XML 15 R4.htm IDEA: XBRL DOCUMENT v3.4.0.3
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Revenues    
Minimum rents $ 18,491,035 $ 14,554,011
Percentage rents 183,345 9,811
Operating cost reimbursement 1,589,060 1,178,025
Other income (39,582) 1,209
Total Revenues 20,223,858 15,743,056
Operating Expenses    
Real estate taxes 1,122,664 762,923
Property operating expenses 573,026 571,390
Land lease payments 163,276 131,863
General and administrative 2,045,026 1,667,600
Depreciation and amortization 5,085,250 3,553,581
Total Operating Expenses 8,989,242 6,687,357
Income from Operations 11,234,616 9,055,699
Other (Expense) Income    
Interest expense, net (3,648,291) (2,460,755)
Gain on sale of assets 0 79,104
Loss on debt extinguishment 0 (179,867)
Discontinued Operations    
Net Income 7,586,325 6,494,181
Less Net Income Attributable to Non-Controlling Interest 125,492 125,816
Net Income Attributable to Agree Realty Corporation $ 7,460,833 $ 6,368,365
Net Income Per Share Attributable to Agree Corporation    
Basic (in dollars per share) $ 0.37 $ 0.37
Diluted (in dollars per share) $ 0.36 $ 0.37
Other Comprehensive Income    
Net income $ 7,586,325 $ 6,494,181
Other Comprehensive Loss (2,935,676) (2,011,828)
Total Comprehensive Income 4,650,649 4,482,353
Comprehensive Income Attributable to Non-Controlling Interest (76,931) (86,832)
Comprehensive Income Attributable to Agree Realty Corporation $ 4,573,718 $ 4,395,521
Diluted Earnings Per Share    
Weighted Average Number of Common Shares Outstanding - Basic: (in shares) 20,438,729 17,369,832
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares) 20,480,140 17,416,359