Agree Realty Corporation(NYSE:ADC) 
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states ...
Website: http://agreerealty.com
Founded: 1971
Full Time Employees: 41
Sector: Real Estate
Industry: REIT-Retail
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At a glance:
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Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 | 2021-12-31 | 2021-09-30 | 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 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2012-12-31 | 2011-09-30 | 2011-06-30 | 2011-03-31 | 2010-12-31 | 2010-09-30 | 2010-06-30 | 2010-03-31 | 2009-12-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 | 2008-12-31 | 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 | 2003-12-31 |
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revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
rental income | 200,676,000 | 190,462,000 | 183,191,000 | 175,397,000 | 169,113,000 | 154,292,000 | 152,424,000 | 149,422,000 | 136,774,000 | 129,876,000 | 126,609,000 | 110,031,000 | 104,793,000 | 98,312,000 | 91,345,000 | 87,469,000 | 82,494,000 | 77,760,000 | 63,701,000 | 57,476,000 | 55,783,000 | 52,039,000 | 48,020,000 | 44,875,000 | 42,345,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other | 131,000 | 27,000 | 31,000 | 130,000 | 47,000 | 40,000 | 151,000 | 31,000 | 38,000 | 24,000 | 9,000 | 34,000 | 83,000 | 30,000 | 67,000 | 68,000 | 52,000 | 69,000 | 109,000 | 59,000 | 26,000 | 97,000 | 55,000 | 45,000 | 3,000 | 65,000 | 30,000 | 92,000 | 46,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
total revenues | 200,807,000 | 190,489,000 | 183,222,000 | 175,527,000 | 169,160,000 | 154,332,000 | 152,575,000 | 149,453,000 | 136,812,000 | 129,900,000 | 126,618,000 | 110,065,000 | 104,876,000 | 98,342,000 | 91,412,000 | 87,537,000 | 82,546,000 | 77,829,000 | 63,810,000 | 57,535,000 | 55,809,000 | 52,136,000 | 48,075,000 | 44,920,000 | 42,348,000 | 40,702,000 | 37,306,000 | 35,711,000 | 34,569,000 | 31,528,000 | 30,387,000 | 28,080,000 | 26,560,000 | 25,298,000 | 24,161,000 | 21,843,820 | 20,223,858 | 19,153,547 | 17,849,812 | 17,219,451 | 15,743,056 | 14,322,604 | 13,757,425 | 12,903,755 | 12,575,073 | 10,775,826 | 11,586,693 | 10,907,448 | 791,310 | 8,810,074 | 8,759,070 | 10,245,640 | 8,143,980 | 9,108,756 | 8,871,503 | 9,060,712 | 6,891,166.25 | 9,029,401 | 8,789,101 | 8,767,755 | 6,646,564.25 | 8,449,704 | 8,377,526 | 8,463,492 | 9,177,230 | 25,290,722 | 16,841,018 | 8,272,498 | 8,353,798 | 24,553,828 | 16,439,868 | 7,824,334 | 8,328,110 | 7,357,574 | 16,089,335 | 7,188,226 | 7,935,259 | 21,993,531 | 14,503,654 | 6,693,450 | |
yoy | 18.71% | 23.43% | 20.09% | 17.45% | 23.64% | 18.81% | 20.50% | 35.79% | 30.45% | 32.09% | 38.51% | 25.74% | 27.05% | 26.36% | 43.26% | 52.15% | 47.91% | 49.28% | 32.73% | 28.08% | 31.79% | 28.09% | 28.87% | 25.79% | 22.50% | 29.10% | 22.77% | 27.18% | 30.15% | 24.63% | 25.77% | 28.55% | 31.33% | 32.08% | 35.36% | 26.86% | 28.46% | 33.73% | 29.75% | 33.45% | 25.19% | 32.91% | 18.73% | 18.30% | 1489.15% | 22.31% | 32.28% | 6.46% | -90.28% | -3.28% | -1.27% | 13.08% | 18.18% | 0.88% | 0.94% | 3.34% | 3.68% | 6.86% | 4.91% | 3.60% | -27.58% | -66.59% | -50.26% | 2.31% | 9.86% | 3.00% | 2.44% | 5.73% | 0.31% | 233.72% | 2.18% | 8.85% | 4.95% | -66.55% | 10.93% | 7.39% | |||||
qoq | 5.42% | 3.97% | 4.38% | 3.76% | 9.61% | 1.15% | 2.09% | 9.24% | 5.32% | 2.59% | 15.04% | 4.95% | 6.64% | 7.58% | 4.43% | 6.05% | 6.06% | 21.97% | 10.91% | 3.09% | 7.05% | 8.45% | 7.02% | 6.07% | 4.04% | 9.10% | 4.47% | 3.30% | 9.65% | 3.75% | 8.22% | 5.72% | 4.99% | 4.71% | 10.61% | 8.01% | 5.59% | 7.30% | 3.66% | 9.38% | 9.92% | 4.11% | 6.62% | 2.61% | 16.70% | -7.00% | 6.23% | 1278.40% | -91.02% | 0.58% | -14.51% | 25.81% | -10.59% | 2.67% | -2.09% | 31.48% | -23.68% | 2.73% | 0.24% | 31.91% | -21.34% | 0.86% | -1.02% | -7.78% | -63.71% | 50.17% | 103.58% | -0.97% | -65.98% | 49.36% | 110.11% | -6.05% | 13.19% | -54.27% | 123.83% | -9.41% | -63.92% | 51.64% | 116.68% | ||
operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate taxes | 14,713,000 | 14,712,000 | 13,173,000 | 12,833,000 | 11,513,000 | 11,935,000 | 10,721,000 | 10,701,000 | 10,124,000 | 9,874,000 | 9,432,000 | 8,526,000 | 7,979,000 | 7,611,000 | 6,701,000 | 6,957,000 | 6,158,000 | 5,696,000 | 5,516,000 | 4,840,000 | 4,702,000 | 4,504,000 | 3,674,000 | 3,720,000 | 3,622,000 | 2,896,000 | 2,824,000 | 2,624,000 | 2,377,000 | 2,216,000 | 2,149,000 | 2,031,000 | 1,808,000 | 1,424,000 | 1,473,000 | 1,438,089 | 1,122,664 | 1,662,789 | 715,685 | 863,357 | 762,923 | 555,283 | 773,647 | 739,743 | 697,232 | 350,664 | 660,053 | 558,711 | 569,062.5 | 455,382 | 507,303 | 614,379 | 363,011.5 | 472,083 | 488,520 | 478,941 | 359,886 | 466,443 | 450,864 | 465,313 | 345,655 | 467,714 | 467,147 | 457,361 | 456,727 | 1,392,222 | 924,508 | 440,276 | 469,384 | 1,351,988 | 902,165 | 440,428 | 433,205 | 424,819 | 930,913 | 452,311 | 425,224 | 1,381,100 | 927,659 | 467,585 | |
property operating expenses | 9,636,000 | 8,733,000 | 8,243,000 | 8,416,000 | 8,381,000 | 6,015,000 | 6,487,000 | 7,373,000 | 5,518,000 | 5,821,000 | 6,782,000 | 4,557,000 | 4,541,000 | 4,477,000 | 4,052,000 | 3,189,000 | 3,214,000 | 3,541,000 | 2,108,000 | 1,860,000 | 2,335,000 | 1,917,000 | 1,598,000 | 1,496,000 | 1,739,000 | 1,739,000 | 1,246,000 | 1,238,000 | 1,516,000 | 969,000 | 931,000 | 915,000 | 797,000 | 815,000 | 169,000 | 928,388 | 573,026 | 356,953 | 424,296 | 415,707 | 571,390 | 384,334 | 337,811 | 458,294 | 498,526 | 207,130 | 326,037 | 301,979 | 296,799.25 | 396,900 | 330,036 | 421,208 | 280,654 | 410,088 | 332,468 | 457,787 | 300,266.5 | 393,613 | 359,268 | 594,378 | 336,814.75 | 380,541 | 436,162 | 510,447 | 458,173 | 1,327,150 | 946,609 | 547,128 | 319,683 | 1,317,509 | 928,272 | 620,784 | 577,229 | 349,295 | 1,164,991 | 685,000 | 474,952 | 1,505,311 | 1,099,085 | 604,832 | |
land lease expense | 554,000 | 551,000 | 556,000 | 550,000 | 485,000 | 421,000 | 415,000 | 415,000 | 411,000 | 410,000 | 430,000 | 404,000 | 407,000 | 402,000 | 417,000 | 400,000 | 389,000 | 346,000 | 325,000 | 325,000 | 328,000 | 320,000 | 354,000 | 372,000 | 195,000 | 134,000 | 172,000 | 176,000 | 163,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
general and administrative | 11,477,000 | 11,072,000 | 10,887,000 | 11,332,000 | 10,771,000 | 9,114,000 | 9,707,000 | 9,515,000 | 8,844,000 | 8,420,000 | 8,821,000 | 6,992,000 | 7,651,000 | 7,622,000 | 6,650,000 | 5,687,000 | 6,241,000 | 6,879,000 | 4,756,000 | 4,587,000 | 4,658,000 | 3,820,000 | 3,832,000 | 3,880,000 | 4,035,000 | 3,171,000 | 2,947,000 | 3,185,000 | 2,862,000 | 2,284,000 | 2,491,000 | 2,569,000 | 2,603,000 | 1,908,000 | 2,020,000 | 2,042,089 | 2,045,026 | 1,807,548 | 1,768,895 | 1,744,026 | 1,667,600 | 1,672,136 | 1,748,209 | 1,616,906 | 1,591,783 | 1,283,942 | 1,587,617 | 1,594,507 | 1,626,270 | 1,150,538 | 1,202,030 | 1,441,946 | 1,398,704 | 1,083,163 | 998,428 | 1,251,290 | 1,226,119 | 1,038,759 | 1,130,155 | 1,095,695 | -415,609 | 965,942 | 975,399 | 996,263 | 1,524,819 | 2,937,604 | 1,971,662 | 1,050,957 | 940,103 | 3,078,733 | 2,072,831 | 919,771 | 1,526,072 | 686,821 | 1,753,692 | 632,947 | 865,173 | 1,983,241 | 1,296,420 | 556,597 | |
depreciation and amortization | 66,699,000 | 63,436,000 | 61,179,000 | 58,939,000 | 55,755,000 | 51,504,000 | 50,454,000 | 48,463,000 | 45,625,000 | 42,750,000 | 40,646,000 | 35,157,000 | 31,950,000 | 28,561,000 | 26,565,000 | 24,488,000 | 23,188,000 | 21,489,000 | 17,327,000 | 15,607,000 | 14,132,000 | 13,106,000 | 11,897,000 | 10,836,000 | 9,864,000 | 11,955,000 | 11,180,000 | 10,559,000 | 10,004,000 | 8,796,000 | 8,228,000 | 7,704,000 | 7,025,000 | 6,506,000 | 6,151,000 | 5,664,701 | 5,085,250 | 3,289,210 | 5,525,901 | 4,117,182 | 3,553,581 | 3,142,890 | 2,855,066 | 2,591,157 | 2,513,589 | 2,070,897 | 2,176,179 | 2,290,767 | 1,311,894 | 1,437,439 | 1,408,639 | 1,627,814 | 1,350,964 | 1,392,621 | 1,385,017 | 1,394,498 | 1,467,178 | 1,366,011 | 1,347,452 | 1,295,266 | 240,271 | 1,259,462 | 1,262,463 | 1,234,186 | 1,260,607 | 3,756,111 | 2,496,649 | 1,202,313 | 1,232,848 | 3,618,495 | 2,405,835 | 1,138,939 | 1,175,896 | 1,059,775 | 2,387,969 | 1,068,944 | 1,189,378 | 3,247,656 | 2,169,995 | 1,006,219 | |
provision for impairment | 1,400,000 | 1,600,000 | 2,980,000 | 2,961,000 | 4,331,000 | 2,694,000 | 4,530,000 | 3,195,000 | 1,315,000 | 1,015,000 | 2,868,000 | 1,128,000 | 1,193,000 | 416,000 | -412,750 | -488,000 | -1,163,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total operating expenses | 104,479,000 | 100,104,000 | 97,018,000 | 95,031,000 | 91,236,000 | 81,683,000 | 77,784,000 | 80,997,000 | 73,717,000 | 68,590,000 | 66,111,000 | 55,636,000 | 52,528,000 | 49,688,000 | 46,304,000 | 40,721,000 | 39,190,000 | 37,951,000 | 32,900,000 | 28,347,000 | 26,155,000 | 23,667,000 | 21,355,000 | 21,497,000 | 19,871,000 | 22,214,000 | 18,369,000 | 17,782,000 | 16,922,000 | 14,428,000 | 13,962,000 | 13,382,000 | 12,396,000 | 10,816,000 | 9,976,000 | 10,236,542 | 8,989,242 | 7,279,776 | 8,608,490 | 7,277,554 | 6,687,357 | 5,886,606 | 6,060,060 | 8,313,375 | 5,408,405 | 3,569,608 | 5,306,861 | 4,852,939 | 6,728,462.5 | 3,537,084 | 3,544,833 | 4,332,508 | 2,798,679.75 | 3,572,755 | 3,419,233 | 3,797,316 | 2,714,928.25 | 3,470,217 | 3,458,789 | 3,619,202 | 2,637,052 | 3,242,209 | 3,309,721 | 3,368,307 | 3,868,876 | 9,920,237 | 6,678,028 | 3,436,139 | 3,135,454 | 9,953,120 | 6,700,033 | 3,315,387 | 3,910,034 | 2,700,950 | 6,628,495 | 3,019,442 | 3,151,467 | 8,658,028 | 5,862,639 | 2,819,973 | |
gain on sale of assets | 1,697,000 | 2,209,000 | 924,000 | 1,510,000 | 772,000 | 1,850,000 | 7,156,000 | 2,096,000 | -20,000 | 319,000 | 3,000,000 | 17,000 | 2,310,000 | 1,759,000 | 3,470,000 | 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 | 4,780,000 | 4,742,000 | 2,831,000 | 4,415,000 | 2,717,903 | 465 | 8,599,261 | 3,456,206 | 79,104 | ||||||||||||||||||||||||||||||||||||||||||
gain on involuntary conversion | 528,000 | 33,000 | 132,000 | 20,000 | -115,000 | -25,000 | -25,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from operations | 98,553,000 | 92,432,000 | 87,260,000 | 82,006,000 | 78,696,000 | 74,443,000 | 81,967,000 | 70,497,000 | 63,075,000 | 61,629,000 | 60,507,000 | 57,314,000 | 52,340,000 | 50,939,000 | 47,037,000 | 50,286,000 | 43,356,000 | 39,878,000 | 30,910,000 | 29,188,000 | 29,654,000 | 28,469,000 | 26,720,000 | 23,423,000 | 22,477,000 | 18,488,000 | 18,937,000 | 17,929,000 | 17,647,000 | 17,100,000 | 16,425,000 | 14,698,000 | 14,164,000 | 14,482,000 | 14,185,000 | 11,607,278 | 11,234,616 | 11,873,771 | 9,241,322 | 9,941,897 | 9,055,699 | 8,435,998 | 7,697,365 | 4,590,380 | 7,166,668 | 7,206,218 | 6,279,832 | 6,054,509 | 6,840,160 | 5,272,990 | 5,214,237 | 5,913,132 | 4,193,325.25 | 5,536,001 | 5,452,270 | 5,263,396 | 4,176,238 | 5,559,184 | 5,330,312 | 5,148,553 | 4,009,512.25 | 5,207,495 | 5,067,805 | 5,095,185 | 3,842,621.25 | 15,370,485 | 10,162,990 | ||||||||||||||
yoy | 25.23% | 24.16% | 6.46% | 16.33% | 24.77% | 20.79% | 35.47% | 23.00% | 20.51% | 20.99% | 28.64% | 13.98% | 20.72% | 27.74% | 52.17% | 72.28% | 46.21% | 40.08% | 15.68% | 24.61% | 31.93% | 53.99% | 41.10% | 30.64% | 27.37% | 8.12% | 15.29% | 21.98% | 24.59% | 18.08% | 15.79% | 26.63% | 26.07% | 21.97% | 53.50% | 16.75% | 24.06% | 40.75% | 20.06% | 116.58% | 26.36% | 17.07% | 22.57% | -24.18% | 4.77% | 36.66% | 20.44% | 2.39% | 63.12% | -4.75% | -4.37% | 12.34% | 0.41% | -0.42% | 2.29% | 2.23% | 4.16% | 6.75% | 5.18% | 1.05% | 4.34% | -66.12% | -50.13% | ||||||||||||||||||
qoq | 6.62% | 5.93% | 6.41% | 4.21% | 5.71% | -9.18% | 16.27% | 11.77% | 2.35% | 1.85% | 5.57% | 9.50% | 2.75% | 8.30% | -6.46% | 15.98% | 8.72% | 29.01% | 5.90% | -1.57% | 4.16% | 6.55% | 14.08% | 4.21% | 21.58% | -2.37% | 5.62% | 1.60% | 3.20% | 4.11% | 11.75% | 3.77% | -2.20% | 2.09% | 22.21% | 3.32% | -5.38% | 28.49% | -7.05% | 9.79% | 7.35% | 9.60% | 67.68% | -35.95% | -0.55% | 14.75% | 3.72% | -11.49% | 29.72% | 1.13% | -11.82% | 41.01% | -24.25% | 1.54% | 3.59% | 26.03% | -24.88% | 4.29% | 3.53% | 28.41% | -23.00% | 2.76% | -0.54% | 32.60% | -75.00% | 51.24% | |||||||||||||||
operating margin % | 49.08% | 48.52% | 47.63% | 46.72% | 46.52% | 48.24% | 53.72% | 47.17% | 46.10% | 47.44% | 47.79% | 52.07% | 49.91% | 51.80% | 51.46% | 57.45% | 52.52% | 51.24% | 48.44% | 50.73% | 53.13% | 54.61% | 55.58% | 52.14% | 53.08% | 45.42% | 50.76% | 50.21% | 51.05% | 54.24% | 54.05% | 52.34% | 53.33% | 57.25% | 58.71% | 53.14% | 55.55% | 61.99% | 51.77% | 57.74% | 57.52% | 58.90% | 55.95% | 35.57% | 56.99% | 66.87% | 54.20% | 55.51% | 864.41% | 59.85% | 59.53% | 57.71% | 51.49% | 60.78% | 61.46% | 58.09% | 60.60% | 61.57% | 60.65% | 58.72% | 60.32% | 61.63% | 60.49% | 60.20% | 41.87% | 60.78% | 60.35% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |
other income | 148,000 | 399,000 | 456,000 | 46,000 | 41,000 | 104,000 | 366,000 | 117,000 | 94,000 | 43,000 | 48,000 | 132,000 | 25,750 | -14,000 | 23,000 | 53,000 | 45,000 | 48,000 | 271,000 | 39,000 | -10,000 | 50,000 | 30,000 | -8,715 | -39,582 | 115,233 | 105,703 | 8,326 | 1,209 | 3,120 | 114,462 | 24,334 | 29,042 | 17,449 | 1,553 | 27,920.5 | 28,093 | 16,832 | 22,490 | 15,674 | 7,703 | 8,772 | 3,761 | 5,059 | 25 | 1,657 | 1,592 | 213,726 | 24 | 6,518 | 6,103 | 22,334 | 12,645 | 12,621 | 14,359 | 6,912 | 37,026 | 28,481 | 23,779 | 30,414 | 16,635 | 1,579 | 460 | 32,256 | 1,842 | 1,726 | |||||||||||||||
