Company Quick10K Filing
Agree Realty
Price72.72 EPS2
Shares42 P/E43
MCap3,084 P/FCF35
Net Debt921 EBIT96
TEV4,005 TEV/EBIT42
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-20
10-Q 2020-03-31 Filed 2020-04-20
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-21
10-Q 2019-06-30 Filed 2019-07-22
10-Q 2019-03-31 Filed 2019-04-22
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-22
10-Q 2018-06-30 Filed 2018-07-23
10-Q 2018-03-31 Filed 2018-04-23
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-23
10-Q 2017-06-30 Filed 2017-07-24
10-Q 2017-03-31 Filed 2017-04-24
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-24
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-11
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-09-03 Regulation FD, Exhibits
8-K 2020-08-14 Officers, Exhibits
8-K 2020-08-12 Other Events, Exhibits
8-K 2020-08-12 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-07-20 Earnings, Exhibits
8-K 2020-07-01 Other Events
8-K 2020-06-22
8-K 2020-06-01
8-K 2020-05-27
8-K 2020-05-05
8-K 2020-04-20
8-K 2020-04-20
8-K 2020-04-01
8-K 2020-03-31
8-K 2020-03-30
8-K 2020-03-23
8-K 2020-03-19
8-K 2020-02-20
8-K 2020-01-06
8-K 2019-12-05
8-K 2019-10-21
8-K 2019-10-01
8-K 2019-09-25
8-K 2019-07-26
8-K 2019-07-19
8-K 2019-07-01
8-K 2019-06-14
8-K 2019-04-29
8-K 2019-04-25
8-K 2019-04-22
8-K 2019-04-01
8-K 2019-02-26
8-K 2019-02-21
8-K 2018-12-27
8-K 2018-12-17
8-K 2018-12-11
8-K 2018-12-10
8-K 2018-12-04
8-K 2018-11-02
8-K 2018-10-22
8-K 2018-10-01
8-K 2018-09-26
8-K 2018-09-04
8-K 2018-07-18
8-K 2018-07-02
8-K 2018-05-31
8-K 2018-05-18
8-K 2018-05-15
8-K 2018-05-03
8-K 2018-04-23
8-K 2018-03-19
8-K 2018-03-13
8-K 2018-02-22
8-K 2018-01-03

ADC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization
Note 2 - Summary of Significant Accounting Policies
Note 3 - Leases
Note 4 - Real Estate Investments
Note 5 - Debt
Note 6 - Common Stock
Note 7 - Dividends and Distribution Payable
Note 8 - Income Taxes (Not Presented in Thousands)
Note 9 - Derivative Instruments and Hedging Activity
Note 10 - Fair Value Measurements
Note 11 - Equity Incentive Plan
Note 12 - Commitments and Contingencies
Note 13 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.2 adc-20200630xex10d2.htm
EX-10.3 adc-20200630xex10d3.htm
EX-31.1 adc-20200630xex31d1.htm
EX-31.2 adc-20200630xex31d2.htm
EX-32.1 adc-20200630xex32d1.htm
EX-32.2 adc-20200630xex32d2.htm

Agree Realty Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.62.11.61.00.50.02012201420172020
Assets, Equity
0.10.10.10.00.00.02012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

Mark One

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2020, or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number 1-12928

AGREE REALTY CORPORATION

(Exact name of registrant as specified in its charter)

Maryland

    

38-3148187

State or other jurisdiction of incorporation or

(I.R.S. Employer Identification No.)

organization

 

70 E. Long Lake Road, Bloomfield Hills, Michigan

48304

(Address of principal executive offices)

(Zip Code)

(248) 737-4190

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $0.0001 par value

ADC

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer 

Smaller reporting company

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

No

As of July 17, 2020, the Registrant had 53,851,032 shares of common stock issued and outstanding.

Table of Contents

AGREE REALTY CORPORATION

Index to Form 10-Q

Page

PART I

Financial Information

Item 1:

Interim Condensed Consolidated Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

1

Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2020 and 2019

3

Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

6

Notes to Condensed Consolidated Financial Statements

7

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

33

Item 3:

Quantitative and Qualitative Disclosures about Market Risk

46

Item 4:

Controls and Procedures

48

PART II

Item 1:

Legal Proceedings

49

Item 1A:

Risk Factors

49

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 3:

Defaults Upon Senior Securities

50

Item 4:

Mine Safety Disclosures

50

Item 5:

Other Information

50

Item 6:

Exhibits

51

SIGNATURES

52

Table of Contents

AGREE REALTY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

(Unaudited)

PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements

June 30, 

December 31, 

2020

2019

ASSETS

Real Estate Investments

  

