ADC Stock Cash Flow Statements

Agree Realty Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Agree Realty Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2013-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-06-30	2009-03-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31

cash flows from operating activities
net income	49,353,000	47,148,000	44,528,000	54,913,000	45,014,000	41,657,000	41,015,000	41,774,000	39,577,000	36,130,000	36,289,000	22,461,000	30,278,000	21,416,000	25,424,000	21,370,000	22,743,000	20,782,000	18,722,000	18,516,000	13,338,000	15,756,000	13,068,000	16,636,000	16,671,000	12,283,000	15,068,000	14,768,000	12,906,000	14,476,346	10,828,329	7,586,325	7,927,182	14,876,263	10,464,829	6,494,181	5,722,003	4,965,609	5,622,075	-1,855,344	3,823,334	4,700,059	4,540,568	4,431,460	9,968,480				3,848,784	3,766,458	3,578,952	4,660,819	3,613,244	3,603,152	3,605,059	3,719,212	3,406,127	3,462,135	3,386,694	5,773,089	3,454,026	3,518,570	3,301,891	3,275,046	3,895,349	3,056,909	2,895,716
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	58,938,000	55,755,000	51,504,000	50,454,000	48,463,000	45,624,000	42,750,000	40,646,000	35,156,000	31,949,000	28,561,000	23,187,000	21,489,000	17,327,000	15,608,000	14,132,000	13,106,000	11,897,000	10,836,000	9,864,000
amortization from above (below) market lease intangibles	8,537,000	8,546,000	8,294,000	8,297,000	8,295,000	8,293,000	8,711,000	8,611,000				5,259,000	4,756,000	3,964,000
amortization from financing costs, credit facility costs and debt discount	1,786,000	1,696,000	1,955,000	1,386,000	1,269,000	1,243,000	1,112,000	1,113,000	1,054,000
stock-based compensation	3,259,000	3,129,000	2,780,000	2,788,000	2,425,000	2,172,000	2,177,000	1,831,000	1,514,000	1,743,000	1,635,000	1,475,000	1,499,000	1,233,000	1,224,000	1,014,000	1,008,000	1,034,000	1,025,000	913,000	777,000	883,000	686,000	602,000	645,000	575,000	544,000	629,000	531,000	509,073	508,897	708,030	470,313	477,131	520,842	523,955	431,123	513,000	420,747	323,048	359,357	359,357	302,000	286,000	276,000	296,000	294,000	292,000	274,737	291,000	290,000	246,936	247,500	244,730	244,730	210,457	223,000	202,000	202,000	165,352	164,760	163,000	163,000	119,170	187,175	120,000	120,000
straight-line accrued rent	-3,789,000	-4,009,000	-3,332,000	-3,496,000	-2,847,000	-2,795,000	-3,108,000	-3,039,000
benefit from impairment	2,961,000	4,331,000	2,694,000	0	4,530,000	3,195,000								2,868,000						416,000	668,000	488,000
settlement of interest rate swaps													501,000
gain on sale of assets	-1,510,000	-772,000	-1,850,000	-7,156,000	-2,096,000																													-8,580,358	-3,456,206	-79,104		292,652	0																					-2,889,135
change in accounts receivable	1,157,000	4,940,000	-227,000
change in other assets	-6,780,000	-7,570,000	-7,024,000
change in accounts payable, accrued expenses, and other liabilities	-7,818,000	13,463,000	36,779,000
net cash from operating activities	119,645,000	126,657,000	140,456,000	96,977,000	103,142,000	109,860,000	89,557,000	94,171,000	118,856,000	88,622,000	61,467,000	72,151,000	45,795,000	23,076,000	39,083,000	28,696,000	38,164,000	30,944,000	34,092,000	23,507,000	28,995,000	27,214,000	19,224,000	17,814,000	27,018,000	20,519,000	19,095,000	15,571,000	28,193,000	6,846,293	10,160,763	16,534,944	10,269,571	13,204,939	12,199,395	9,006,347	9,789,935	8,646,445	8,373,500	5,269,908	5,254,755	6,052,206	7,354,576	5,877,141	5,072,378	5,752,209	6,178,280	5,456,334	5,005,370	5,898,940	4,717,801	5,927,483	5,448,306	5,307,916	4,953,710	5,638,191	4,885,128	5,098,607	4,676,156	5,226,095	5,019,686	5,086,360	4,308,694	5,331,323	4,527,884	4,566,723	3,873,108
