UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): October 28, 2013
AGREE REALTY CORPORATION
(Exact name of registrant as specified in its charter)
Maryland
(State of other jurisdiction of incorporation)
1-12928 (Commission file number) |
38-3148187 (I.R.S. Employer Identification No.) |
31850 Northwestern Highway Farmington Hills, MI (Address of principal executive offices) |
48334 (Zip code) |
(Registrant’s telephone number, including area code) (248) 737-4190
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On October 28, 2013, Agree Realty Corporation issued a press release describing its results of operations for the third quarter ended September 30, 2013. The press release is furnished as Exhibit 99.1 to this report and is hereby incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit | Description |
99.1 | Press release, dated October 28, 2013, reporting the Company's results of operations for the third quarter ended September 30, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AGREE REALTY CORPORATION | ||
/s/ Alan D. Maximiuk | ||
Vice President, Chief Financial Officer and Secretary |
Date: October 29, 2013
EXHIBIT INDEX
Exhibit | Description |
99.1 | Press release, dated October 28, 2013, reporting the Company's results of operations for the third quarter ended September 30, 2013. |
Agree Realty Corporation Reports Operating Results For The Third Quarter 2013
FARMINGTON HILLS, Mich., Oct. 28, 2013 /PRNewswire/ --
THIRD Quarter 2013 Highlights:
Agree Realty Corporation (NYSE: ADC) today announced results for the quarter ended September 30, 2013. Third quarter funds from operations (FFO) increased 20% to $7,255,000 compared with FFO for the comparable period in 2012 of $6,052,000. FFO per diluted share for the third quarter of 2013 was $0.54 compared with FFO per diluted share of $0.52 for the comparable period in 2012. Excluding the impact of expensing acquisition costs (included in general and administrative expense), FFO per share would have been $0.56 per share for the quarter ended September 30, 2013.
Third quarter adjusted funds from operations (AFFO) increased 18% to $7,332,000 compared with AFFO for the comparable period in 2012 of $6,227,000. AFFO per diluted share for the third quarter of 2013 was $0.55 compared to AFFO per diluted share of $0.54 for the third quarter of 2012. Excluding the impact of expensing acquisition costs (included in general and administrative expense), AFFO per share would have been $0.57 per share for the quarter ended September 30, 2013.
Net income for the third quarter of 2013 was $4,646,000, or $0.35 per diluted share, compared to the comparable period in 2012 of $4,025,000, or $0.35 per diluted share. Net income for the third quarter of 2013 was impacted by a non-cash impairment charge of $450,000. Total revenues increased by 26% to $11,587,000, compared with total revenues of $9,193,000 in the third quarter of 2012.
For the nine months ended September 30, 2013, FFO was $20,443,000 compared with FFO for the nine months ended September 30, 2012 of $17,283,000. FFO per diluted share for the nine months ended September 30, 2013 was $1.54 compared with FFO per diluted share, of $1.51 for the nine months ended September 30, 2012. Excluding the impact of expensing acquisition costs (included in general and administrative expense), FFO per share would have been $1.56 per share for the nine months ended September 30, 2013.
For the nine months ended September 30, 2013, AFFO increased to $20,742,000 compared with AFFO, for the nine months ended September 30, 2012 of $17,869,000. AFFO per diluted share for the nine months of 2013 was $1.56 compared to AFFO per diluted share, of $1.56 for the nine months of 2012. Excluding the impact of expensing acquisition costs (included in general and administrative expense), AFFO per share would have been $1.58 per share for the nine months ended September 30, 2013.
For the nine months ended September 30, 2013, net income increased to $14,568,000, to $1.10 per diluted share, compared with net income for the comparable period last year of $13,857,000, or $1.21 per diluted share. Net income in 2013 includes $953,000 of income from discontinued operations compared to $2,854,000 of income from discontinued operations in 2012. In addition, net income for the nine months of 2013 was impacted by a non-cash impairment charge of $450,000. Total revenues increased 25% to $32,742,000 compared with total revenues of $26,212,000 for the comparable period last year.
