CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2012	Dec. 31, 2011
Real Estate Investments
Land	$ 106,941,695	$ 108,672,713
Buildings	225,679,937	229,821,183
Less accumulated depreciation	(67,555,628)	(68,589,778)
Property, Plant and Equipment, Net, Total	265,066,004	269,904,118
Property under development	5,488,729	1,580,015
Net Real Estate Investments	270,554,733	271,484,133
Cash and Cash Equivalents	465,317	2,002,663
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2012 and December 31, 2011	604,321	801,681
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $5,805,800 and $5,707,043 at March 31, 2012 and December 31, 2011, respectively	1,690,208	1,804,249
Leasing costs, net of accumulated amortization of $1,231,385 and $1,205,985 at March 31, 2012 and December 31, 2011, respectively	713,193	737,968
Lease intangibles costs, net of accumulated amortization of $784,015 and $569,737 at March 31, 2012 and December 31, 2011, respectively	16,308,407	16,150,299
Other Assets	1,246,759	962,965
Total Assets	291,582,938	293,943,958
LIABILITIES
Mortgages Payable	52,940,492	62,854,057
Notes Payable	30,384,698	56,443,898
Dividends and Distributions Payable	4,697,001	4,070,690
Deferred Revenue	2,278,318	2,394,163
Accrued Interest Payable	473,519	734,195
Accounts Payable and Accrued Expense
Capital expenditures	54,321	424,321
Operating	1,630,156	3,379,618
Interest Rate Swap	576,669	629,460
Deferred Income Taxes	705,000	705,000
Tenant Deposits	82,875	84,275
Total Liabilities	93,823,049	131,719,677
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 13,350,000 shares authorized, 11,435,514 and 9,851,914 shares issued and outstanding, respectively	1,144	985
Excess stock, $.0001 par value, 6,500,000 shares authorized, 0 shares issued and outstanding
Series A junior participating preferred stock, $.0001 par value, 150,000 shares authorized, 0 shares issued and outstanding
Additional paid-in capital	216,523,709	181,069,633
Deficit	(20,896,421)	(20,918,494)
Accumulated other comprehensive income (loss)	(555,398)	(606,568)
Total Stockholders' Equity - Agree Realty Corporation	195,073,034	159,545,556
Non-controlling interest	2,686,855	2,678,725
Total Stockholders' Equity	197,759,889	162,224,281
Liabilities and Equity, Total	$ 291,582,938	$ 293,943,958