						-20,805,000	-28,126,000	-27,687,000	-14,863,000	-12,814,000	-33,291,000	-30,431,000	1,683,000	-7,382,000	-5,744,000	-1,217,000	-10,548,000	-3,517,000
cash flows from investing activities
acquisition of real estate investments and other assets	-326,309,000	-359,684,000	-215,005,000	-188,567,000	-128,343,000	-399,589,000	-307,211,000	-303,382,000	-366,958,000	-386,068,000	-413,098,000	-344,309,000	-397,044,000	-460,584,000	-274,804,000	-229,586,000	-139,621,000	-247,593,000	-178,661,000	-142,269,000	-259,044,000	-152,477,000	-100,216,000	-99,392,000	-78,440,000	-55,559,000	-131,893,000	-53,680,000
development of real estate investments and other assets, net of reimbursements	-24,258,000	-23,422,000	-37,848,000	-10,884,000	-18,431,000
payment of leasing costs	-165,000	-132,000	-866,000	-389,000	-307,000	-131,000	2,000	-38,000	-169,000	-158,000	-45,000	-56,000	-240,000	0	-199,000	-189,000	-119,000	-68,000	-124,000	-100,000	-146,000	-1,181,000	0	-10,000	-24,000	-95,000	-60,000	-389,000	-38,000	-127,272	-481,300	-39,428	0	-1,000					-174,360														-6,608	-4,784	-8,716		-32,113	-21,311	-10,283		0	-14,667	-164,728		-6,509	-5,480	-8,704
net proceeds from sale of assets	5,775,000	2,383,000	6,894,000	35,563,000	21,116,000	198,000			19,999,000	16,281,000	7,643,000	26,955,000	8,422,000	3,384,000	18,216,000	24,383,000	30,951,000	7,710,000	16,969,000	9,834,000	5,792,000	29,653,000	10,341,000	20,044,000			11,712,000	10,182,000	6,821,000	15,071,310			15,020	19,316,623	7,824,982	975,636	5,714,979	1,766,307	0
net cash from investing activities	-344,957,000	-380,855,000	-246,825,000	-164,277,000	-125,965,000	-420,327,000	-332,266,000	-331,107,000	-361,991,000	-382,759,000	-438,791,000	-347,841,000	-387,179,000	-464,582,000	-262,531,000	-206,609,000	-119,337,000	-243,468,000	-166,063,000	-138,651,000	-257,489,000	-132,577,000	-93,850,000	-84,201,000	-85,793,000	-64,326,000	-130,131,000	-46,824,000	-62,887,000	-47,592,287	-147,346,036	-39,728,677	-63,786,582	-22,584,472	-56,844,598	-59,559,428	-70,092,482	-38,124,901	-11,201,039	-16,415,371			-7,390,864	-3,656,339	-242,990	-2,094,283	-4,887,563	-1,241,563	-6,079,942	-7,967,164	-2,953,920	-7,355,023	-4,626,173	-3,680,238	-2,346,146	-5,136,724	-3,639,895	-494,949	-34,093	-1,323,463	-693,255	-2,137,720	-1,390,413	-6,513,996	-3,996,938	-4,081,776	-545,402
cash flows from financing activities
proceeds from common stock offerings	41,105,000	183,090,000				289,749,000	205,104,000	195,133,000				336,875,000	258,105,000							57,845,000	180,140,000				85,962,000	28,746,000	107,837,000	150,000		12,021,869	110,085,291	1,991,840		25,187,132
repurchase of common shares	-9,000	-3,645,000	-72,000	-7,000	-2,183,000	-57,000	-8,000	-2,607,000	-66,000	-76,000	-1,745,000	0	-1,780,000	-7,000	-3,000	-1,627,000	-6,000	-2,000	0	-1,398,000	-3,000	-68,000	0	-1,074,000	-3,000	-13,000	0	-1,095,000	0	-8,945	-2	-703,053
unsecured revolving credit facility and commercial paper notes borrowings
unsecured revolving credit facility and commercial paper notes repayments
payments of mortgage notes payable	-255,000	-250,000	-243,000	-239,000	-235,000	-4,851,000	-224,000	-221,000	-215,000	-209,000	-209,000	-198,000	-195,000	-236,000	-233,000	-3,005,000	-21,754,000	-1,297,000	-681,000	-672,000	-661,000	-648,000	-637,000	-25,630,000	-618,000	-607,000	-597,000	-590,000	-519,000	-21,030,792	-728,029	-9,300,179	-711,219	-701,095	-682,751	-3,082,805
