CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real Estate Investments
Land	$ 345,255	$ 309,687
Buildings	805,271	703,506
Less accumulated depreciation	(75,841)	(69,696)
Property, Plant and Equipment, Net	1,074,685	943,497
Property under development	6,665	6,764
Net Real Estate Investments	1,081,350	950,261
Real Estate Held For Sale, net	5,409	0
Cash and Cash Equivalents	4,173	33,395
Accounts Receivable - Tenants, net of allowance of $100 and $50 for possible losses at June 30, 2017 and December 31, 2016, respectively	14,243	11,535
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $230 and $1,262 at June 30, 2017 and December 31, 2016, respectively	1,352	1,552
Leasing costs, net of accumulated amortization of $733 and $677 at June 30, 2017 and December 31, 2016, respectively	1,546	1,227
Lease intangibles, net of accumulated amortization of $32,997 and $25,666 at June 30, 2017 and December 31, 2016, respectively	172,928	139,871
Interest Rate Swaps	1,285	1,409
Other Assets	4,554	2,722
Total Assets	1,286,840	1,141,972
LIABILITIES
Mortgage Notes Payable, net	68,003	69,067
Unsecured Term Loans, net	158,437	158,679
Senior Unsecured Notes, net	159,218	159,176
Unsecured Revolving Credit Facility	48,000	14,000
Dividends and Distributions Payable	14,637	13,124
Deferred Revenue	1,794	1,823
Accrued Interest Payable	2,216	2,210
Accounts Payable and Accrued Expenses
Capital expenditures	68	677
Operating	5,989	4,866
Lease intangibles, net of accumulated amortization of $9,132 and $7,079 at June 30, 2017 and December 31, 2016, respectively	30,186	30,047
Interest Rate Swaps	1,539	1,994
Deferred Income Taxes	705	705
Tenant Deposits	96	94
Total Liabilities	490,888	456,462
EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 28,637,180 and 26,164,977 shares issued and outstanding at June 30, 2017 and December 31, 2016, 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	820,134	712,069
Dividends in excess of net income	(26,547)	(28,558)
Accumulated other comprehensive loss	(211)	(536)
Total Equity - Agree Realty Corporation	793,379	682,978
Non-controlling interest	2,573	2,532
Total Equity	795,952	685,510
Total Liabilities and Equity	$ 1,286,840	$ 1,141,972