CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
REVENUES
Minimum rents	$ 8,480,200	$ 8,026,784
Percentage rents	15,107	16,057
Operating cost reimbursement	680,467	732,688
Development fee income		411,419
Other income	17,227	22,490
Total Revenues	9,193,001	9,209,438
Operating Expenses
Real estate taxes	605,898	577,764
Property operating expenses	428,410	421,208
Land lease payments	181,075	178,075
General and administrative	1,407,595	1,441,946
Depreciation and amortization	1,665,285	1,472,655
Total Operating Expenses	4,288,263	4,091,648
Income from Operations	4,904,738	5,117,790
Other Income (Expense)
Interest expense, net	(1,136,046)	(1,009,516)
Income Before Discontinued Operations	3,768,692	4,108,274
Gain on sale of assets from discontinued operations	908,160
Income from discontinued operations	64,983	591,785
Net Income	4,741,835	4,700,059
Less Net Income Attributable to Non- Controlling Interest	145,556	160,243
Net Income Attributable to Agree Realty Corporation	4,596,279	4,539,816
Other Comprehensive Income, Net of $1,621 and $4,153 Attributable to Non-Controlling Interest, respectively	51,170	117,648
Total Comprehensive Income Attributable to Agree Realty Corporation	$ 4,647,449	$ 4,657,464
Basic Earnings Per Share
Continuing operations	$ 0.34	$ 0.41
Discontinued operations	$ 0.09	$ 0.06
Earnings Per Share, Basic, Total	$ 0.43	$ 0.47
Dilutive Earnings Per Share
Continuing operations	$ 0.34	$ 0.41
Discontinued operations	$ 0.09	$ 0.06
Earnings Per Share, Diluted, Total	$ 0.43	$ 0.47
Dividends declared per share	$ 0.40	$ 0.40
Weighted Average Number of Common Shares Outstanding - Basic	10,722,457	9,619,228
Weighted Average Number of Common Shares Outstanding - Dilutive	10,754,822	9,648,462