Land

$

856,113

$

735,991

Buildings

 

1,927,114

 

1,600,293

Less accumulated depreciation

 

(146,267)

 

(127,748)

 

2,636,960

 

2,208,536

Property under development

 

6,171

 

10,056

Net Real Estate Investments

 

2,643,131

 

2,218,592

 

  

Real Estate Held for Sale, net

 

 

3,750

 

Cash and Cash Equivalents

 

29,341

 

15,603

 

  

Cash Held in Escrows

 

7,043

 

26,554

Accounts Receivable - Tenants

33,996

 

26,808

 

  

Lease intangibles, net of accumulated amortization of

$105,296 and $89,118 at June 30, 2020 and December 31, 2019, respectively

 

368,812

 

343,514

 

Other Assets, net

 

29,319

 

29,709

 

  

Total Assets

$

3,111,642

$

2,664,530

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

AGREE REALTY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per-share data)

(Unaudited)

June 30, 

December 31, 

2020

2019

LIABILITIES

  

Mortgage Notes Payable, net

$

33,513

$

36,698

  

Unsecured Term Loans, net

237,274

 

237,403

  

Senior Unsecured Notes, net

509,253

 

509,198

  

Unsecured Revolving Credit Facility

 

89,000

  

Dividends and Distributions Payable

32,519

 

25,014

Accounts Payable, Accrued Expenses, and Other Liabilities

80,088

 

48,987

  

Lease intangibles, net of accumulated amortization of

$21,758 and $19,307 at June 30, 2020 and December 31, 2019, respectively

33,019

 

26,668

  

Total Liabilities

925,666

 

972,968

  

EQUITY

  

Common stock, $.0001 par value, 90,000,000 shares

 

authorized, 53,851,092 and 45,573,623 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

5

5

Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized

 

Additional paid-in-capital

2,295,235

 

1,752,912

Dividends in excess of net income

(69,595)

 

(57,094)

Accumulated other comprehensive income (loss)

(41,544)

 

(6,492)

  

Total Equity - Agree Realty Corporation

2,184,101

 

1,689,331

Non-controlling interest

1,875

 

2,231

Total Equity

2,185,976

 

1,691,562

  

Total Liabilities and Equity

$

3,111,642

$

2,664,530

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

AGREE REALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(In thousands, except share and per-share data)

(Unaudited)

Three Months Ended

Six Months Ended

    

June 30, 2020

    

June 30, 2019

    

June 30, 2020

    

June 30, 2019

Revenues

 

  

 

  

 

  

 

  

Rental Income

$

57,476

$

44,875

$

113,259

$

87,219

Other

 

59

 

45

 

85

 

49

Total Revenues

 

57,535

 

44,920

 

113,344

 

87,268

 

  

 

  

 

  

 

  

Operating Expenses

 

  

 

  

 

  

 

  

Real estate taxes

 

4,840

 

3,720

 

9,542

7,342

Property operating expenses

 

1,860

 

1,496

 

4,195

3,235

Land lease expense

 

325

 

372

 

652

568

General and administrative

 

4,587

 

3,880

 

9,244

7,914

Depreciation and amortization

 

15,607

 

10,836

 

29,740

20,700

Provision for impairment

 

1,128

 

1,193

 

1,128

1,609

Total Operating Expenses

 

28,347

 

21,497

 

54,501

 

41,368

 

  

 

  

 

  

 

  

Income from Operations

 

29,188

 

23,423

 

58,843

 

45,900

 

  

 

  

 

  

 

  

Other (Expense) Income

 

  

 

  

 

  

 

  

Interest expense, net

 

(8,479)

 

(7,455)

 

(18,149)

(15,012)

Gain (loss) on sale of assets, net

 

4,952

 

2,949

 

6,597

6,376

Income tax (expense) benefit

(260)

(195)

(520)

(26)

Other (expense) income

 

23

 

 

23

 

Net Income

 

25,424

 

18,722

 

46,794

 

37,238

 

  

 

  

 

  

 

  

Less Net Income Attributable to Non-Controlling Interest

 

166

 

158

 

308

 

327

 

  

 

  

 

  

 

Net Income Attributable to Agree Realty Corporation

$

25,258

$

18,564

$

46,486

$

36,911

 

  

 

  

 

  

 

  

Net Income Per Share Attributable to Agree Realty Corporation

 

  

 

  

 

  

 

  

Basic

$

0.47

$

0.45

$

0.94

$

0.94

Diluted

$

0.47

$

0.45

$

0.93

$

0.92

 

  

 

  

 

  

 

  

Other Comprehensive Income

 

  

 

  

 

  

 

  

