Agree Realty Corp
NYSE:ADC
Income Statement
Earnings Waterfall
Agree Realty Corp
Revenue
|
537.5m
USD
|
Cost of Revenue
|
-65.1m
USD
|
Gross Profit
|
472.4m
USD
|
Operating Expenses
|
-212.7m
USD
|
Operating Income
|
259.7m
USD
|
Other Expenses
|
-97.6m
USD
|
Net Income
|
162.1m
USD
|
Income Statement
Agree Realty Corp
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
43
N/A
|
45
+6%
|
48
+5%
|
50
+5%
|
54
+7%
|
57
+6%
|
61
+8%
|
65
+7%
|
70
+8%
|
75
+6%
|
79
+6%
|
85
+8%
|
92
+7%
|
98
+7%
|
104
+6%
|
110
+6%
|
112
+1%
|
117
+5%
|
122
+4%
|
126
+3%
|
137
+9%
|
147
+7%
|
159
+8%
|
173
+9%
|
188
+8%
|
201
+7%
|
214
+6%
|
229
+7%
|
249
+8%
|
271
+9%
|
296
+9%
|
319
+8%
|
339
+6%
|
360
+6%
|
382
+6%
|
405
+6%
|
430
+6%
|
458
+7%
|
483
+5%
|
510
+6%
|
537
+5%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(3)
|
(4)
|
(4)
|
(4)
|
(4)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(7)
|
(8)
|
(8)
|
(9)
|
(9)
|
(11)
|
(12)
|
(13)
|
(14)
|
(15)
|
(16)
|
(18)
|
(19)
|
(21)
|
(22)
|
(24)
|
(25)
|
(28)
|
(31)
|
(33)
|
(35)
|
(38)
|
(40)
|
(42)
|
(46)
|
(49)
|
(51)
|
(55)
|
(58)
|
(61)
|
(65)
|
|
Gross Profit |
40
N/A
|
42
+6%
|
44
+5%
|
46
+5%
|
49
+7%
|
52
+6%
|
56
+8%
|
60
+7%
|
64
+6%
|
68
+6%
|
72
+5%
|
78
+8%
|
84
+8%
|
89
+7%
|
95
+6%
|
100
+5%
|
100
+0%
|
104
+4%
|
108
+4%
|
111
+3%
|
121
+9%
|
129
+7%
|
140
+8%
|
152
+9%
|
165
+8%
|
177
+7%
|
188
+6%
|
202
+7%
|
218
+8%
|
238
+9%
|
260
+9%
|
282
+8%
|
300
+7%
|
318
+6%
|
337
+6%
|
356
+6%
|
379
+6%
|
403
+6%
|
425
+5%
|
449
+6%
|
472
+5%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(15)
|
(15)
|
(16)
|
(17)
|
(18)
|
(20)
|
(21)
|
(23)
|
(24)
|
(26)
|
(27)
|
(29)
|
(32)
|
(35)
|
(37)
|
(39)
|
(37)
|
(38)
|
(39)
|
(39)
|
(45)
|
(49)
|
(52)
|
(57)
|
(63)
|
(68)
|
(73)
|
(79)
|
(89)
|
(103)
|
(108)
|
(116)
|
(123)
|
(131)
|
(141)
|
(153)
|
(165)
|
(179)
|
(190)
|
(203)
|
(213)
|
|
Selling, General & Administrative |
(6)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(8)
|
(8)
|
(8)
|
(9)
|
(9)
|
(9)
|
(9)
|
(10)
|
(10)
|
(11)
|
(11)
|
(12)
|
(12)
|
(14)
|
(15)
|
(16)
|
(17)
|
(18)
|
(18)
|
(19)
|
(22)
|
(24)
|
(26)
|
(27)
|
(27)
|
(28)
|
(29)
|
(31)
|
(32)
|
(33)
|
(34)
|
(36)
|
(36)
|
|
Depreciation & Amortization |
(8)
|
(9)
|
(9)
|
(10)
|
(11)
|
(12)
|
(14)
|
(16)
|
(17)
|
(18)
|
(19)
|
(20)
|
(23)
|
(25)
|
(27)
|
(29)
|
(27)
|
(27)
|
(28)
|
(28)
|
(33)
|
(35)
|
(38)
|
(42)
|
(46)
|
(50)
|
(55)
|
(60)
|
(67)
|
(74)
|
(82)
|
(89)
|
(96)
|
(103)
|
(112)
|
(122)
|
(134)
|
(146)
|
(157)
|
(167)
|
(176)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(4)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Operating Income |
25
N/A
|
26
+6%
|
28
+6%
|
29
+5%
|
31
+6%
|
33
+6%
|
35
+8%
|
37
+5%
|
40
+8%
|
43
+7%
|
45
+4%
|
49
+10%
|
52
+6%
|
54
+5%
|
58
+7%
|
60
+4%
|
63
+4%
|
66
+5%
|
69