"I am extremely pleased to report the operating results for the quarter, including the improvements in both funds from operations and total revenues. Our acquisition, development and joint venture efforts continue to produce improved results. Since the commencement of our acquisition program in 2010 we have acquired approximately $230,000,000 of net lease properties leased to industry leading tenants," said Joey Agree, President and Chief Executive Officer. "With a stable, high-quality portfolio, of which 61% is investment grade, and one of the strongest balance sheets in the sector, we remain well positioned to execute on our pipeline of opportunities."
More information about the Company's calculations of FFO and AFFO, as well as reconciliations of net income (in accordance with generally accepted accounting principles) to FFO and AFFO, is included in the financial tables accompanying this press release.
Acquisitions
The Company acquired seven retail properties during the third quarter for approximately $27 million. The Company completed the following acquisitions during the quarter ended September 30, 2013:
Tenant |
| Sector |
| Location |
| Square Feet |
| Acquisition Date |
Tractor Supply |
| Specialty Retail |
| Madisonville, TX |
| 19,807 |
| 7/2/2013 |
Mattress Firm |
| Specialty Retail |
| Baton Rouge, LA |
| 5,531 |
| 8/1/2013 |
Tractor Supply |
| Specialty Retail |
| Forest, MS |
| 24,708 |
| 8/12/2013 |
AutoZone |
| Auto Parts |
| Sun Valley, NV |
| 6,826 |
| 8/22/2013 |
LA Fitness |
| Health & Fitness |
| Rochester, NY |
| 45,000 |
| 9/10/2013 |
BJ's Wholesale/Waffle House |
| Big Box Discount / Restaurant |
| Allentown, PA |
| 112,230 |
| 9/19/2013 |
The Company acquired sixteen retail properties during the nine months of 2013 for approximately $70.0 million. These acquisitions were located in thirteen states and nine different retail sectors. Approximately 43% of the rental income generated from these acquisitions is derived from investment grade retailers.
Given the growing contribution of the Company's acquisition program to its business results, the Company has expensed acquisition costs related to business contributions beginning in the third quarter of 2013. These costs are included in general and administrative expenses. For the quarter ended September 30, 2013, the Company incurred $270,000, or $0.02 per diluted share, of expensed acquisition costs.
Development Activity
The Company's third Wawa development in Casselberry, Florida was delivered and held its grand opening on July 24, 2013. Total development cost for the project was approximately $2.8 million.
The Company's development activity continues at two additional projects:
As of September 30, 2013 the Company's construction in progress balance totaled approximately $12.8 million.
Joint Venture Capital Solutions
The Company announced its first Joint Venture Capital Solutions project during the second quarter. The Company closed on a 4.2 acre parcel of land for the development of a 55,000 square foot Hobby Lobby store in Grand Forks, North Dakota. Hobby Lobby executed a 15 year lease for the property. Construction has been completed and Hobby Lobby opened October 11, 2013. The Company provided the necessary capital and is the sole owner of the project upon completion.
Subsequent to quarter end, the Company announced its second Joint Venture Capital Solutions project. The Company closed on a 4.5 acre parcel of land for the development of a 62,450 square foot project in New Lenox, Illinois. TJ Maxx, Ross Dress for Less and Petco have executed 10 year net leases. The total project cost is estimated at approximately $8 million. The project is expected to be completed in late 2014.
Portfolio
At September 30, 2013, the Company's portfolio consisted of 128 properties located in 33 states with a total of 3.8 million square feet of gross leasable space. The portfolio includes tenants operating in 17 different retail sectors. The portfolio was approximately 98% leased at the end of the quarter. Total assets were $443,619,000.
