CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Land	$ 134,740,784	$ 108,672,713
Buildings	240,204,708	229,821,183
Less accumulated depreciation	(58,508,881)	(68,589,778)
Property, Plant and Equipment, Net	316,436,611	269,904,118
Property under development	18,980,779	1,580,015
Property held for sale	4,537,752	0
Net Real Estate Investments	339,955,142	271,484,133
Cash and Cash Equivalents	1,270,027	2,002,663
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at December 31, 2012 and 2011, respectively	2,160,055	801,681
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $6,273,113 and $5,707,043 at December 31, 2012 and 2011, respectively	2,864,314	1,804,249
Leasing costs, net of accumulated amortization of $1,312,085 and $1,205,985 at December 31, 2012 and 2011, respectively	687,828	737,968
Lease intangibles, net of accumulated amortization of $1,594,815 and $569,737 at December 31, 2012 and 2011, respectively	21,342,122	16,150,299
Other Assets	1,813,344	962,965
Total Assets	370,092,832	293,943,958
LIABILITIES
Mortgages Payable	117,376,142	62,854,057
Notes Payable	43,530,005	56,443,898
Dividends and Distributions Payable	4,710,446	4,070,690
Deferred Revenue	1,930,783	2,394,163
Accrued Interest Payable	335,416	734,195
Accounts Payable and Accrued Expense
Capital expenditures	122,080	424,321
Operating	2,015,367	3,379,618
Interest Rate Swap	1,337,998	629,460
Deferred Income Taxes	705,000	705,000
Tenant Deposits	64,461	84,275
Total Liabilities	172,127,698	131,719,677
Commitments and Contingencies
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	217,768,918	181,069,633
Deficit	(21,166,509)	(20,918,494)
Accumulated other comprehensive income (loss)	(1,294,267)	(606,568)
Total Stockholders' Equity - Agree Realty Corporation	195,309,286	159,545,556
Non-controlling interest	2,655,848	2,678,725
Total Stockholders' Equity	197,965,134	162,224,281
Total Liabilities and Stockholders' Equity	$ 370,092,832	$ 293,943,958