Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Schedule III - Real Estate and Accumulated Depreciation

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2011

Column A	Column B		Column C				Column D			Column E						Column F		Column G		Column H
			Initial Cost				Costs Capitalized			Gross Amount at Which Carried At Close of Period								Date of		Life on Which Depreciation in Latest Income
Description	Encumbrance		Land		Buildings and Improvements		Subsequent to Acquisition			Land		Buildings and Improvements		Total		Accumulated Depreciation		Construction or Acquisition		Statement is Computed
Borman Center, MI		0	$	550,000	$	562,404	$	1,087,596		$	550,000	$	1,650,000	$	2,200,000	$	1,494,272		1977		40 Years
Capital Plaza, KY		0		7,379		2,240,607		3,434,142			7,379		5,674,749		5,682,128		2,460,627		1978		40 Years
Charlevoix Commons, MI		0		305,000		5,152,992		111,568			305,000		5,264,560		5,569,560		2,767,422		1991		40 Years
Chippewa Commons, WI		0		1,197,150		6,367,560		492,995			1,197,150		6,860,555		8,057,705		3,567,535		1990		40 Years
Grayling Plaza, MI		0		200,000		1,778,657		0			200,000		1,778,657		1,978,657		1,233,870		1984		40 Years
Ironwood Commons, MI		0		167,500		8,181,306		360,245			167,500		8,541,551		8,709,051		4,327,337		1991		40 Years
Marshall Plaza Two, MI		0		0		4,662,230		121,044			0		4,783,274		4,783,274		2,461,325		1990		40 Years
North Lakeland Plaza, FL		0		1,641,879		6,364,379		1,995,896			1,641,879		8,360,275		10,002,154		4,473,894		1987		40 Years
Oscoda Plaza, MI		0		183,295		1,872,854		0			183,295		1,872,854		2,056,149		1,296,007		1984		40 Years
Petoskey Town Center, MI		0		875,000		8,895,289		360,154			875,000		9,255,443		10,130,443		4,743,338		1990		40 Years
Plymouth Commons, WI		0		535,460		5,667,504		282,915			535,460		5,950,419		6,485,879		3,120,894		1990		40 Years
Rapids Associates, MI		0		705,000		6,854,790		2,114,617			705,000		8,969,407		9,674,407		3,877,547		1990		40 Years
Shawano Plaza, WI		0		190,000		9,133,934		293,627			190,000		9,427,561		9,617,561		4,991,687		1990		40 Years
West Frankfort Plaza, IL		0		8,002		784,077		150,869			8,002		934,946		942,948		627,682		1982		40 Years
Omaha Store, NE		0		1,705,619		2,053,615		(664,272	)		1,039,195		2,055,767		3,094,962		828,722		1995		40 Years
Wichita Store, KS		0		1,039,195		1,690,644		(48,910	)		1,139,677		1,541,252		2,680,929		687,059		1995		40 Years
Monroeville, PA		0		6,332,158		2,249,724		(3,980,000	)		3,153,890		1,447,992		4,601,882		834,630		1996		40 Years
Columbus, OH		0		826,000		2,336,791		(750,000	)		551,000		1,861,791		2,412,791		929,847		1996		40 Years
Boynton Beach, FL		0		1,534,942		2,043,122		3,976,385			1,534,942		6,019,507		7,554,449		1,128,073		1996		40 Years
Lawrence, KS		0		981,331		3,000,000		(1,510,873	)		419,791		2,050,667		2,470,458		1,132,557		1997		40 Years
