AGREE REALTY CORP
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 13, 2024
ADC$70.20+0.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In thousands, except share and per-share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, · · December 31, | ||||||
| · · 2023 · · 2022 | ||||||
| ASSETS | | | | | | |
| Real Estate Investments · · · · · | ||||||
| Land | | $2,282,354 | | $1,941,599 | ||
| Buildings | | 4,861,692 | | 4,054,679 | ||
| Less accumulated depreciation | | (433,958) | | (321,142) | ||
| | | 6,710,088 | | 5,675,136 | ||
| Property under development | | 33,232 | | 65,932 | ||
| Net Real Estate Investments | | 6,743,320 | | 5,741,068 | ||
| | | | | | ||
| Real Estate Held for Sale, net | | 3,642 | | — | ||
| | | | | | | |
| Cash and Cash Equivalents | | 10,907 | | 27,763 | ||
| | | | | | ||
| Cash Held in Escrows | | 3,617 | | 1,146 | ||
| | | | | | | |
| Accounts Receivable - Tenants, net | | | 82,954 | | 65,841 | |
| | | | | | ||
| Lease Intangibles, net of accumulated amortization of | | | | | | |
| $360,061 and $263,011 at December 31, 2023 and December 31, 2022, respectively | | 854,088 | | 799,448 | ||
| | | | | | | |
| Other Assets, net | | 76,308 | | 77,923 | ||
| | | | | | ||
| Total Assets | | $7,774,836 | | $6,713,189 | ||
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per-share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| · · December 31, · · December 31, | ||||||
| · · 2023 · · 2022 | ||||||
| LIABILITIES · · · · · | ||||||
| Mortgage Notes Payable, net | | $42,811 | | $47,971 | ||
| | | | | | | |
| Unsecured Term Loan, net | | | 346,798 | | — | |
| | | | | | | |
| Senior Unsecured Notes, net | | | 1,794,312 | | 1,792,047 | |
| | | | | | | |
| Unsecured Revolving Credit Facility | | | 227,000 | | 100,000 | |
| | | | | | | |
| Dividends and Distributions Payable | | | 25,534 | | 22,345 | |
| | | | | | | |
| Accounts Payable, Accrued Expenses, and Other Liabilities | | | 101,401 | | 83,722 | |
| | | | | | | |
| Lease Intangibles, net of accumulated amortization of | | | | | | |
| $42,813 and $35,992 at December 31, 2023 and December 31, 2022, respectively | | | 36,827 | | 36,714 | |
| | | | | | | |
| Total Liabilities | | | 2,574,683 | | 2,082,799 | |
| | | | | | | |
| EQUITY | | | | | | |
| Preferred stock, $.0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $25,000 per share, at December 31, 2023 and December 31, 2022 | | | 175,000 | | 175,000 | |
| Common stock, $.0001 par value, 180,000,000 shares authorized, 100,519,355 and 90,173,424 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | | | 10 | | 9 | |
| Additional paid-in-capital | | | 5,354,120 | | 4,658,570 | |
| Dividends in excess of net income | | | (346,473) | | (228,132) | |
| Accumulated other comprehensive income (loss) | | | 16,554 | | 23,551 | |
| | | | | | | |
| Total Equity - Agree Realty Corporation | | | 5,199,211 | | 4,628,998 | |
| Non-controlling interest | | | 942 | | 1,392 | |
| Total Equity | | | 5,200,153 | | 4,630,390 | |
| | | | | | | |
| Total Liabilities and Equity | | $7,774,836 | | $6,713,189 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.