| Address:
|
31850 NORTHWESTERN HGWY
|
| City: |
FARMINGTON HILLS |
|
State: |
MI |
|
Zip Code: |
48334 |
| Telephone: |
810-737-4190 |
|
Description of Business
|
Primary SIC Code:
6798 |
| (As filed with the SEC)
|
|
|
Agree Realty Corporation, a Maryland corporation, is a fully-integrated,
self-administered and self-managed real estate investment trust (REIT). The
terms "Registrant", "Company", "we", "our" or "us" refer to Agree Realty
Corporation and/or its majority owned operating partnership, Agree Limited
Partnership (Operating Partnership), and/or its majority owned and controlled
subsidiaries, including its qualified taxable REIT subsidiary (TRS), as the
context may require. The Company is focused primarily on the ownership,
development, acquisition and management of retail properties net leased to
national tenants. We were formed in December 1993 to continue and expand the
business founded in 1971 by our current President and Chairman, Richard Agree.
We specialize in developing retail properties for national tenants who have
executed long-term net leases prior to the commencement of construction. ... More ... |
| Date |
12-mos
Rolling EPS |
Dividend |
P/E
Ratio |
| 03/2009 | 2.00 | 0.500 | 7.84 | | 12/2008 | 1.95 | 0.500 | 9.30 | | 09/2008 | 2.06 | 0.500 | 13.88 | | 06/2008 | 2.03 | 0.500 | 10.86 | | 03/2008 | 2.01 | 0.500 | 13.66 | | 12/2007 | 2.01 | 0.500 | 14.98 | | 09/2007 | 1.90 | 0.490 | 16.49 | | 06/2007 | 1.88 | 0.490 | 16.62 |
Key Financial Ratios and Statistics |
FYE:
12/31 |
| Profitability |
2008 |
Leverage |
2008 |
| Net Inc/Comm Equity | 0.10 | Total Liab/Total Assets | 0.48 | | Net Inc/Total Assets | 0.06 | Total Liab/Inv Cap | 0.48 | | Net Inc/Inv Cap | 0.06 | Total Liab/Comm Equity | 0.86 | | Pretax Inc/Net Sales | 0.42 | Interest Coverage Ratio | 3.90 | | Net Inc/Net Sales | 0.42 | Curr Debt/Equity | NA | | Cash Flow/Net Sales | 0.62 | LTD/Equity | 0.76 | | SG&A/NetSales | 0.12 | Total Debt/Equity | 0.76 |
| Asset Utilization
|
|
Liquidity |
|
| Net Receivables Turnover | 41.10 | Quick Ratio | NA | | Inventory Turnover | NA | Current Ratio | NA | | Inventory Day Sales | NA | Net Rec/Curr Assets | NA | | Net Sales/Work Cap | NA | Inv/Curr Assets | NA | | Net Sales/PP&E | 0.14 | | |
Income Statement (Millions) |
| |
3/31/2009
|
12/31/2008
|
9/30/2008
|
6/30/2008
|
|
Total Revenues(Net Sales)
|
9.24
|
9.07
|
9.03
|
8.79
|
|
Cost of Goods Sold
|
1.15
|
1.72
|
0.52
|
0.98
|
|
Selling & Admin Exps
|
1.25
|
0.55
|
1.58
|
1.13
|
|
Operating Income
|
5.44
|
5.42
|
5.56
|
5.33
|
|
Interest Exp
|
1.13
|
1.30
|
1.38
|
1.24
|
|
Pretax Income
|
4.32
|
3.82
|
3.21
|
4.40
|
|
Other Income
|
NA
|
NA
|
NA
|
NA
|
|
Net Income Bef Extraordinary ...
|
NA
|
NA
|
NA
|
NA
|
|
Net Income
|
4.01
|
3.82
|
3.85
|
3.77
|
|
Assets
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
6/30/2008
|
|
Cash & Short Term Investments
|
0.26
|
0.67
|
0.16
|
0.18
|
|
Receivables - Total
|
0.88
|
0.96
|
0.75
|
0.66
|
|
Inventories - Total
|
NA
|
NA
|
NA
|
NA
|
|
Total Current Assets
|
NA
|
NA
|
NA
|
NA
|
|
Net Property, Plant & Equipment
|
253.34
|
252.84
|
249.55
|
244.88
|
|
Total Assets
|
257.02
|
256.90
|
252.71
|
247.90
|
|
Liabilities
|
|
|
|
|
|
Accounts Payable
|
6.07
|
6.85
|
5.51
|
6.30
|
|
Debt in Current Liabilities
|
NA
|
NA
|
NA
|
NA
|
|
Total Current Liabilities
|
NA
|
NA
|
NA
|
NA
|
|
Long-Term Debt
|
101.30
|
100.57
|
97.71
|
92.16
|
|
Total Liabilities
|
124.31
|
124.26
|
120.75
|
116.16
|
|
Stockholder's Equity
|
|
|
|
|
|
Minority Interest
|
5.33
|
5.35
|
5.85
|
5.86
|
|
Preferred Stock
|
NA
|
NA
|
NA
|
NA
|
|
Common Stock
|
0.00
|
0.00
|
0.00
|
0.00
|
|
Retained Earnings
|
-11.21
|
-11.26
|
-11.15
|
-11.10
|
|
Treasury Stock
|
NA
|
NA
|
NA
|
NA
|
|
Total Stockholders' Equity
|
132.71
|
132.64
|
131.97
|
131.74
|
|
Total Liabilities and Stockholders' Equity
|
257.02
|
256.90
|
252.71
|
247.90
|
Cash Flow Summary (Millions) |
|
Categories
|
3/31/2009
|
12/31/2008
|
9/30/2008
|
6/30/2008
|
|
Net Cash Provided by Operating Activities
|
5.46
|
6.31
|
5.01
|
5.90
|
|
Net Cash Provided by Investing Activities
|
-1.24
|
-4.42
|
-6.08
|
-7.97
|
|
Net Cash Provided by Financing Activities
|
-4.62
|
-1.38
|
1.05
|
2.07
|
Annual Summary Data (Millions) |
| Year |
Sales |
Net
Income |
EPS |
| 12/2004 | 29.93 | 13.12 | 1.94 | | 12/2005 | 31.58 | 16.05 | 1.72 | | 12/2006 | 32.91 | 13.97 | 1.83 | | 12/2007 | 34.47 | 15.48 | 2.01 | | 12/2008 | 35.65 | 15.02 | 1.95 | | Growth Rates | 4.47 | 3.43 | 0.13 |
| Type |
Date(Q,M) |
No.
Owners |
Shares
Held (000s) |
%
Own |
| Institutional | 03/31/09 | 73 | 4,142 | 52.23 |
|
Report Date :
6/23/2009
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