Major Tenants
The following is a breakdown of base rents in effect at September 30, 2013 for each of the Company's major tenants:
Tenant |
|
| Annualized Base Rent |
| Percent of Total Base
|
Walgreens |
|
| $ 11,646,744 |
| 26.2% |
Kmart |
|
| 2,748,691 |
| 6.2% |
CVS |
|
| 2,463,490 |
| 5.5% |
Wawa |
|
| 2,250,406 |
| 5.1% |
Wal-Mart |
|
| 2,093,931 |
| 4.7% |
Rite Aid |
|
| 1,962,135 |
| 4.4% |
Lowe's |
|
| 1,846,476 |
| 4.1% |
LA Fitness |
|
| 1,741,942 |
| 3.9% |
Kohl's |
|
| 1,180,964 |
| 2.7% |
Dick's Sporting Goods |
|
| 1,087,982 |
| 2.4% |
Total |
|
| $ 29,022,761 |
| 65.2% |
|
|
|
|
|
|
Annualized Base Rent of Properties
The following is a breakdown of base rents in effect at September 30, 2013 for each type of retail tenant:
Type of Tenant |
|
| Annualized Base Rent |
| Percent of Base Rent |
National |
|
| $ 39,790,361 |
| 89% |
Regional |
|
| $ 3,508,638 |
| 8% |
Local |
|
| $ 1,230,064 |
| 3% |
Total |
|
| $ 44,529,063 |
| 100% |
|
|
|
|
|
|
The following is a breakdown of base rents in effect at September 30, 2013 for each type of property:
Type of Property |
| Annualized Base Rent |
| Percent of Base Rent |
| Square Feet |
| Percent of Square feet | |
Free standing properties |
| $ 36,950,412 |
| 83% |
| 2,388,810 |
| 63% | |
Shopping center properties |
| $ 7,578,651 |
| 17% |
| 1,373,269 |
| 37% | |
Total |
| $ 44,529,063 |
| 100% |
| 3,762,079 |
| 100% | |
|
|
|
|
|
|
|
|
|
Lease Expirations
The following table, as of September 30, 2013, sets forth lease expirations for the next 10 years for the Company's portfolio, assuming that none of the tenants exercise renewal options or terminate their leases prior to the contractual expiration date. As of September 30, 2013, the Company's single tenant net lease portfolio had a weighted-average remaining lease term of 13 years.
|
|
|
| Gross Leasable Area |
| Annualized Base Rent |
| |||||
Expiration Year |
| Number of Leases Expiring |
| Square Footage |
| Percent of Total |
| Amount |
| Percent of Total |
| Average Per Square Foot |
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
| 3 |
| 71,645 |
| 2.0% |
| $ 296,212 |
| 0.7% |
| $ 4.13 |
2014 |
| 18 |
| 285,617 |
| 7.8% |
| 1,438,567 |
| 3.2% |
| 5.04 |
2015 |
| 22 |
| 508,580 |
| 13.8% |
| 2,516,368 |
| 5.7% |
| 4.95 |
2016 |
| 16 |
| 110,341 |
| 3.0% |
| 1,036,848 |
| 2.3% |
| 9.40 |
2017 |
| 12 |
| 97,319 |
| 2.6% |
| 1,675,510 |
| 3.8% |
| 17.22 |
2018 |
| 15 |
| 310,792 |
| 8.5% |
| 2,155,114 |
| 4.8% |
| 6.93 |
2019 |
| 9 |
| 242,941 |
| 6.6% |
| 3,379,490 |
| 7.6% |
| 13.91 |
2020 |
| 7 |
| 140,371 |
| 3.8% |
| 1,325,773 |
| 3.0% |
| 9.44 |
2021 |
| 11 |
| 204,568 |
| 5.6% |
| 3,670,185 |
| 8.2% |
| 17.94 |
2022 |
| 9 |
| 203,409 |
| 5.5% |
| 1,839,417 |
| 4.1% |
| 9.04 |
Thereafter |
| 79 |
| 1,500,872 |
| 40.8% |
| 25,195,579 |
| 56.6% |
| 16.79 |
Total |
| 201 |
| 3,676,455 |
| 100.0% |
| $44,529,063 |
| 100.0% |
| $ 12.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Markets/Balance Sheet
The Company's net debt to total enterprise value was approximately 32% as of September 30, 2013. Enterprise value is calculated as the sum of mortgages payable and note payable and the market value of the Company's outstanding shares of common stock, assuming conversion of operating partnership units.
The Company entered into a new $35 million unsecured term loan on September 30. The loan includes an accordion feature to increase capacity to $70 million, subject to customary terms and conditions. The interest rate will be LIBOR plus 165 to 225 basis points, depending on the Company's leverage. The Company also entered into an interest rate swap to fix LIBOR at 2.20% until maturity. Based on the Company's current leverage ratio, it anticipates the margin will be 165 basis points over LIBOR, for an initial interest rate of 3.85% including the impact of the interest rate swap.
Dividend
The Company paid a cash dividend of $.41 per share on October 8, 2013 to stockholders of record on September 30, 2013. The dividend is equivalent to an annualized dividend of $1.64 per share and represents a payout ratio of 76% of FFO for the quarter and 75% of AFFO.
Outstanding Shares and Operating Partnership Units
For the three and nine months ended September 30, 2013, the Company's fully diluted weighted average shares outstanding were 13,063,187 and 12,953,224. The basic weighted average shares outstanding for the three and nine months ended September 30, 2013 were 12,983,774 and 12,872,808.
The Company's assets are held by, and all of its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. As of September 30, 2013, there were 347,619 operating partnership units outstanding and the Company held a 97.44% interest.
Conference Call/Webcast
Agree Realty Corporation will host a live broadcast of its third quarter 2013 conference call on Tuesday, October 29, 2013 at 9:00 a.m. eastern time, to discuss its financial and operating results. The live broadcast will be available online at: http://www.videonewswire.com/event.asp?id=96589 and also by telephone at USA Toll Free: 1-800-870-4263 and International: 1-412-317-0790. A replay will be available shortly after the call by telephone at US Toll Free: 1-877-344-7529/Conference #10035946 or International Toll: 1-412-317-0088/Conference #10035946 until January 29, 2014.
About Agree Realty Corporation
Agree Realty Corporation is primarily engaged in the acquisition and development of net leased properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 130 properties, located in 33 states and containing approximately 3.8 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC."
Forward-Looking Statements
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2012. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com.
Agree Realty Corporation | ||||||||
Operating Results (in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
|
|
|
|
| ||||
|
| Three Months Ended |
| Nine Months Ended | ||||
|
| September 30, |
| September 30, | ||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
Revenues: |
|
|
|
|
|
|
|
|
Minimum rents |
| $ 10,684 |
| $ 8,636 |
| $ 30,582 |
| $ 24,438 |
Percentage rent |
| - |
| - |
| 20 |
| 23 |
Operating cost reimbursements |
| 901 |
| 542 |
| 2,138 |
| 1,691 |
Other income |
| 2 |
| 15 |
| 2 |
| 60 |
Total Revenues |
| 11,587 |
| 9,193 |
| 32,742 |
| 26,212 |
Expenses: |
|
|
|
|
|
|
|
|
Real estate taxes |
| 660 |
| 395 |
| 1,685 |
| 1,363 |
Property operating expenses |
| 326 |
| 254 |
| 985 |
| 811 |
Land lease payments |
| 107 |
| 106 |
| 321 |
| 468 |
General and administration |
| 1,588 |
| 1,317 |
| 4,669 |
| 4,153 |
Depreciation and amortization |
| 2,176 |
| 1,641 |
| 6,418 |
| 4,788 |
Impairment charge |
| 450 |
| - |
