,000 $ 33,076,000 $ 87,219,000 $ 65,308,000
Other 45,000 92,000 49,000 138,000
Total Revenues 44,920,000 33,168,000 87,268,000 65,446,000
Operating Expenses        
Real estate taxes 3,720,000 2,624,000 7,342,000 5,001,000
Property operating expenses 1,496,000 1,238,000 3,235,000 2,755,000
Land lease expense 372,000 176,000 568,000 339,000
General and administrative 3,880,000 3,110,000 7,914,000 6,018,000
Depreciation and amortization 10,836,000 8,046,000 20,700,000 15,806,000
Provision for impairment 1,193,000 1,163,000 1,609,000 1,163,000
Total Operating Expenses 21,497,000 16,357,000 41,368,000 31,082,000
Income from Operations 23,423,000 16,811,000 45,900,000 34,364,000
Other (Expense) Income        
Interest expense, net (7,455,000) (5,961,000) (15,012,000) (11,426,000)
Gain (loss) on sale of assets, net 2,949,000 2,434,000 6,376,000 7,032,000
Income tax expense (195,000) (216,000) (26,000) (266,000)
Net Income 18,722,000 13,068,000 37,238,000 29,704,000
Less Net Income Attributable to Non-Controlling Interest 158,000 145,000 327,000 329,000
Net Income Attributable to Agree Realty Corporation $ 18,564,000 $ 12,923,000 $ 36,911,000 $ 29,375,000
Net Income Per Share Attributable to Agree Realty Corporation        
Basic $ 0.45 $ 0.42 $ 0.94 $ 0.95
Diluted $ 0.45 $ 0.41 $ 0.92 $ 0.94
Other Comprehensive Income        
Net income $ 18,722,000 $ 13,068,000 $ 37,238,000 $ 29,704,000
Other Comprehensive Income (Loss) - Change in Fair Value and Settlement of Interest Rate Swaps (3,794,000) 792,000 (7,199,000) 2,712,000
Total Comprehensive Income 14,928,000 13,860,000 30,039,000 32,416,000
Less Comprehensive Income Attributable to Non-Controlling Interest 125,000 154,000 264,000 359,000
Comprehensive Income Attributable to Agree Realty Corporation $ 14,803,000 $ 13,706,000 $ 29,775,000 $ 32,057,000
Weighted Average Number of Common Shares Outstanding - Basic 40,612,372 30,821,185 39,058,743 30,811,383
Weighted Average Number of Common Shares Outstanding - Diluted 41,141,659 31,222,221 39,745,337 31,036,694