$1.9 B

ADC Mkt cap, 20-Sep-2018

$70.3 M

Agree Realty Revenue Q2, 2018
Agree Realty Net income (Q2, 2018)29.7 M
Agree Realty EBIT (Q2, 2018)35.6 M
Agree Realty Cash, 30-Jun-20189 M

Agree Realty Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

43.5 m53.6 m70 m91.5 m

Revenue growth, %

23%31%31%

General and administrative expense

8 m

Operating expense total

8 m

EBIT

25.4 m27.9 m40.1 m51.5 m

EBIT margin, %

58%52%57%56%

Interest expense

6.5 m8.6 m12.3 m15.3 m

Net Income

20.2 m18.9 m39.8 m45.8 m

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

17.2 m17.8 m20.2 m21.8 m24.2 m26.6 m28.1 m30.4 m34.6 m70.3 m

General and administrative expense

1.7 m1.8 m2 m2 m2 m2.6 m2.6 m2.5 m2.9 m6 m

Operating expense total

7.3 m8.6 m9 m10.2 m10 m12.4 m13.4 m14 m16.9 m34.7 m

Depreciation and amortization

10 m20.6 m

EBIT

9.9 m9.2 m11.2 m11.6 m14.2 m14.2 m14.7 m16.4 m17.6 m35.6 m

EBIT margin, %

58%52%56%53%59%53%52%54%51%51%

Interest expense

2.9 m3 m3.6 m3.5 m4.1 m4.1 m4.4 m4.7 m5.5 m11.4 m

Income tax expense

(50 k)(266 k)

Net Income

8.2 m13.2 m6.5 m10.5 m14.9 m7.6 m10.8 m14.5 m14.8 m15.1 m12.3 m16.6 m29.7 m

Agree Realty Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

14.5 m5.4 m2.7 m33.4 m

PP&E

398.9 m529.8 m695.8 m943.5 m

Total Assets

462.7 m593.6 m792.5 m1.1 b

Accounts Payable

470.9 k721.5 k962.8 k29.2 m

Total Liabilities

426.4 m

Additional Paid-in Capital

313 m388.3 m482.5 m712.1 m

Total Equity

292.2 m356 m453.6 m685.5 m

Financial Leverage

1.6 x1.7 x1.7 x1.6 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

5.8 m826.2 k1.6 m1.4 m7.9 m2.9 m21.4 m3.7 m4 m11.5 m2.3 m4.2 m25.5 m2.2 m9 m

PP&E

389.1 m418.8 m429 m459.6 m576.6 m627.6 m645.4 m730.4 m850.2 m892 m983.9 m1.1 b1.1 b1.3 b1.3 b

Total Assets

443.6 m466.5 m481.2 m522.8 m653 m705.1 m749.2 m825.6 m973.1 m1 b1.2 b1.3 b1.4 b1.5 b1.6 b

Total Liabilities

200.6 m175.3 m194.2 m236.2 m300.2 m334.4 m349.6 m375.1 m414.4 m463.4 m470.7 m490.9 m544.2 m614.4 m702 m

Additional Paid-in Capital

264 m313.5 m314 m314.5 m388.7 m402.9 m428.6 m484.5 m595.1 m607.6 m711.8 m820.1 m849.4 m935.5 m935.8 m

Total Equity

243 m291.2 m287 m286.6 m352.9 m370.6 m399.7 m450.5 m558.7 m575.4 m687.6 m796 m822.8 m912.9 m910.1 m

Financial Leverage

1.8 x1.6 x1.7 x1.8 x1.9 x1.9 x1.9 x1.8 x1.7 x1.8 x1.7 x1.6 x1.7 x1.7 x1.8 x

Agree Realty Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

20.2 m18.9 m39.8 m45.8 m

Depreciation and Amortization

7 m8.5 m11.5 m23.4 m

Accounts Receivable

(1.1 m)(1.2 m)(2.9 m)(4.1 m)

Accounts Payable

838.5 k(167.3 k)1 m2 m

Cash From Operating Activities

29.6 m35.1 m44.7 m61.7 m

Cash From Investing Activities

(85.3 m)(147.7 m)(202.8 m)(297.6 m)

Dividends Paid

(20.9 m)(25.4 m)(33 m)(42.1 m)

Cash From Financing Activities

68.9 m103.5 m155.4 m266.5 m

Interest Paid

6.1 m7.8 m11.5 m13.8 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

14.6 m5.5 m8.2 m13.2 m6.5 m17 m31.8 m7.6 m18.4 m32.9 m14.8 m29.8 m42.1 m16.6 m29.7 m

Depreciation and Amortization

5.1 m2 m4 m6.1 m2.6 m5.5 m8.8 m3.4 m7 m11 m4.5 m9.2 m14.4 m10 m20.6 m

Accounts Receivable

(201.1 k)(42.3 k)(530.9 k)(755.8 k)(415.4 k)(1.2 m)(1.6 m)(388.8 k)(2.6 m)(3.2 m)(1.6 m)(2.8 m)(4.2 m)(2.8 m)(4.1 m)

Accounts Payable

(549 k)176.4 k229.1 k2.2 m1.7 m2.8 m(590 k)444 k1.8 m

Cash From Operating Activities

21.2 m8.2 m16.7 m25.3 m9 m21.2 m34.4 m16.5 m26.7 m33.5 m15.6 m34.7 m55.2 m17.8 m37 m

Cash From Investing Activities

(74.1 m)(21.1 m)(39.5 m)(77.6 m)(59.6 m)(116.4 m)(139 m)(39.7 m)(187.1 m)(234.7 m)(46.8 m)(177 m)(241.3 m)(84.2 m)(178.1 m)

Dividends Paid

(15.4 m)(6.1 m)(12.5 m)(19 m)(7.9 m)(15.8 m)(24.2 m)(9.6 m)(19.2 m)(30.6 m)(13 m)(25.9 m)(40.4 m)(16.1 m)(32.3 m)

Cash From Financing Activities

57.4 m(821.2 k)9.9 m39.2 m53.1 m92.7 m120.6 m24.2 m161.7 m209.9 m158 k113.1 m178.2 m18.7 m91.2 m

Interest Paid

4.5 m1.6 m3.4 m5.4 m2.4 m4.9 m9.1 m2.5 m6.9 m9.2 m3.6 m13.8 m12.7 m6.2 m10.8 m

Agree Realty Ratios

USDY, 2018

Financial Leverage

1.8 x
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