| 450 |
| - |
Total Operating Expenses |
| 5,307 |
| 3,713 |
| 14,528 |
| 11,583 |
Income from Operations |
| 6,280 |
| 5,480 |
| 18,214 |
| 14,629 |
Other Income (Expense) |
|
|
|
|
|
|
|
|
Interest expense |
| (1,634) |
| (1,344) |
| (4,599) |
| (3,626) |
Income From Continuing Operations |
| 4,646 |
| 4,136 |
| 13,615 |
| 11,003 |
Discontinued Operations: |
|
|
|
|
|
|
|
|
Gain on sale of assets from discontinued operations |
| - |
| (321) |
| 946 |
| 1,747 |
Income from discontinued operations |
| - |
| 210 |
| 7 |
| 1,107 |
Total Discontinued Operations |
| - |
| (111) |
| 953 |
| 2,854 |
Net Income |
| 4,646 |
| 4,025 |
| 14,568 |
| 13,857 |
Net income attributable to non-controlling interest |
| 118 |
| 118 |
| 379 |
| 414 |
Net Income Attributable to Agree Realty Corporation |
| 4,528 |
| 3,907 |
| 14,189 |
| 13,443 |
Other Comprehensive Income, Net of $(14), ($5), $26 and ($20) |
|
|
|
|
|
|
|
|
Attributable to Non-Controlling Interest |
| (536) |
| (172) |
| 986 |
| (684) |
Total Comprehensive Income Attributable to Agree Realty Corporation |
| $ 3,992 |
| $ 3,735 |
| $ 15,175 |
| $ 12,759 |
Basic Earnings Per Share |
|
|
|
|
|
|
|
|
Continuing operations |
| $ 0.35 |
| $ 0.36 |
| $ 1.03 |
| $ 0.97 |
Discontinued operations |
| - |
| (0.01) |
| 0.07 |
| 0.25 |
|
| $ 0.35 |
| $ 0.35 |
| $ 1.10 |
| $ 1.22 |
Dilutive Earnings Per Share |
|
|
|
|
|
|
|
|
Continuing operations |
| $ 0.35 |
| $ 0.36 |
| $ 1.03 |
| $ 0.96 |
Discontinued operations |
| - |
| (0.01) |
| 0.07 |
| 0.25 |
|
| $ 0.35 |
| $ 0.35 |
| $ 1.10 |
| $ 1.21 |
Weighted Average Number of Common Shares Outstanding - Basic |
| 12,984 |
| 11,186 |
| 12,873 |
| 11,033 |
Weighted Average Number of Common Shares Outstanding - Dilutive |
| 13,063 |
| 11,239 |
| 12,953 |
| 11,083 |
|
|
|
|
|
|
|
|
|
Agree Realty Corporation | ||||||||
Funds from Operations (in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
|
|
|
|
| ||||
|
| Three Months Ended |
| Nine Months Ended | ||||
|
| September 30, |
| September 30, | ||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
Reconciliation of Funds from Operations to Net Income: (1) |
|
|
|
|
|
|
|
|
Net income |
| $ 4,646 |
| $ 4,025 |
| $ 14,568 |
| $ 13,857 |
Depreciation of real estate assets |
| 1,723 |
| 1,393 |
| 5,082 |
| 4,274 |
Amortization of leasing costs |
| 28 |
| 26 |
| 83 |
| 78 |
Amortization of lease intangibles |
| 408 |
| 287 |
| 1,206 |
| 821 |
(Gain) Loss on sale of assets |
| - |
| 321 |
| (946) |
| (1,747) |
Impairment charge |
| 450 |
| - |
| 450 |
| - |
Funds from Operations |
| $ 7,255 |
| $ 6,052 |
| $ 20,443 |
| $ 17,283 |
Funds from Operations Per Share - Dilutive |
| $ 0.54 |
| $ 0.52 |
| $ 1.54 |
| $ 1.51 |
Weighted Average Number of Common Shares Outstanding - Dilutive |
| 13,410 |
| 11,587 |
| 13,301 |
| 11,430 |
|
|
|
|
|
|
|
|
|
Adjusted Funds from Operations (in thousands, except per share amounts) | ||||||||
(Unaudited) | ||||||||
|
|
|
|
| ||||
|
| Three Months Ended |
| Nine Months Ended | ||||
|
| September 30, |
| September 30, | ||||
|
| 2013 |
| 2012 |
| 2013 |
| 2012 |
Reconciliation of Adjusted Funds from Operations to Net Income: (1) |
|
|
|
|
|
|
|
|
Net income |
| $ 4,646 |
| $ 4,025 |
| $ 14,568 |
| $ 13,857 |
Cumulative adjustments to calculate FFO |
| 2,609 |
| 2,027 |
| 5,875 |
| 3,426 |
Funds from Operations |
| 7,255 |
| 6,052 |
| 20,443 |
| 17,283 |
Straight-line accrued rent |
| (265) |
| (197) |
| (893) |
| (498) |
Deferred revenue recognition |
| (116) |
| (116) |
| (348) |
| (348) |
Stock based compensation expense |
| 467 |
| 412 |
| 1,392 |
| 1,236 |
Amortization of financing costs |
| 78 |
| 79 |
| 235 |
| 199 |
Capitalized building improvements |
| (87) |
| (3) |
| (87) |
| (3) |
Adjusted Funds from Operations |
| $ 7,332 |
| 6,227 |
| $ 20,742 |
| 17,869 |
Adjusted Funds from Operations Per Share - Dilutive |
| $ 0.55 |
| $ 0.54 |
| $ 1.56 |
| $ 1.56 |
|
|
|
|
|
|
|
|
|
Supplemental Information: |
|
|
|
|
|
|
|
|
Scheduled principal repayments |
| $ 878 |
| $ 802 |
| $ 2,586 |
| $ 2,329 |
Capitalized interest |
| $ 111 |
| $ 53 |
| $ 439 |
| $ 104 |
|
|
|
|
|
|
|
|
|
(1) FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT) to mean net income computed in accordance with U.S. generally accepted accounting principles (GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental measure to conduct and evaluate the Company's business because there are certain limitations associated with using GAAP net income by itself as the primary measure of the Company's operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself.
FFO should not be considered as an alternative to net income as the primary indicator of the Company's operating performance or as an alternative to cash flow as a measure of liquidity. Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that not all REITs use the same definition.
Adjusted Funds from Operations ("AFFO") is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO further adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP. AFFO should not be considered an alternative to net earnings, as an indication of the company's performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the Company's performance. The Company's computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore may not be comparable to such other REITs.
Agree Realty Corporation | ||||
Consolidated Balance Sheets (in thousands) | ||||
(Unaudited) | ||||
|
|
|
|
|
|
| September 30, |
| December 31, |
|
| 2013 |
| 2012 |
Assets: |
|
|
|
|
Land |
| $ 156,314 |
| $ 134,741 |
Buildings |
| 296,399 |
| 240,204 |
Accumulated depreciation |
| (63,588) |
| (58,509) |
Property under development |
| 12,837 |
| 18,981 |
Property held for sale |
| - |
| 4,538 |
Net real estate investments |
| 401,962 |
| 339,955 |
Cash and cash equivalents |
| 5,824 |
| 1,270 |
Accounts receivable |
| 2,361 |
| 2,160 |
Deferred costs, net of amortization |
| 31,156 |
| 24,895 |
Other assets |
| 2,316 |
| 1,813 |
Total Assets |
| $ 443,619 |
| $ 370,093 |
Liabilities |
|
|
|
|
Notes Payable: |
|
|
|
|
Mortgages notes payable |
| $ 114,790 |
| $ 117,376 |
Unsecured revolving credit facility |
| 40,000 |
| 43,530 |
Unsecured term loan |
| 35,000 |
| - |
Total Notes Payable: |
| 189,790 |
| 160,906 |
Deferred revenue |
| 1,583 |
| 1,931 |
Dividends and distributions payable |
| 5,570 |
| 4,710 |
Other liabilities |
| 3,650 |
| 4,581 |
Total Liabilities |
| 200,593 |
| 172,128 |
Stockholder's Equity |
|
|
|
|
Common stock (13,240,404 and 11,436,044 shares) |
| 1 |
| 1 |
Additional paid-in capital |
| 263,963 |
| 217,769 |
Deficit |
| (23,264) |
| (21,167) |
Accumulated other comprehensive income (loss) |
| (308) |
| (1,294) |
Non-controlling interest |
| 2,634 |
| 2,656 |
Total Stockholder's Equity |
| 243,026 |
| 197,965 |
|
| $ 443,619 |
| $ 370,093 |
|
|
|
|
|
CONTACT: Alan D. Maximiuk, Chief Financial Officer, (248) 737-4190