Agree Realty (ADC) 10-Q 1 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 28, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'AGREE REALTY CORP	'
Entity Central Index Key	'0000917251	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Trading Symbol	'ADC	'
Entity Common Stock, Shares Outstanding	'	13,241,654
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Land	$156,313,462	$134,740,784
Buildings	296,399,050	240,204,708
Less accumulated depreciation	-63,587,930	-58,508,881
Property, Plant and Equipment, Net	389,124,582	316,436,611
Property under development	12,837,237	18,980,779
Property held for sale	0	4,537,752
Net Real Estate Investments	401,961,819	339,955,142
Cash and Cash Equivalents	5,824,331	1,270,027
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at September 30, 2013 and December 31, 2012	2,361,105	2,160,055
Unamortized Deferred Expenses	'	'
Financing costs, net of accumulated amortization of $6,810,953 and $6,273,113 at September 30, 2013 and December 31, 2012, respectively	2,637,995	2,864,314
Leasing costs, net of accumulated amortization of $1,395,349 and $1,312,085 at September 30, 2013 and December 31, 2012, respectively	613,514	687,828
Lease intangibles, net of accumulated amortization of $2,801,182 and $1,594,815 at September 30, 2013 and December 31, 2012, respectively	27,903,865	21,342,122
Other Assets	2,316,525	1,813,344
Total Assets	443,619,154	370,092,832
LIABILITIES	'	'
Mortgage Notes Payable	114,789,938	117,376,142
Unsecured Revolving Credit Facility	40,000,000	43,530,005
Unsecured Term Loan	35,000,000	0
Total Notes Payable	189,789,938	160,906,147
Dividends and Distributions Payable	5,570,068	4,710,446
Deferred Revenue	1,583,248	1,930,783
Accrued Interest Payable	371,901	335,416
Accounts Payable and Accrued Expense	'	'
Capital expenditures	322,719	122,080
Operating	1,464,350	2,015,367
Interest Rate Swap	734,179	1,337,998
Deferred Income Taxes	705,000	705,000
Tenant Deposits	51,371	64,461
Total Liabilities	200,592,774	172,127,698
STOCKHOLDERS' EQUITY	'	'
Common stock, $.0001 par value per share, 28,000,000 and 15,850,000 shares authorized, 13,240,404 and 11,436,044 shares issued and outstanding, respectively	1,324	1,144
Excess stock, $.0001 par value per share, 8,000,000 and 4,000,000 shares authorized, no shares issued and outstanding, respectively	0	0
Preferred Stock, Value, Issued	'	'
Additional paid-in-capital	263,962,863	217,768,918
Deficit	-23,262,722	-21,166,509
Accumulated other comprehensive income (loss)	-308,116	-1,294,267
Total Stockholders' Equity - Agree Realty Corporation	240,393,349	195,309,286
Non-controlling interest	2,633,031	2,655,848
Total Stockholders' Equity	243,026,380	197,965,134
Total Liabilities and Stockholders' Equity	443,619,154	370,092,832
Series A Junior Participating Preferred Stock [Member]	'	'
STOCKHOLDERS' EQUITY	'	'
Preferred Stock, Value, Issued	$0	$0

