7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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
    		52,279,000 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
    		61,179,000 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
    		9,344,000 8,537,000 8,546,000 8,294,000 8,297,000 8,295,000 8,293,000 8,711,000 8,611,000 8,374,000   5,259,000 4,756,000 3,964,000 3,779,000 3,809,000                                                    
      amortization from financing costs, credit facility costs and debt discount
    		1,919,000 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
    		3,306,000 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
    		-4,976,000 -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
    		2,980,000 2,961,000 4,331,000 2,694,000 0 4,530,000 3,195,000   0     2,868,000   0 0 1,193,000 416,000 668,000 488,000                                              
      settlement of interest rate swaps
    		0             501,000                                                       
      gain on sale of assets
    		-925,000 -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
    		-4,536,000 1,157,000 4,940,000 -227,000                                                                 
      change in other assets
    		-2,479,000 -6,780,000 -7,570,000 -7,024,000                                                                 
      change in accounts payable, accrued expenses, and other liabilities
    		28,428,000 -7,818,000 13,463,000 36,779,000                                                                 
      net cash from operating activities
    		146,519,000 119,645,000 126,657,000 140,456,000 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
    		-403,677,000 -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
    		-54,405,000 -24,258,000 -23,422,000 -37,848,000 -10,884,000 -18,431,000                                                               
      payment of leasing costs
    		-845,000 -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
    		14,614,000 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
    		-444,313,000 -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
    		251,851,000 41,105,000 183,090,000    289,749,000 205,104,000 195,133,000 601,087,000   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
    		-61,000 -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
    		12,800,527,000                                                                    
      unsecured revolving credit facility and commercial paper notes repayments
    		-12,658,527,000                                                                    
      payments of mortgage notes payable
    		-258,000 -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   0                                                                 
      payments of senior unsecured notes
    		0                                                                    
      payment of series a preferred dividends
    		-1,860,000 -1,859,000 -1,859,000 -1,860,000 -1,859,000 -1,859,000 -1,860,000 -1,859,000 -1,859,000 -1,860,000                                                           
      payment of common stock dividends
    		-85,160,000 -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
    		-266,000 -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
    		-485,000 -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
    		305,761,000 223,054,000 258,968,000 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 
      change in cash and cash equivalents and cash held in escrow
    		                                                                    
      cash and cash equivalents and cash held in escrow, beginning of period
    		0 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
    		7,967,000 -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, net of amounts capitalized
    		                                                                    
      cash paid for income tax, net of refunds
    		                                                                    
      supplemental disclosure of non-cash investing and financing activities
    		                                                                    
      lease right of use assets added under new ground leases
    		0 0 1,767,000                                                                  
      lease right of use assets removed as a result of acquisition of real property
    		0                                                                    
      series a preferred dividends declared and unpaid
    		0 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
    		888,000 497,000 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
    		1,410,000 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                                                         
      increase in cash and cash equivalents and cash held in escrow
    		 -2,258,000 4,770,000                                                                  
      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                                                
      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 12,357,000   19,655,000 -14,079,000 6,280,000 3,890,000 -9,056,000 5,517,000 -4,248,000 2,396,000 -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
    		               -16,000 -17,000 -14,000 0                                                  
      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
    		                 3,619,000 3,381,000 3,225,000 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 
      nbsp;
    		                                                                    
      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
    		                                                                    
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.