+5%
|
72
+4%
|
75
+5%
|
81
+7%
|
87
+8%
|
95
+9%
|
103
+8%
|
110
+7%
|
115
+5%
|
122
+6%
|
129
+6%
|
135
+5%
|
153
+13%
|
166
+9%
|
177
+7%
|
187
+6%
|
196
+5%
|
203
+4%
|
214
+5%
|
225
+5%
|
235
+5%
|
247
+5%
|
260
+5%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(6)
|
(7)
|
(7)
|
(8)
|
(9)
|
(9)
|
(10)
|
(11)
|
(12)
|
(14)
|
(15)
|
(15)
|
(15)
|
(16)
|
(17)
|
(17)
|
(18)
|
(20)
|
(21)
|
(23)
|
(25)
|
(27)
|
(29)
|
(30)
|
(33)
|
(35)
|
(36)
|
(38)
|
(40)
|
(42)
|
(46)
|
(49)
|
(50)
|
(53)
|
(56)
|
(60)
|
(63)
|
(67)
|
(72)
|
(76)
|
(81)
|
|
Non-Reccuring Items |
1
|
1
|
(2)
|
(3)
|
(3)
|
(3)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
(0)
|
(0)
|
0
|
0
|
(1)
|
(2)
|
(2)
|
(3)
|
(3)
|
(2)
|
(2)
|
(1)
|
(1)
|
(4)
|
(4)
|
0
|
(18)
|
(15)
|
(17)
|
(18)
|
(3)
|
(3)
|
(1)
|
0
|
(1)
|
(5)
|
(7)
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
(0)
|
(1)
|
(0)
|
3
|
12
|
12
|
12
|
11
|
7
|
10
|
15
|
17
|
13
|
14
|
14
|
12
|
15
|
11
|
10
|
10
|
9
|
13
|
11
|
14
|
12
|
8
|
9
|
11
|
14
|
15
|
14
|
8
|
7
|
5
|
3
|
3
|
0
|
2
|
|
Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
1
|
0
|
|
Pre-Tax Income |
19
N/A
|
20
+6%
|
18
-9%
|
18
+1%
|
19
+2%
|
20
+6%
|
28
+39%
|
38
+36%
|
40
+6%
|
41
+3%
|
41
+1%
|
41
-1%
|
46
+13%
|
53
+16%
|
58
+8%
|
56
-4%
|
59
+6%
|
61
+3%
|
59
-3%
|
62
+6%
|
59
-5%
|
61
+3%
|
67
+9%
|
72
+8%
|
81
+13%
|
85
+4%
|
91
+8%
|
92
+1%
|
93
+1%
|
103
+10%
|
100
-3%
|
115
+16%
|
125
+9%
|
131
+4%
|
145
+11%
|
148
+2%
|
156
+5%
|
162
+4%
|
166
+3%
|
169
+1%
|
173
+3%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
(3)
|
|
Income from Continuing Operations |
19
|
20
|
18
|
18
|
19
|
20
|
28
|
38
|
40
|
41
|
41
|
41
|
46
|
53
|
57
|
55
|
59
|
60
|
58
|
62
|
59
|
61
|
66
|
71
|
81
|
84
|
90
|
91
|
92
|
101
|
98
|
113
|
123
|
129
|
143
|
145
|
153
|
159
|
163
|
166
|
171
|
|
Income to Minority Interest |
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
|
Net Income (Common) |
20
N/A
|
20
+1%
|
18
-9%
|
19
+2%
|
19
N/A
|
20
+6%
|
27
+39%
|
37
+36%
|
39
+6%
|
40
+3%
|
41
+1%
|
40
-1%
|
45
+11%
|
52
+16%
|
56
+8%
|
54
-4%
|
58
+7%
|
59
+3%
|
57
-4%
|
61
+6%
|
58
-5%
|
60
+3%
|
65
+10%
|
70
+8%
|
80
+13%
|
83
+4%
|
89
+8%
|
90
+1%
|
91
+1%
|
100
+10%
|
97
-3%
|
112
+16%
|
120
+7%
|
124
+4%
|
136
+9%
|
137
+1%
|
145
+6%
|
150
+4%
|
155
+3%
|
157
+1%
|
162
+3%
|
|
EPS (Diluted) |
1.42
N/A
|
1.33
-6%
|
1.22
-8%
|
1.25
+2%
|
1.23
-2%
|
1.11
-10%
|
1.54
+39%
|
2.03
+32%
|
2.16
+6%
|
1.96
-9%
|
1.82
-7%
|
1.7
-7%
|
1.95
+15%
|
1.99
+2%
|
2.11
+6%
|
1.88
-11%
|
2.07
+10%
|
1.9
-8%
|
1.73
-9%
|
1.87
+8%
|
1.78
-5%
|
1.55
-13%
|
1.59
+3%
|
1.66
+4%
|
1.93
+16%
|
1.81
-6%
|
1.67
-8%
|
1.64
-2%
|
1.74
+6%
|
1.58
-9%
|
1.48
-6%
|
1.61
+9%
|
1.78
+11%
|
1.66
-7%
|
1.63
-2%
|
1.69
+4%
|
1.83
+8%
|
1.65
-10%
|
1.66
+1%
|
1.61
-3%
|
1.7
+6%
|