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2013	Dec. 31, 2012
Allowance for doubtful accounts receivable (in dollars)	$35,000	$35,000
Accumulated amortization, deferred finance costs (in dollars)	6,810,953	6,273,113
Deferred costs, leasing, accumulated amortization (in dollars)	1,395,349	1,312,085
Finite-lived intangible assets, accumulated amortization (in dollars)	$2,801,182	$1,594,815
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	28,000,000	15,850,000
Common stock, shares, issued	13,240,404	11,436,044
Common stock, shares, outstanding	13,240,404	11,436,044
Excess stock, par value (in dollars per share)	$0.00	$0.00
Excess stock, shares authorized	8,000,000	4,000,000
Excess stock, shares issued	0	0
Excess stock, shares outstanding	0	0
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	4,000,000	150,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series A Junior Participating Preferred Stock [Member]	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	200,000	150,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Minimum rents	$10,683,883	$8,635,775	$30,581,677	$24,438,181
Percentage rents	0	0	20,061	22,725
Operating cost reimbursement	901,257	542,271	2,138,547	1,691,199
Other income	1,553	14,889	1,553	59,991
Total Revenues	11,586,693	9,192,935	32,741,838	26,212,096
Operating Expenses	'	'	'	'
Real estate taxes	660,053	395,033	1,685,273	1,363,513
Property operating expenses	326,037	253,879	985,408	810,584
Land lease payments	106,975	106,075	320,925	468,225
General and administrative	1,587,617	1,317,094	4,668,491	4,153,269
Depreciation and amortization	2,176,179	1,640,478	6,418,310	4,787,813
Impairment charge	450,000	0	450,000	0
Total Operating Expenses	5,306,861	3,712,559	14,528,407	11,583,404
Income from Operations	6,279,832	5,480,376	18,213,431	14,628,692
Other Income (Expense)	'	'	'	'
Interest expense, net	-1,634,051	-1,344,245	-4,599,256	-3,625,943
Income From Continuing Operations	4,645,781	4,136,131	13,614,175	11,002,749
Discontinued Operations	'	'	'	'
Gain(Loss) on sale of assets from discontinued operations	0	-320,718	946,347	1,746,750
Income from discontinued operations	0	209,619	7,014	1,107,360
Total Discontinued Operations	0	-111,099	953,361	2,854,110
Net Income	4,645,781	4,025,032	14,567,536	13,856,859
Less Net Income Attributable to Non-Controlling Interest	117,619	118,321	378,691	414,116
Net Income Attributable to Agree Realty Corporation	4,528,162	3,906,711	14,188,845	13,442,743
Basic Earnings (Loss) Per Share	'	'	'	'
Continuing operations (in dollars per share)	$0.35	$0.36	$1.03	$0.97
Discontinued operations (in dollars per share)	$0	($0.01)	$0.07	$0.25
Earnings Per Share, Basic (in dollars per share)	$0.35	$0.35	$1.10	$1.22
Diluted Earnings (Loss) Per Share	'	'	'	'
Continuing operations (in dollars per share)	$0.35	$0.36	$1.03	$0.96
Discontinued operations (in dollars per share)	$0	($0.01)	$0.07	$0.25
Earnings Per Share, Diluted (in dollars per share)	$0.35	$0.35	$1.10	$1.21
Other Comprehensive Income	'	'	'	'
Net income	4,645,781	4,025,032	14,567,536	13,856,859
Other Comprehensive Income (Loss)	-549,979	-177,010	1,012,214	-704,155
Total Comprehensive Income	4,095,802	3,848,022	15,579,750	13,152,704
Comprehensive Income Attributable to Non-Controlling Interest	-103,540	-113,099	-404,754	-393,407
Comprehensive Income Attributable to Agree Realty Corporation	$3,992,262	$3,734,923	$15,174,996	$12,759,297
Weighted Average Number of Common Shares Outstanding - Basic (in shares)	12,983,774	11,185,864	12,872,808	11,032,857
Weighted Average Number of Common Shares Outstanding - Dilutive (in shares)	13,063,187	11,238,930	12,953,224	11,082,730