proceeds from senior unsecured notes			0
payments of senior unsecured notes
payment of series a preferred dividends	-1,859,000	-1,859,000	-1,860,000	-1,859,000	-1,859,000	-1,860,000	-1,859,000	-1,859,000
payment of common stock dividends	-84,157,000	-81,873,000	-75,468,000	-75,168,000	-74,705,000	-70,481,000	-67,914,000	-65,198,000	-56,045,000	-52,247,000	-48,771,000
distributions to non-controlling interest	-267,000	-264,000	-261,000	-259,000	-258,000	-490,000	0	-266,000	-244,000	-241,000	-237,000	-223,000	-359,000	-208,000	-204,000	-203,000	-200,000	-196,000	-193,000	-193,000	-188,000	-188,000	-180,000	-181,000	-175,000	-176,000	-172,000	-172,000
payments for financing costs	-3,692,000	-231,000	-7,871,000	-4,070,000	-27,000	-3,403,000	-83,000	-15,000	-2,628,000	0	-23,000	-1,222,000	-16,000	-3,503,000	-291,000	-73,000	-3,143,000	-134,000	-47,000	-36,000	-1,256,000	-560,000	-7,000	-1,000	-150,000	-154,000	-1,000	-4,000	-1,924,000	-550,494	-36,404	-37,102	-9,996	-40,744			-12,327		-87,357
net cash from financing activities	223,054,000	258,968,000	95,352,000	76,120,000	23,733,000	304,607,000	242,016,000	220,967,000	467,542,000	295,478,000	357,840,000	456,702,000	340,798,000	421,352,000	167,692,000	227,896,000	112,528,000	200,897,000	129,051,000	86,518,000	264,222,000	114,624,000	72,508,000	18,709,000	84,072,000	65,144,000	112,909,000	158,000	56,598,000	48,202,002	137,508,480	24,193,518	34,848,772	27,888,757	39,596,572	53,072,857	64,298,753	29,258,794	11,540,090	11,180,393	-3,867,082	-9,443,658	15,816	-2,428,694	-4,952,765	-3,561,945	-1,287,551	-4,621,159	1,052,852	2,070,215	-2,129,774	1,825,825	-837,413	-1,634,356	-2,902,982	-202,029	-1,296,867	-4,626,132	-10,118,203			-2,876,546	-3,346,922	1,554,053	-513,514	-504,130	-4,113,901
increase in cash and cash equivalents and cash held in escrow	-2,258,000	4,770,000
cash and cash equivalents and cash held in escrow, beginning of period	0	6,399,000	0	0	14,524,000	0	0	28,909,000	0	0	45,250,000	0	7,955,000	0	0	42,157,000	0	0	0	53,975,000
cash and cash equivalents and cash held in escrow, end of period	-2,258,000	11,169,000	-11,017,000	8,820,000	15,434,000	-5,860,000	-693,000	12,940,000	224,407,000	1,341,000	25,766,000	181,012,000	7,369,000	-20,154,000	-55,756,000	92,140,000	31,355,000	-11,627,000	-2,920,000	25,349,000
supplemental disclosure of cash flow information
cash paid for interest	47,051,000	12,274,000	6,515,000	44,289,000	12,361,000	781,000	40,004,000	7,044,000	17,201,000	15,135,000	13,367,000	2,986,000	15,836,000	7,421,000	8,261,000	9,669,000	4,429,000	9,986,000	8,608,000	6,902,000	4,071,000	8,102,000	4,616,000	6,226,000	4,673,000	-1,164,000	10,204,000	3,618,000	4,663,000	2,232,865	4,441,641	2,484,494	2,405,531	4,284,739	2,489,880	2,367,949	2,440,915	1,988,270	1,685,523																								1,201,791				1,085,969
cash paid for income tax	1,832,000	759,000	-398,000	1,405,000	2,686,000	25,000	2,740,000	279,000	44,000	999,000	1,336,000	0	1,794,000	296,000	81,000	760,000	-88,000	6,000	102,000	646,000
supplemental disclosure of non-cash investing and financing activities
lease right of use assets added under new ground leases	0	1,767,000
lease right of use assets removed as a result of acquisition of real property
series a preferred dividends declared and unpaid	0	620,000	0	0	620,000	0	0	620,000	0	0	620,000
common stock dividends and limited partners' distributions declared and unpaid	497,000	27,922,000	724,000	302,000	24,941,000	1,033,000	1,027,000	22,451,000	2,042,000	1,622,000	17,143,000
change in accrual of development, construction and other real estate investment costs	9,984,000	-2,263,000	-5,004,000	-3,238,000	12,626,000	7,024,000	1,870,000	-6,459,000	2,683,000	-752,000	411,000
unsecured revolving credit facility borrowings		474,000,000	273,000,000	125,000,000	200,000,000	369,000,000	251,000,000	385,000,000	245,000,000												103,000,000	94,000,000	90,000,000	76,000,000	19,000,000	26,000,000	119,000,000	39,000,000	25,000,000	47,000,000	138,000,000	42,000,000	33,000,000	16,500,000	47,000,000	64,500,000
unsecured revolving credit facility repayments		-310,000,000	-267,000,000	-412,000,000	-97,000,000	-623,000,000	-144,000,000	-289,000,000	-615,000,000												-98,000,000	-246,000,000	0	-14,000,000	-5,000,000	-74,000,000	-100,000,000	-24,000,000	-58,000,000	-98,000,000			-42,000,000	-4,500,000
gain on settlement of interest rate swaps
proceeds from unsecured term loan
decrease in cash and cash equivalents and cash held in escrow
additional lease right of use assets added under new ground leases			596,000
net increase in cash and cash equivalents and cash held in escrow				8,820,000	910,000	-5,860,000	-693,000	-15,969,000	224,407,000	1,341,000	-19,484,000	181,012,000	-586,000
increase in accounts receivable					-5,676,000	-4,025,000	3,154,000	-2,209,000	-7,439,000	-1,814,000	-5,980,000	-6,449,000	-2,932,000	-5,359,000	-6,841,000	-1,284,000	-1,603,000	-631,000	-1,689,000	-2,148,000	-1,733,000	-979,000	-1,326,000	-2,817,000	-24,000	-1,409,000	-1,175,000	-1,608,000	-913,000	-648,156	-2,167,007	-388,837	-1,279,421	-445,675	-770,097	-415,399	-489,188	-224,857	-901,663	1,451	-765,285	-575,543	2,209,568	-354,566	-663,703
increase in other assets					-11,661,000	2,437,000	-342,000	-10,024,000	2,849,000	3,757,000	-4,708,000	-4,690,000	6,803,000	-929,000	-485,000	50,000	-2,197,000	1,010,000	206,000	-1,169,000	471,000	-180,000	-836,000	82,000	592,000	-472,000	764,000	-440,000	-276,000	357,069	-452,452	262,383			588,684	-826,915			-649,111	-27,937	11,186	97,815			-56,478			27,880	116,394	198,622	-177,674				-285,377								74,623				-118,068
increase in accounts payable, accrued expenses, and other liabilities					15,426,000	12,039,000	-6,908,000	15,468,000				19,655,000	-14,079,000	6,280,000						-3,059,000
(gain) loss on sale of assets						20,000			-3,000,000	-16,000	-2,310,000	-6,767,000	-2,945,000	-970,000	-4,952,000	-1,645,000	-4,333,000	-2,597,000	-2,949,000	-3,427,000	-231,000	-3,917,000	-2,434,000	-4,598,000	-4,148,000	-524,000	-4,779,000	-4,742,000	-2,831,000	-4,415,097
mortgage note payable assumed, net of 2,548 mortgage debt discount									0
write-off of unamortized financing costs upon debt extinguishment
proceeds from series a preferred stock offering
payments of unsecured term loans																	0	0	-18,353,000	-190,000	-190,000	-190,000	-191,000	-190,000	-190,000	-190,000	-180,000	-179,000
amortization from financing and credit facility costs											1,061,000	523,000	425,000	382,000	324,000	323,000	318,000	316,000	325,000	325,000	287,000	268,000	233,000	267,000	249,000	244,000	245,000	241,000	197,000	178,647	174,248	170,105
unsecured revolving credit facility borrowings (repayments)											160,000,000	-238,000,000	146,000,000	20,000,000	-242,000,000	153,000,000	-159,000,000	194,000,000	-17,000,000	52,000,000
(gain) loss on settlement of interest rate swaps
write-off of unamortized finance costs upon debt extinguishment
development of real estate investments, net of reimbursements
senior unsecured notes proceeds																					0				0				0				0	0
