CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate Investments
Land	$ 473,446	$ 405,457
Buildings	1,041,666	868,396
Less accumulated depreciation	(98,051)	(85,239)
Property, Plant and Equipment, Net	1,417,061	1,188,614
Property under development	7,767	25,402
Net Real Estate Investments	1,424,828	1,214,016
Real Estate Held For Sale, net	1,367	2,420
Cash and Cash Equivalents	16,811	50,807
Cash Held in Escrows	1,436	7,975
Accounts Receivable - Tenants, net of allowance of $465 and $296 for possible losses at September 30, 2018 and December 31, 2017, respectively	19,882	15,477
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $744 and $433 at September 30, 2018 and December 31, 2017, respectively	1,267	1,174
Leasing costs, net of accumulated amortization of $823 and $814 at September 30, 2018 and December 31, 2017, respectively	2,582	1,583
Lease intangibles, net of accumulated amortization of $57,121 and $41,390 at September 30, 2018 and December 31, 2017, respectively	270,606	195,158
Interest Rate Swaps	4,516	1,592
Other Assets, net	5,339	4,432
Total Assets	1,748,634	1,494,634
LIABILITIES
Mortgage Notes Payable, net	61,537	88,270
Unsecured Term Loans, net	157,760	158,171
Senior Unsecured Notes, net	384,073	259,122
Unsecured Revolving Credit Facility	14,000	14,000
Dividends and Distributions Payable	18,808	16,303
Deferred Revenue	1,079	1,837
Accrued Interest Payable	2,706	3,412
Accounts Payable and Accrued Expenses	12,088	11,165
Lease intangibles, net of accumulated amortization of $14,116 and $11,357 at September 30, 2018 and December 31, 2017, respectively	27,628	30,350
Interest Rate Swaps	0	242
Deferred Income Taxes	475	475
Tenant Deposits	102	97
Total Liabilities	680,256	583,444
EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 34,481,545 and 31,004,900 shares issued and outstanding at September 30, 2018 and December 31, 2017, 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	1,096,679	936,046
Dividends in excess of net income	(35,317)	(28,763)
Accumulated other comprehensive income (loss)	4,506	1,375
Total Equity - Agree Realty Corporation	1,065,871	908,661
Non-controlling interest	2,507	2,529
Total Equity	1,068,378	911,190
Total Liabilities and Equity	$ 1,748,634	$ 1,494,634