CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real Estate Investments
Land	$ 236,700,064	$ 225,273,640
Buildings	553,441,081	526,911,997
Less accumulated depreciation	(59,763,907)	(56,401,423)
Property, Plant and Equipment, Net	730,377,238	695,784,214
Property under development	3,575,090	3,663,301
Net Real Estate Investments	733,952,328	699,447,515
Cash and Cash Equivalents	3,711,373	2,711,588
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2016 and December 31, 2015	7,807,164	7,418,327
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $1,584,175 and $1,531,671 at March 31, 2016 and December 31, 2015, respectively	490,284	505,687
Leasing costs, net of accumulated amortization of $575,448 and $553,502 at March 31, 2016 and December 31, 2015, respectively	682,046	664,565
Lease intangibles, net of accumulated amortization of $12,263,284 and $10,577,794 at March 31, 2016 and December 31, 2015, respectively	76,650,860	76,552,316
Other Assets	2,259,255	2,569,659
Total Assets	825,553,310	789,869,657
LIABILITIES
Mortgage Notes Payable, net	91,124,627	100,358,717
Unsecured Term Loans, net	99,420,702	99,156,151
Senior Unsecured Notes, net	99,176,580	99,389,620
Unsecured Revolving Credit Facility	60,000,000	18,000,000
Dividends and Distributions Payable	9,812,376	9,757,988
Deferred Revenue	424,798	540,643
Accrued Interest Payable	1,977,551	962,825
Accounts Payable and Accrued Expense
Capital expenditures	27,952	122,496
Operating	6,252,263	3,926,962
Interest Rate Swaps	6,138,222	3,301,108
Deferred Income Taxes	705,000	705,000
Tenant Deposits	38,608	28,608
Total Liabilities	375,098,679	336,250,118
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 28,000,000 shares authorized, 20,754,264 and 20,637,301 shares issued and outstanding, respectively	2,075	2,064
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	484,511,186	482,514,380
Dividends in excess of net income	(30,452,339)	(28,262,441)
Accumulated other comprehensive loss	(6,017,490)	(3,130,376)
Total Stockholders' Equity - Agree Realty Corporation	448,043,432	451,123,627
Non-controlling interest	2,411,199	2,495,912
Total Stockholders' Equity	450,454,631	453,619,539
Total Liabilities and Stockholders' Equity	$ 825,553,310	$ 789,869,657