CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate Investments
Land	$ 588,295	$ 553,704
Buildings	1,287,700	1,194,985
Less accumulated depreciation	(106,670)	(100,312)
Real estate investments excluding property under development	1,769,325	1,648,377
Property under development	11,444	12,957
Net Real Estate Investments	1,780,769	1,661,334
Cash and Cash Equivalents	22,325	53,955
Cash Held in Escrows	3,024	20
Accounts Receivable - Tenants	23,695	21,547
Lease intangibles, net of accumulated amortization of $68,985 and $62,543 at March 31, 2019 and December 31, 2018, respectively	289,928	280,153
Other Assets, net	30,596	11,180
Total Assets	2,150,337	2,028,189
LIABILITIES
Mortgage Notes Payable, net	60,303	60,926
Unsecured Term Loans, net	256,244	256,419
Senior Unsecured Notes, net	384,117	384,064
Unsecured Revolving Credit Facility	71,000	19,000
Dividends and Distributions Payable	21,535	21,031
Accounts Payable, Accrued Expenses, and Other Liabilities	39,843	21,045
Lease intangibles, net of accumulated amortization of $16,291 and $15,177 at March 31, 2019 and December 31, 2018, respectively	27,873	27,218
Total Liabilities	860,915	789,703
EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 38,454,782 and 37,545,790 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively	4	4
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized	0	0
Additional paid-in-capital	1,334,952	1,277,592
Dividends in excess of net income	(45,940)	(42,945)
Accumulated other comprehensive income	(1,950)	1,424
Total Equity - Agree Realty Corporation	1,287,066	1,236,075
Non-controlling interest	2,356	2,411
Total Equity	1,289,422	1,238,486
Total Liabilities and Equity	$ 2,150,337	$ 2,028,189