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CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues        
Rental Income $ 48,020,000 $ 33,971,000 $ 135,240,000 $ 99,279,000
Other 55,000 82,000 102,000 173,000
Total Revenues 48,075,000 34,053,000 135,342,000 99,452,000
Operating Expenses        
Real estate taxes 3,674,000 2,824,000 11,016,000 7,825,000
Property operating expenses 1,598,000 978,000 4,832,000 3,655,000
Land lease expense 354,000 172,000 922,000 511,000
General and administrative 3,832,000 2,947,000 11,746,000 8,994,000
Depreciation and amortization 11,897,000 8,142,000 32,597,000 23,949,000
Provision for impairment 0 488,000 1,609,000 1,651,000
Total Operating Expenses 21,355,000 15,551,000 62,722,000 46,585,000
Income from Operations 26,720,000 18,502,000 72,620,000 52,867,000
Other (Expense) Income        
Interest expense, net (8,352,000) (6,538,000) (23,363,000) (17,965,000)
Gain (loss) on sale of assets, net 2,597,000 3,917,000 8,973,000 10,949,000
Income tax expense (184,000) (125,000) (210,000) (391,000)
Net Income 20,781,000 15,756,000 58,020,000 45,460,000
Less Net Income Attributable to Non-Controlling Interest 170,000 170,000 498,000 499,000
Net Income Attributable to Agree Realty Corporation $ 20,611,000 $ 15,586,000 $ 57,522,000 $ 44,961,000
Net Income Per Share Attributable to Agree Realty Corporation        
Basic $ 0.49 $ 0.49 $ 1.43 $ 1.43
Diluted $ 0.48 $ 0.48 $ 1.41 $ 1.42
Other Comprehensive Income        
Net income $ 20,781,000 $ 15,756,000 $ 58,020,000 $ 45,460,000
Changes in fair value of interest rate swaps (7,418,000) 454,000 (14,617,000) 3,166,000
Realized gain (loss) on settlement of interest rate swaps     802,000  
Total Comprehensive Income 13,363,000 16,210,000 44,205,000 48,626,000
Less Comprehensive Income Attributable to Non-Controlling Interest 109,000 174,000 367,000 534,000
Comprehensive Income Attributable to Agree Realty Corporation $ 13,254,000 $ 16,036,000 $ 43,838,000 $ 48,092,000
Weighted Average Number of Common Shares Outstanding - Basic 41,832,457 31,758,925 39,992,703 31,131,530
Weighted Average Number of Common Shares Outstanding - Diluted 42,318,042 32,287,352 40,625,441 31,471,251