CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Land	$ 124,703,711	$ 108,672,713
Buildings	220,083,063	229,821,183
Less accumulated depreciation	(57,404,370)	(68,589,778)
Property, Plant and Equipment, Net	287,382,404	269,904,118
Property under development	13,595,621	1,580,015
Net Real Estate Investments	300,978,025	271,484,133
Cash and Cash Equivalents	542,986	2,002,663
Restricted Cash	3,280,616	0
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at September 30, 2012 and December 31, 2011	1,393,745	801,681
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $6,107,125 and $5,707,043 at September 30, 2012 and December 31, 2011, respectively	1,553,735	1,804,249
Leasing costs, net of accumulated amortization of $1,283,987 and $1,205,985 at September 30, 2012 and December 31, 2011, respectively	674,207	737,968
Lease intangibles, net of accumulated amortization of $1,390,275 and $569,737 at September 30, 2012 and December 31, 2011, respectively	21,825,887	16,150,299
Other Assets	2,428,969	962,965
Total Assets	332,678,170	293,943,958
LIABILITIES
Mortgages Payable	69,572,236	62,854,057
Notes Payable	54,840,000	56,443,898
Dividends and Distributions Payable	4,711,946	4,070,690
Deferred Revenue	2,046,628	2,394,163
Accrued Interest Payable	491,926	734,195
Accounts Payable and Accrued Expense
Capital expenditures	3,955	424,321
Operating	1,393,365	3,379,618
Interest Rate Swap	1,333,615	629,460
Deferred Income Taxes	705,000	705,000
Tenant Deposits	64,461	84,275
Total Liabilities	135,163,132	131,719,677
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 15,850,000 and 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, 4,000,000 and 6,500,000 shares authorized, 0 shares issued and outstanding, respectively	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	217,347,709	181,069,633
Deficit	(21,198,792)	(20,918,494)
Accumulated other comprehensive income (loss)	(1,290,014)	(606,568)
Total Stockholders' Equity - Agree Realty Corporation	194,860,047	159,545,556
Non-controlling interest	2,654,991	2,678,725
Total Stockholders' Equity	197,515,038	162,224,281
Liabilities and Equity	$ 332,678,170	$ 293,943,958