AGREE REALTY CORP
For the period ended Dec 31, 2023. Filed Feb 13, 2024.
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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.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended | |||||||||
| · December 31, 2023 · December 31, 2022 · December 31, 2021 | |||||||||
| Cash Flows from Operating Activities · · · · | |||||||||
| Net income | | $170,547 | | $153,035 | | $122,876 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |||
| Depreciation and amortization | | 176,277 | | 133,570 | | 95,729 | |||
| Amortization from above (below) market lease intangibles, net | | | 33,096 | | | 33,337 | | | 24,284 |
| Amortization from financing costs, credit facility costs and debt discount | | 4,737 | | 4,065 | | 2,360 | |||
| Stock-based compensation | | 8,338 | | 6,464 | | 4,798 | |||
| Straight-line accrued rent | | | (12,142) | | | (13,176) | | | (11,857) |
| Provision for impairment | | | 7,175 | | | 1,015 | | | 1,919 |
| Gain(loss) on settlement of interest rate swaps | | | — | | | 28,414 | | | 16,748 |
| (Gain) loss on sale of assets | | (1,849) | | (5,341) | | (14,941) | |||
| Write-off of unamortized financing costs upon debt extinguishment | | | — | | | — | | | 1,250 |
| (Increase) decrease in accounts receivable | | (5,086) | | 799 | | (4,447) | |||
| (Increase) decrease in other assets | | 121 | | 4,891 | | (3,231) | |||
| Increase (decrease) in accounts payable, accrued expenses, and other liabilities | | | 10,384 | | | 15,048 | | | 10,827 |
| Net Cash Provided by Operating Activities | | 391,598 | | 362,121 | | 246,315 | |||
| | | | | ||||||
| Cash Flows from Investing Activities | | | | ||||||
| Acquisition of real estate investments and other assets | | (1,206,025) | | (1,578,511) | | (1,400,685) | |||
| Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,957 in 2023, $1,261 in 2022, and $249 in 2021) | | (82,368) | | (81,875) | | (41,464) | |||
| Payment of leasing costs | | (447) | | (503) | | (468) | |||
| Net proceeds from sale of assets | | 13,843 | | 44,914 | | 56,002 | |||
| Net Cash Used in Investing Activities | | (1,274,997) | | (1,615,975) | | (1,386,615) | |||
| | | | | ||||||
| Cash Flows from Financing Activities | | | | | |||||
| Proceeds from Series A preferred stock offering, net | | — | | — | | 170,308 | |||
| Proceeds from common stock offerings, net | | | 689,896 | | | 1,257,823 | | | 744,847 |
| Repurchase of common shares | | (2,684) | | (1,912) | | (1,813) | |||
| Unsecured revolving credit facility borrowings | | 1,231,000 | | 1,035,000 | | 594,000 | |||
| Unsecured revolving credit facility repayments | | (1,104,000) | | (1,095,000) | | (526,000) | |||
| Payments of mortgage notes payable | | (5,527) | | (24,490) | | (799) | |||
| Proceeds from unsecured term loan | | 350,000 | | — | | — | |||
| Payments of unsecured term loans | | | — | | | — | | (240,000) | |
| Proceeds from senior unsecured notes | | — | | 297,513 | | 640,623 | |||
| Payments on senior notes | | | — | | | — | | | — |
| Payment of Series A preferred dividends | | | (7,437) | | | (7,438) | | | (1,529) |
| Payment of common stock dividends | | (277,676) | | (220,304) | | (194,296) | |||
| Distributions to non-controlling interest | | (1,012) | | (971) | | (1,042) | |||
| Payments for financing costs | | (3,546) | | (2,708) | | (6,704) | |||
| Net Cash Provided by Financing Activities | | 869,014 | | 1,237,513 | | 1,177,595 | |||
| | | | | ||||||
| Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow | | (14,385) | | (16,341) | | 37,295 | |||
| Cash and cash equivalents and cash held in escrow, beginning of period | | 28,909 | | 45,250 | | 7,955 | |||
| Cash and cash equivalents and cash held in escrow, end of period | | $14,524 | | $28,909 | | $45,250 | |||
| | | | | ||||||
| Supplemental Disclosure of Cash Flow Information | | | | ||||||
| Cash paid for interest (net of amounts capitalized) | | $87,481 | | $58,784 | | $56,150 | |||
| Cash paid for income tax | | $3,065 | | $2,395 | | $1,816 | |||
| | | | | | | ||||
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | | | | ||||||
| Lease right of use assets added under new ground leases | | $— | | $1,816 | | $6,302 | |||
| Mortgage note payable assumed, net of $2,548 mortgage debt discount | | $— | | $39,702 | | $— | |||
| Series A preferred dividends declared and unpaid | | $620 | | $620 | | $620 | |||
| Common stock dividends and limited partners' distributions declared and unpaid | | $24,914 | | $21,725 | | $16,261 | |||
| Change in accrual of development, construction and other real estate investment costs | | $2,785 | | $3,199 | | $(5,537) | |||
| 8 | |
| Agree Realty Corporation | Notes to Consolidated Financial Statements |
|---|---|
| December 31, 2023 |
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