Waterford, MI		1,256,125		971,009		1,562,869		135,390			971,009		1,698,259		2,669,268		593,354		1997		40 Years
Chesterfield Township, MI		1,379,233		1,350,590		1,757,830		(46,164	)		1,350,590		1,711,666		3,062,256		578,269		1998		40 Years
Grand Blanc, MI		1,317,679		1,104,285		1,998,919		43,929			1,104,285		2,042,848		3,147,133		656,780		1998		40 Years
Pontiac, MI		1,263,428		1,144,190		1,808,955		(113,506	)		1,144,190		1,695,449		2,839,639		563,324		1998		40 Years
Mt Pleasant Shopping Center,  MI		0		907,600		8,081,968		1,005,388			907,600		9,087,356		9,994,956		3,832,084		1973		40 Years
Columbia, MD		2,153,088		1,545,509		2,093,700		(548,411	)		1,211,509		1,879,289		3,090,798		745,108		1999		40 Years
Rochester, MI		2,287,188		2,438,740		2,188,050		1,949			2,438,740		2,189,999		4,628,739		684,351		1999		40 Years
Ypsilanti, MI		2,065,773		2,050,000		2,222,097		29,624			2,050,000		2,251,721		4,301,721		675,560		1999		40 Years
Germantown, MD		2,024,655		1,400,000		2,288,890		(761,000	)		1,077,600		1,850,290		2,927,890		710,690		2000		40 Years
Petoskey, MI		1,436,911		0		2,332,473		(1,721	)		0		2,330,752		2,330,752		680,603		2000		40 Years
Flint, MI		2,167,350		2,026,625		1,879,700		(1,201	)		2,026,625		1,878,499		3,905,124		516,593		2000		40 Years
Flint, MI		1,864,903		1,477,680		2,241,293		0			1,477,680		2,241,293		3,718,973		609,348		2001		40 Years
New Baltimore, MI		1,590,988		1,250,000		2,285,781		(16,502	)		1,250,000		2,269,279		3,519,279		588,769		2001		40 Years
Flint, MI		3,447,248		1,729,851		1,798,091		660			1,729,851		1,798,751		3,528,602		436,535		2002		40 Years
Oklahoma City, OK		2,605,356		1,914,859		2,057,034		(1,540,000	)		1,082,487		1,349,406		2,431,893		463,743		2002		40 Years
Omaha, NE		2,390,689		1,530,000		2,237,702		(659,000	)		1,266,400		1,842,302		3,108,702		524,189		2002		40 Years
Indianapolis, IN		0		180,000		1,117,617		0			180,000		1,117,617		1,297,617		261,862		2002		40 Years
Big Rapids, MI		0		1,201,675		2,014,107		(2,000	)		1,201,675		2,012,107		3,213,782		440,189		2003		40 Years
Flint, MI		0		0		471,272		(201,809	)		0		269,463		269,463		85,329		2003		20 Years
Canton Twp, MI		0		1,550,000		2,132,096		23,020			1,550,000		2,155,116		3,705,116		435,464		2003		40 Years
Flint, MI		3,995,296		1,537,400		1,961,674		0			1,537,400		1,961,674		3,499,074		384,245		2004		40 Years
Webster, NY		0		1,600,000		2,438,781		0			1,600,000		2,438,781		4,038,781		475,058		2004		40 Years
Albion, NY		0		1,900,000		3,037,864		0			1,900,000		3,037,864		4,937,864		541,122		2004		40 Years
Flint, MI		3,054,465		1,029,000		2,165,463		(6,666	)		1,029,000		2,158,797		3,187,797		384,495		2004		40 Years
Lansing, MI		0		785,000		348,501		3,045			785,000		351,546		1,136,546		65,879		2004		40 Years
Boynton Beach, FL		0		1,569,000		2,363,524		0			1,569,000		2,363,524		3,932,524		452,023		2004		40 Years