dividends paid												-41,153,000	-60,957,000	-32,310,000	-26,677,000	-24,811,000	-24,155,000	-23,922,000	-21,342,000	-20,838,000	-18,620,000	-16,758,000	-16,138,000	-16,122,000	-14,754,000	-14,462,000	-12,978,000	-12,952,000	-11,465,000	-11,345,922	-9,650,733	-9,596,345	-8,783,112	-8,394,891	-7,921,176	-7,892,976	-6,432,894	-6,432,894	-5,428,566
additional operating lease right of use assets added under new ground leases after january 1, 2019												0	6,302,000				0	0	0	12,167,000
dividends and limited partners’ distributions declared and unpaid												1,679,000	13,350,000	3,000	5,639,000	26,880,000	661,000	234,000	2,584,000	21,535,000																																											4,079,319				3,463,151
accrual of development, construction and other real estate investment costs												-9,004,000	7,179,000	5,878,000	-1,247,000	3,034,000	-3,001,000	743,000
development of real estate investments and other assets																						-8,572,000	-3,975,000	-4,843,000		-14,413,000	-9,890,000	-2,937,000
operating lease right of use assets added upon implementation of leases standard on january 1, 2019																	0	0	0	7,505,000
operating lease right of use assets disposed of upon acquisition of underlying ground leased land																	0
settlement of interest rate swap
proceeds (costs) from common stock offerings															437,100,000	104,615,000	195,786,000	32,448,000
net increase in cash and cash equivalents															-55,756,000	49,983,000	31,355,000	-11,627,000	-2,920,000	-28,626,000	35,728,000	9,261,000	-2,118,000	-47,678,000	25,297,000	21,337,000	1,873,000	-31,095,000	21,904,000	7,456,008	323,207	999,785	-18,668,239			2,519,776
amortization from above (below) lease intangibles																				3,276,000
unsecured term loan proceeds																													0
depreciation																					6,891,000	6,177,000	5,955,000	5,676,000	5,220,000	5,130,000	4,726,000	4,510,000	4,316,000	3,966,226	3,613,960	3,377,814	2,769,535	3,250,269	2,938,655	2,571,170	2,338,733	2,153,472	1,865,779	1,551,147	1,488,590	1,498,761	1,464,093	1,456,798	1,412,700	1,410,818	1,403,314	1,378,475	1,350,572	1,331,583	1,278,359	1,245,095	1,245,024	1,248,133	1,220,048	1,218,780	1,199,021	1,190,857	1,190,712		1,200,771	1,187,728	1,172,287	1,176,100	1,097,842	1,073,433	1,070,802
amortization																					5,064,000	5,004,000	4,603,000	4,328,000	3,576,000	3,098,000	2,977,000	2,515,000	2,190,000	2,184,822	2,050,742	1,707,436	538,493	1,913,954	1,353,186	1,150,612	975,183	1,116,886	655,747	423,975	195,264	192,053	94,299	86,347	85,612	85,214	86,817	85,443	66,439	55,869	54,907	60,384	60,438	60,330	60,138	59,096	44,639	43,665	42,601	51,109	51,977	52,206	51,748	51,535	51,691	51,102	50,658
write-off of deferred costs
increase in accounts payable and accrued expenses																					-2,188,000	5,277,000	-2,805,000	-1,549,000
increase in deferred revenue																					3,548,000	-766,000	135,000	-127,000	385,000	-342,000	144,000	-173,000	656,000	-309,310	-115,845	-115,845
increase in accrued interest																					2,073,000	-796,000	776,000	-686,000	653,000	543,000	-455,000	461,000	-361,000	1,692,771	-1,099,497	1,014,726	-1,005,995	1,079,764			158,690	130,084	98,961	201,212	22,816	29,247				-6,522			-192,327	162,953	-4,592	-27,470	64,440	-9,540	62,423	-62,866	15,883			41,111	108,268			90,115	16,677
increase in deferred income taxes
increase in tenant deposits																					30,000	-1,000			1,000	0			0	-117	55,117	10,000		-12,835					-10,724	9,665						13,000			0	-4,303	10,294					3,945	2,944			-2,528	933	-1,333	-3,999	-2,457	4,583	10,514	1,250
