CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Land	$ 156,313,462	$ 134,740,784
Buildings	296,399,050	240,204,708
Less accumulated depreciation	(63,587,930)	(58,508,881)
Property, Plant and Equipment, Net	389,124,582	316,436,611
Property under development	12,837,237	18,980,779
Property held for sale	0	4,537,752
Net Real Estate Investments	401,961,819	339,955,142
Cash and Cash Equivalents	5,824,331	1,270,027
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at September 30, 2013 and December 31, 2012	2,361,105	2,160,055
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $6,810,953 and $6,273,113 at September 30, 2013 and December 31, 2012, respectively	2,637,995	2,864,314
Leasing costs, net of accumulated amortization of $1,395,349 and $1,312,085 at September 30, 2013 and December 31, 2012, respectively	613,514	687,828
Lease intangibles, net of accumulated amortization of $2,801,182 and $1,594,815 at September 30, 2013 and December 31, 2012, respectively	27,903,865	21,342,122
Other Assets	2,316,525	1,813,344
Total Assets	443,619,154	370,092,832
LIABILITIES
Mortgage Notes Payable	114,789,938	117,376,142
Unsecured Revolving Credit Facility	40,000,000	43,530,005
Unsecured Term Loan	35,000,000	0
Total Notes Payable	189,789,938	160,906,147
Dividends and Distributions Payable	5,570,068	4,710,446
Deferred Revenue	1,583,248	1,930,783
Accrued Interest Payable	371,901	335,416
Accounts Payable and Accrued Expense
Capital expenditures	322,719	122,080
Operating	1,464,350	2,015,367
Interest Rate Swap	734,179	1,337,998
Deferred Income Taxes	705,000	705,000
Tenant Deposits	51,371	64,461
Total Liabilities	200,592,774	172,127,698
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value per share, 28,000,000 and 15,850,000 shares authorized, 13,240,404 and 11,436,044 shares issued and outstanding, respectively	1,324	1,144
Excess stock, $.0001 par value per share, 8,000,000 and 4,000,000 shares authorized, no shares issued and outstanding, respectively	0	0
Preferred Stock, Value, Issued
Additional paid-in-capital	263,962,863	217,768,918
Deficit	(23,262,722)	(21,166,509)
Accumulated other comprehensive income (loss)	(308,116)	(1,294,267)
Total Stockholders' Equity - Agree Realty Corporation	240,393,349	195,309,286
Non-controlling interest	2,633,031	2,655,848
Total Stockholders' Equity	243,026,380	197,965,134
Total Liabilities and Stockholders' Equity	443,619,154	370,092,832
Series A Junior Participating Preferred Stock [Member]
STOCKHOLDERS' EQUITY
Preferred Stock, Value, Issued	$ 0	$ 0