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$69.88-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per-share data)
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | Year Ended | |||||||
| · 2023 · 2022 · 2021 | ||||||||
| Revenues · · · | ||||||||
| Rental income | $537,403 | | $429,632 | | $339,067 | |||
| Other | 92 | | 182 | | 256 | |||
| Total Revenues | 537,495 | | 429,814 | | 339,323 | |||
| | | | ||||||
| Operating Expenses | | | ||||||
| Real estate taxes | 40,092 | | 32,079 | | 25,513 | |||
| Property operating expenses | 24,961 | | 18,585 | | 13,996 | |||
| Land lease expense | 1,664 | | 1,617 | | 1,552 | |||
| General and administrative | 34,788 | | 30,121 | | 25,456 | |||
| Depreciation and amortization | 176,277 | | 133,570 | | 95,729 | |||
| Provision for impairment | 7,175 | | | 1,015 | | | 1,919 | |
| Total Operating Expenses | 284,957 | | 216,987 | | 164,165 | |||
| | | | | | | | | |
| Gain (loss) on sale of assets, net | 1,849 | | 5,341 | | 14,941 | |||
| Gain (loss) on involuntary conversion, net | | — | | | (83) | | | 170 |
| Income from Operations | 254,387 | | 218,085 | | 190,269 | |||
| | | | ||||||
| Other (Expense) Income | | | ||||||
| Interest expense, net | (81,119) | | (63,435) | | (50,378) | |||
| Income tax (expense) benefit | | (2,910) | | | (2,860) | | | (2,401) |
| Loss on early extinguishment of term loans and settlement of related interest rate swaps | | — | | | — | | | (14,614) |
| Other (expense) income | 189 | | 1,245 | | — | |||
| Net Income | 170,547 | | 153,035 | | 122,876 | |||
| | | | ||||||
| Less net income attributable to non-controlling interest | 588 | | 598 | | 603 | |||
| Net income attributable to Agree Realty Corporation | | 169,959 | | | 152,437 | | | 122,273 |
| Less Series A preferred stock dividends | 7,437 | | 7,437 | | 2,148 | |||
| Net Income Attributable to Common Stockholders | $162,522 | | $145,000 | | $120,125 | |||
| | | | ||||||
| Net Income Per Share Attributable to Common Stockholders | | | ||||||
| Basic | $1.70 | | $1.84 | | $1.79 | |||
| Diluted | $1.70 | | $1.83 | | $1.78 | |||
| | | | ||||||
| Other Comprehensive Income | | | ||||||
| Net income | $170,547 | | $153,035 | | $122,876 | |||
| Amortization of interest rate swaps | | (2,519) | | | (684) | | | 950 |
| Change in fair value and settlement of interest rate swaps | (4,501) | | 29,881 | | 29,980 | |||
| Total comprehensive income (loss) | 163,527 | | 182,232 | | 153,806 | |||
| Less comprehensive income (loss) attributable to non-controlling interest | 565 | | 741 | | 770 | |||
| | | | ||||||
| Comprehensive Income (Loss) Attributable to Agree Realty Corporation | $162,962 | | $181,491 | | $153,036 | |||
| | | | ||||||
| Weighted Average Number of Common Shares Outstanding - Basic | 95,191,409 | | 78,659,333 | | 66,802,242 | |||
| | | | | | | |||
| Weighted Average Number of Common Shares Outstanding - Diluted | 95,437,412 | | 79,164,386 | | 67,139,079 | |||
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