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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenues        
Rental income $ 63,701,000 $ 48,020,000 $ 176,960,000 $ 135,240,000
Other 109,000 55,000 193,000 102,000
Total Revenues 63,810,000 48,075,000 177,153,000 135,342,000
Operating Expenses        
Real estate taxes 5,516,000 3,674,000 15,058,000 11,016,000
Property operating expenses 2,108,000 1,598,000 6,303,000 4,832,000
Land lease expense 325,000 354,000 977,000 922,000
General and administrative 4,756,000 3,832,000 13,999,000 11,746,000
Depreciation and amortization 17,327,000 11,897,000 47,067,000 32,597,000
Provision for impairment 2,868,000 0 3,996,000 1,609,000
Total Operating Expenses 32,900,000 21,355,000 87,400,000 62,722,000
Income from Operations 30,910,000 26,720,000 89,753,000 72,620,000
Other (Expense) Income        
Interest expense, net (10,158,000) (8,352,000) (28,307,000) (23,363,000)
Gain (loss) on sale of assets, net 970,000 2,597,000 7,567,000 8,973,000
Income tax (expense) benefit (306,000) (184,000) (826,000) (210,000)
Other (expense) income     23,000  
Net Income 21,416,000 20,781,000 68,210,000 58,020,000
Less net income attributable to non-controlling interest 136,000 170,000 444,000 498,000
Net Income Attributable to Agree Realty Corporation $ 21,280,000 $ 20,611,000 $ 67,766,000 $ 57,522,000
Net Income Per Share Attributable to Agree Realty Corporation        
Basic $ 0.39 $ 0.49 $ 1.33 $ 1.43
Diluted $ 0.39 $ 0.48 $ 1.32 $ 1.41
Other Comprehensive Income        
Net income $ 21,416,000 $ 20,781,000 $ 68,210,000 $ 58,020,000
Other comprehensive income (loss) - change in fair value and settlement of interest rate swaps 1,420,000 (7,418,000) (33,883,000) (13,815,000)
Total comprehensive income (loss) 22,836,000 13,363,000 34,327,000 44,205,000
Less comprehensive income (loss) attributable to non-controlling interest 152,000 109,000 187,000 367,000
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 22,684,000 $ 13,254,000 $ 34,140,000 $ 43,838,000
Weighted Average Number of Common Shares Outstanding - Basic 53,721,956 41,832,457 50,637,569 39,992,703
Weighted Average Number of Common Shares Outstanding - Diluted 54,555,672 42,318,042 51,151,462 40,625,441