XML 16 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Rental income $ 136,774 $ 110,031 $ 393,259 $ 313,136
Other 38 34 71 147
Total Revenues 136,812 110,065 393,330 313,283
Operating Expenses        
Real estate taxes 10,124 8,526 29,429 24,117
Property operating expenses 5,518 4,557 18,120 13,575
Land lease expense 411 404 1,252 1,213
General and administrative 8,844 6,992 26,087 22,265
Depreciation and amortization 45,625 35,157 129,020 95,666
Provision for impairment 3,195 0 4,510 1,015
Total Operating Expenses 73,717 55,636 208,418 157,851
Gain (loss) on sale of assets, net (20) 3,000 299 5,326
Gain (loss) on involuntary conversion, net 0 (115)   (165)
Income from Operations 63,075 57,314 185,211 160,593
Other (Expense) Income        
Interest expense, net (20,803) (17,149) (58,748) (46,592)
Income tax (expense) benefit (709) (720) (2,201) (2,137)
Other (expense) income 94 132 184 132
Net Income 41,657 39,577 124,446 111,996
Less net income attributable to non-controlling interest 135 152 442 485
Net income attributable to Agree Realty Corporation 41,522 39,425 124,004 111,511
Less Series A preferred stock dividends 1,859 1,859 5,578 5,578
Net Income Attributable to Common Stockholders $ 39,663 $ 37,566 $ 118,426 $ 105,933
Net Income Per Share Attributable to Common Stockholders        
Basic $ 0.41 $ 0.47 $ 1.26 $ 1.40
Diluted $ 0.41 $ 0.46 $ 1.26 $ 1.39
Other Comprehensive Income        
Net income $ 41,657 $ 39,577 $ 124,446 $ 111,996
Amortization of interest rate swaps (631) (273) (1,889) (109)
Change in fair value and settlement of interest rate swaps 8,324 (7,181) 11,664 29,881
Total comprehensive income (loss) 49,350 32,123 134,221 141,768
Less comprehensive income (loss) attributable to non-controlling interest 162 121 477 630
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 49,188 $ 32,002 $ 133,744 $ 141,138
Weighted Average Number of Common Shares Outstanding - Basic 97,255,143 79,701,136 93,474,182 75,361,583
Weighted Average Number of Common Shares Outstanding - Diluted 97,349,473 80,589,446 93,732,359 75,890,692