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Noncontrolling Interest [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2012	$197,965,134	$1,144	$217,768,918	$2,655,848	($21,166,509)	($1,294,267)
Balance (in shares) at Dec. 31, 2012	'	11,436,044	'	'	'	'
Issuance of common stock, net of issuance costs	'	172	44,802,160	0	0	0
Issuance of common stock, net of issuance costs (in shares)	'	1,725,000	'	'	'	'
Issuance of restricted stock under the Equity Incentive Plan	'	8	0	0	0	0
Issuance of restricted stock under the Equity Incentive Plan (in shares)	'	86,300	'	'	'	'
Forfeiture of restricted stock	'	0	0	0	0	0
Forfeiture of restricted stock (in shares)	'	-6,940	'	'	'	'
Vesting of restricted stock	'	0	1,391,785	0	0	0
Dividends and distributions declared for the period January 1, 2013 to September 30, 2013	'	0	0	-427,571	-16,285,058	0
Other comprehensive income -change in fair value of interest rate swaps	'	0	0	26,063	0	986,151
Net income for the period January 1, 2013 to September 30, 2013	14,567,536	0	0	378,691	14,188,845	0
Balance at Sep. 30, 2013	$243,026,380	$1,324	$263,962,863	$2,633,031	($23,262,722)	($308,116)
Balance (in shares) at Sep. 30, 2013	'	13,240,404	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities	'	'
Net income	$14,567,536	$13,856,859
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Depreciation	5,130,962	4,323,297
Amortization	1,827,470	1,313,904
Stock-based compensation	1,391,785	1,236,000
Impairment charge	450,000	0
Gain on sale of assets	-946,347	-1,746,750
(Increase) decrease in accounts receivable	-201,050	-592,064
(Increase) decrease in other assets	-130,958	-1,463,254
(Decrease) increase in accounts payable	-549,019	-1,978,649
Decrease in deferred revenue	-347,535	-347,535
Increase (decrease) in accrued interest	36,485	-242,269
Increase (decrease) in tenant deposits	-13,090	-19,814
Net Cash Provided by Operating Activities	21,216,239	14,339,725
Cash Flows from Investing Activities	'	'
Acquisition of real estate investments (including capitalized interest of $438,843 in 2013, $104,254 in 2012)	-79,512,790	-44,849,100
Payment of leasing costs	-8,950	-14,241
Net proceeds from sale of assets	5,462,280	15,330,481
Increase in restricted cash	0	-3,280,616
Net Cash Used In Investing Activities	-74,059,460	-32,813,476
Cash Flows from Financing Activities	'	'
Proceeds from common stock offering	44,802,340	35,042,235
Note payable borrowings	86,894,408	59,062,100
Note payable repayments	-90,424,413	-60,665,998
Payments of mortgages payable	-2,586,204	-2,328,560
Term loan payable proceeds	35,000,000	0
Dividends paid	-15,430,910	-13,089,390
Limited partners' distributions paid	-424,095	-417,141
Repayments of payables for capital expenditures	-122,080	-424,321
Payments for financing costs	-311,522	-164,851
Net Cash Provided by Financing Activities	57,397,524	17,014,074
Net (Decrease) in Cash and Cash Equivalents	4,554,304	-1,459,677
Cash and Cash Equivalents, beginning of period	1,270,027	2,002,663
Cash and Cash Equivalents, end of period	5,824,331	542,986
Supplemental Disclosure of Cash Flow Information	'	'
Cash paid for interest (net of amounts capitalized)	4,464,126	3,412,222
Supplemental Disclosure of Non-Cash Investing and Financing Activities	'	'
Shares issued under Stock Incentive Plan	2,390,208	2,175,831
Dividends and limited partners' distributions declared and unpaid	5,571,089	4,711,946
Real estate investments financed with accounts payable	322,719	35,045
Forgiveness of mortgage debt	0	9,173,789
Real estate acquisitions financed with debt assumption	$0	$18,220,528

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Interest Capitalized For Real Estate Under Development	$438,843	$104,254

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1	Basis of Presentation
	The accompanying unaudited consolidated financial statements of Agree Realty Corporation (the “Company”) for the nine months ended September 30, 2013 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for audited financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2012 has been derived from the audited consolidated financial statements at that date. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or for any other interim period. The results of operations of properties that have either been disposed of or are classified as held for sale are reported as discontinued operations.  As a result of these discontinued operations, certain of the 2012 balances have been reclassified to conform to the 2013 presentation.  For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Stock_Based_Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	2	Stock Based Compensation
	The Company estimates the fair value of restricted stock and stock option grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period.
	As of September 30, 2013, there was $4,884,000 of unrecognized compensation costs related to the outstanding shares of restricted stock, which is expected to be recognized over a weighted average period of 3.26 years.  The Company used a 0% discount factor and forfeiture rate for determining the fair value of restricted stock.  The forfeiture rate was based on historical results and trends.
	The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted stock to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares.
	Restricted stock activity is summarized as follows:
			Shares		Weighted Average
			Outstanding		Grant Date
					Fair Value
	Unvested restricted stock at January 1, 2013			250,180	$	22.66
	Restricted stock granted			86,300		27.57
	Restricted stock vested			-73,368		22.5
	Restricted stock forfeited			-6,940		23.88
	Unvested restricted stock at September 30, 2013			256,172	$	24.37

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	3	Earnings Per Share
	Earnings per share has been computed by dividing the net income attributable to Agree Realty Corporation by the weighted average number of common shares outstanding.
	The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented:
			Three Months Ended September 30,				Nine Months Ended September 30,
			2013		2012		2013		2012
	Weighted average number of common shares outstanding			13,239,947		11,436,044		13,128,981		11,283,037
	Unvested restricted stock			-256,173		-250,180		-256,173		-250,180
	Weighted average number of common shares outstanding used in basic earnings per share			12,983,774		11,185,864		12,872,808		11,032,857
	Weighted average number of common shares outstanding used in basic earnings per share			12,983,774		11,185,864		12,872,808		11,032,857
	Effect of dilutive securities:
	Restricted stock			79,414		53,066		80,415		49,873
	Weighted average number of common shares outstanding used in diluted earnings per share			13,063,187		11,238,930		12,953,224		11,082,730

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2013
New Accounting Pronouncements and Changes In Accounting Principles [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	4	Recent Accounting Pronouncements
	As of September 30 2013, the impact of recent accounting pronouncements is not considered to be material.

