Consolidated Balance Sheets (USD $)	Jun. 30, 2011	Dec. 31, 2010
Real Estate Investments
Land	$ 105,214,745	$ 103,693,227
Buildings	230,185,967	227,645,287
Less accumulated depreciation	(69,075,136)	(66,111,215)
Property, Plant and Equipment, Net, Total	266,325,576	265,227,299
Property under development	308,683	359,299
Property held for sale, net		6,522,821
Net Real Estate Investments	266,634,259	272,109,419
Cash and Cash Equivalents	851,857	593,281
Accounts Receivable - Tenants, net of allowance of $35,000 at June 30, 2011 and December 31, 2010	2,670,957	1,330,129
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $5,518,802 and $5,392,802 at June 30, 2011 and December 31, 2010, respectively	1,018,228	1,133,194
Leasing costs, net of accumulated amortization of $986,686 and $934,399 at June 30, 2011 and December 31, 2010, respectively	796,764	812,295
Lease intangibles costs, net of accumulated amortization of $154,231 and $50,479 at June 30, 2011 and December 31, 2010 respectively	8,539,863	8,152,248
Other Assets	851,015	911,801
Assets, Total	281,362,943	285,042,367
Liabilities and Stockholders' Equity
Mortgages Payable	68,800,849	71,526,780
Notes Payable	27,328,904	28,380,254
Dividends and Distributions Payable	4,075,324	5,145,740
Deferred Revenue	9,000,979	9,345,754
Accrued Interest Payable	273,217	221,154
Accounts Payable
Capital expenditures	456,162	286,078
Operating	1,637,282	1,427,718
Interest Rate Swap	780,871	793,211
Deferred Income Taxes	705,000	705,000
Tenant Deposits	83,569	80,402
Total Liabilities	113,142,157	117,912,091
Stockholders' Equity
Common stock, $0.0001 par value; 13,350,000 shares authorized, 9,857,314 and 9,759,014 shares issued and outstanding, respectively	985	976
Excess stock, $0.0001 par value, 6,500,000 shares authorized, 0 shares issued and outstanding
Series A junior participating preferred stock, $0.0001 par value, 150,000 shares authorized, 0 shares issued and outstanding
Additional paid-in capital	180,424,067	179,705,353
Deficit	(14,355,164)	(14,702,252)
Accumulated other comprehensive income (loss)	(752,816)	(764,735)
Total stockholders' equity-Agree Realty Corporation	165,317,072	164,239,342
Non-controlling interest	2,903,714	2,890,934
Total Stockholders' Equity	168,220,786	167,130,276
Liabilities and Equity, Total	$ 281,362,943	$ 285,042,367