CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Real Estate Investments
Land	$ 209,267,989	$ 195,091,303
Buildings	478,806,718	393,826,467
Less accumulated depreciation	(60,455,765)	(59,089,851)
Property, Plant and Equipment, Net	627,618,942	529,827,919
Property under development	467,302	229,242
Net Real Estate Investments	628,086,244	530,057,161
Cash and Cash Equivalents	2,870,603	5,399,458
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at June 30, 2015 and December 31, 2014	5,693,231	4,507,735
Unamortized Deferred Expenses
Financing costs, net of accumulated amortization of $3,062,644 and $2,690,005 at June 30, 2015 and December 31, 2014, respectively	3,481,290	3,008,280
Leasing costs, net of accumulated amortization of $580,907 and $543,957 at June 30, 2015 and December 31, 2014, respectively	788,051	783,335
Lease intangibles, net of accumulated amortization of $7,821,364 and $5,719,085 at June 30, 2015 and December 31, 2014, respectively	61,515,812	47,479,602
Other Assets	2,631,835	2,345,290
Total Assets	705,067,066	593,580,861
LIABILITIES
Mortgage Notes Payable	102,996,683	106,762,238
Unsecured Term Loans	100,000,000	100,000,000
Senior Unsecured Notes	100,000,000	0
Unsecured Revolving Credit Facility	15,000,000	15,000,000
Dividends and Distributions Payable	8,554,514	8,048,404
Deferred Revenue	772,333	1,004,023
Accrued Interest Payable	889,056	721,459
Accounts Payable and Accrued Expense
Capital expenditures	27,837	200,300
Operating	2,861,990	2,684,599
Interest Rate Swaps	2,591,506	2,383,308
Deferred Income Taxes	705,000	705,000
Tenant Deposits	41,445	36,156
Total Liabilities	334,440,364	237,545,487
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 28,000,000 shares authorized, 18,053,529 and 17,539,946 shares issued and outstanding, respectively	1,805	1,754
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized Series A junior participating preferred stock, $.0001 par value, 200,000 authorized, no shares issued and outstanding	0	0
Additional paid-in-capital	402,915,538	388,262,847
Deficit	(32,264,517)	(32,584,612)
Accumulated other comprehensive loss	(2,442,795)	(2,059,998)
Total Stockholders' Equity - Agree Realty Corporation	368,210,031	353,619,991
Non-controlling interest	2,416,671	2,415,383
Total Stockholders' Equity	370,626,702	356,035,374
Total Liabilities and Stockholders' Equity	$ 705,067,066	$ 593,580,861