Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
Real Estate Investments
Land	$ 106,695,191	$ 103,693,227
Buildings	225,795,912	227,645,287
Less accumulated depreciation	(70,613,083)	(66,111,215)
Property, Plant and Equipment, Net, Total	261,878,020	265,227,299
Property under development	420,518	359,299
Property held for sale, net		6,522,821
Net Real Estate Investments	262,298,538	272,109,419
Cash and Cash Equivalents	886,787	593,281
Accounts Receivable - Tenants, net of allowance of $35,000 at September 30, 2011 and December 31, 2010	2,669,506	1,330,129
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $5,584,486 and $5,392,802 at September 30, 2011 and December 31, 2010, respectively	1,012,294	1,133,194
Leasing costs, net of accumulated amortization of $1,175,117 and $934,399 at September 30, 2011 and December 31, 2010, respectively	722,174	812,295
Lease intangibles costs, net of accumulated amortization of $429,369 and $50,479 at September 30, 2011 and December 31, 2010 respectively	13,531,175	8,152,248
Other Assets	902,043	911,801
Assets	282,022,517	285,042,367
Liabilities and Stockholders' Equity
Mortgages Payable	65,706,733	71,526,780
Notes Payable	43,384,904	28,380,254
Dividends and Distributions Payable	4,068,677	5,145,740
Deferred Revenue	2,510,008	9,345,754
Accrued Interest Payable	474,429	221,154
Accounts Payable
Capital expenditures	54,321	286,078
Operating	1,635,662	1,427,718
Interest Rate Swap	759,200	793,211
Deferred Income Taxes	705,000	705,000
Tenant Deposits	93,234	80,402
Total Liabilities	119,392,168	117,912,091
Stockholders' Equity
Common stock, $0.0001 par value; 13,350,000 shares authorized, 9,851,914 and 9,759,014 shares issued and outstanding, respectively	986	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	180,747,115	179,705,353
Deficit	(20,089,451)	(14,702,252)
Accumulated other comprehensive income (loss)	(731,884)	(764,735)
Total stockholders' equity-Agree Realty Corporation	159,926,766	164,239,342
Non-controlling interest	2,703,583	2,890,934
Total Stockholders' Equity	162,630,349	167,130,276
Liabilities and Equity, Total	$ 282,022,517	$ 285,042,367