Agree Realty Corp Q3 2024 10-Q Filed
Ticker: ADC-PA · Form: 10-Q · Filed: Oct 22, 2024 · CIK: 917251
| Field | Detail |
|---|---|
| Company | Agree Realty Corp (ADC-PA) |
| Form Type | 10-Q |
| Filed Date | Oct 22, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: real-estate, REIT, financials
TL;DR
**AGREE REALTY CORP 10-Q FILED: $1.0B Assets, $0.25B Liabilities as of Q3 2024.**
AI Summary
Agree Realty Corporation filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $1.005 billion and total liabilities of $0.250 billion. Revenue from contracts with customers was not explicitly detailed in the provided snippet, but the filing indicates a focus on real estate investment trusts.
Why It Matters
This filing provides an update on Agree Realty Corp's financial position, including its assets and liabilities, which is crucial for investors assessing the company's stability and performance.
Risk Assessment
Risk Level: medium — The filing provides a snapshot of financial health, but a medium risk level is assigned due to the inherent volatility of the real estate investment trust sector and the need for more detailed performance metrics.
Key Numbers
- $1.01B — Total Assets (As of September 30, 2024, indicating the company's overall resource base.)
- $0.25B — Accounts Payable and Accrued Liabilities (As of September 30, 2024, representing short-term obligations.)
Key Players & Entities
- AGREE REALTY CORP (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241022 (date) — Filing Date
- 100519355 (dollar_amount) — Total Assets
- 250000000 (dollar_amount) — Accounts Payable and Accrued Liabilities Current and Noncurrent
FAQ
What was Agree Realty Corp's revenue from contracts with customers for the period ending September 30, 2024?
The provided snippet does not explicitly state the revenue from contracts with customers for the period ending September 30, 2024.
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on October 22, 2024.
What is the reported total of Accounts Payable and Accrued Liabilities (Current and Noncurrent) as of September 30, 2024?
The reported total for Accounts Payable and Accrued Liabilities (Current and Noncurrent) as of September 30, 2024, is $0.250 billion.
What is the total asset value reported for Agree Realty Corp as of September 30, 2024?
The total asset value reported for Agree Realty Corp as of September 30, 2024, is $100,519,355.
Filing Stats: 4,589 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-10-22 16:05:37
Key Financial Figures
- $0.0001 — ange on Which Registered Common Stock, $0.0001 par value ADC New York Stock Exchan
Filing Documents
- adc-20240930x10q.htm (10-Q) — 3023KB
- adc-20240930xex10d2.htm (EX-10.2) — 988KB
- adc-20240930xex22.htm (EX-22) — 38KB
- adc-20240930xex31d1.htm (EX-31.1) — 12KB
- adc-20240930xex31d2.htm (EX-31.2) — 12KB
- adc-20240930xex32d1.htm (EX-32.1) — 6KB
- adc-20240930xex32d2.htm (EX-32.2) — 6KB
- adc-20240930xex10d2001.jpg (GRAPHIC) — 3KB
- adc-20240930xex10d2002.jpg (GRAPHIC) — 1KB
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- 0001558370-24-013452.txt ( ) — 13684KB
- adc-20240930.xsd (EX-101.SCH) — 71KB
- adc-20240930_cal.xml (EX-101.CAL) — 102KB
- adc-20240930_def.xml (EX-101.DEF) — 366KB
- adc-20240930_lab.xml (EX-101.LAB) — 551KB
- adc-20240930_pre.xml (EX-101.PRE) — 521KB
- adc-20240930x10q_htm.xml (XML) — 2555KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 32 Item 3 :
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 45 Item 4 :
Controls and Procedures
Controls and Procedures 46 PART II Other Information Item 1 :
Legal Proceedings
Legal Proceedings 46 Item 1A :
Risk Factors
Risk Factors 46 Item 2 : Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3 : Defaults Upon Senior Securities 47 Item 4 : Mine Safety Disclosures 47 Item 5 : Other Information 47 Item 6 : Exhibits 48
SIGNATURES
SIGNATURES 50 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) September 30, December 31, 2024 2023 ASSETS Real Estate Investments Land $ 2,404,085 $ 2,282,354 Buildings 5,197,392 4,861,692 Less accumulated depreciation ( 526,443 ) ( 433,958 ) 7,075,034 6,710,088 Property under development 52,746 33,232 Net Real Estate Investments 7,127,780 6,743,320 Real Estate Held for Sale, net 13,611 3,642 Cash and Cash Equivalents 13,237 10,907 Cash Held in Escrow — 3,617 Accounts Receivable - Tenants, net 98,205 82,954 Lease Intangibles, net of accumulated amortization of $ 434,540 and $ 360,061 at September 30, 2024 and December 31, 2023, respectively 837,865 854,088 Other Assets, net 93,505 76,308 Total Assets $ 8,184,203 $ 7,774,836 LIABILITIES Mortgage Notes Payable, net $ 42,366 $ 42,811 Unsecured Term Loan, net 347,274 346,798 Senior Unsecured Notes, net 2,236,948 1,794,312 Unsecured Revolving Credit Facility 49,000 227,000 Dividends and Distributions Payable 26,587 25,534 Accounts Payable, Accrued Expenses, and Other Liabilities 142,196 101,401 Lease Intangibles, net of accumulated amortization of $ 44,857 and $ 42,813 at September 30, 2024 and December 31, 2023, respectively 45,202 36,827 Total Liabilities 2,889,573 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 September 30, 2024 and December 31, 2023 175,000 175,000 Common stock, $ .0001 par value, 180,000,000 shares authorized, 103,522,677 and 100,519,355 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 10 10 Additional paid-in-capital 5,534,978 5,354,120 Dividends in excess of net income ( 434,485 ) ( 346,473 )