CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Real Estate Investments
Land	$ 171,375,249	$ 162,096,646
Buildings	321,987,875	297,464,585
Less accumulated depreciation	(64,376,980)	(60,633,824)
Property, Plant and Equipment, Net	428,986,144	398,927,407
Property under development	11,881,315	6,959,174
Property held for sale	0	4,845,504
Net Real Estate Investments	440,867,459	410,732,085
Cash and Cash Equivalents	1,622,914	14,536,881
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at June 30, 2014 and December 31, 2013	3,793,690	3,262,768
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $2,103,690 and $7,009,538 at June 30, 2014 and December 31, 2013, respectively	2,162,205	2,526,768
Leasing costs, net of accumulated amortization of $492,459 and $1,425,186 at June 30, 2014 and December 31, 2013, respectively	702,089	758,037
Lease intangibles, net of accumulated amortization of $4,280,110 and $3,228,506 at June 30, 2014 and December 31, 2013, respectively	29,459,224	27,705,499
Other Assets	2,550,939	3,219,505
Total Assets	481,158,520	462,741,543
Notes Payable:
Mortgage Notes Payable	102,929,022	113,897,759
Unsecured Revolving Credit Facility	43,364,000	9,500,000
Unsecured Term Loan	35,000,000	35,000,000
Total Notes Payable	181,293,022	158,397,759
Dividends and Distributions Payable	6,583,195	6,243,933
Deferred Revenue	1,235,713	1,467,403
Accrued Interest Payable	432,685	470,862
Accounts Payable and Accrued Expense
Capital expenditures	105,275	144,074
Operating	2,659,223	2,851,612
Interest Rate Swap	1,112,068	204,696
Deferred Income Taxes	705,000	705,000
Tenant Deposits	39,980	40,647
Total Liabilities	194,166,161	170,525,986
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value per share, 28,000,000 shares authorized, 14,960,218 and 14,883,314 shares issued and outstanding, respectively	1,496	1,488
Excess stock, $.0001 par value per share, 8,000,000 shares authorized, no shares issued and outstanding	0	0
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value per share, 200,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	314,002,337	312,974,162
Deficit	(28,708,150)	(23,879,151)
Accumulated other comprehensive (loss) income	(808,783)	471,717
Total Stockholders' Equity - Agree Realty Corporation	284,486,900	289,568,216
Non-controlling interest	2,505,459	2,647,341
Total Stockholders' Equity	286,992,359	292,215,557
Total Liabilities and Stockholders' Equity	$ 481,158,520	$ 462,741,543