interest expense | -35,970,000 | -36,362,000 | -35,212,000 | -32,274,000 | -30,764,000 | -28,942,000 | -26,416,000 | -24,451,000 | -20,803,000 | -19,948,000 | -17,998,000 | -17,149,000 | -15,512,000 | -13,931,000 | -13,111,000 | -13,066,000 | -12,549,000 | -11,653,000 | -10,158,000 | -8,479,000 | -9,669,000 | -9,731,000 | -8,352,000 | -7,455,000 | -7,558,000 | -6,907,000 | -6,538,000 | -5,961,000 | -5,465,000 | -4,924,000 | -4,666,000 | -4,411,000 | -4,138,000 | -4,107,000 | -4,091,000 | -3,496,855 | -3,648,291 | -3,947,054 | -2,964,319 | -2,933,269 | -2,460,755 | -2,478,904 | -2,439,105 | -1,874,510 | -1,794,460 | -1,875,471 | -1,634,051 | -1,525,012 | -967,209.5 | -1,097,823 | -1,124,128 | -1,304,889 | -872,927.25 | -1,145,605 | -1,160,791 | -1,125,624 | -858,005 | -1,377,472 | -1,238,977 | -1,260,076 | -969,131.25 | -1,280,051 | -1,151,331 | -1,176,639 | -1,287,744 | -3,608,021 | -2,327,970 | -1,153,567 | -1,175,607 | -3,449,164 | -2,292,215 | -1,054,338 | -1,102,127 | -1,076,442 | -2,027,884 | -1,103,723 | -1,167,755 | -3,338,957 | -2,262,515 | -1,584,105 | |
income and other tax expense | -500,000 | -260,000 | -225,000 | -425,000 | -825,000 | -1,077,000 | -1,004,000 | -1,149,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 62,231,000 | 56,209,000 | 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 | 33,306,000 | 36,830,000 | 22,461,000 | 30,278,000 | 21,416,000 | 25,424,000 | 21,370,000 | 22,743,000 | 20,781,000 | 18,722,000 | 18,516,000 | 13,338,000 | 15,756,000 | 13,068,000 | 16,636,000 | 16,671,000 | 12,283,000 | 15,067,000 | 14,768,000 | 12,906,000 | 14,476,000 | 10,828,326 | 7,586,325 | 7,927,182 | 14,876,264 | 10,464,834 | 6,494,181 | 5,722,003 | 4,965,608 | 2,715,870 | 5,509,528 | 5,622,075 | 4,645,781 | 4,529,497 | 11,935,951 | 4,540,568 | 4,431,459 | 4,700,059 | -3,312,508 | 4,606,607 | 4,507,690 | 4,317,065 | 4,562,638 | 4,181,712 | 4,091,335 | 3,888,477 | 1,928,806 | 3,613,244 | 3,603,152 | 3,605,059 | 4,660,819 | 10,821,455 | 7,208,211 | 3,386,694 | 3,719,212 | 10,254,956 | 6,848,829 | 3,301,891 | 5,773,089 | 3,895,349 | 6,820,461 | 2,895,716 | 3,275,046 | 9,847,974 | 5,952,625 | 2,243,990 | |
yoy | 31.99% | 26.23% | -4.80% | 9.64% | 13.18% | 8.57% | 31.45% | 13.74% | 15.30% | 13.02% | 25.42% | 7.46% | 60.86% | 19.85% | 55.52% | 44.86% | 5.11% | 33.13% | 3.06% | 35.80% | 15.41% | 70.51% | 31.89% | 43.27% | 11.30% | -19.99% | 28.27% | -13.27% | 12.65% | 29.17% | -15.15% | 39.14% | 94.67% | 62.81% | -2.69% | 3.47% | 16.82% | 38.54% | 199.59% | 285.32% | 17.87% | 1.78% | 6.88% | -40.04% | -53.84% | 23.82% | 4.84% | -3.63% | -460.33% | -1.43% | -1.69% | 8.87% | -172.60% | 10.16% | 10.18% | 11.02% | 136.55% | 15.73% | 13.55% | 7.86% | -58.62% | -66.61% | -50.01% | 6.45% | 25.32% | 5.52% | 5.25% | 2.57% | -35.58% | 163.26% | 0.42% | 14.03% | 76.28% | -60.45% | 14.58% | 29.04% | |||||
qoq | 10.71% | 7.52% | 5.93% | 4.68% | 5.88% | -18.91% | 21.99% | 8.06% | 1.57% | -1.82% | 5.55% | 9.54% | -0.44% | 8.96% | -9.57% | 63.97% | -25.82% | 41.38% | -15.76% | 18.97% | -6.04% | 9.44% | 11.00% | 1.11% | 38.82% | -15.35% | 20.57% | -21.45% | -0.21% | 35.72% | -18.48% | 2.02% | 14.43% | -10.85% | 33.69% | 42.73% | -4.30% | -46.71% | 42.15% | 61.14% | 13.49% | 15.23% | 82.84% | -50.71% | -2.00% | 21.01% | 2.57% | -62.05% | 162.87% | 2.46% | -5.71% | -241.89% | -171.91% | 2.19% | 4.42% | -5.38% | 9.11% | 2.21% | 5.22% | 101.60% | -46.62% | 0.28% | -0.05% | -22.65% | -56.93% | 50.13% | 112.84% | -8.94% | -63.73% | 49.73% | 107.42% | -42.81% | 48.20% | -42.89% | 135.54% | -11.58% | -66.74% | 65.44% | 165.27% | ||
net income margin % | 30.99% | 29.51% | 28.53% | 28.12% | 27.87% | 28.85% | 35.99% | 30.12% | 30.45% | 31.57% | 32.99% | 35.96% | 34.45% | 36.90% | 36.44% | 42.07% | 27.21% | 38.90% | 33.56% | 44.19% | 38.29% | 43.62% | 43.23% | 41.68% | 43.72% | 32.77% | 42.23% | 36.59% | 48.12% | 52.88% | 40.42% | 53.66% | 55.60% | 51.02% | 59.91% | 49.57% | 37.51% | 41.39% | 83.34% | 60.77% | 41.25% | 39.95% | 36.09% | 21.05% | 43.81% | 52.17% | 40.10% | 41.53% | 1508.38% | 51.54% | 50.59% | 45.87% | -40.67% | 50.57% | 50.81% | 47.65% | 66.21% | 46.31% | 46.55% | 44.35% | 29.02% | 42.76% | 43.01% | 42.60% | 50.79% | 42.79% | 42.80% | 40.94% | 44.52% | 41.77% | 41.66% | 42.20% | 69.32% | 52.94% | 42.39% | 40.28% | 41.27% | 44.78% | 41.04% | 33.53% | |
less net income attributable to non-controlling interest | 180,000 | 172,000 | 162,000 | 155,000 | 152,000 | 153,000 | 189,000 | 155,000 | 135,000 | 147,000 | 160,000 | 152,000 | 157,000 | 176,000 | 156,000 | 167,000 | 114,000 | 166,000 | 136,000 | 166,000 | 141,000 | 184,000 | 170,000 | 158,000 | 169,000 | 127,000 | 170,000 | 145,000 | 185,000 | 177,000 | 118,000 | 191,000 | 193,000 | 173,000 | 213,000 | 166,996 | 125,492 | 136,746 | 280,801 | 201,237 | 125,816 | 125,441 | 112,763 | 125,171 | 782,630 | -148,960 | -140,061 | -160,243 | 1,252,413 | -189,412 | -268,113 | -306,419 | 1,713,944 | -332,928 | -324,877 | -309,525 | |||||||||||||||||||||||||
net income attributable to agree realty corporation | 62,051,000 | 56,037,000 | 52,117,000 | 49,198,000 | 46,996,000 | 44,375,000 | 54,724,000 | 44,859,000 | 41,522,000 | 40,868,000 | 41,614,000 | 39,425,000 | 35,973,000 | 36,113,000 | 33,150,000 | 36,663,000 | 22,347,000 | 30,112,000 | 21,280,000 | 25,258,000 | 21,229,000 | 22,559,000 | 20,611,000 | 18,564,000 | 18,347,000 | 13,211,000 | 15,586,000 | 12,923,000 | 16,451,000 | 16,494,000 | 12,165,000 | 14,876,000 | 14,575,000 | 12,733,000 | 14,263,000 | 10,661,330 | 7,460,833 | 7,790,436 | 14,595,463 | 10,263,597 | 6,368,365 | 5,596,562 | 4,852,845 | 5,384,357 | 5,485,730 | 4,528,162 | 11,610,581 | 4,391,608 | 4,291,398 | 4,539,816 | -3,182,095 | 4,417,195 | 4,239,577 | 4,010,646 | 4,376,582 | 3,848,784 | 3,766,458 | 3,578,952 | |||||||||||||||||||||||
less series a preferred stock dividends | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 1,859,000 | 289,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to common stockholders | 60,192,000 | 54,178,000 | 50,258,000 | 47,339,000 | 45,137,000 | 42,516,000 | 52,865,000 | 43,000,000 | 39,663,000 | 39,009,000 | 39,755,000 | 37,566,000 | 34,114,000 | 34,254,000 | 31,291,000 | 36,374,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic | 0.5 | 0.47 | 0.45 | 0.43 | 0.42 | 0.42 | 0.53 | 0.43 | 0.41 | 0.42 | 0.44 | 0.47 | 0.45 | 0.48 | 0.44 | 0.52 | 0.34 | 0.48 | 0.39 | 0.47 | 0.47 | 0.53 | 0.49 | 0.45 | 0.49 | 0.37 | 0.49 | 0.42 | 0.53 | 0.56 | 0.42 | 0.56 | 0.56 | 0.368 | 0.61 | 0.48 | 0.37 | ||||||||||||||||||||||||||||||||||||||||||||
diluted | 0.5 | 0.47 | 0.45 | 0.43 | 0.42 | 0.42 | 0.52 | 0.43 | 0.41 | 0.42 | 0.44 | 0.46 | 0.45 | 0.48 | 0.44 | 0.52 | 0.34 | 0.48 | 0.39 | 0.47 | 0.46 | 0.52 | 0.48 | 0.45 | 0.48 | 0.36 | 0.48 | 0.41 | 0.53 | 0.56 | 0.42 | 0.56 | 0.56 | 0.365 | 0.61 | 0.48 | 0.36 | ||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income | 5,854 | 1,378 | -1,677,250 | 1,835,586 | -2,538,187 | 1,621,177 | -2,000,725 | 727,135 | -850,216 | -460,026 | 800,321 | -549,979 | 1,311,525 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
amortization of interest rate swaps | -1,075 | -1,078 | -1,077 | -880 | -736 | -739 | -675 | -629 | -631 | -630 | -629 | -273 | 82 | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in fair value and settlement of interest rate swaps | 6,225 | 5,068 | 713 | 3,435 | -10,031 | -11,760 | 4,172 | 11,543 | 8,324 | 3,341 | -7,181 | 16,481 | 20,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total comprehensive income | 67,381 | 60,199 | 51,915 | 51,908 | 36,381 | 32,029 | 58,410 | 55,928 | 49,350 | 43,726 | 41,145 | 32,123 | 52,693 | 56,952 | 32,691 | 40,212 | 24,978 | 55,924 | 22,836 | 23,163 | -11,672 | 28,571 | 13,363 | 14,928 | 15,111 | 10,226 | 16,210 | 13,860 | 18,556 | 18,073 | 12,486 | 14,656 | 15,509 | 18,760 | 15,854 | 9,151,076 | 4,650,649 | 9,762,768 | 12,338,077 | 12,086,011 | 4,482,353 | 3,721,278 | 5,692,743 | 1,865,654 | 5,049,502 | 6,422,396 | 4,095,802 | 5,841,022 | |||||||||||||||||||||||||||||||||
less comprehensive income attributable to non-controlling interest | 195 | 183 | 161 | 163 | 117 | 110 | 201 | 193 | 162 | 157 | 158 | 121 | 233 | 276 | 305 | 185 | 128 | 304 | 152 | 151 | -109 | 244 | 109 | 125 | 138 | 97 | 174 | 154 | 206 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable to agree realty corporation | 67,186 | 60,016 | 51,754 | 51,745 | 36,264 | 31,919 | 58,209 | 55,735 | 49,188 | 43,569 | 40,987 | 32,002 | 52,460 | 56,676 | 32,386 | 40,027 | 24,850 | 55,620 | 22,684 | 23,012 | -11,563 | 28,327 | 13,254 | 14,803 | 14,973 | 10,129 | 16,036 | 13,706 | 18,350 | 10,535.75 | 12,337 | 14,467 | 15,306 | 18,513 | 15,625 | 9,011,275 | 4,573,718 | 9,590,755 | 12,107,004 | 11,853,984 | 4,395,521 | 3,634,396 | 5,563,474 | 4,934,774 | 6,265,563 | 3,992,262 | |||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding - basic | 119,856,418 | 110,723,375 | 111,277,316 | 109,758,046 | 107,048,557 | 100,383,207 | 100,349,943 | 100,284,588 | 97,255,143 | 93,053,870 | 90,028,255 | 79,701,136 | 75,037,920 | 71,228,930 | 66,802,242 | 69,102,500 | 64,835,984 | 62,828,897 | 53,721,956 | 52,726,230 | 45,436,191 | 40,577,346 | 41,832,457 | 40,612,372 | 37,487,851 | 22,185,525 | 20,438,729 | 18,008,592 | 17,539,358 | 17,369,832 | 14,882,586 | 14,713,740 | 14,714,357 | 14,698,479 | 12,983,774 | 12,985,353 | 4,479,345 | ||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding - diluted | 120,375,633 | 111,200,645 | 111,511,615 | 110,377,221 | 107,547,193 | 101,715,311 | 100,454,703 | 100,336,600 | 97,349,473 | 93,134,385 | 90,548,172 | 80,589,446 | 75,570,089 | 71,336,103 | 67,139,079 | 69,591,848 | 65,185,604 | 62,940,360 | 54,555,672 | 53,266,740 | 45,565,054 | 41,223,614 | 42,318,042 | 41,141,659 | 38,320,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on involuntary conversion | -56,000 | -55,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income tax benefit | -709,000 | -709,000 | -783,000 | -720,000 | -698,000 | -719,000 | -517,000 | -390,000 | -485,000 | -1,009,000 | -306,000 | -260,000 | -260,000 | 170,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on early extinguishment of term loans and settlement of related interest rate swaps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on early extinguishment of term loans and settlement of related interest rate swaps | -3,653,500 | -14,614,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
realized gain on settlement of interest rate swaps | 217.25 | 82 | 287 | 500 | -17 | -17 | -14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income - change in fair value and settlement of interest rate swaps | 7,669 | 3,300 | 2,230 | 25,146 | 1,420 | -3,794 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on involuntary conversion of assets | 117,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
changes in fair value of interest rate swaps | -2,244 | -33,025 | 5,842 | -7,418 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income tax expense | -328,000 | -184,000 | -195,000 | -125,000 | -125,000 | -216,000 | -50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income - change in fair value of interest rate swaps | -3,405 | -3,112 | 454 | 792 | 1,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minimum rents | 36,320,000 | 33,622,000 | 32,129,000 | 30,743,000 | 28,574,000 | 27,325,000 | 25,160,000 | 24,014,000 | 23,349,000 | 22,279,000 | 19,911,907 | 18,491,035 | 17,016,109 | 16,735,634 | 15,972,170 | 14,554,011 | 13,461,551 | 12,628,111 | 11,790,632 | 11,523,058 | 10,313,454 | 10,683,883 | 10,261,931 | 7,905,065.25 | 8,137,049 | 7,950,230 | 9,056,361 | 6,350,273.75 | 8,344,991 | 8,179,987 | 8,331,333 | 6,384,428 | 8,339,111 | 8,133,119 | 7,978,648 | 6,112,719.5 | 7,754,457 | 7,642,554 | 7,687,360 | 8,552,126 | 23,084,371 | 15,329,914 | 7,532,443 | 7,547,781 | 22,415,582 | 14,962,673 | 7,052,209 | 7,290,046 | 6,739,794 | 14,468,716 | 6,316,111 | 7,025,186 | 19,752,838 | 12,921,273 | 5,931,180 | ||||||||||||||||||||||||||
percentage rents | 45,000 | 216,000 | 32,000 | 212,000 | 7,000 | 6,509 | 183,345 | -8,681 | 37,920 | 141,017 | 9,811 | 12,788 | 4,695 | 142,181 | 16,013 | 5,493 | 7,843 | 12,534 | 16,057 | 5,210.5 | 782 | 6,995 | 1,944.25 | 4,758 | 1,189.5 | 13,778 | 2,347 | 13,679 | 7,307 | 29,804 | 16,026 | 14,071 | 12,659 | 40,891 | 27,285 | 18,704 | 28,772 | -12,181 | 30,524 | 24,761 | 34,340 | 28,691 | 40,872 | 41,409 | |||||||||||||||||||||||||||||||||||||
operating cost reimbursement | 4,272,000 | 3,654,000 | 3,490,000 | 3,564,000 | 2,736,000 | 2,791,000 | 2,881,000 | 2,344,000 | 1,899,000 | 1,845,000 | 1,934,119 | 1,589,060 | 2,030,886 | 970,555 | 1,097,938 | 1,178,025 | 845,145 | 1,010,157 | 946,608 | 1,022,973 | 428,910 | 901,257 | 645,517 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted average number of common shares outstanding - basic: | 31,758,925 | 23,454,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted average number of common shares outstanding - diluted: | 32,287,352 | 23,563,331 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding - basic: | 32,070,255 | 30,821,185 | 30,801,471 | 27,625,102 | 28,573,022 | 26,389,703 | 25,953,097 | 22,868,736 | 18,003,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding - diluted: | 32,401,122 | 31,222,221 | 30,851,058 | 27,700,347 | 28,656,684 | 26,457,340 | 26,009,120 | 22,959,799 | 22,265,139 | 20,480,140 | 18,065,415 | 18,064,318 | 17,587,052 | 17,416,359 | 14,966,895 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other expense | -94,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
