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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues        
Minimum rents $ 15,972,170 $ 11,790,632 $ 30,526,181 $ 23,313,690
Percentage rents 141,017 142,181 150,828 142,181
Operating cost reimbursement 1,097,938 946,608 2,275,963 1,969,581
Other income 8,326 24,334 9,536 53,376
Total Revenues 17,219,451 12,903,755 32,962,508 25,478,828
Operating Expenses        
Real estate taxes 863,357 739,743 1,626,280 1,436,975
Property operating expenses 415,707 458,294 987,097 956,820
Land lease payments 137,282 107,275 269,145 214,550
General and administrative 1,744,026 1,616,906 3,411,632 3,208,688
Depreciation and amortization 4,117,182 2,591,157 7,670,763 5,104,746
Impairment charge 0 2,800,000 0 2,800,000
Total Operating Expenses 7,277,554 8,313,375 13,964,917 13,721,779
Income from Operations 9,941,897 4,590,380 18,997,591 11,757,049
Other (Expense) Income        
Interest expense, net (2,933,269) (1,874,510) (5,394,024) (3,668,972)
Gain on sale of assets 3,456,206 0 3,535,310 0
Loss on debt extinguishment 0   (179,867) 0
Income From Continuing Operations 10,464,834 2,715,870 16,959,010 8,088,077
Discontinued Operations        
Gain on sale of assets from discontinued operations 0 0 0 122,747
Income from discontinued operations 0 0 0 14,573
Net Income 10,464,834 2,715,870 16,959,010 8,225,397
Less Net Income Attributable to Non-Controlling Interest 201,237 61,642 327,054 186,812
Net Income Attributable to Agree Realty Corporation $ 10,263,597 $ 2,654,228 $ 16,631,956 $ 8,038,585
Basic Earnings Per Share        
Continuing operations (in dollars per share) $ 0.59 $ 0.18 $ 0.95 $ 0.54
Discontinued operations (in dollars per share) 0 0 0 0.01
Earnings Per Share, Basic (in dollars per share) 0.59 0.18 0.95 0.55
Diluted Earnings Per Share        
Continuing operations (in dollars per share) 0.58 0.18 0.95 0.53
Discontinued operations (in dollars per share) 0 0 0 0.01
Earnings Per Share, Diluted (in dollars per share) $ 0.58 $ 0.18 $ 0.95 $ 0.54
Other Comprehensive Income        
Net income $ 10,464,834 $ 2,715,870 $ 16,959,010 $ 8,225,397
Other Comprehensive Income (Loss) 1,621,177 (850,216) (390,650) (1,310,242)
Total Comprehensive Income 12,086,011 1,865,654 16,568,360 6,915,155
Comprehensive Income Attributable to Non-Controlling Interest (232,027) (42,342) (319,520) (157,069)
Comprehensive Income Attributable to Agree Realty Corporation $ 11,853,984 $ 1,823,312 $ 16,248,840 $ 6,758,086
Weighted Average Number of Common Shares Outstanding - Basic (in shares) 17,539,358 14,714,357 17,457,699 14,709,509
Weighted Average Number of Common Shares Outstanding - Diluted (in shares) 17,587,052 14,775,596 17,511,418 14,769,199