CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
Real Estate Investments
Land	$ 176,050,889	$ 162,096,646
Buildings	349,844,721	297,464,585
Less accumulated depreciation	(66,318,335)	(60,633,824)
Property, Plant and Equipment, Net	459,577,275	398,927,407
Property under development	12,481,154	6,959,174
Property held for sale	0	4,845,504
Net Real Estate Investments	472,058,429	410,732,085
Cash and Cash Equivalents	1,403,252	14,536,881
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at September 30, 2014 and December 31, 2013	4,018,547	3,262,768
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $2,518,986 and $7,009,538 at September 30, 2014 and December 31, 2013, respectively	3,166,973	2,526,768
Leasing costs, net of accumulated amortization of $527,306 and $1,425,186 at September 30, 2014 and December 31, 2013, respectively	960,350	758,037
Lease intangibles, net of accumulated amortization of $4,946,853 and $3,228,506 at September 30, 2014 and December 31, 2013, respectively	38,307,803	27,705,499
Other Assets	2,907,686	3,219,505
Total Assets	522,823,040	462,741,543
Notes Payable:
Mortgage Notes Payable	107,685,433	113,897,759
Unsecured Revolving Credit Facility	16,500,000	9,500,000
Unsecured Term Loans	100,000,000	35,000,000
Total Notes Payable	224,185,433	158,397,759
Dividends and Distributions Payable	6,579,019	6,243,933
Deferred Revenue	1,119,868	1,467,403
Accrued Interest Payable	562,769	470,862
Accounts Payable and Accrued Expense
Capital expenditures	0	144,074
Operating	2,320,582	2,851,612
Interest Rate Swap	690,188	204,696
Deferred Income Taxes	705,000	705,000
Tenant Deposits	44,448	40,647
Total Liabilities	236,207,307	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	314,515,337	312,974,162
Deficit	(30,288,199)	(23,879,151)
Accumulated other comprehensive (loss) income	(98,153)	471,717
Total Stockholders' Equity - Agree Realty Corporation	284,130,481	289,568,216
Non-controlling interest	2,485,252	2,647,341
Total Stockholders' Equity	286,615,733	292,215,557
Total Liabilities and Stockholders' Equity	$ 522,823,040	$ 462,741,543