Derivative_Instruments_and_Hed

Derivative Instruments and Hedging Activity	9 Months Ended
	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Instruments and Hedging Activities Disclosure [Text Block]	'
	5	Derivative Instruments and Hedging Activity
	The Company is exposed to certain risks arising from both its business operations and economic conditions.  The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities.  The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments.
	The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense.  To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy.  Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount.
	On January 2, 2009, the Company entered into an interest rate swap agreement for a notional amount of $24,501,280, effective on January 2, 2009 and ending on July 1, 2013. The notional amount decreased over the term to match the outstanding balance of the hedged borrowing. The Company entered into this derivative instrument to hedge against the risk of changes in future cash flows related to changes in interest rates on $24,501,280 of the total variable-rate borrowings outstanding. Under the terms of the interest rate swap agreement, the Company received from the counterparty interest on the notional amount based on 1.5% plus one-month LIBOR and paid to the counterparty a fixed rate of 3.744%. This swap effectively converted $24,501,280 of variable-rate borrowings to fixed-rate borrowings beginning on January 2, 2009 and through July 1, 2013.
	On April 24, 2012, the Company entered into a forward starting interest rate swap agreement, for the same variable rate loan, as extended, for a notional amount of $22,268,358, effective on July 1, 2013 and ending on May 1, 2019.  The notional amount decreases over the term to match the outstanding balance of the hedged borrowing.  The Company entered into this derivative instrument to hedge against the risk of changes in future cash flows related to changes in interest rates on $22,268,358 of the total variable rate borrowings outstanding.  Under the terms of the interest rate swap agreement, the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 1.92%. This swap effectively converted $22,268,358 of variable-rate borrowings to fixed-rate borrowings beginning on July 1, 2013 and through May 1, 2019.
	On December 4, 2012, the Company entered into interest rate swap agreements for a notional amount of $25,000,000, effective December 6, 2012 and ending on April 4, 2018.  The Company entered into these derivative instruments to hedge against changes in future cash flows related to changes in interest rates on $25,000,000 of variable rate borrowings outstanding.  Under the terms of the interest rate swap agreements, the Company will receive from the counterparty interest on the notional amount based on one month LIBOR and will pay to the counterparty a fixed rate of .885%.  This swap effectively converted $25,000,000 of variable-rate borrowings to fixed-rate borrowings beginning on December 6, 2012 and through April 4, 2018.
	On September 30, 2013, the Company entered into an interest rate swap agreement for a notional amount of $35,000,000, effective October 3, 2013 and ending on September 29, 2020.  The Company entered into this derivative instrument to hedge against changes in future cash flows related to changes in interest rates on $35,000,000 of variable rate borrowings outstanding.  Under the terms of the interest rate swap agreement, the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 2.197%.  This swap effectively converted $35,000,000 of variable-rate borrowings to fixed-rate borrowings beginning on October 3, 2013 and through September 29, 2020.
	Companies are required to recognize all derivative instruments as either assets or liabilities at fair value on the balance sheet. The Company has designated these derivative instruments as cash flow hedges. As such, changes in the fair value of the derivative instrument are recorded as a component of other comprehensive income (loss) (“OCI”) for the nine months ended September 30, 2013 to the extent of effectiveness. The ineffective portion of the change in fair value of the derivative instrument is recognized in interest expense.  For the nine months ended September 30, 2013, the Company has determined these derivative instruments to be effective hedges.
	The Company does not use derivative instruments for trading or other speculative purposes and did not have any other derivative instruments or hedging activities as of September 30, 2013.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	6	Fair Value Measurements
	Certain of the Company’s assets and liabilities are disclosed at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  In determining fair value, the Company uses various valuation methods including market, income and cost approaches.  The assumptions used in the application of these valuation methods are developed from the perspective of market participants pricing the asset or liability.  Inputs used in the valuation methods can be either readily observable, market corroborated, or generally unobservable inputs.  Whenever possible the Company attempts to utilize valuation methods that maximize the use of observable inputs and minimizes the use of unobservable inputs.  Based on the operability of the inputs used in the valuation methods, the Company is required to provide the following information according to the fair value hierarchy.  The fair value hierarchy ranks the quality and reliability of the information used to determine fair values.  Assets and liabilities measured, reported and/or disclosed at fair value will be classified and disclosed in one of the following three categories:
	Level 1 – Quoted market prices in active markets for identical assets or liabilities.
	Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.
	Level 3 – Unobservable inputs that are not corroborated by market data.
	The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of September 30, 2013.
	Asset:		Level 1		Level 2		Level 3		Carrying
									Value
	Interest rate swaps		$	-	$	408,396	$	-	$	408,396
	Liability:		Level 1		Level 2		Level 3		Carrying
									Value
	Interest rate swaps		$	-	$	734,179	$	-	$	734,179
	Mortgage notes payable		$	-	$	-	$	111,262,607	$	114,789,937
	Unsecured revolving credit facility		$	-	$	40,000,000	$	-	$	40,000,000
	Unsecured term loan		$	-	$	35,000,000	$	-	$	35,000,000
	The carrying amounts of the Company’s short-term financial instruments, which consist of cash, cash equivalents, receivables, and accounts payable, approximate their fair values. The fair value of the interest rate swaps were derived using estimates to settle the interest rate swap agreements, which is based on the net present value of expected future cash flows on each leg of the swaps utilizing market-based inputs and discount rates reflecting the risks involved.  The fair value of fixed and variable rate mortgages was derived using the present value of future mortgage payments based on estimated current market interest rates.  The fair value of variable rate debt is estimated to be equal to the face value of the debt because the interest rates are floating and is considered to approximate fair value.