cash paid (refunded) for income tax																					65,000	19,000	44,000	324,000	254,000	2,000
shares issued under equity incentive plans																					400,000	-15,000	0	2,396,000	1,276,000	-626,000	0	3,648,000	458,000	-18	0	3,059,018	400,015	0	0	2,463,751
real estate acquisitions financed with debt assumption																																					0
cash and cash equivalents and restricted deposits, beginning of period																						0	0	58,782,000
cash and cash equivalents and restricted deposits, end of period																						9,261,000	-2,118,000	11,104,000
dividends and limited partners' distributions declared and unpaid																						1,862,000	628,000	16,318,000	1,373,000	293,000					1,700,646	9,812,376				8,077,605	1,466,034	0	672,844
proceeds/(purchases) from common stock offerings																							-339,000	-93,000
increase in accounts payable																									3,428,000	1,393,000	1,034,000	-590,000	-814,000	1,113,019	-517,826	2,202,807	813,996	52,698					1,387,534	-6,107
increase in deferred taxes
cash held in escrows from sale of assets
debt extinguishment costs																																	-1	0	0	-150,084
cash and cash equivalents, beginning of period																									0	0	0	33,395,000	0	412	0	2,711,588	0	0	0	5,399,458	0	0	0	0	0	593,281	0	0	688,675	0	0	668,677	0	0	544,639		0	0	463,730		0	0	5,714,540		0	0	587,524		0	0	1,004,090
cash and cash equivalents, end of period																									25,297,000	21,337,000	1,873,000	2,300,000	21,904,000	7,456,420	323,207	3,711,373	-18,668,239	18,509,224	-5,048,631	7,919,234	3,996,206	-219,662	8,712,550	34,930	52,618	799,239	-20,472	-207,892	565,298	95,981	3,166	262,289	-21,720	1,991	178,746		-15,280	-6,678	168,312		-51,634	-22,474	238,400		-41,083	72,094	158,883		17,432	-19,183	217,895
(gain) loss on extinguishment of debt
cash held in escrows on sale of assets
increase in net proceeds from sale of assets
impairment charge																																					0	220,000	0
acquisition of real estate investments																													-62,013,000	-50,413,050	-151,955,515	-33,486,435	-62,177,485	-37,278,951	-64,151,484	-60,262,740	-72,325,856	-35,841,725	3,592,707	-16,301,530	-1,298,299	-2,925,411	-9,487,407	-11,328,854	-235,377	-2,094,283	-4,887,563	-1,241,563	-6,079,942	-7,967,164	-2,953,920	-9,103,698	-4,626,173	-3,680,238	-2,346,146	-5,136,724	-3,639,895	-494,949	-34,093	-9,724,174	-1,869,518	-2,137,720	-1,390,413	-6,513,996	-6,066,365	-4,178,728	-4,952,267
development of real estate investments and other																														-12,123,275			-1,624,117	-4,621,144	-452,686	-272,324
(including capitalized interest of 210 in 2016, 39 in 2015, and 263 in 2014
proceeds from common stock offering																																				-94,633			48,590,716				-1,276
limited partners' distributions paid																													-167,000	-166,714	-161,643	-161,643		-161,643	-156,428	-156,429	-149,476	-149,476	-142,524
increase in cash held in escrows
loss on extinguishment of debt																																	0	0	0	179,867
real estate investment financed with accounts payable																															261,422	27,952	120,295	-25,637
repayments of payables for capital expenditures																																		-2	0	-200,300	0	0	0
