CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2013	Dec. 31, 2012
ASSETS
Land	$ 135,504,709	$ 134,740,784
Buildings	252,164,842	240,204,708
Less accumulated depreciation	(60,101,756)	(58,508,881)
Property, Plant and Equipment, Net	327,567,795	316,436,611
Property under development	21,183,557	18,980,779
Property held for sale		4,537,752
Net Real Estate Investments	348,751,352	339,955,142
Cash and Cash Equivalents	1,199,030	1,270,027
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2013 and December 31, 2012	1,718,266	2,160,055
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $6,451,619 and $6,273,113 at March 31, 2013 and December 31, 2012, respectively	2,713,119	2,864,314
Leasing costs, net of accumulated amortization of $1,339,715 and $1,312,085 at March 31, 2013 and December 31, 2012, respectively	660,198	687,828
Lease intangibles, net of accumulated amortization of $1,909,384 and $1,594,815 at March 31, 2013 and December 31, 2012, respectively	23,174,203	21,342,122
Other Assets	1,991,462	1,813,344
Total Assets	380,207,630	370,092,832
LIABILITIES
Mortgages Payable	116,526,115	117,376,142
Note Payable	9,000,000	43,530,005
Dividends and Distributions Payable	5,570,743	4,710,446
Deferred Revenue	1,814,938	1,930,783
Accrued Interest Payable	436,717	335,416
Accounts Payable and Accrued Expense
Capital expenditures	85,874	122,080
Operating	1,601,842	2,015,367
Interest Rate Swap	1,087,329	1,337,998
Deferred Income Taxes	705,000	705,000
Tenant Deposits	61,961	64,461
Total Liabilities	136,890,519	172,127,698
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 15,850,000 shares authorized, 13,241,844 and 11,436,044 shares issued and outstanding, respectively	1,324	1,144
Excess stock, $.0001 par value, 4,000,000 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	263,049,468	217,768,918
Deficit	(21,344,886)	(21,166,509)
Accumulated other comprehensive income (loss)	(1,050,166)	(1,294,267)
Total Stockholders' Equity - Agree Realty Corporation	240,655,740	195,309,286
Non-controlling interest	2,661,371	2,655,848
Total Stockholders' Equity	243,317,111	197,965,134
Total Liabilities and Stockholders' Equity	$ 380,207,630	$ 370,092,832