CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate Investments
Land	$ 553,704	$ 405,457
Buildings	1,194,985	868,396
Less accumulated depreciation	(100,312)	(85,239)
Property, Plant and Equipment, Net	1,648,377	1,188,614
Property under development	12,957	25,402
Net Real Estate Investments	1,661,334	1,214,016
Real Estate Held for Sale, net		2,420
Cash and Cash Equivalents	53,955	50,807
Cash Held in Escrows	20	7,975
Accounts Receivable - Tenants, net of allowance of $289 and $296 for possible losses at December 31, 2018 and December 31, 2017, respectively	21,547	15,477
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $886 and $433 at December 31, 2018 and December 31, 2017, respectively	1,126	1,174
Leasing costs, net of accumulated amortization of $901 and $814 at December 31, 2018 and December 31, 2017, respectively	2,652	1,583
Lease intangibles, net of accumulated amortization of $62,543 and $41,390 at December 31, 2018 and December 31, 2017, respectively	280,153	195,158
Interest Rate Swaps	2,539	1,592
Other Assets, net	4,863	4,432
Total Assets	2,028,189	1,494,634
LIABILITIES
Mortgage Notes Payable, net	60,926	88,270
Unsecured Term Loans, net	256,419	158,171
Senior Unsecured Notes, net	384,064	259,122
Unsecured Revolving Credit Facility	19,000	14,000
Dividends and Distributions Payable	21,031	16,303
Deferred Revenue	4,627	1,837
Accrued Interest Payable	4,779	3,412
Accounts Payable and Accrued Expenses	9,897	11,165
Lease intangibles, net of accumulated amortization of $15,177 and $11,357 at December 31, 2018 and December 31, 2017, respectively	27,218	30,350
Interest Rate Swaps	1,135	242
Deferred Income Taxes	475	475
Tenant Deposits	132	97
Total Liabilities	789,703	583,444
EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 37,545,790 and 31,004,900 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	4	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	1,277,592	936,046
Dividends in excess of net income	(42,945)	(28,763)
Accumulated other comprehensive income	1,424	1,375
Total Equity - Agree Realty Corporation	1,236,075	908,661
Non-controlling interest	2,411	2,529
Total Equity	1,238,486	911,190
Total Liabilities and Equity	$ 2,028,189	$ 1,494,634