Agree Realty Corp Q2 2024 Update

TL;DR

ADC Q2: Assets $100.6B, Liabilities $0.25B. Revenue $0.088B.

AI Summary

Agree Realty Corporation (ADC) filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $100.62 million and total liabilities of $0.25 million. Revenue from contracts with customers was $0.08854 million for the period.

Why It Matters

This filing provides a snapshot of Agree Realty's financial health and operational performance for the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediately apparent significant negative developments.

Key Numbers

• $100.62B — Total Assets (Indicates the company's total resources as of June 30, 2024.)
• $0.25B — Total Liabilities (Represents the company's total obligations as of June 30, 2024.)
• $0.08854M — Revenue (Shows the income generated from core business operations during the period.)

Key Players & Entities

• Agree Realty Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240723 (date) — Filing date
• $100,624,624 (dollar_amount) — Total assets
• $0.250 million (dollar_amount) — Total liabilities
• $0.08854 million (dollar_amount) — Revenue from contracts with customers

FAQ

Key Financial Figures

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

Filing Documents

• adc-20240630x10q.htm (10-Q) — 2735KB
• adc-20240630xex10d1.htm (EX-10.1) — 51KB
• adc-20240630xex10d2.htm (EX-10.2) — 45KB
• adc-20240630xex10d3.htm (EX-10.3) — 109KB
• adc-20240630xex22.htm (EX-22) — 38KB
• adc-20240630xex31d1.htm (EX-31.1) — 12KB
• adc-20240630xex31d2.htm (EX-31.2) — 12KB
• adc-20240630xex32d1.htm (EX-32.1) — 6KB
• adc-20240630xex32d2.htm (EX-32.2) — 6KB
• 0001558370-24-009974.txt ( ) — 11832KB
• adc-20240630.xsd (EX-101.SCH) — 69KB
• adc-20240630_cal.xml (EX-101.CAL) — 95KB
• adc-20240630_def.xml (EX-101.DEF) — 358KB
• adc-20240630_lab.xml (EX-101.LAB) — 532KB
• adc-20240630_pre.xml (EX-101.PRE) — 507KB
• adc-20240630x10q_htm.xml (XML) — 2328KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 31 Item 3 :

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 4 :

Controls and Procedures

Controls and Procedures 45 PART II Other Information Item 1 :

Legal Proceedings

Legal Proceedings 45 Item 1A :

Risk Factors

Risk Factors 45 Item 2 : Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3 : Defaults Upon Senior Securities 46 Item 4 : Mine Safety Disclosures 46 Item 5 : Other Information 46 Item 6 : Exhibits 47

SIGNATURES

SIGNATURES 49 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) June 30, December 31, 2024 2023 ASSETS Real Estate Investments Land $ 2,340,966 $ 2,282,354 Buildings 5,061,561 4,861,692 Less accumulated depreciation ( 494,737 ) ( 433,958 ) 6,907,790 6,710,088 Property under development 44,839 33,232 Net Real Estate Investments 6,952,629 6,743,320 Real Estate Held for Sale, net — 3,642 Cash and Cash Equivalents 9,639 10,907 Cash Held in Escrow 14,615 3,617 Accounts Receivable - Tenants, net 94,853 82,954 Lease Intangibles, net of accumulated amortization of $ 408,969 and $ 360,061 at June 30, 2024 and December 31, 2023, respectively 837,991 854,088 Other Assets, net 91,111 76,308 Total Assets $ 8,000,838 $ 7,774,836 LIABILITIES Mortgage Notes Payable, net $ 42,518 $ 42,811 Unsecured Term Loan, net 347,115 346,798 Senior Unsecured Notes, net 2,236,223 1,794,312 Unsecured Revolving Credit Facility 43,000 227,000 Dividends and Distributions Payable 25,863 25,534 Accounts Payable, Accrued Expenses, and Other Liabilities 106,058 101,401 Lease Intangibles, net of accumulated amortization of $ 43,860 and $ 42,813 at June 30, 2024 and December 31, 2023, respectively 36,983 36,827 Total Liabilities 2,837,760 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 June 30, 2024 and December 31, 2023 175,000 175,000 Common stock, $ .0001 par value, 180,000,000 shares authorized, 100,624,624 and 100,519,355 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 10 10 Additional paid-in-capital 5,357,143 5,354,120 Dividends in excess of net income ( 400,809 ) ( 346,473 ) Accumulated other compre

View Full Filing

View this 10-Q filing on SEC EDGAR