CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Real Estate Investments
Land	$ 713,711	$ 553,704
Buildings	1,510,423	1,194,985
Less accumulated depreciation	(121,444)	(100,312)
Real estate investments excluding property under development	2,102,690	1,648,377
Property under development	16,238	12,957
Net Real Estate Investments	2,118,928	1,661,334
Real Estate Held for Sale, net	7,928
Cash and Cash Equivalents	9,353	53,955
Cash Held in Escrows	1,449	20
Accounts Receivable - Tenants	25,495	21,547
Lease intangibles, net of accumulated amortization of $82,297 and $62,543 at September 30, 2019 and December 31, 2018, respectively	335,840	280,153
Other Assets, net	24,328	11,180
Total Assets	2,523,321	2,028,189
LIABILITIES
Mortgage Notes Payable, net	58,423	60,926
Unsecured Term Loans, net	237,984	256,419
Senior Unsecured Notes, net	384,171	384,064
Unsecured Revolving Credit Facility	248,000	19,000
Dividends and Distributions Payable	24,353	21,031
Accounts Payable, Accrued Expenses, and Other Liabilities	52,644	21,045
Lease intangibles, net of accumulated amortization of $18,607 and $15,177 at September 30, 2019 and December 31, 2018, respectively	27,332	27,218
Total Liabilities	1,032,907	789,703
EQUITY
Common stock, $.0001 par value, 90,000,000 shares authorized, 42,412,827 and 37,545,790 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	4	4
Preferred Stock, $.0001 par value per share, 4,000,000 shares authorized
Additional paid-in-capital	1,556,124	1,277,592
Dividends in excess of net income	(54,841)	(42,945)
Accumulated other comprehensive income (loss)	(13,068)	1,424
Total Equity - Agree Realty Corporation	1,488,219	1,236,075
Non-controlling interest	2,195	2,411
Total Equity	1,490,414	1,238,486
Total Liabilities and Equity	$ 2,523,321	$ 2,028,189