XML 45 R22.htm IDEA: XBRL DOCUMENT
v3.19.3

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Summary of Significant Accounting Policies |
Schedule of Real Estate Properties Held-For-Sale [Table Text Block] | Real estate held for sale consisted of the following as of September 30, 2019 and December 31, 2018 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2019 |  | December 31, 2018
​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 2,171 | ​ | $ | —
Building | ​ |  | 4,286 | ​ |  | —
Lease Intangibles - Asset | ​ |  | 2,061 | ​ |  | —
​ | ​ |  | 8,518 | ​ |  | —
Accumulated depreciation and amortization | ​ |  | (590) | ​ |  | —
Total Real Estate Held for Sale, net | ​ | $ | 7,928 | ​ | $ | —
​
Schedule of Amortization of Deferred Expenses [Table Text Block] | The following schedule summarizes the Company’s amortization of deferred expenses for the three and nine months ended September 30, 2019 and 2018 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred Financing Costs | ​ | $ | 140 | ​ | $ | 133 | ​ | $ | 425 | ​ | $ | 335 | ​
Leasing Costs | ​ |  | 84 | ​ |  | 82 | ​ |  | 245 | ​ |  | 166 | ​
Lease Intangibles (In-place) | ​ |  | 2,854 | ​ |  | 1,877 | ​ |  | 7,298 | ​ |  | 5,819 | ​
Lease Intangibles (Above-Market) | ​ | ​ | 4,562 | ​ | ​ | 3,935 | ​ | ​ | 13,297 | ​ | ​ | 10,898 | ​
Lease Intangibles (Below-Market) | ​ |  | (1,181) | ​ |  | (897) | ​ |  | (3,415) | ​ |  | (3,104) | ​
Total | ​ | $ | 6,459 | ​ | $ | 5,130 | ​ | $ | 17,850 | ​ | $ | 14,114 | ​
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The following schedule represents estimated future amortization of deferred expenses as of September 30, 2019 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2019 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | (remaining) | ​ |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred Financing Costs | ​ | $ | 142 | ​ |  | $ | 561 |  | $ | 37 |  | $ | — |  | $ | — | ​ | $ | — |  | $ | 740
Leasing Costs | ​ |  | 85 | ​ |  |  | 405 |  |  | 385 |  |  | 373 |  |  | 314 | ​ |  | 1,117 |  |  | 2,679
Lease Intangibles (In-place) | ​ |  | 3,147 | ​ |  |  | 12,385 |  |  | 11,237 |  |  | 10,371 |  |  | 9,594 | ​ |  | 56,716 |  |  | 103,450
Lease Intangibles (Above-Market) | ​ | ​ | 4,631 | ​ | ​ | ​ | 19,114 | ​ | ​ | 18,827 | ​ | ​ | 18,534 | ​ | ​ | 17,680 | ​ | ​ | 153,641 | ​ | ​ | 232,427
Lease Intangibles (Below-Market) | ​ |  | (1,211) | ​ | ​ |  | (4,765) | ​ |  | (4,332) | ​ |  | (3,422) | ​ |  | (2,852) | ​ |  | (10,750) | ​ |  | (27,332)
Total | ​ | $ | 6,794 | ​ |  | $ | 27,700 |  | $ | 26,154 |  | $ | 25,856 |  | $ | 24,736 | ​ | $ | 200,724 |  | $ | 311,964
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the numerator and denominator for the basic net earnings per common share and diluted net earnings per common share computation for each of the periods presented: (in thousands, except for share data) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | September 30, 2019 |  | September 30, 2018 |  | September 30, 2019 |  | September 30, 2018
Net income attributable to Agree Realty Corporation | ​ | $ | 20,611 | ​ | $ | 15,586 | ​ | $ | 57,522 | ​ | $ | 44,961
Less: Income attributable to unvested restricted shares | ​ | ​ | (98) | ​ | ​ | (95) | ​ | ​ | (283) | ​ | ​ | (296)
Net income used in basic and diluted earnings per share | ​ | $ | 20,513 | ​ | $ | 15,491 | ​ | $ | 57,239 | ​ | $ | 44,665
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 42,034,685 |  | ​ | 31,969,749 |  | ​ | 40,194,931 | ​ |  | 31,342,354
Less: Unvested restricted stock | ​ |  | (202,228) |  | ​ | (210,824) |  | ​ | (202,228) | ​ |  | (210,824)
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 41,832,457 |  | ​ | 31,758,925 |  | ​ | 39,992,703 | ​ |  | 31,131,530
​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ |  | ​
Weighted average number of common shares outstanding used in basic earnings per share | ​ |  | 41,832,457 |  | ​ | 31,758,925 |  | ​ | 39,992,703 | ​ |  | 31,131,530
Effect of dilutive securities: Share-based compensation | ​ |  | 109,027 |  | ​ | 80,211 |  | ​ | 102,845 | ​ |  | 71,855
Effect of dilutive securities: March 2018 forward equity offering | ​ | ​ | — | ​ | ​ | 439,761 | ​ | ​ | — | ​ | ​ | 265,048
Effect of dilutive securities: September 2018 forward equity offering | ​ | ​ | — | ​ | ​ | 8,455 | ​ | ​ | 359,713 | ​ | ​ | 2,818
Effect of dilutive securities: April 2019 forward equity offering | ​ |  | 376,558 |  | ​ | — |  | ​ | 170,180 | ​ |  | —
Weighted average number of common shares outstanding used in diluted earnings per share | ​ |  | 42,318,042 |  | ​ | 32,287,352 |  | ​ | 40,625,441 | ​ |  | 31,471,251

X
- Definition Tabular disclosure of the amount of amortization of deferred expense. + References No definition available. + Details
Name: | adc_ScheduleOfAmortizationOfDeferredExpensesTableTextBlock
Namespace Prefix: | adc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Real Estate Properties Held-For-Sale [Table Text Block] + References No definition available. + Details
Name: | adc_ScheduleOfRealEstatePropertiesHeldForSaleTableTextBlock
Namespace Prefix: | adc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
Name: | us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration