Agree Realty Corporation (ADC) Financial Statements (2024 and earlier)

Company Profile

Business Address 32301 WOODWARD AVENUE
ROYAL OAK, MI 48073
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6798 - Real Estate Investment Trusts (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments27,76343,2526,13715,60353,95550,807
Cash and cash equivalents27,76343,2526,13715,60353,95550,807
Total current assets:27,76343,2526,13715,60353,95550,807
Noncurrent Assets
Operating lease, right-of-use asset60,90061,10044,50016,000
Inventory, real estate1,261249172410448570
Property, plant and equipment1,941,5991,559,4341,094,550735,9911,648,3771,188,614
Intangible assets, net (including goodwill)762,734638,945437,892316,845256,713167,565
Intangible assets, net (excluding goodwill)762,734638,945437,892316,845256,713167,565
Total noncurrent assets:2,766,4942,259,7281,577,1141,069,2461,905,5381,356,749
Other undisclosed assets3,918,9322,923,9262,302,9321,579,68168,69687,078
TOTAL ASSETS:6,713,1895,226,9063,886,1832,664,5302,028,1891,494,634
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Noncurrent Liabilities
Other undisclosed liabilities2,082,7991,807,5901,359,934972,968789,703583,444
Total liabilities:2,082,7991,807,5901,359,934972,968789,703583,444
Equity
Equity, attributable to parent, including:4,628,9983,417,6872,524,4871,689,3311,236,075908,661
Preferred stock175,000175,000    
Common stock976543
Additional paid in capital4,658,5703,395,5492,652,0901,752,9121,277,592936,046
Accumulated other comprehensive income (loss)23,551(5,503)(36,266)(6,492)1,4241,375
Other undisclosed equity, attributable to parent(228,132)(147,366)(91,343)(57,094)(42,945)(28,763)
Equity, attributable to noncontrolling interest1,3921,6291,7622,2312,4112,529
Total equity:4,630,3903,419,3162,526,2491,691,5621,238,486911,190
TOTAL LIABILITIES AND EQUITY:6,713,1895,226,9063,886,1832,664,5302,028,1891,494,634

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues429,814339,323248,568187,478148,195116,555
Operating leases, income statement, lease revenue133,075
Revenue, net116,070
Operating lease, lease income450,369352,797257,390193,843
Cost of revenue(52,281)(41,061)(39,756)(36,817)(28,191)(26,660)
Gross profit:377,533298,262208,812150,661120,00489,895
Operating expenses(164,706)(123,104)(83,684)(49,572)(47,002)(27,508)
Other undisclosed operating income5,25815,111    
Operating income:218,085190,269125,128101,08973,00262,387
Nonoperating income (expense)1,245(13,996)(9,000) 4347
Operating lease, initial direct cost expense, over term  (13,996)(9,023) 
Other nonoperating income1,245 23 4347
Interest and debt expense(63,435)(51,628)(40,097)(33,094)(800)(200)
Income from continuing operations before income taxes:155,895124,64576,03167,99572,20662,534
Income tax expense(2,860)(2,401)(1,086)(538)(516) 
Income from continuing operations:153,035122,24474,94567,45771,69062,534
Income before gain (loss) on sale of properties:122,24474,94567,45771,69062,534
Other undisclosed net income (loss)  63217,02713,306(12,892)(3,744)
Net income:153,035122,87691,97280,76358,79858,790
Net loss attributable to noncontrolling interest(598)(603)(591)(682)  
Other undisclosed net loss attributable to parent     (626)(678)
Net income attributable to parent:152,437122,27391,38180,08158,17258,112
Preferred stock dividends and other adjustments(7,437)(2,148)    
Other undisclosed net loss available to common stockholders, basic   (297)(379)(370) 
Net income available to common stockholders, basic:145,000120,12591,08479,70257,80258,112
Other undisclosed net loss available to common stockholders, diluted(376)(369)    
Net income available to common stockholders, diluted:144,624119,75691,08479,70257,80258,112

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:153,035122,87691,97280,76358,79858,790
Other comprehensive income (loss)29,19730,930(29,996)(7,987)541,935
Other undisclosed comprehensive loss      
Comprehensive income:182,232153,80661,97672,77658,85260,725
Comprehensive loss, net of tax, attributable to noncontrolling interest(741)(770)(369)(611)(631)(702)
Other undisclosed comprehensive income, net of tax, attributable to parent     631702
Comprehensive income, net of tax, attributable to parent:181,491153,03661,60772,16558,85260,725

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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