Column A	Column B		Column C				Column D			Column E						Column F		Column G		Column H
			Initial Cost				Costs Capitalized			Gross Amount at Which Carried At Close of Period								Date of		Life on Which Depreciation in Latest Income
Description	Encumbrance		Land		Buildings and Improvements		Subsequent to Acquisition			Land		Buildings and Improvements		Total		Accumulated Depreciation		Construction or Acquisition		Statement is Computed
Midland, MI		0		2,350,000		2,313,413		2,070			2,350,000		2,315,483		4,665,483		373,778		2005		40 Years
Grand Rapids, MI		3,025,078		1,450,000		2,646,591		0			1,450,000		2,646,591		4,096,591		419,045		2005		40 Years
Delta Township, MI		3,410,096		2,075,000		2,535,971		7,015			2,075,000		2,542,986		4,617,986		392,100		2005		40 Years
Roseville, MI		3,026,157		1,771,000		2,327,052		0			1,771,000		2,327,052		4,098,052		356,328		2005		40 Years
Mt Pleasant, MI		0		1,075,000		1,432,390		4,787			1,075,000		1,437,177		2,512,177		218,558		2005		40 Years
N Cape May, NJ		0		1,075,000		1,430,092		495			1,075,000		1,430,587		2,505,587		217,565		2005		40 Years
Summit Twp, MI		1,724,117		998,460		1,336,357		0			998,460		1,336,357		2,334,817		176,766		2006		40 Years
Livonia, MI		4,031,342		1,200,000		3,441,694		817,589			1,200,000		4,259,283		5,459,283		458,616		2007		40 Years
Barnesville, GA		0		932,500		2,091,514		5,490			932,500		2,097,004		3,029,504		220,593		2007		40 Years
East Lansing, MI		0		1,450,000		1,002,192		155,733			1,450,000		1,157,925		2,607,925		121,245		2007		40 Years
Plainfield, IN		0		4,549,758		0		62,884			4,612,642		0		4,612,642		0		2007		40 Years
Macomb Township, MI		4,509,280		2,621,500		3,484,212		799			2,621,500		3,485,011		6,106,511		333,963		2008		40 Years
Ypsilanti, MI		0		1,850,000		3,034,335		1,224			1,850,000		3,035,559		4,885,559		271,918		2008		40 Years
Shelby Township, MI		3,424,008		2,055,174		2,533,876		47,775			2,058,474		2,578,351		4,636,825		219,427		2008		40 Years
Silver Springs Shores, FL		0		1,975,000		2,504,112		(5,400	)		1,975,000		2,498,712		4,473,712		187,539		2009		40 Years
Brighton, MI		0		1,365,000		2,802,036		6,370			1,365,000		2,808,406		4,173,406		198,796		2009		40 Years
Port St John, FL		0		2,320,860		2,402,641		880			2,320,860		2,403,521		4,724,381		160,220		2009		40 Years
Lowell, MI		0		890,000		1,930,182		10,191			890,000		1,940,373		2,830,373		109,082		2009		40 Years
Southfield, MI		0		1,200,000		125,616		2,054			1,199,990		127,680		1,327,670		7,041		2009		40 Years
Atchison, KS		0		943,750		3,021,672		0			823,170		3,142,252		3,965,422		116,327		2010		40 Years
Johnstown, OH		0		485,000		2,799,502		0			485,000		2,799,502		3,284,502		104,982		2010		40 Years
Lake in the Hills, IL		0		2,135,000		3,328,560		0			1,690,000		3,773,560		5,463,560		135,946		2010		40 Years
Concord, NC		0		7,676,305		0		0			7,676,305		0		7,676,305		0		2010		40 Years
Antioch, IL		0		1,087,884		0		0			1,087,884		0		1,087,884		0		2010		40 Years
St Augustine Shores, FL		0		1,700,000		1,973,929		(4,754	)		1,700,000		1,969,175		3,669,175		55,245		2010		40 Years
Atlantic Beach, FL		0		1,650,000		1,904,357		1,262			1,650,000		1,905,619		3,555,619		55,477		2010		40 Years
Mansfield, CT		0		700,000		1,902,191		508			700,000		1,902,699		2,602,699		53,511		2010		40 Years
Spring Grove, IL		0		1,191,199		0		0			1,191,199		0		1,191,199		0		2010		40 Years
Ann Arbor, MI		0		0		3,061,507		(37,089	)		0		3,024,418		3,024,418		94,744		2010		40 Years
Tallahassee, FL		0		0		1,482,462		0			0		1,482,462		1,482,462		38,606		2010		40 Years
Wilmington, NC		0		1,500,000		1,348,591		0			1,500,000		1,348,591		2,848,591		30,905		2011		40 Years
Marietta, GA		0		575,000		696,297		0			575,000		696,297		1,271,297		8,703		2011		40 Years
Baltimore, MD		0		2,610,430		0		0			2,610,430		0		2,610,430		0		2011		40 Years
Dallas, TX		0		701,320		778,905		0			701,320		778,905		1,480,225		8,114		2011		40 Years
Chandler, AZ		0		332,868		793,898		0			332,868		793,898		1,126,766		5,002		2011		40 Years
New Lenox, IL		0		1,422,488		0		0			1,422,488		0		1,422,488		0		2011		40 Years
Roseville, CA		0		2,800,000		3,695,455		0			2,800,000		3,695,455		6,495,455		30,795		2011		40 Years
Fort Walton Beach, FL		0		542,200		1,958,790		0			542,200		1,958,790		2,500,990		4,081		2011		40 Years
Leawood, KS		3,403,604		989,622		3,003,541		0			989,622		3,003,541		3,993,163		0		2011		40 Years
Salt Lake City, UT		0		0		6,810,104		0			0		6,810,104		6,810,104		35,469		2011		40 Years
Macomb Township, MI		0		0		22,982		0			0		22,982		22,982		0		2011		40 Years
Sub Total		62,854,057		115,425,241		216,735,749		6,252,906			108,592,713		229,821,183		338,413,896		68,589,778
Retail Facilities Under Development
Other		-		80,000		1,580,015		-			80,000		1,580,015		1,660,015		-		N/A		N/A
Total	$	62,854,057	$	115,505,241	$	218,315,764	$	6,252,906		$	108,672,713	$	231,401,198	$	340,073,911	$	68,589,778

Agree Realty Corporation
Notes to Schedule III	December 31, 2011

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2009 to December 31, 2011:

	2011			2010			2009
Balance at January 1	$	339,492,832		$	320,444,168		$	311,342,882
Construction and acquisition cost		31,219,239			39,107,853			9,101,286
Impairment charge		(13,500,000	)		(8,140,000	)		—
Disposition of real estate		(17,138,160	)		(11,919,189	)		—
Balance at December 31	$	340,073,911		$	339,492,832		$	320,444,168

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2009 to December 31, 2011:

	2011			2010			2009
Balance at January 1	$	67,383,413		$	64,076,469		$	58,502,384
Current year depreciation expense		6,005,270			5,759,599			5,574,085
Disposition of real estate		(4,798,905	)		(2,452,655	)		—
Balance at December 31	$	68,589,778		$	67,383,413		$	64.076,469

3. Tax Basis of Buildings and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $15,359,000 less than the cost basis used for financial statement purposes.