decrease in deferred revenue																																	-115,845	-115,845	-115,845	-115,845	-115,845	-115,845	-115,845	-6,490,971	-172,388	-172,387	-172,387	-172,388	-172,387	-172,388	-172,388	-172,387	-172,388	-172,388	-172,388	-172,389	-172,387	-172,387	-172,387	-172,388	-172,387	-172,388	-172,387	-172,388	-172,387	-172,388	-172,387	-173,806
decrease in tenant deposits																																																											-905
term loan payable proceeds																																							0
limited partners’ distributions paid
decrease in other assets																																														-101,002													35,159
mortgage notes payable proceeds
net decrease in cash and cash equivalents																																								34,930	52,618	205,958	-20,472	-207,892	-123,377	95,981	3,166	-406,388	-21,720	1,991	-365,893		-15,280	-6,678	-295,418		-51,634	-22,474	-5,476,140		-41,083	72,094	-428,641	371,380	17,432	-19,183	-786,195
decrease in accounts payable																																				-236,711		-342,817				-77,156	-331,161	65,809	-439,790	-274,392	-40,832	-306,453	-524,227	-42,298	-576,228		-211,729	-126,979	-448,816		-353,408	-95,618	-573,253		-319,211	-154,635	-607,379		-398,970	-52,629	-548,054
decrease in accrued interest																																				-89,380																							-12,020				-185,453				-354
adjustments to reconcile net income to net cash from operating activities																																																															1,172,287
decrease (increase) in other assets																																																												211,586	105,736				-28,979
decrease (increase) in tenant deposits
development of real estate investments																																						-3,756,375
payments of leasing costs																																						-293,108		-113,841	-35,506	-1,250	-23,587	-12,860	-51,350	-28,500	-11,859	-75,000	-5,636	-7,050	-105,901
proceeds from common stock offering, net of issuance costs
note payable borrowings																																						48,734,648
note payable repayments																																						-75,598,648
payments of mortgages payable																																						-874,772		-733,885	-973,975	-1,751,956	-1,015,444	-996,124	-981,859	-856,783	-840,175	-828,267	-693,015	-681,684	-670,537	-664,124	-653,464	-642,679	-570,812	-622,774	-612,594	-602,577	-592,728	-589,727	-523,690	-571,587	-562,251	-553,071	-544,040	-535,158	-526,420
net decrease (increase) in cash and cash equivalents
shares issued under stock incentive plan																																						0	11,480																								1,278,850				1,092,343
real estate investments financed with accounts payable																																																															681,270				174,920
gain on extinguishment of debt
forgiveness of mortgage debt
increase in restricted cash
net (decrease) in cash and cash equivalents
gain on sale of asset																																											0	3,352	-5,331,685
proceeds from sale of asset																																								0	0	6,522,821	-156
dividends and limited partners’ distributions paid																																								-4,081,972	-4,081,973	-5,154,374	-5,141,274	-4,396,238	-4,363,977	-4,270,127	-4,258,531	-4,250,468	-4,238,600	-4,214,346	-4,233,602				-4,132,076	-4,110,767	-4,097,710	-4,102,244	-4,102,505	-4,088,374	-4,089,854	-4,080,052	-3,520,096	-3,499,731	-3,462,965	-3,463,492	-3,447,328
line-of-credit borrowings																																								28,202,859
line-of-credit																																								-12,146,859
repayments of capital expenditure payables																																								0	0	-286,078	0	0	-352,430	0	0	-850,225	0	0	-1,069,734		0	0	-766,378		0	0	-112,687		-153,855				0
payments of financing costs																																								-59,750			0	0	-649	-20,000	-8,521	-177,199	-259,897
increase in cash - restricted
net cash from or (used) in investing activities																																										3,597,410
line-of-credit net borrowings																																										-2,250,000	6,197,397	-28,097,500	797,500	1,613,465	3,831,535	1,560,000	-18,550,000	7,000,000	3,950,000	6,650,000	3,950,000	3,125,000	2,575,000	4,850,000	3,350,000	100,000	-5,300,000	6,300,000	400,000			5,300,000	3,500,000
(decrease) in accrued interest																																												-40,784	-906			-254,030
(decrease) in tenant deposits																																												-4,638	-5,465
increase in cash – restricted
net proceeds from sale of assets, less amounts held in restricted escrow																																													-7,613
mortgage proceeds
net income attributable to agree realty corporation																																															4,239,577	4,010,646
adjustments to reconcile net income attributable to agree realty corporation to net cash from operating activities
net income attributable to non-controlling interest																																															268,113	306,419
decrease in accounts receivable																																															-47,526	88,341	-95,542	-13,433	126,646		66,052	-25,911	354,405		-130,093	173,795	281,457		128,001	135,230	211,175		31,170	279,018	196,612
minority interests																																																	332,928	324,877	309,525	403,466	314,200	313,322	313,487	323,525	297,797	302,693	296,098	508,228	303,209	309,307	303,188	340,991	405,578	318,281	301,497
(increase) in accounts receivable
net proceeds from sale of assets, less amounts held in escrow
year ended december 31,
payments of payables for capital expenditures																																																															-239,856				-361,769
redemption of restricted stock																																																												0	0	0	-126,760	0	0	0	-169,680
exercise of stock options
net proceeds from the issuance of common stock																																																												115	-115	-10,240	31,466,769
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
supplemental disclosure of non-cash transactions
dividends and distributions paid																																																					-4,127,341
equity in net income of unconsolidated entities																																																																0	-22,934	-96,952	-96,951
decrease (increase) in accounts receivable
distributions from unconsolidated entities																																																																0	22,934	96,952	96,951
decrease in restricted cash																																																																0	0	0	4,309,914
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real estate investments acquired from joint ventures
net proceeds from the sale of assets
adjustments to reconcile net income to net cash from operating activities depreciation
payment on construction loans
net cash (used in) financing activities
line-of-credit proceeds																																																															-30,200,000				400,000
(increase) in other assets
construction loan paid with mortgage
write-off of deferred finance costs
gain of sale of assets
payment on construction loan
payment of construction loan

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