land lease payments | 122,500 | 163,000 | 163,000 | 163,000 | 163,000 | 163,000 | 163,275 | 163,276 | 163,276 | 173,713 | 137,282 | 131,863 | 131,963 | 125,327 | 107,275 | 107,275 | 106,975 | 106,975 | 106,975 | 184,141.75 | 96,825 | 96,825 | 227,161 | 169,931.25 | 214,800 | 214,800 | 214,800 | 161,100 | 205,391 | 171,050 | 168,550 | 136,247.75 | 168,550 | 168,550 | 170,050 | 168,550 | 507,150 | 338,600 | 195,465 | 173,436 | 586,395 | 390,930 | 195,465 | 197,632 | 180,240 | 390,930 | 180,240 | 196,740 | 540,720 | 369,480 | 184,740 | ||||||||||||||||||||||||||||||
loss on debt extinguishment | -300,000 | -33,000 | -179,867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive income - gain on interest rate swaps | 1,402 | 203 | -411 | 741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable to non-controlling interest | -127.25 | -149 | -189 | -203 | -247 | -229 | -139,801 | -76,931 | -172,013 | -231,073 | -232,027 | -86,832 | -86,882 | -129,269 | -114,728 | -156,833 | -103,540 | -150,446 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
other comprehensive loss | -2,935,676 | -2,011,828 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
impairment charge | 220,000 | 2,800,000 | 112,500 | 450,000 | 3,375,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from continuing operations | 7,927,182 | 14,876,264 | 10,464,834 | 6,494,181 | 5,722,003 | 4,965,608 | 2,715,870 | 5,372,208 | 5,330,747 | 4,645,781 | 4,529,497 | 4,836,359 | 5,218,344 | 14,600,708 | 9,739,835 | 4,508,947 | 4,418,076 | 4,656,624 | 9,460,840 | 4,168,784 | 4,783,792 | 13,335,503 | 8,641,015 | 3,873,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
discontinued operations | 0.01 | 0.03 | 0.02 | 0.36 | 0.1 | 0.005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of assets from discontinued operations | 122,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations | 14,573 | 1,753.5 | 1,490,184 | 365,401 | 344,702 | 91,816 | 1,397,417 | 216,211 | 216,211 | 179,293 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
continuing operations | 0.4 | 0.81 | 0.59 | 0.37 | 0.36 | 0.33 | 0.18 | 0.36 | 0.38 | 0.35 | 0.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
diluted earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on sale of assets | -235,091 | -292,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total discontinued operations | 34,330 | 137,320 | 238,340.25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding - dilutive | 14,782,051 | 14,775,596 | 14,745,489 | 13,063,187 | 13,065,542 | 4,479,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
less net income attributable to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
non-controlling interest | 61,642 | 94,672.75 | 117,619 | 116,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net income attributable to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
agree realty corporation | 2,654,228 | 4,412,626 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
to non-controlling interest | -42,342 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
comprehensive income attributable to | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
operating cost reimbursements | 587,520.5 | 590,089 | 640,579 | 739,313 | 475,120.75 | 597,632 | 681,962 | 718,623 | 499,735 | 690,265 | 654,325 | 782,757 | 531,836.75 | 681,445 | 726,107 | 756,350 | 540,975.5 | 2,163,902 | 1,482,457 | 711,625 | 515,082.25 | 2,060,329 | 1,421,429 | 753,421 | 524,329.5 | 599,547 | 1,573,460 | 845,775 | 544,936.5 | 2,179,746 | 1,539,667 | 719,135 | |||||||||||||||||||||||||||||||||||||||||||||||||
development fee income | 223,673.25 | 47,000 | 138,895 | 411,419 | 145,726 | 158,430 | 39,607.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on extinguishment of debt | 590,057.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income before discontinued operations | 1,644,058.25 | 4,175,167 | 4,090,109 | 4,608,243 | 3,320,398 | 4,390,396 | 4,291,479 | 4,137,772 | 3,719,212 | 10,254,956 | 6,848,829 | 3,164,076 | 3,049,263 | 3,263,342 | 6,820,461 | 2,863,834 | 3,275,046 | 9,250,259 | 5,952,625 | 2,093,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of asset from discontinued operations | -3,352 | -590,333 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share – basic | 0.168 | 0.46 | 0.46 | 0.47 | 0.508 | 0.55 | 0.54 | 0.52 | 0.4 | 0.5 | 0.49 | 0.47 | 0.94 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share – dilutive | 0.168 | 0.46 | 0.46 | 0.47 | 0.505 | 0.55 | 0.54 | 0.52 | 0.4 | 0.5 | 0.49 | 0.47 | 0.94 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dividend declared per share | 0.3 | 0.51 | 0.51 | 0.4 | 0.383 | 0.51 | 0.5 | 0.5 | 0.378 | 0.5 | 0.5 | 0.5 | 0.375 | 0.49 | 0.49 | 0.49 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding – basic | 9,580,928 | 9,317,829 | 9,619,228 | 7,677,790 | 7,643,026 | 7,605,496 | 6,467,976 | 6,466,971 | 6,467,310 | 6,466,971 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding – dilutive | 9,618,240 | 9,349,696 | 9,648,462 | 7,690,538 | 7,692,133 | 7,652,469 | 6,474,278 | 6,473,919 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain (loss) on sale of asset from discontinued operations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted average number of common shares outstanding – basic | 8,040,461 | 7,879,183 | 7,774,640 | 7,676,258 | 7,669,992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted average number of common shares outstanding – dilutive | 8,063,717 | 7,894,349 | 7,781,740 | 7,683,039 | 7,673,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total other income | -818,397.5 | -1,377,472 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income before minority interest | 3,040,381 | 3,927,444 | 3,916,474 | 3,918,546 | 2,940,616 | 11,762,464 | 7,835,020 | 3,682,792 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minority interest | 2,224,330 | -314,200 | -313,322 | -313,487 | 2,285,484 | -941,009 | -626,809 | -296,098 | 2,116,701 | -896,588 | 598,791 | -290,533 | -4,655,113 | -339,774 | 612,495 | 298,178 | 2,267,239 | -963,124 | 619,778 | 314,751 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share — basic | 0.365 | 0.47 | 0.47 | 0.47 | 0.355 | 1.42 | 0.338 | 1.35 | 0.9 | 0.45 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share — dilutive | 0.365 | 0.47 | 0.47 | 0.47 | 0.353 | 1.41 | 0.335 | 1.34 | 0.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding — basic | 7,643,708 | 7,643,026 | 7,643,026 | 7,642,924 | 7,603,837 | 7,605,496 | 7,331,526 | 7,503,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weighted-average number of common shares outstanding — dilutive | 7,692,118 | 7,691,475 | 7,685,616 | 7,697,212 | 7,666,366 | 7,660,300 | 7,333,083 | 7,504,333 | 6,473,740 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dividend declared per common share | 0.5 | 1.47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income before minority interest and discontinued operations | 4,042,737 | 11,151,544 | 7,447,620 | 3,454,609 | 3,315,949 | 3,603,116 | 7,432,956 | 3,162,012 | 3,616,037 | 10,213,383 | 6,572,403 | 2,408,203 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 37,060 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash dividends declared per common share | 0.368 | 1.47 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 24,943 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 12,655 in 2005 | 137,815 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
basic and diluted earnings per share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share — diluted | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of asset | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity in net income of unconsolidated entities | 22,934 | 96,951 | 216,837 | 193,903 | 118,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
total other expense | -1,102,127 | -1,053,508 | -2,027,884 | -1,006,772 | -1,167,755 | -3,122,120 | -2,068,612 | -1,465,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of asset from discontinued operations net of minority interest of 54,427 | 522,741 | 130,685.25 | 522,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 12,146 and 11,377 | 109,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 6,638 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share | 0.34 | 0.91 | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 3,319 | 31,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
weight average number of common shares outstanding — dilutive | 6,475,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
early extinguishment of debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 7,805 and 71,336 | 18,743.5 | 74,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share – basic and dilutive | 0.38 | 1.52 | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 40,609 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
income from discontinued operations, net of minority interest of 22,634 | 150,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings per share - basic and dilutive | 0.5 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 | 2021-09-30 | 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 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2013-06-30 | 2012-12-31 | 2010-12-31 | 2009-12-31 | 2004-12-31 | 2003-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
real estate investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
land | 3,014,791,000 | 2,895,495,000 | 2,787,363,000 | 2,663,023,000 | 2,599,164,000 | 2,404,085,000 | 2,340,966,000 | 2,305,313,000 | 2,231,535,000 | 2,090,557,000 | 2,005,606,000 | 1,841,259,000 | 1,762,244,000 | 1,658,905,000 | 1,459,526,000 | 1,354,486,000 | 1,215,065,000 | 981,476,000 | 856,113,000 | 794,616,000 | 735,991,000 | 713,711,000 | 638,946,000 | 588,295,000 | 553,704,000 | 473,446,000 | 444,001,000 | 426,937,000 | 405,457,000 | 371,047,000 | 345,255,000 | 319,935,000 | 309,687,000 | 295,311,000 | 284,938,479 | 236,700,064 | 225,273,640 | 209,688,872 | 209,267,989 | 203,982,919 | 195,091,303 | 176,050,889 | 171,375,249 | 167,395,137 | 162,096,646 | 156,313,462 | 148,807,836 | 134,740,784 | 103,693,227 | 95,047,459 | ||
buildings | 6,569,831,000 | 6,330,249,000 | 6,123,531,000 | 5,872,397,000 | 5,648,162,000 | 5,197,392,000 | 5,061,561,000 | 4,937,878,000 | 4,750,160,000 | 4,476,493,000 | 4,281,164,000 | 3,795,181,000 | 3,560,694,000 | 3,286,755,000 | 2,863,568,000 | 2,693,704,000 | 2,534,818,000 | 2,184,620,000 | 1,927,114,000 | 1,733,003,000 | 1,600,293,000 | 1,510,423,000 | 1,375,773,000 | 1,287,700,000 | 1,194,985,000 | 1,041,666,000 | 963,182,000 | 922,433,000 | 868,396,000 | 820,138,000 | 805,271,000 | 737,605,000 | 703,506,000 | 662,612,000 | 628,219,043 | 553,441,081 | 526,911,997 | 489,571,159 | 478,806,718 | 434,288,988 | 393,826,467 | 349,844,721 | 321,987,875 | 313,744,668 | 297,464,585 | 296,399,050 | 275,780,500 | 240,204,708 | 227,645,287 | 220,604,734 | ||
less accumulated depreciation | -758,519,000 | -715,733,000 | -677,700,000 | -638,960,000 | -601,088,000 | -526,443,000 | -494,737,000 | -463,827,000 | -403,501,000 | -374,917,000 | -347,778,000 | -296,304,000 | -274,323,000 | -253,180,000 | -216,775,000 | -200,395,000 | -185,946,000 | -158,719,000 | -146,267,000 | -135,376,000 | -127,748,000 | -121,444,000 | -112,951,000 | -106,670,000 | -100,312,000 | -98,051,000 | -93,376,000 | -89,503,000 | -85,239,000 | -80,356,000 | -75,841,000 | -73,657,000 | -69,696,000 | -65,884,000 | -62,943,655 | -59,763,907 | -56,401,423 | -53,873,530 | -60,455,765 | -61,641,135 | -59,089,851 | -66,318,335 | -64,376,980 | -62,364,758 | -60,633,824 | -63,587,930 | -61,865,334 | -58,508,881 | -66,111,215 | -64,076,469 | ||
real estate investments - sum | 8,826,103,000 | 8,510,011,000 | 8,233,194,000 | 7,896,460,000 | 7,646,238,000 | 7,075,034,000 | 6,907,790,000 | 6,779,364,000 | 6,578,194,000 | 6,192,133,000 | 5,340,136,000 | 4,692,480,000 | 4,106,319,000 | 3,847,795,000 | 3,563,937,000 | 3,007,377,000 | 2,636,960,000 | 2,392,243,000 | 2,208,536,000 | 2,102,690,000 | 1,901,768,000 | 1,417,061,000 | 1,313,807,000 | 1,259,867,000 | 1,188,614,000 | 1,110,829,000 | 1,074,685,000 | 983,883,000 | 943,497,000 | 892,039,000 | 850,213,867 | 730,377,238 | 645,386,501 | 627,618,942 | 576,630,772 | 529,827,919 | 459,577,275 | 428,986,144 | ||||||||||||||
property under development | 60,071,000 | 62,690,000 | 64,047,000 | 62,165,000 | 50,294,000 | 52,746,000 | 44,839,000 | 42,109,000 | 36,114,000 | 81,526,000 | 73,123,000 | 50,685,000 | 43,051,000 | 39,218,000 | 7,728,000 | 6,199,000 | 11,088,000 | 8,229,000 | 6,171,000 | 5,372,000 | 10,056,000 | 16,238,000 | 16,950,000 | 11,444,000 | 12,957,000 | 7,767,000 | 10,411,000 | 11,702,000 | 25,402,000 | 10,197,000 | 6,665,000 | 8,414,000 | 6,764,000 | 5,795,000 | 4,090,845 | 3,575,090 | 3,663,301 | 4,921,625 | 467,302 | 294,357 | 229,242 | 12,481,154 | 11,881,315 | 9,220,733 | 6,959,174 | 12,837,237 | 12,473,953 | 18,980,779 | 359,299 | 4,791,975 | ||
net real estate investments | 8,886,174,000 | 8,572,701,000 | 8,297,241,000 | 7,958,625,000 | 7,696,532,000 | 7,127,780,000 | 6,952,629,000 | 6,821,473,000 | 6,614,308,000 | 6,273,659,000 | 6,012,115,000 | 5,390,821,000 | 5,091,666,000 | 4,731,698,000 | 4,114,047,000 | 3,853,994,000 | 3,575,025,000 | 3,015,606,000 | 2,643,131,000 | 2,397,615,000 | 2,218,592,000 | 2,118,928,000 | 1,918,718,000 | 1,780,769,000 | 1,661,334,000 | 1,424,828,000 | 1,324,218,000 | 1,271,569,000 | 1,214,016,000 | 1,121,026,000 | 1,081,350,000 | 992,297,000 | 950,261,000 | 897,834,000 | 854,304,712 | 733,952,328 | 699,447,515 | 650,308,126 | 628,086,244 | 576,925,129 | 530,057,161 | 472,058,429 | 440,867,459 | 427,995,780 | 410,732,085 | 401,961,819 | 375,196,955 | 339,955,142 | 272,109,419 | 256,367,699 | ||
real estate held for sale | 3,077,000 | 706,000 | 3,473,000 | 1,278,000 | 13,611,000 | 5,416,000 | 3,202,000 | 5,571,000 | 1,245,000 | 13,549,000 | 7,795,000 | 3,750,000 | 7,928,000 | 2,074,000 | 1,367,000 | 12,257,000 | 7,696,000 | 2,420,000 | 9,003,000 | 5,409,000 | ||||||||||||||||||||||||||||||||
cash and cash equivalents | 25,077,000 | 16,295,000 | 13,696,000 | 5,824,000 | 7,915,000 | 13,237,000 | 9,639,000 | 6,314,000 | 6,384,000 | 8,068,000 | 11,809,000 | 250,487,000 | 26,267,000 | 24,888,000 | 91,881,000 | 177,046,000 | 7,369,000 | 14,715,000 | 29,341,000 | 72,091,000 | 15,603,000 | 9,353,000 | 5,520,000 | 22,325,000 | 53,955,000 | 16,811,000 | 8,986,000 | 2,230,000 | 50,807,000 | 25,510,000 | 4,173,000 | 2,300,000 | 33,395,000 | 11,491,000 | 4,034,580 | 3,711,373 | 2,711,588 | 21,379,827 | 2,870,603 | 7,919,234 | 5,399,458 | 1,403,252 | 1,622,914 | 826,222 | 14,536,881 | 5,824,331 | 1,225,201 | 1,270,027 | 593,281 | 688,675 | ||
cash held in escrow | 6,128,000 | 4,327,000 | 3,182,000 | 3,087,000 | 3,254,000 | 14,615,000 | ||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants | 129,617,000 | 122,477,000 | 117,602,000 | 108,117,000 | 105,485,000 | 98,205,000 | 94,853,000 | 91,301,000 | 77,749,000 | 70,929,000 | 71,089,000 | 68,697,000 | 61,406,000 | 59,411,000 | 52,854,000 | 46,882,000 | 40,700,000 | 39,309,000 | 33,996,000 | 27,747,000 | 26,808,000 | 25,495,000 | 24,914,000 | 23,695,000 | ||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 609,190 and 576,945 at march 31, 2026 and december 31, 2025, respectively | 1,033,309,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
other assets | 96,861,000 | 80,845,000 | 84,639,000 | 82,526,000 | 88,733,000 | 93,505,000 | 91,111,000 | 94,057,000 | 96,269,000 | 89,173,000 | 86,629,000 | 81,611,000 | 118,734,000 | 105,206,000 | 76,626,000 | 72,476,000 | 96,383,000 | 54,096,000 | 29,319,000 | 28,963,000 | 29,709,000 | 24,328,000 | 29,005,000 | 30,596,000 | 4,863,000 | 5,339,000 | 5,200,000 | 4,374,000 | 4,432,000 | 4,993,000 | 4,554,000 | 5,330,000 | 2,722,000 | 2,336,000 | 2,702,462 | 2,259,255 | 2,569,659 | 1,816,501 | 2,631,835 | 3,194,707 | 2,345,290 | 2,907,686 | 2,550,939 | 2,131,092 | 3,219,505 | 2,316,525 | 2,546,437 | 1,813,344 | 911,801 | 847,894 | ||
total assets | 10,180,243,000 | 9,797,612,000 | 9,484,030,000 | 9,084,744,000 | 8,800,577,000 | 8,184,203,000 | 8,000,838,000 | 7,868,665,000 | 7,647,106,000 | 7,272,006,000 | 6,986,427,000 | 6,556,101,000 | 6,038,232,000 | 5,638,590,000 | 4,997,500,000 | 4,764,523,000 | 4,278,402,000 | 3,547,614,000 | 3,111,642,000 | 2,908,945,000 | 2,664,530,000 | 2,523,321,000 | 2,304,443,000 | 2,150,337,000 | 2,028,189,000 | 1,748,634,000 | 1,612,161,000 | 1,527,247,000 | 1,494,634,000 | 1,366,973,000 | 1,286,840,000 | 1,158,240,000 | 1,111,925,000 | 1,038,813,000 | 973,104,128 | 825,553,310 | 792,549,537 | 749,236,549 | 705,067,066 | 653,046,762 | 593,580,861 | 522,823,040 | 481,158,520 | 466,485,605 | 462,741,543 | 443,619,154 | 410,852,744 | 370,092,832 | 285,042,367 | 261,788,718 | ||
liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
mortgage notes payable | 41,370,000 | 41,546,000 | 41,718,000 | 41,886,000 | 42,050,000 | 42,366,000 | 42,518,000 | 42,666,000 | 42,952,000 | 47,701,000 | 47,842,000 | 71,721,000 | 71,824,000 | 32,249,000 | 32,607,000 | 32,782,000 | 32,953,000 | 33,304,000 | 33,513,000 | 33,720,000 | 36,698,000 | 58,423,000 | 59,670,000 | 60,303,000 | 60,926,000 | 61,537,000 | 62,136,000 | 62,724,000 | 88,270,000 | 67,458,000 | 68,003,000 | 68,539,000 | 69,067,000 | 69,594,000 | 90,464,356 | 91,124,627 | 102,295,587 | 102,996,683 | 107,685,433 | 102,929,022 | 112,991,525 | 114,789,938 | ||||||||||
unsecured term loans | 596,683,000 | 237,955,000 | 237,765,000 | 237,274,000 | 237,453,000 | 237,403,000 | 237,984,000 | 237,980,000 | 256,244,000 | 256,419,000 | 157,760,000 | 157,901,000 | 158,037,000 | 158,171,000 | 158,305,000 | 158,437,000 | 158,557,000 | 158,679,000 | 159,211,000 | 99,417,855 | 99,420,702 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||
senior unsecured notes | 2,585,618,000 | 2,584,608,000 | 2,583,685,000 | 2,582,892,000 | 2,238,451,000 | 2,236,948,000 | 2,236,223,000 | 1,794,874,000 | 1,793,777,000 | 1,793,198,000 | 1,792,611,000 | 1,791,492,000 | 1,496,101,000 | 1,495,650,000 | 1,494,747,000 | 1,494,399,000 | 855,454,000 | 855,232,000 | 509,253,000 | 509,226,000 | 509,198,000 | 384,171,000 | 384,143,000 | 384,117,000 | 384,064,000 | 384,073,000 | 259,168,000 | 259,146,000 | 259,122,000 | 259,112,000 | 159,218,000 | 159,198,000 | 159,176,000 | 159,156,000 | 99,197,009 | 99,176,580 | 100,000,000 | 100,000,000 | ||||||||||||||
unsecured revolving credit facility and commercial paper notes | 469,650,000 | 320,500,000 | 389,000,000 | 247,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
dividends and distributions payable | 32,178,000 | 32,158,000 | 29,927,000 | 29,039,000 | 28,542,000 | 26,587,000 | 25,863,000 | 25,561,000 | 25,131,000 | 24,098,000 | 23,071,000 | 21,427,000 | 19,385,000 | 17,763,000 | 15,507,000 | 15,029,000 | 13,324,000 | 32,522,000 | 32,519,000 | 26,859,000 | 25,014,000 | 24,353,000 | 24,119,000 | 21,535,000 | 21,031,000 | 18,808,000 | 16,946,000 | 16,318,000 | 16,303,000 | 14,930,000 | 14,637,000 | 13,151,000 | 13,124,000 | 11,631,000 | 11,513,022 | 9,812,376 | 8,942,873 | 8,554,514 | 8,065,456 | 8,048,404 | 6,579,019 | 6,583,195 | 6,573,543 | 5,570,068 | 5,570,748 | 4,710,446 | 5,145,740 | 4,354,163 | ||||
accounts payable, accrued expenses, and other liabilities | 154,051,000 | 139,384,000 | 161,782,000 | 132,089,000 | 129,652,000 | 142,196,000 | 106,058,000 | 112,385,000 | 106,755,000 | 87,692,000 | 92,733,000 | 85,637,000 | 70,338,000 | 63,476,000 | 80,494,000 | 68,196,000 | 66,186,000 | 67,871,000 | 80,088,000 | 75,334,000 | 48,987,000 | 52,644,000 | 48,700,000 | 39,843,000 | ||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 51,365 and 49,797 at march 31, 2026 and december 31, 2025, respectively | 61,765,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
total liabilities | 3,941,315,000 | 3,526,459,000 | 3,610,789,000 | 3,430,340,000 | 3,155,657,000 | 2,889,573,000 | 2,837,760,000 | 2,689,190,000 | 2,401,712,000 | 2,293,961,000 | 2,188,583,000 | 2,007,394,000 | 2,063,992,000 | 1,962,849,000 | 1,655,899,000 | 1,644,372,000 | 1,478,526,000 | 1,282,227,000 | 925,666,000 | 1,151,933,000 | 972,968,000 | 1,032,907,000 | 836,520,000 | 860,915,000 | 789,703,000 | 680,256,000 | 702,037,000 | 614,384,000 | 583,444,000 | 544,156,000 | 490,888,000 | 470,688,000 | 426,415,000 | 463,382,000 | 414,417,259 | 375,098,679 | 349,552,257 | 334,440,364 | 300,177,318 | 237,545,487 | 236,207,307 | 194,166,161 | 175,291,529 | 200,592,774 | 166,817,875 | 172,127,698 | 117,912,091 | 121,961,834 | ||||
equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, 0.0001 par value per share... | 175,000,000 | 175,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
common stock, 0.0001 par value... | 12,000 | 12,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
additional paid-in-capital | 6,676,618,000 | 6,679,142,000 | 6,247,606,000 | 5,992,510,000 | 5,948,156,000 | 5,534,978,000 | 5,357,143,000 | 5,354,362,000 | 5,352,063,000 | 5,060,200,000 | 4,852,927,000 | 4,551,081,000 | 3,948,547,000 | 3,646,770,000 | 3,300,227,000 | 3,248,264,000 | 2,909,914,000 | 2,384,331,000 | 2,295,235,000 | 1,856,914,000 | 1,752,912,000 | 1,556,124,000 | 1,522,644,000 | 1,334,952,000 | 1,277,592,000 | 1,096,679,000 | 935,828,000 | 935,481,000 | 936,046,000 | 849,442,000 | 820,134,000 | 711,753,000 | 712,069,000 | 607,627,000 | 595,105,083 | 484,511,186 | 428,579,718 | 402,915,538 | 388,692,168 | 388,262,847 | 314,515,337 | 314,002,337 | 313,487,337 | 263,962,863 | 263,496,063 | 217,768,918 | ||||||
dividends in excess of net income | -653,433,000 | -618,675,000 | -581,162,000 | -545,372,000 | -508,059,000 | -434,485,000 | -400,809,000 | -378,205,000 | -316,083,000 | -283,995,000 | -254,316,000 | -203,040,000 | -182,518,000 | -162,765,000 | -130,455,000 | -121,619,000 | -101,137,000 | -80,627,000 | -69,595,000 | -62,542,000 | -57,094,000 | -54,841,000 | -51,298,000 | -45,940,000 | -42,945,000 | -35,317,000 | -32,284,000 | -28,449,000 | -28,763,000 | -29,136,000 | -26,547,000 | -26,962,000 | -28,558,000 | -28,339,000 | -31,137,175 | -30,452,339 | ||||||||||||||||
accumulated other comprehensive income | 40,641,000 | 35,506,000 | 31,528,000 | 31,891,000 | 29,344,000 | 18,459,000 | 30,915,000 | 27,430,000 | 33,291,000 | 25,625,000 | 22,924,000 | 24,124,000 | 31,547,000 | 15,060,000 | -4,893,000 | -8,257,000 | -10,760,000 | -40,140,000 | -41,544,000 | -39,291,000 | -6,492,000 | -13,068,000 | -5,711,000 | -1,950,000 | 1,424,000 | 4,506,000 | 4,057,000 | 3,274,000 | 1,375,000 | 195,000 | -2,059,998 | -98,153 | -808,783 | 22,134 | -308,116 | 227,784 | -1,294,267 | -764,735 | -70,806 | |||||||||||||
total equity - agree realty corporation | 6,238,838,000 | 6,270,985,000 | 5,872,983,000 | 5,654,040,000 | 5,644,452,000 | 5,293,962,000 | 5,162,259,000 | 5,178,597,000 | 5,244,281,000 | 4,976,840,000 | 4,796,544,000 | 4,547,174,000 | 3,972,584,000 | 3,674,073,000 | 3,339,886,000 | 3,118,395,000 | 2,798,023,000 | 2,263,570,000 | 2,184,101,000 | 1,755,086,000 | 1,689,331,000 | 1,488,219,000 | 1,465,639,000 | 1,287,066,000 | 1,236,075,000 | 1,065,871,000 | 907,604,000 | 910,309,000 | 908,661,000 | 820,299,000 | 793,379,000 | |||||||||||||||||||||
non-controlling interest | 90,000 | 168,000 | 258,000 | 364,000 | 468,000 | 668,000 | 819,000 | 878,000 | 1,113,000 | 1,205,000 | 1,300,000 | 1,533,000 | 1,656,000 | 1,668,000 | 1,715,000 | 1,756,000 | 1,853,000 | 1,817,000 | 1,875,000 | 1,926,000 | 2,231,000 | 2,195,000 | 2,284,000 | 2,356,000 | 2,411,000 | 2,507,000 | 2,520,000 | 2,554,000 | 2,529,000 | 2,518,000 | 2,573,000 | 2,563,000 | 2,532,000 | 2,452,000 | 2,385,715 | 2,411,199 | 2,488,293 | 2,416,671 | 2,345,847 | 2,415,383 | 2,485,252 | 2,505,459 | 2,612,593 | 2,633,031 | 2,669,293 | 2,655,848 | 2,890,934 | 3,063,567 | ||||
total equity | 6,238,928,000 | 6,271,153,000 | 5,873,241,000 | 5,654,404,000 | 5,644,920,000 | 5,294,630,000 | 5,163,078,000 | 5,179,475,000 | 5,245,394,000 | 4,978,045,000 | 4,797,844,000 | 4,548,707,000 | 3,974,240,000 | 3,675,741,000 | 3,341,601,000 | 3,120,151,000 | 2,799,876,000 | 2,265,387,000 | 2,185,976,000 | 1,757,012,000 | 1,691,562,000 | 1,490,414,000 | 1,467,923,000 | 1,289,422,000 | 1,238,486,000 | 1,068,378,000 | 910,124,000 | 912,863,000 | 911,190,000 | 822,817,000 | 795,952,000 | 687,552,000 | ||||||||||||||||||||
total liabilities and equity | 10,180,243,000 | 9,797,612,000 | 9,484,030,000 | 9,084,744,000 | 8,800,577,000 | 8,184,203,000 | 8,000,838,000 | 7,868,665,000 | 7,647,106,000 | 7,272,006,000 | 6,986,427,000 | 6,556,101,000 | 6,038,232,000 | 5,638,590,000 | 4,997,500,000 | 4,764,523,000 | 4,278,402,000 | 3,547,614,000 | 3,111,642,000 | 2,908,945,000 | 2,664,530,000 | 2,523,321,000 | 2,304,443,000 | 2,150,337,000 | 2,028,189,000 | 1,748,634,000 | 1,612,161,000 | 1,527,247,000 | 1,494,634,000 | 1,366,973,000 | 1,286,840,000 | 1,158,240,000 | ||||||||||||||||||||
lease intangibles, net of accumulated amortization of 576,945 and 461,419 at december 31, 2025 and december 31, 2024, respectively | 1,000,967,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
unsecured term loan | 348,074,000 | 347,900,000 | 347,767,000 | 347,609,000 | 347,274,000 | 347,115,000 | 346,947,000 | 346,639,000 | 35,000,000 | 35,000,000 | 35,000,000 | |||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 49,797 and 46,003 at december 31, 2025 and december 31, 2024, respectively | 60,189,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 546,136 and 461,419 at september 30, 2025 and december 31, 2024, respectively | 966,964,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 48,671 and 46,003 at september 30, 2025 and december 31, 2024, respectively | 56,777,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, .0001 par value per share... | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | 175,000,000 | ||||||||||||||||||||||||||||||||||||||||
common stock, .0001 par value... | 11,000 | 11,000 | 11,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 9,000 | 9,000 | 8,000 | 8,000 | 4,000 | 4,000 | 4,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 2,000 | 2,364 | 2,075 | 1,889 | 1,805 | 1,760 | 1,754 | 1,144 | 976 | 820 | |||||||||||||||||||
lease intangibles, net of accumulated amortization of 517,216 and 461,419 at june 30, 2025 and december 31, 2024, respectively | 923,092,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 48,389 and 46,003 at june 30, 2025 and december 31, 2024, respectively | 49,667,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 487,849 and 461,419 at march 31, 2025 and december 31, 2024, respectively | 897,380,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
unsecured revolving credit facility | 322,000,000 | 49,000,000 | 43,000,000 | 330,000,000 | 49,000,000 | 303,000,000 | 196,000,000 | 370,000,000 | 320,000,000 | 238,000,000 | 20,000,000 | 242,000,000 | 89,000,000 | 248,000,000 | 54,000,000 | 71,000,000 | 19,000,000 | 14,000,000 | 166,000,000 | 76,000,000 | 14,000,000 | 48,000,000 | 29,000,000 | 14,000,000 | 47,000,000 | 98,000,000 | 60,000,000 | 27,000,000 | 15,000,000 | 79,500,000 | 15,000,000 | 16,500,000 | 43,364,000 | 15,988,273 | 40,000,000 | |||||||||||||||||
lease intangibles, net of accumulated amortization of 46,998 and 46,003 at march 31, 2025 and december 31, 2024, respectively | 47,353,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 434,540 and 360,061 at september 30, 2024 and december 31, 2023, respectively | 837,865,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 44,857 and 42,813 at september 30, 2024 and december 31, 2023, respectively | 45,202,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 408,969 and 360,061 at june 30, 2024 and december 31, 2023, respectively | 837,991,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 43,860 and 42,813 at june 30, 2024 and december 31, 2023, respectively | 36,983,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
cash held in escrows | 9,120,000 | 3,000 | 4,179,000 | 1,131,000 | 1,027,000 | 840,000 | 878,000 | 10,927,000 | 11,335,000 | 1,515,000 | 7,043,000 | 20,049,000 | 26,554,000 | 1,449,000 | 16,909,000 | 3,024,000 | 20,000 | 1,436,000 | 8,874,000 | 7,975,000 | 1,779,000 | 12,292,000 | ||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 383,456 and 360,061 at march 31, 2024 and december 31, 2023, respectively | 840,984,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 42,684 and 42,813 at march 31, 2024 and december 31, 2023, respectively | 36,757,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of | ||||||||||||||||||||||||||||||||||||||||||||||||||||
335,073 and 263,011 at september 30, 2023 and december 31, 2022, respectively | 849,191,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
40,667 and 35,992 at september 30, 2023 and december 31, 2022, respectively | 37,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
310,845 and 263,011 at june 30, 2023 and december 31, 2022, respectively | 825,998,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
38,945 and 35,992 at june 30, 2023 and december 31, 2022, respectively | 38,272,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 5,938,992,000 | 5,048,615,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
286,748 and 263,011 at march 31, 2023 and december 31, 2022, respectively | 803,654,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
37,494 and 35,992 at march 31, 2023 and december 31, 2022, respectively | 36,326,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
240,244 and 180,532 at september 30, 2022 and december 31, 2021, respectively | 763,458,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
34,356 and 29,726 at september 30, 2022 and december 31, 2021, respectively | 37,117,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
218,540 and 180,532 at june 30, 2022 and december 31, 2021, respectively | 739,319,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
32,720 and 29,726 at june 30, 2022 and december 31, 2021, respectively | 36,344,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
198,936 and 180,532 at march 31, 2022 and december 31, 2021, respectively | 716,509,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
31,184 and 29,726 at march 31, 2022 and december 31, 2021, respectively | 33,711,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
164,517 and 125,995 at september 30, 2021 and december 31, 2020, respectively | 645,594,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
28,303 and 24,651 at september 30, 2021 and december 31, 2020, respectively | 32,544,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at september 30, 2021, no shares issued and outstanding at december 31, 2020 | 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 69,779,748 and 60,021,483 shares issued and outstanding at september 30, 2021 and december 31, 2020, respectively | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
150,435 and 125,995 at june 30, 2021 and december 31, 2020, respectively | 601,545,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
26,771 and 24,651 at june 30, 2021 and december 31, 2020, respectively | 33,966,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 68,910,373 and 60,021,483 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
138,188 and 125,995 at march 31, 2021 and december 31, 2020, respectively | 545,376,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
26,030 and 24,651 at march 31, 2021 and december 31, 2020, respectively | 34,654,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 64,145,778 and 60,021,483 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
114,990 and 89,118 at september 30, 2020 and december 31, 2019, respectively | 422,373,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
23,067 and 19,307 at september 30, 2020 and december 31, 2019, respectively | 35,533,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 55,370,525 and 45,573,623 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively | 6,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
105,296 and 89,118 at june 30, 2020 and december 31, 2019, respectively | 368,812,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
21,758 and 19,307 at june 30, 2020 and december 31, 2019, respectively | 33,019,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 53,851,092 and 45,573,623 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
97,183 and 89,118 at march 31, 2020 and december 31, 2019, respectively | 354,685,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
20,319 and 19,307 at march 31, 2020 and december 31, 2019, respectively | 27,341,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 47,002,109 and 45,573,623 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
89,118 and 62,543 at december 31, 2019 and december 31, 2018, respectively | 343,514,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
19,307 and 15,177 at december 31, 2019 and december 31, 2018, respectively | 26,668,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 45,573,623 and 37,545,790 shares issued and outstanding at december 31, 2019 and december 31, 2018, respectively | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
82,297 and 62,543 at september 30, 2019 and december 31, 2018, respectively | 335,840,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
18,607 and 15,177 at september 30, 2019 and december 31, 2018, respectively | 27,332,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
authorized, 42,412,827 and 37,545,790 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively | 4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
74,995 and 62,543 at june 30, 2019 and december 31, 2018, respectively | 307,303,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
17,426 and 15,177 at june 30, 2019 and december 31, 2018, respectively | 27,908,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
68,985 and 62,543 at march 31, 2019 and december 31, 2018, respectively | 289,928,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
16,291 and 15,177 at march 31, 2019 and december 31, 2018, respectively | 27,873,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of | ||||||||||||||||||||||||||||||||||||||||||||||||||||
289 and 296 for possible losses at december 31, 2018 and december 31, 2017, respectively | 21,547,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
unamortized deferred expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 886 and 433 at december 31, 2018 and december 31, 2017, respectively | 1,126,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 901 and 814 at december 31, 2018 and december 31, 2017, respectively | 2,652,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 62,543 and 41,390 at december 31, 2018 and december 31, 2017, respectively | 280,153,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
interest rate swaps | 2,539,000 | 4,516,000 | 4,062,000 | 3,270,000 | 1,592,000 | 1,232,000 | 1,285,000 | 1,561,000 | 1,409,000 | 6,437,000 | 7,815,472 | 6,138,222 | 5,038,132 | 2,591,506 | ||||||||||||||||||||||||||||||||||||||
deferred revenue | 4,627,000 | 1,079,000 | 1,845,000 | 1,710,000 | 1,837,000 | 1,452,000 | 1,794,000 | 1,650,000 | 1,823,000 | 308,953 | 424,798 | 656,488 | 772,333 | 888,178 | 1,004,023 | 1,119,868 | 1,235,713 | 1,351,558 | 1,583,248 | 1,699,093 | 1,930,783 | 9,345,754 | 10,035,304 | |||||||||||||||||||||||||||||
accrued interest payable | 4,779,000 | 2,706,000 | 3,503,000 | 2,726,000 | 3,412,000 | 2,759,000 | 2,216,000 | 2,671,000 | 2,210,000 | 2,571,000 | 878,054 | 1,977,551 | 1,968,820 | 889,056 | 632,079 | 721,459 | 562,769 | 432,685 | 460,021 | 371,901 | 420,598 | 335,416 | 221,154 | 261,012 | ||||||||||||||||||||||||||||
accounts payable and accrued expenses | 9,897,000 | 12,088,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
15,177 and 11,357 at december 31, 2018 and december 31, 2017, respectively | 27,218,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
deferred income taxes | 475,000 | 475,000 | 475,000 | 475,000 | 475,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | 705,000 | ||||||||||||||||||||||||||||
tenant deposits | 132,000 | 102,000 | 102,000 | 97,000 | 97,000 | 96,000 | 96,000 | 94,000 | 94,000 | 94,000 | 93,725 | 38,608 | 28,608 | 41,445 | 36,156 | 36,156 | 44,448 | 39,980 | 40,647 | 51,371 | 56,711 | 64,461 | 80,402 | 97,285 | ||||||||||||||||||||||||||||
preferred stock, .0001 par value per share, 4,000,000 shares authorized series a junior participating preferred stock, .0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 465 and 296 for possible losses at september 30, 2018 and december 31, 2017, respectively | 19,882,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 744 and 433 at september 30, 2018 and december 31, 2017, respectively | 1,267,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 823 and 814 at september 30, 2018 and december 31, 2017, respectively | 2,582,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 57,121 and 41,390 at september 30, 2018 and december 31, 2017, respectively | 270,606,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 14,116 and 11,357 at september 30, 2018 and december 31, 2017, respectively | 27,628,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
series a junior participating preferred stock, .0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
308 and 296 for possible losses at june 30, 2018 and december 31, 2017, respectively | 19,197,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 611 and 433 at june 30, 2018 and december 31, 2017, respectively | 972,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 763 and 814 at june 30, 2018 and december 31, 2017, respectively | 1,493,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 51,645 and 41,390 at june 30, 2018 and december 31, 2017, respectively | 235,776,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
capital expenditures | 43,000 | 13,000 | 354,000 | 145,000 | 68,000 | 61,000 | 677,000 | 136,000 | 289,374 | 27,952 | 2,200 | 27,837 | 24,452 | 200,300 | 105,275 | 322,719 | 122,080 | 286,078 | 352,430 | |||||||||||||||||||||||||||||||||
operating | 6,810,000 | 9,615,000 | 10,811,000 | 7,381,000 | 5,989,000 | 4,956,000 | 4,866,000 | 6,847,000 | 5,734,439 | 6,252,263 | 2,914,549 | 2,861,990 | 2,459,037 | 2,684,599 | 2,320,582 | 2,659,223 | 1,744,363 | 1,464,350 | 1,726,407 | 2,015,367 | 1,427,718 | 1,529,085 | ||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 13,485 and 11,357 at june 30, 2018 and december 31, 2017, respectively | 27,108,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 278 and 296 for possible losses at march 31, 2018 and december 31, 2017, respectively | 17,947,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 509 and 433 at march 31, 2018 and december 31, 2017, respectively | 1,073,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 739 and 814 at march 31, 2018 and december 31, 2017, respectively | 1,551,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 47,000 and 41,390 at march 31, 2018 and december 31, 2017, respectively | 208,663,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 13,175 and 11,357 at march 31, 2018 and december 31, 2017, respectively | 27,523,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
296 and 50 for possible losses at december 31, 2017 and december 31, 2016, respectively | 15,477,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 433 and 1,262 at december 31, 2017 and december 31, 2016, respectively | 1,174,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 814 and 677 at december 31, 2017 and december 31, 2016, respectively | 1,583,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 41,390 and 25,666 at december 31, 2017 and december 31, 2016, respectively | 195,158,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 11,357 and 7,079 at december 31, 2017 and december 31, 2016, respectively | 30,350,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 142 and 50 for possible losses at september 30, 2017 and december 31, 2016, respectively | 15,634,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 332 and 1,262 at september 30, 2017 and december 31, 2016, respectively | 1,275,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 772 and 677 at september 30, 2017 and december 31, 2016, respectively | 1,601,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 36,875 and 25,666 at september 30, 2017 and december 31, 2016, respectively | 184,920,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 10,246 and 7,079 at september 30, 2017 and december 31, 2016, respectively | 30,529,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive loss | -10,000 | -211,000 | -536,000 | -6,311,000 | -7,669,118 | -6,017,490 | -4,933,446 | -2,442,795 | ||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 100 and 50 for possible losses at june 30, 2017 and december 31, 2016, respectively | 14,243,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 230 and 1,262 at june 30, 2017 and december 31, 2016, respectively | 1,352,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 733 and 677 at june 30, 2017 and december 31, 2016, respectively | 1,546,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 32,997 and 25,666 at june 30, 2017 and december 31, 2016, respectively | 172,928,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 9,132 and 7,079 at june 30, 2017 and december 31, 2016, respectively | 30,186,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
50 for possible losses at march 31, 2017 and december 31, 2016 | 13,069,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 127 and 1,262 at march 31, 2017 and december 31, 2016, respectively | 1,456,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 717 and 677 at march 31, 2017 and december 31, 2016, respectively | 1,575,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 29,103 and 25,666 at march 31, 2017 and december 31, 2016, respectively | 140,652,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 8,087 and 7,078 at march 31, 2017 and december 31, 2016, respectively | 30,702,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
stockholders' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
total stockholders' equity - agree realty corporation | 684,989,000 | 682,978,000 | 572,979,000 | 556,301,154 | 448,043,432 | 397,195,999 | 368,210,031 | 350,523,597 | 353,619,991 | 284,130,481 | 284,486,900 | 288,581,483 | 240,393,349 | 241,365,575 | 195,309,286 | |||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 50 and 35 for possible losses at december 31, 2016 and december 31, 2015, respectively | 11,535,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 1,262 and 1,532 at december 31, 2016 and december 31, 2015, respectively | 1,552,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 677 and 554 at december 31, 2016 and december 31, 2015, respectively | 1,227,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 18,588 and 10,578 at december 31, 2016 and december 31, 2015, respectively | 109,824,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
total stockholders' equity | 685,510,000 | 575,431,000 | 558,686,869 | 450,454,631 | 399,684,292 | 370,626,702 | 352,869,444 | 356,035,374 | 286,615,733 | 286,992,359 | 291,194,076 | 243,026,380 | 244,034,869 | 197,965,134 | ||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders' equity | 1,111,925,000 | 1,038,813,000 | 973,104,128 | 825,553,310 | 749,236,549 | 705,067,066 | 653,046,762 | 593,580,861 | 522,823,040 | 481,158,520 | 466,485,605 | 443,619,154 | 410,852,744 | |||||||||||||||||||||||||||||||||||||||
50 and 35 for possible losses at september 30, 2016 and december 31, 2015 | 10,623,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 1,693 and 1,532 at september 30, 2016 and december 31, 2015, respectively | 406,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 637 and 554 at september 30, 2016 and december 31, 2015, respectively | 1,229,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 16,438 and 10,578 at september 30, 2016 and december 31, 2015, respectively | 102,602,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
35,000 for possible losses at june 30, 2016 and december 31, 2015 | 9,974,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 1,636,680 and 1,531,671 at june 30, 2016 and december 31, 2015, respectively | 437,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 599,218 and 553,502 at june 30, 2016 and december 31, 2015, respectively | 1,139,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 14,290,255 and 10,577,794 at june 30, 2016 and december 31, 2015, respectively | 100,510,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts payable and accrued expense | ||||||||||||||||||||||||||||||||||||||||||||||||||||
35,000 for possible losses at march 31, 2016 and december 31, 2015 | 7,807,164 | |||||||||||||||||||||||||||||||||||||||||||||||||||
credit facility finance costs, net of accumulated amortization of 1,584,175 and 1,531,671 at march 31, 2016 and december 31, 2015, respectively | 490,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 575,448 and 553,502 at march 31, 2016 and december 31, 2015, respectively | 682,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 12,263,284 and 10,577,794 at march 31, 2016 and december 31, 2015, respectively | 76,650,860 | |||||||||||||||||||||||||||||||||||||||||||||||||||
35,000 for possible losses at december 31, 2015 and december 31, 2014 | 7,418,327 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 3,409,110 and 2,690,005 at december 31, 2015 and december 31, 2014, respectively | 3,185,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 553,502 and 543,957 at december 31, 2015 and december 31, 2014, respectively | 664,565 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 10,577,794 and 5,719,085 at december 31, 2015 and december 31, 2014, respectively | 76,552,316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
f-4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at september 30, 2015 and december 31, 2014 | 6,138,906 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 3,251,313 and 2,690,005 at september 30, 2015 and december 31, 2014, respectively | 3,333,365 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 529,866 and 543,957 at september 30, 2015 and december 31, 2014, respectively | 688,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 9,531,410 and 5,719,085 at september 30, 2015 and december 31, 2014, respectively | 65,571,624 | |||||||||||||||||||||||||||||||||||||||||||||||||||
deficit | -26,452,162 | -32,264,517 | -34,137,482 | -32,584,612 | -30,288,199 | -28,708,150 | -24,929,484 | -23,262,722 | -22,359,596 | -21,166,509 | -14,702,252 | -10,632,798 | ||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at june 30, 2015 and december 31, 2014 | 5,693,231 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 3,062,644 and 2,690,005 at june 30, 2015 and december 31, 2014, respectively | 3,481,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 580,907 and 543,957 at june 30, 2015 and december 31, 2014, respectively | 788,051 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 7,821,364 and 5,719,085 at june 30, 2015 and december 31, 2014, respectively | 61,515,812 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at march 31, 2015 and december 31, 2014 | 4,923,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 2,887,984 and 2,690,005 at march 31, 2015 and december 31, 2014, respectively | 2,810,297 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 573,311 and 543,957 at march 31, 2015 and december 31, 2014, respectively | 753,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 6,671,752 and 5,719,085 at march 31, 2015 and december 31, 2014, respectively | 56,520,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||
mortgages notes payable | 103,679,433 | 106,762,238 | ||||||||||||||||||||||||||||||||||||||||||||||||||
interest rate swap | 4,187,527 | 2,383,308 | 690,188 | 1,112,068 | 436,599 | 734,179 | 331,149 | 1,337,998 | 793,211 | 74,753 | ||||||||||||||||||||||||||||||||||||||||||
excess stock, .0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accumulated other comprehensive | -4,032,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||
property held for sale | 4,845,504 | 4,537,752 | 6,522,821 | |||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at december 31, 2014 and 2013 | 4,507,735 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 2,690,005 and 7,009,538 at december 31, 2014 and 2013, respectively | 3,008,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 543,957 and 1,425,186 at december 31, 2014 and 2013, respectively | 783,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 5,719,085 and 3,228,506 at december 31, 2014 and 2013, respectively | 47,479,602 | |||||||||||||||||||||||||||||||||||||||||||||||||||
preferred stock, .0001 par value per share, 4,000,000 and 150,000 shares authorized, respectively series a junior participating preferred stock, .0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at september 30, 2014 and december 31, 2013 | 4,018,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 2,518,986 and 7,009,538 at september 30, 2014 and december 31, 2013, respectively | 3,166,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 527,306 and 1,425,186 at september 30, 2014 and december 31, 2013, respectively | 960,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 4,946,853 and 3,228,506 at september 30, 2014 and december 31, 2013, respectively | 38,307,803 | |||||||||||||||||||||||||||||||||||||||||||||||||||
notes payable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
total notes payable | 224,185,433 | 181,293,022 | 163,979,798 | 189,789,938 | ||||||||||||||||||||||||||||||||||||||||||||||||
common stock, .0001 par value per share... | 1,496 | 1,496 | 1,496 | 1,324 | 1,324 | |||||||||||||||||||||||||||||||||||||||||||||||
excess stock, .0001 par value per share... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at june 30, 2014 and december 31, 2013 | 3,793,690 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 2,103,690 and 7,009,538 at june 30, 2014 and december 31, 2013, respectively | 2,162,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 492,459 and 1,425,186 at june 30, 2014 and december 31, 2013, respectively | 702,089 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 4,280,110 and 3,228,506 at june 30, 2014 and december 31, 2013, respectively | 29,459,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||
series a junior participating preferred stock, .0001 par value per share... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at march 31, 2014 and december 31, 2013 | 3,305,064 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 1,921,408 and 7,009,538 at march 31, 2014 and december 31, 2013, respectively | 2,344,485 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 462,908 and 1,425,186 at march 31, 2014 and december 31, 2013, respectively | 722,280 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 3,745,435 and 3,228,506 at march 31, 2014 and december 31, 2013, respectively | 29,160,682 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at december 31, 2013 and 2012, respectively | 3,262,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 7,009,538 and 6,273,113 at december 31, 2013 and 2012, respectively | 2,526,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 1,425,186 and 1,312,085 at december 31, 2013 and 2012, respectively | 758,037 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 3,228,506 and 1,594,815 at december 31, 2013 and 2012, respectively | 27,705,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||
f-5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at september 30, 2013 and december 31, 2012 | 2,361,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 6,810,953 and 6,273,113 at september 30, 2013 and december 31, 2012, respectively | 2,637,995 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 1,395,349 and 1,312,085 at september 30, 2013 and december 31, 2012, respectively | 613,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 2,801,182 and 1,594,815 at september 30, 2013 and december 31, 2012, respectively | 27,903,865 | |||||||||||||||||||||||||||||||||||||||||||||||||||
par value per share, 200,000 and 150,000 shares authorized, no shares issued and outstanding, respectively | ||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at june 30, 2013 and december 31, 2012 | 1,786,473 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 6,630,418 and 6,273,113 at june 30, 2013 and december 31, 2012, respectively | 2,538,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 1,367,345 and 1,312,085 at june 30, 2013 and december 31, 2012, respectively | 632,568 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 2,392,654 and 1,594,815 at june 30, 2013 and december 31, 2012, respectively | 26,926,820 | |||||||||||||||||||||||||||||||||||||||||||||||||||
mortgages payable | 115,668,239 | 117,376,142 | 71,526,780 | 75,552,802 | ||||||||||||||||||||||||||||||||||||||||||||||||
note payable | 40,639,930 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, net of allowance of 35,000 for possible losses at december 31, 2012 and 2011, respectively | 2,160,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 6,273,113 and 5,707,043 at december 31, 2012 and 2011, respectively | 2,864,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 1,312,085 and 1,205,985 at december 31, 2012 and 2011, respectively | 687,828 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles, net of accumulated amortization of 1,594,815 and 569,737 at december 31, 2012 and 2011, respectively | 21,342,122 | |||||||||||||||||||||||||||||||||||||||||||||||||||
notes payable | 43,530,005 | 28,380,254 | 29,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
total liabilities and stockholders’ equity | 370,092,832 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, (note 3) net of allowance of 35,000 for possible losses at both december 31, 2010 and 2009 | 1,330,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 5,392,802 and 5,126,333 at december 31, 2010 and 2009, respectively | 1,133,194 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 934,399 and 841,427 at december 31, 2010 and 2009, respectively | 812,295 | |||||||||||||||||||||||||||||||||||||||||||||||||||
lease intangibles costs, net of accumulated amortization of 50,479 and -0- at december 31, 2010 and 2009 respectively | 8,152,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||
december 31, | 2,010 | 2,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||
accounts payable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
excess stock, 0.0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
series a junior participating preferred stock, 0.0001 par value... | ||||||||||||||||||||||||||||||||||||||||||||||||||||
additional paid-in capital | 179,705,353 | 147,466,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||
total stockholders’ equity – agree realty corporation | 164,239,342 | 136,763,317 | ||||||||||||||||||||||||||||||||||||||||||||||||||
total stockholders’ equity | 167,130,276 | 139,826,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||
accounts receivable - tenants, (note 3) net of allowance of 35,000and 195,000 for possible losses at december 31, 2009 and 2008, respectively | 1,986,836 | |||||||||||||||||||||||||||||||||||||||||||||||||||
financing costs, net of accumulated amortization of 5,126,333 and 4,838,098 at december 31, 2009 and 2008, respectively | 1,360,514 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasing costs, net of accumulated amortization of 841,427 and 775,450 at december 31, 2009 and 2008, respectively | 537,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
net income | 13,123,020 | 10,471,746 | ||||||||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
depreciation | 4,418,177 | |||||||||||||||||||||||||||||||||||||||||||||||||||
amortization | 204,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation | 546,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of assets | -577,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||
equity in net income of unconsolidated entities | -216,837 | |||||||||||||||||||||||||||||||||||||||||||||||||||
minority interests | 1,366,347 | |||||||||||||||||||||||||||||||||||||||||||||||||||
decrease (increase) in accounts receivable | -4,961 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(increase) in other assets | -431,446 | |||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts payable | 33,605 | |||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in deferred revenue | -307,936 | |||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accrued interest | 131,016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
increase in tenant deposits | 13,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from operating activities | 18,299,038 | 15,653,291 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of real estate investments | -21,711,356 | -20,116,584 | ||||||||||||||||||||||||||||||||||||||||||||||||||
distributions from unconsolidated entities | 216,837 | 438,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in restricted cash | 4,309,914 | |||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from sale of assets, less amounts held in escrow | 2,046,493 | 3,887,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from investing activities | -15,138,112 | -15,790,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||
year ended december 31, | 2,004 | |||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
line-of-credit net borrowings | 12,700,000 | -11,583,232 | ||||||||||||||||||||||||||||||||||||||||||||||||||
dividends and limited partners’ distributions paid | -13,873,516 | -10,776,024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
payment on construction loans | -4,043,313 | |||||||||||||||||||||||||||||||||||||||||||||||||||
payments of mortgages payable | -2,158,689 | -38,320,636 | ||||||||||||||||||||||||||||||||||||||||||||||||||
mortgage proceeds | 22,699,151 | |||||||||||||||||||||||||||||||||||||||||||||||||||
payments of payables for capital expenditures | -361,769 | -423,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||
redemption of restricted stock | -169,680 | -101,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||
payments for financing costs | -609,367 | |||||||||||||||||||||||||||||||||||||||||||||||||||
payments of leasing costs | -72,150 | -19,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||
exercise of stock options | 358,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from the issuance of common stock | 43,224,488 | |||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from financing activities | -3,577,492 | 45,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | -416,566 | -91,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of year | 1,004,090 | 1,095,610 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, end of year | 587,524 | 1,004,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash paid for interest | 4,243,983 | 5,619,551 | ||||||||||||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||
construction loan paid with mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||
dividends and limited partners’ distributions declared and unpaid | 3,509,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||
shares issued under stock incentive plan | 1,159,518 | 622,153 | ||||||||||||||||||||||||||||||||||||||||||||||||||
real estate investments financed with accounts payable | 393,711 | 570,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||
real estate investments acquired from joint ventures | 13,790,990 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 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 | 2021-09-30 | 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 | 2014-06-30 | 2014-03-31 | 2013-12-31 | 2013-09-30 | 2012-12-31 | 2011-09-30 | 2011-06-30 | 2011-03-31 | 2010-12-31 | 2010-09-30 | 2010-06-30 | 2010-03-31 | 2009-12-31 | 2009-09-30 | 2009-06-30 | 2009-03-31 | 2008-12-31 | 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 | 62,231,000 | 56,209,000 | 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 | 36,831,000 | 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 | 2,715,869 | 5,509,528 | 5,622,075 | 4,645,781 | 11,935,545 | -1,855,344 | 3,823,334 | 4,700,059 | -3,312,674 | 4,540,568 | 4,431,460 | 9,968,480 | 4,562,674 | 3,823,233 | 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 | 66,699,000 | 63,436,000 | 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 | 24,488,000 | 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 | 10,678,000 | 9,987,000 | 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 | 8,311,000 | 8,178,000 | 6,615,000 | 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 | 2,087,000 | 2,008,000 | 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 | 3,534,000 | 3,297,000 | 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 | 507,000 | 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 | 515,000 | 527,712 | 420,747 | 466,800 | 615,447 | 323,048 | 359,357 | 359,357 | 302,656 | 302,000 | 286,000 | 276,000 | 293,757 | 296,000 | 294,000 | 292,000 | 274,737 | 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 | -4,942,000 | -4,582,000 | -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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
provision for impairment | 1,400,000 | 1,600,000 | 2,980,000 | 2,961,000 | 4,331,000 | 2,694,000 | 0 | 4,530,000 | 3,195,000 | 0 | 0 | 1,015,000 | 2,868,000 | 0 | 0 | 1,193,000 | 416,000 | 488,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of assets | -1,697,000 | -2,209,000 | -925,000 | -1,510,000 | -772,000 | -1,850,000 | -7,156,000 | -2,096,000 | -8,580,358 | -3,456,206 | -79,104 | 0 | -122,747 | 0 | 0 | -2,889,135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on involuntary conversion | -528,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in accounts receivable | -2,292,000 | -378,000 | -4,536,000 | 1,157,000 | 4,940,000 | -227,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in other assets | -12,489,000 | 10,247,000 | -2,479,000 | -6,780,000 | -7,570,000 | -7,024,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
change in accounts payable, accrued expenses, and other liabilities | 20,475,000 | -28,330,000 | 28,428,000 | -7,818,000 | 13,463,000 | 36,779,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash from operating activities | 145,156,000 | 111,315,000 | 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 | 68,021,000 | 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 | 9,006,347 | 9,789,935 | 8,646,445 | 8,488,837 | 8,169,837 | 8,373,500 | 6,990,177 | 4,628,852 | 5,269,908 | 5,254,755 | 6,052,206 | 7,807,088 | 7,354,576 | 5,877,141 | 5,072,378 | 6,192,819 | 5,752,209 | 6,178,280 | 5,456,334 | 6,308,261 | 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 | ||
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
free cash flows | 145,156,000 | 111,315,000 | 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 | 68,021,000 | 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 | 9,006,347 | 9,789,935 | 8,646,445 | 8,488,837 | 8,169,837 | 8,373,500 | 6,990,177 | 4,628,852 | 5,269,908 | 5,254,755 | 6,052,206 | 7,807,088 | 7,354,576 | 5,877,141 | 5,072,378 | 6,192,819 | 5,752,209 | 6,178,280 | 5,456,334 | 6,308,261 | 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 | ||
cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of real estate investments and other assets | -412,335,000 | -348,423,000 | -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 | -341,507,000 | -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 | -28,883,000 | -43,351,000 | -54,405,000 | -24,258,000 | -23,422,000 | -37,848,000 | -10,884,000 | -18,431,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from involuntary conversion | 1,287,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payment of leasing costs | -306,000 | -528,000 | -845,000 | -165,000 | -132,000 | -866,000 | -389,000 | -307,000 | -131,000 | 2,000 | -38,000 | -169,000 | -158,000 | -45,000 | -142,000 | -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 | 10,065,000 | 19,295,000 | 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 | 11,454,000 | 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 | 4,974,387 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
net cash from investing activities | -430,172,000 | -373,007,000 | -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 | -334,177,000 | -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 | -59,559,428 | -70,092,482 | -38,124,901 | -18,421,203 | -21,059,250 | -11,201,039 | -30,022,716 | -55,103,294 | -16,415,371 | -21,529,807 | -7,390,864 | -3,656,339 | -242,990 | -525,447 | -2,094,283 | -4,887,563 | -1,241,563 | -4,417,935 | -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 | 428,265,000 | 251,851,000 | 41,105,000 | 183,090,000 | 289,749,000 | 205,104,000 | 195,133,000 | 601,087,000 | 300,110,000 | 250,684,000 | 55,879,000 | 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 | -6,058,000 | -25,000 | -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 | -27,000 | 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 | 12,540,741,000 | 9,806,317,000 | 12,800,527,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
unsecured revolving credit facility and commercial paper notes repayments | -12,391,591,000 | -9,874,817,000 | -12,658,527,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of mortgage notes payable | -267,000 | -263,000 | -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 | -201,000 | -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 | ||||||||||||||||||||||||||||||||||||||
unsecured term loan proceeds | 250,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -1,860,000 | -1,859,000 | -1,859,000 | -1,860,000 | -1,859,000 | -1,859,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payment of common stock dividends | -94,930,000 | -89,462,000 | -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 | -273,000 | -271,000 | -266,000 | -267,000 | -264,000 | -261,000 | -259,000 | -258,000 | -490,000 | 0 | -266,000 | -244,000 | -241,000 | -237,000 | -227,000 | -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 | -164,000 | -2,449,000 | -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 | -103,000 | -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 | -280,240 | |||||||||||||||||||||||||||||||||||||
