CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate Investments
Land	$ 319,935	$ 309,687
Buildings	737,605	703,506
Less accumulated depreciation	(73,657)	(69,696)
Property, Plant and Equipment, Net	983,883	943,497
Property under development	8,414	6,764
Net Real Estate Investments	992,297	950,261
Cash and Cash Equivalents	2,300	33,395
Accounts Receivable - Tenants, net of allowance of $50 for possible losses at March 31, 2017 and December 31, 2016	13,069	11,535
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $127 and $1,262 at March 31, 2017 and December 31, 2016, respectively	1,456	1,552
Leasing costs, net of accumulated amortization of $717 and $677 at March 31, 2017 and December 31, 2016, respectively	1,575	1,227
Lease intangibles, net of accumulated amortization of $29,103 and $25,666 at March 31, 2017 and December 31, 2016, respectively	140,652	139,871
Interest Rate Swaps	1,561	1,409
Other Assets	5,330	2,722
Total Assets	1,158,240	1,141,972
LIABILITIES
Mortgage Notes Payable, net	68,539	69,067
Unsecured Term Loans, net	158,557	158,679
Senior Unsecured Notes, net	159,198	159,176
Unsecured Revolving Credit Facility	29,000	14,000
Dividends and Distributions Payable	13,151	13,124
Deferred Revenue	1,650	1,823
Accrued Interest Payable	2,671	2,210
Accounts Payable and Accrued Expenses
Capital expenditures	61	677
Operating	4,956	4,866
Lease intangibles, net of accumulated amortization of $8,087 and $7,078 at March 31, 2017 and December 31, 2016, respectively	30,702	30,047
Interest Rate Swaps	1,404	1,994
Deferred Income Taxes	705	705
Tenant Deposits	94	94
Total Liabilities	470,688	456,462
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 26,219,680 and 26,164,977 shares issued and outstanding, respectively	3	3
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	711,753	712,069
Dividends in excess of net income	(26,962)	(28,558)
Accumulated other comprehensive income (loss)	195	(536)
Total Stockholders' Equity - Agree Realty Corporation	684,989	682,978
Non-controlling interest	2,563	2,532
Total Equity	687,552	685,510
Total Liabilities and Equity	$ 1,158,240	$ 1,141,972