CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUES
Minimum rents	$ 8,722,275	$ 7,128,637	$ 24,697,681	$ 21,204,854
Percentage rents	0	564	22,725	21,972
Operating cost reimbursement	542,271	569,547	1,691,199	1,690,686
Development fee income	0	0	0	894,693
Other income	14,889	28,132	59,991	111,682
Total Revenues	9,279,435	7,726,880	26,471,596	23,923,887
Operating Expenses
Real estate taxes	395,033	478,464	1,363,513	1,429,658
Property operating expenses	253,879	305,094	810,584	909,685
Land lease payments	106,075	181,075	468,225	540,225
General and administrative	1,317,094	1,089,596	4,153,269	4,052,516
Depreciation and amortization	1,659,450	1,552,625	4,844,729	4,098,692
Impairment charge	0	600,000	0	600,000
Total Operating Expenses	3,731,531	4,206,854	11,640,320	11,630,776
Income from Operations	5,547,904	3,520,026	14,831,276	12,293,111
Other Income (Expense)
Interest expense, net	(1,344,245)	(970,046)	(3,625,943)	(2,884,960)
Gain on extinguishment of debt	0	2,360,231	0	2,360,231
Income Before Discontinued Operations	4,203,659	4,910,211	11,205,333	11,768,382
Gain (Loss) on sale of assets from discontinued operations	(320,718)	0	1,746,750	0
Income (Loss) from discontinued operations	142,091	(6,765,556)	904,776	(5,100,333)
Net Income (Loss)	4,025,032	(1,855,345)	13,856,859	6,668,049
Less Net Income (Loss) Attributable to Non-Controlling Interest	118,321	(61,823)	414,116	228,630
Net Income (Loss) Attributable to Agree Realty Corporation	3,906,711	(1,793,522)	13,442,743	6,439,419
Other comprehensive (income) loss, net of ($5,222), $739, ($20,709) and $1,160 attributable to non-controlling interest, respectively	(171,788)	20,932	(683,446)	32,851
Total Comprehensive Income (Loss) Attributable to Agree Realty Corporation	$ 3,734,923	$ (1,772,590)	$ 12,759,297	$ 6,472,270
Basic Earnings (Loss) Per Share
Continuing operations (in dollars per share)	$ 0.37	$ 0.49	$ 0.99	$ 1.18
Discontinued operations (in dollars per share)	$ (0.02)	$ (0.68)	$ 0.23	$ (0.51)
Earnings Per Share, Basic (in dollars per share)	$ 0.35	$ (0.19)	$ 1.22	$ 0.67
Diluted Earnings (Loss) Per Share
Continuing operations (in dollars per share)	$ 0.37	$ 0.49	$ 0.98	$ 1.18
Discontinued operations (in dollars per share)	$ (0.02)	$ (0.68)	$ 0.23	$ (0.51)
Earnings Per Share (in dollars per share)	$ 0.35	$ (0.19)	$ 1.21	$ 0.67
Dividends Declared Per Share (in dollars per share)	$ 0.40	$ 0.40	$ 1.20	$ 1.20
Weighted Average Number of Common Shares: Outstanding - Basic (in shares)	11,185,864	9,635,835	11,032,857	9,632,744
Weighted Average Number of Common Shares: Outstanding - Dilutive (in shares)	11,238,930	9,666,791	11,082,730	9,669,349