Net income

$

25,424

$

18,722

$

46,794

$

37,238

Changes in fair value of interest rate swaps

(2,244)

(3,794)

(35,269)

(7,199)

Realized gain (loss) on settlement of interest rate swaps

 

(17)

 

 

(33)

 

Total Comprehensive Income (Loss)

 

23,163

 

14,928

 

11,492

 

30,039

Less Comprehensive Income (Loss) Attributable to Non-Controlling Interest

 

151

 

125

 

42

 

264

 

  

 

  

 

  

 

  

Comprehensive Income (Loss) Attributable to Agree Realty Corporation

$

23,012

$

14,803

$

11,450

$

29,775

 

  

 

  

 

  

 

  

Weighted Average Number of Common Shares Outstanding - Basic

 

52,726,230

 

40,612,372

 

49,082,616

 

39,058,743

 

  

 

  

 

  

 

  

Weighted Average Number of Common Shares Outstanding - Diluted

 

53,266,740

 

41,141,659

 

49,423,546

 

39,745,337

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

AGREE REALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(In thousands, except share and per-share data)

(Unaudited)

Accumulated

Dividends in

Other

Common Stock

Additional

excess of net

Comprehensive

Non-Controlling

Total

  

Shares

  

Amount

  

Paid-In Capital

  

income

  

Income (Loss)

  

Interest

  

Equity

Balance, December 31, 2019

45,573,623

$

5

$

1,752,912

$

(57,094)

$

(6,492)

$

2,231

$

1,691,562

Issuance of common stock, net of issuance costs

1,400,251

104,615

104,615

Repurchase of common shares

(20,707)

(1,627)

(1,627)

Issuance of restricted stock under the Omnibus Incentive Plan

48,942

Stock-based compensation

1,014

1,014

Dividends and distributions declared for the period

(26,677)

(203)

(26,880)

Other comprehensive income (loss) - change in fair value and realized gain (loss) on settlement of interest rate swaps

(32,799)

(243)

(33,042)

Net income

21,229

141

21,370

Balance, March 31, 2020

47,002,109

$

5

$

1,856,914

$

(62,542)

$

(39,291)

$

1,926

$

1,757,012

Issuance of common stock, net of issuance costs

6,851,695

437,100

437,100

Repurchase of common shares

(51)

(3)

(3)

Forfeiture of restricted stock

(2,661)

Stock-based compensation

1,224

1,224

Dividends and distributions declared for the period

(32,311)

(209)

(32,520)

Other comprehensive income (loss) - change in fair value and realized gain (loss) on settlement of interest rate swaps

(2,253)

(8)

(2,261)

Net income

25,258

166

25,424

Balance, June 30, 2020

53,851,092

$

5

$

2,295,235

$

(69,595)

$

(41,544)

$

1,875

$

2,185,976

Cash dividends declared per common share:

For the three months ended March 31, 2020

$

0.585

For the three months ended June 30, 2020

$

0.600

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

AGREE REALTY CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(In thousands, except share and per-share data)

(Unaudited)

Accumulated

Dividends in

Other

Common Stock

Additional

excess of net

Comprehensive

Non-Controlling

Total

  

Shares

  

Amount

  

Paid-In Capital

  

income

  

Income (Loss)

  

Interest

  

Equity

Balance, December 31, 2018

37,545,790

$

4

$

1,277,592

$

(42,945)

$

1,424

$

2,411

$

1,238,486

Issuance of common stock, net of issuance costs

874,268

57,845

57,845

Repurchase of common shares

(21,868)

(1,398)

(1,398)

Issuance of restricted stock under the Omnibus Incentive Plan

56,592

Stock-based compensation

913

913

Dividends and distributions declared for the period

(21,342)

(193)

(21,535)

Other comprehensive income (loss) - change in fair value and realized gain (loss) on settlement of interest rate swaps

(3,374)

(31)

(3,405)

Net income

18,347

169

18,516

Balance, March 31, 2019

38,454,782

$

4

$

1,334,952

$

(45,940)

$

(1,950)

$

2,356

$

1,289,422

Issuance of common stock, net of issuance costs

3,512,500

186,667

186,667

Stock-based compensation

1,025

1,025

Dividends and distributions declared for the period

(23,922)

(197)

(24,119)

Other comprehensive income (loss) - change in fair value and realized gain (loss) on settlement of interest rate swaps

(3,761)

(33)

(3,794)

Net income

18,564

158

18,722

Balance, June 30, 2019

41,967,282

$

4

$

1,522,644

$

(51,298)

$

(5,711)

$

2,284

$

1,467,923

Cash dividends declared per common share:

For the three months ended March 31, 2019

$

0.555

For the three months ended June 30, 2019

$

0.570