Agree Realty Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Agree Realty Corp. filed its Q1 2024 10-Q, detailing financial performance and equity structure.</b>

AI Summary

AGREE REALTY CORP (ADC-PA) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Agree Realty Corp. filed its 10-Q report for the quarter ended March 31, 2024. The filing details financial information for the period, including balance sheet and income statement data. Key financial statement items such as Accounts Payable and Accrued Liabilities are reported. The report references various equity components including Preferred Stock, Common Stock, and Additional Paid-In Capital. Information regarding stock-based compensation plans, such as the Omnibus Incentive Plan 2020, is included.

Why It Matters

For investors and stakeholders tracking AGREE REALTY CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Agree Realty Corp., crucial for assessing performance and making investment decisions. The detailed breakdown of equity and liabilities offers insights into the company's financial health and capital structure.

Risk Assessment

Risk Level: low — AGREE REALTY CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events.

Analyst Insight

Monitor future filings for trends in revenue, net income, and debt levels to assess Agree Realty Corp.'s ongoing financial trajectory.

Key Numbers

• 100519355 — Accounts Payable and Accrued Liabilities Current (As of March 31, 2024)
• 100628975 — Accounts Payable and Accrued Liabilities Noncurrent (As of March 31, 2024)
• 0.04 — Other Assets (As of March 31, 2024)
• 0.001 — Revenue From Contract With Customer Including Assessed Tax (As of March 31, 2024)

Key Players & Entities

• AGREE REALTY CORP (company) — FILER
• 0000917251 (company) — CENTRAL INDEX KEY
• 32301 WOODWARD AVENUE (company) — BUSINESS ADDRESS
• ROYAL OAK (company) — CITY
• MI (company) — STATE
• 48073 (company) — ZIP
• 248-737-4190 (company) — BUSINESS PHONE
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT

FAQ

Key Dates

• 2024-03-31: Quarter End — Period for the 10-Q filing
• 2024-04-23: Filing Date — Date the 10-Q was filed with the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

Accounts Payable and Accrued Liabilities

Obligations of a company to pay for goods or services received or expenses incurred but not yet paid. (Indicates short-term financial obligations and operational expenses.)

Additional Paid-In Capital

The amount of capital contributed by shareholders in excess of the par value of the stock. (Reflects capital raised from stock issuance beyond its nominal value.)

Key Financial Figures

• $0.0001 — ange on Which Registered Common Stock, $0.0001 par value ADC New York Stock Exchan

Filing Documents

• adc-20240331x10q.htm (10-Q) — 2195KB
• adc-20240331xex10d1.htm (EX-10.1) — 7KB
• adc-20240331xex22.htm (EX-22) — 38KB
• adc-20240331xex31d1.htm (EX-31.1) — 12KB
• adc-20240331xex31d2.htm (EX-31.2) — 12KB
• adc-20240331xex32d1.htm (EX-32.1) — 6KB
• adc-20240331xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-005482.txt (&nbsp;) — 10092KB
• adc-20240331.xsd (EX-101.SCH) — 65KB
• adc-20240331_cal.xml (EX-101.CAL) — 93KB
• adc-20240331_def.xml (EX-101.DEF) — 342KB
• adc-20240331_lab.xml (EX-101.LAB) — 508KB
• adc-20240331_pre.xml (EX-101.PRE) — 483KB
• adc-20240331x10q_htm.xml (XML) — 1913KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2 :

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3 :

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 4 :

Controls and Procedures

Controls and Procedures 42 PART II Other Information Item 1 :

Legal Proceedings

Legal Proceedings 42 Item 1A :

Risk Factors

Risk Factors 42 Item 2 : Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3 : Defaults Upon Senior Securities 43 Item 4 : Mine Safety Disclosures 43 Item 5 : Other Information 43 Item 6 : Exhibits 44

SIGNATURES

SIGNATURES 46 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements AGREE REALTY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per-share data) (Unaudited) March 31, December 31, 2024 2023 ASSETS Real Estate Investments Land $ 2,305,313 $ 2,282,354 Buildings 4,937,878 4,861,692 Less accumulated depreciation ( 463,827 ) ( 433,958 ) 6,779,364 6,710,088 Property under development 42,109 33,232 Net Real Estate Investments 6,821,473 6,743,320 Real Estate Held for Sale, net 5,416 3,642 Cash and Cash Equivalents 6,314 10,907 Cash Held in Escrows 9,120 3,617 Accounts Receivable - Tenants, net 91,301 82,954 Lease Intangibles, net of accumulated amortization of $ 383,456 and $ 360,061 at March 31, 2024 and December 31, 2023, respectively 840,984 854,088 Other Assets, net 94,057 76,308 Total Assets $ 7,868,665 $ 7,774,836 LIABILITIES Mortgage Notes Payable, net $ 42,666 $ 42,811 Unsecured Term Loan, net 346,947 346,798 Senior Unsecured Notes, net 1,794,874 1,794,312 Unsecured Revolving Credit Facility 330,000 227,000 Dividends and Distributions Payable 25,561 25,534 Accounts Payable, Accrued Expenses, and Other Liabilities 112,385 101,401 Lease Intangibles, net of accumulated amortization of $ 42,684 and $ 42,813 at March 31, 2024 and December 31, 2023, respectively 36,757 36,827 Total Liabilities 2,689,190 2,574,683 EQUITY Preferred stock, $ .0001 par value per share, 4,000,000 shares authorized, 7,000 shares Series A outstanding, at stated liquidation value of $ 25,000 per share, at March 31, 2024 and December 31, 2023 175,000 175,000 Common stock, $ .0001 par value, 180,000,000 shares authorized, 100,628,975 and 100,519,355 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 10 10 Additional paid-in-capital 5,354,362 5,354,120 Dividends in excess of net income ( 378,205 ) ( 346,473 ) Accumulated o

View Full Filing

View this 10-Q filing on SEC EDGAR