net cash from financing activities | 295,599,000 | 265,436,000 | 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 | 180,583,000 | 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 | 53,072,857 | 64,298,753 | 29,258,794 | 10,729,058 | -821,246 | 11,540,090 | 27,631,669 | 49,448,300 | 11,180,393 | -3,867,082 | -9,443,658 | 13,979,066 | 15,816 | -2,428,694 | -4,952,765 | -5,340,133 | -3,561,945 | -1,287,551 | -4,621,159 | -1,380,666 | 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 | 10,583,000 | 3,744,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents and cash held in escrow, beginning of period | 20,622,000 | 0 | 0 | 0 | 6,399,000 | 0 | 0 | 14,524,000 | 0 | 0 | 28,909,000 | 0 | 0 | 45,250,000 | 0 | 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 | 31,205,000 | 3,744,000 | 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 | -85,573,000 | 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 | 13,644,000 | 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 | 11,977,000 | 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 | 1,764,611 | 1,630,798 | 1,685,523 | 1,640,359 | 1,201,791 | 1,085,969 | ||||||||||||||||||||||||||||||||
cash paid for income and other tax, net of refunds | -36,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
lease right of use assets added under new ground leases | 963,000 | 1,027,000 | 0 | 0 | 1,767,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
series a preferred dividends declared and unpaid | 620,000 | 0 | 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 | 31,558,000 | 2,231,000 | 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 | -7,744,000 | 4,875,000 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
settlement of interest rate swaps | 0 | 0 | 501,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on involuntary conversion of assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from unsecured term loan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from senior unsecured notes | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of senior unsecured notes | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments for financing lease liability | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
lease right of use assets removed as a result of acquisition of real property | -5,472,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash paid for interest, net of amounts capitalized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash paid for income tax, net of refunds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in cash and cash equivalents and cash held in escrow | -2,258,000 | 4,770,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -85,573,000 | 181,012,000 | -586,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts receivable | -5,676,000 | -1,279,421 | -445,675 | -770,097 | -415,399 | -489,188 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in other assets | -11,661,000 | 27,880 | 116,394 | 198,622 | -177,674 | -285,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts payable, accrued expenses, and other liabilities | 15,426,000 | 12,039,000 | -6,908,000 | 15,468,000 | 12,357,000 | 7,739,000 | -2,274,000 | 12,311,000 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on sale of assets | 20,000 | -3,000,000 | -16,000 | -2,310,000 | -3,470,000 | -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 | -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 | 235,091 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in accounts receivable | -4,025,000 | 3,154,000 | -2,209,000 | -7,439,000 | -1,814,000 | -5,980,000 | -6,268,000 | -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 | -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 | -488,626 | -42,296 | -574,632 | -18,997 | 1,451 | -765,285 | -575,543 | -47,526 | 88,341 | -95,542 | -13,433 | 126,646 | 66,052 | -25,911 | 354,405 | -326,694 | -130,093 | 173,795 | 281,457 | -577,714 | 128,001 | 135,230 | 211,175 | -511,761 | 31,170 | 279,018 | 196,612 | ||||||||||||||||||||||||
decrease in other assets | 2,437,000 | -342,000 | -10,024,000 | 2,849,000 | 3,757,000 | -4,708,000 | -3,626,000 | -4,690,000 | 6,803,000 | -929,000 | -485,000 | 50,000 | -2,197,000 | 1,010,000 | 206,000 | -1,169,000 | -180,000 | -836,000 | 82,000 | 592,000 | -472,000 | 764,000 | -440,000 | -276,000 | 357,069 | -452,452 | 262,383 | -668,722 | 709,573 | 588,684 | -826,915 | 176,069 | -66,207 | -609,308 | 845,577 | 79,368 | -945,358 | -27,937 | 11,186 | 97,815 | -101,002 | -142,947 | 221,524 | -197,356 | 351,605 | -28,812 | 35,159 | 211,586 | 105,736 | 28,636 | 74,623 | -28,979 | -217,531 | -118,068 | ||||||||||||||||||||||||
mortgage note payable assumed, net of 2,548 mortgage debt discount | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| -27,687,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
write-off of unamortized financing costs upon debt extinguishment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from series a preferred stock offering | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of unsecured term loans | 0 | 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 | 633,000 | 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 | 0 | -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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
write-off of unamortized finance costs upon debt extinguishment | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
development of real estate investments, net of reimbursements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
senior unsecured notes proceeds | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
additional lease right of use assets added under new ground leases after january 1, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on settlement of interest rate swaps | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -6,434,690 | -6,102,159 | -5,428,566 | -5,427,336 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 2,026,936 | 1,967,037 | 1,865,779 | 1,739,645 | 1,253,783 | 1,551,147 | 1,488,590 | 1,498,761 | 1,476,568 | 1,464,093 | 1,456,798 | 1,412,700 | 1,450,743 | 1,410,818 | 1,403,314 | 1,378,475 | 1,359,880 | 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 | 746,506 | 728,834 | 655,747 | 617,064 | 901,238 | 423,975 | 195,264 | 192,053 | 143,662 | 94,299 | 86,347 | 85,612 | 96,738 | 85,214 | 86,817 | 85,443 | 60,082 | 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 | ||||||||||||||||||||||||
benefit from impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
write-off of deferred costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(gain) loss on sale of assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -27,336 | -10,841 | 98,961 | -48,697 | -652,054 | 201,212 | 22,816 | 29,247 | 205,591 | -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 | -5,340 | -32,646 | 9,665 | 10,760 | 13,000 | 1 | 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 | -1,796 | 6,584,166 | 672,844 | 1,230 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -263,967 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 14,536,881 | 0 | 0 | 1,409,382 | 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 | 796,692 | 826,222 | 8,712,550 | 4,599,130 | 383,240 | 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 | |||||||||||||||||||||||||||||||||||
loss on extinguishment of debt | 0 | 0 | 0 | 179,867 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash held in escrows on sale of assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease 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 | -13,145,696 | -21,959,330 | 3,592,707 | -30,013,766 | -63,990,838 | -16,301,530 | -1,298,299 | -2,925,411 | -17,770,137 | -9,487,407 | -11,328,854 | -235,377 | -525,447 | -2,094,283 | -4,887,563 | -1,241,563 | -4,417,935 | -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 | 0 | -14,529 | 48,590,716 | 0 | 0 | -1,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
limited partners' distributions paid | -167,000 | -166,714 | -161,643 | -161,643 | -161,643 | -156,428 | -156,429 | -149,476 | -149,476 | -149,476 | -142,523 | -142,524 | -142,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash held in escrows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -144,074 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in deferred revenue | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | -115,845 | 6,372,366 | -6,490,971 | -172,388 | -172,387 | -172,388 | -172,387 | -172,388 | -172,387 | -172,387 | -172,388 | -172,388 | -172,387 | -172,386 | -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 | -8,292 | 4,468 | -905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
term loan payable proceeds | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
limited partners’ distributions paid | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash provided by operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash used in investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
mortgage notes payable proceeds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash provided by financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net decrease in cash and cash equivalents | -219,662 | 796,692 | -13,710,659 | 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 | 926,308 | -1,117,122 | -6,107 | 288,714 | -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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
development of real estate investments | -3,756,375 | -5,266,147 | -4,074,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of leasing costs | -293,108 | -113,841 | -35,506 | -1,250 | -280,370 | -23,587 | -12,860 | -51,350 | -2,937 | -28,500 | -11,859 | -75,000 | -963 | -5,636 | -7,050 | -105,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from common stock offering, net of issuance costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
note payable borrowings | 48,734,648 | 30,512,225 | 16,376,102 | 32,585,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
note payable repayments | -75,598,648 | -3,136,498 | -9,887,829 | -33,225,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of mortgages payable | -874,772 | -10,062,503 | -906,234 | -878,301 | 295,162 | -733,885 | -973,975 | -1,751,956 | -1,032,595 | -1,015,444 | -996,124 | -981,859 | -903,670 | -856,783 | -840,175 | -828,267 | -891,235 | -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 | ||||||||||||||||||||||||||||||||||||||||||
shares issued under stock incentive plan | 0 | 0 | 2,325,235 | 11,480 | 93,300 | 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 | 4,599,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
line-of-credit borrowings | 56,113,041 | 28,202,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
line-of-credit repayments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
mortgage proceeds | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | -5,152,324 | -5,141,274 | -4,396,238 | -4,363,977 | -4,350,242 | -4,270,127 | -4,258,531 | -4,250,468 | -4,232,404 | -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 | -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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payment of lease acquisition costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
year ended december 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
line-of-credit net (payments) borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
payments of payables for capital expenditures | -239,856 | -361,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, beginning of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents, end of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
supplemental disclosure of non-cash transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
conversion of op units | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(increase) decrease in accounts receivable | 2,209,568 | -354,566 | -663,703 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(increase) decrease in other assets | -56,478 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase (decrease) in accrued interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
increase (decrease) in tenant deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(increase) in accounts receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(decrease) increase in accounts payable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from sale of assets, less amounts held in escrow | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(decrease) increase in accrued interest | -6,522 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
minority interests | 297,281 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
redemption of restricted stock | 0 | 0 | 0 | -126,760 | 0 | 0 | 0 | -169,680 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
net proceeds from the issuance of common stock | 115 | -115 | -10,240 | 31,466,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
dividends and distributions paid | -4,127,341 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
equity in net income of unconsolidated entities | 0 | -22,934 | -96,952 | -96,951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |