CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012	Dec. 31, 2011
ASSETS
Land	$ 117,453,431	$ 108,672,713
Buildings	221,055,836	229,821,183
Less accumulated depreciation	(65,327,048)	(68,589,778)
Property, Plant and Equipment, Net	273,182,219	269,904,118
Property under development	7,895,801	1,580,015
Net Real Estate Investments	281,078,020	271,484,133
Cash and Cash Equivalents	618,488	2,002,663
Restricted Cash	3,280,534	0
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at June 30, 2012 and December 31, 2011	761,189	801,681
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $5,956,187 and $5,707,043 at June 30, 2012 and December 31, 2011, respectively	1,645,221	1,804,249
Leasing costs, net of accumulated amortization of $1,257,686 and $1,205,985 at June 30, 2012 and December 31, 2011, respectively	700,508	737,968
Lease intangibles costs, net of accumulated amortization of $1,103,275 and $569,737 at June 30, 2012 and December 31, 2011, respectively	24,712,993	16,150,299
Other Assets	2,278,564	962,965
Total Assets	315,075,517	293,943,958
LIABILITIES
Mortgages Payable	61,794,286	62,854,057
Notes Payable	44,434,406	56,443,898
Dividends and Distributions Payable	4,715,306	4,070,690
Deferred Revenue	2,162,473	2,394,163
Accrued Interest Payable	481,055	734,195
Accounts Payable and Accrued Expense
Capital expenditures	35,045	424,321
Operating	1,541,689	3,379,618
Interest Rate Swap	1,156,604	629,460
Deferred Income Taxes	705,000	705,000
Tenant Deposits	81,172	84,275
Total Liabilities	117,107,036	131,719,677
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 13,350,000 shares authorized, 11,436,044 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	0	0
Series A junior participating preferred stock, $.0001 par value, 150,000 shares authorized, 0 shares issued and outstanding	0	0
Additional paid-in-capital	216,935,709	181,069,633
Deficit	(20,531,086)	(20,918,494)
Accumulated other comprehensive income (loss)	(1,118,226)	(606,568)
Total Stockholders' Equity - Agree Realty Corporation	195,287,541	159,545,556
Non-controlling interest	2,680,940	2,678,725
Total Stockholders' Equity	197,968,481	162,224,281
Liabilities and Equity	$ 315,075,517	$ 293,943,958