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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Rental Income $ 57,476,000 $ 44,875,000 $ 113,259,000 $ 87,219,000
Other 59,000 45,000 85,000 49,000
Total Revenues 57,535,000 44,920,000 113,344,000 87,268,000
Operating Expenses        
Real estate taxes 4,840,000 3,720,000 9,542,000 7,342,000
Property operating expenses 1,860,000 1,496,000 4,195,000 3,235,000
Land lease expense 325,000 372,000 652,000 568,000
General and administrative 4,587,000 3,880,000 9,244,000 7,914,000
Depreciation and amortization 15,607,000 10,836,000 29,740,000 20,700,000
Provision for impairment 1,128,000 1,193,000 1,128,000 1,609,000
Total Operating Expenses 28,347,000 21,497,000 54,501,000 41,368,000
Income from Operations 29,188,000 23,423,000 58,843,000 45,900,000
Other (Expense) Income        
Interest expense, net (8,479,000) (7,455,000) (18,149,000) (15,012,000)
Gain (loss) on sale of assets, net 4,952,000 2,949,000 6,597,000 6,376,000
Income tax (expense) benefit (260,000) (195,000) (520,000) (26,000)
Other (expense) income 23,000   23,000  
Net Income 25,424,000 18,722,000 46,794,000 37,238,000
Less Net Income Attributable to Non-Controlling Interest 166,000 158,000 308,000 327,000
Net Income Attributable to Agree Realty Corporation $ 25,258,000 $ 18,564,000 $ 46,486,000 $ 36,911,000
Net Income Per Share Attributable to Agree Realty Corporation        
Basic $ 0.47 $ 0.45 $ 0.94 $ 0.94
Diluted $ 0.47 $ 0.45 $ 0.93 $ 0.92
Other Comprehensive Income        
Net income $ 25,424,000 $ 18,722,000 $ 46,794,000 $ 37,238,000
Changes in fair value of interest rate swaps (2,244,000) (3,794,000) (35,269,000) (7,199,000)
Realized gain (loss) on settlement of interest rate swaps (17,000)   (33,000)  
Total Comprehensive Income (Loss) 23,163,000 14,928,000 11,492,000 30,039,000
Less Comprehensive Income (Loss) Attributable to Non-Controlling Interest 151,000 125,000 42,000 264,000
Comprehensive Income (Loss) Attributable to Agree Realty Corporation $ 23,012,000 $ 14,803,000 $ 11,450,000 $ 29,775,000
Weighted Average Number of Common Shares Outstanding - Basic 52,726,230 40,612,372 49,082,616 39,058,743
Weighted Average Number of Common Shares Outstanding - Diluted 53,266,740 41,141,659 49,423,546 39,745,337