Note_and_Mortgages_Payable

Note and Mortgages Payable	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	7	Note and Mortgages Payable
	Agree Limited Partnership (the “Operating Partnership”) has in place an $85,000,000 unsecured revolving credit facility (“Credit Facility”), which is guaranteed by the Company.  Subject to customary conditions, at the Company’s option, total commitments under the Credit Facility may be increased up to an aggregate of $135,000,000.  The Company intends to use borrowings under the Credit Facility for general corporate purposes, including working capital, development and acquisition activities, capital expenditures, repayment of indebtedness or other corporate activities.   The Credit Facility matures on October 26, 2015, and may be extended, at the Company’s election, for two one-year terms to October 2017, subject to certain conditions.  Borrowings under the Credit Facility bear interest at LIBOR plus a spread of 150 to 215 basis points depending on the Company’s leverage ratio.  As of September 30, 2013, $40,000,000 was outstanding under the Credit Facility bearing a weighted average interest rate of 1.92%, and $45,000,000 was available for borrowing (subject to customary conditions to borrowing).
	In September 2013, the Operating Partnership entered into a $35,000,000 seven year unsecured term loan (“Unsecured Term Loan”), which is guaranteed by the Company.   The Unsecured Term Loan includes an accordion feature providing the opportunity to borrow up to an additional $35,000,000 under the same loan agreement, subject to customary conditions.  The Unsecured Term Loan matures on September 29, 2020.  Borrowings under the Unsecured Term Loan bear interest at LIBOR plus a spread of 165 to 225 basis points depending on the Company’s leverage ratio.  In conjunction with the closing of the loan, the Company entered into a seven year interest rate swap agreement resulting in a fixed interest rate of 3.85%, based on the current spread.  The Company used the proceeds from the Unsecured Term Loan to pay down amounts outstanding under the Credit Facility.
	The Credit Facility and Unsecured Term Loan contain customary covenants, including, among others, financial covenants regarding debt levels, total liabilities, tangible net worth, fixed charge coverage, unencumbered borrowing base properties, and permitted investments.  The Company was in compliance with the covenant terms at September 30, 2013.
	Mortgages payable consisted of the following:
			September 30,		December 31,
			2013		2012
	Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases			25,000,000		25,000,000
	Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases			23,640,000		23,640,000
	Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.74% as of June 30, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, subject to certain conditions, collateralized by related real estate and tenants’ leases			22,168,118		22,601,978
	Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases			9,450,160		10,320,440
	Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases			9,681,848		10,042,152
	Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases			9,332,392		9,509,011
	Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases			3,645,080		4,340,850
	Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases			8,580,000		8,580,000
	Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease			3,292,340		3,341,711
	Total		$	114,789,938	$	117,376,142
	The above mortgages payable are collateralized by related real estate with an aggregate net book value of $146,524,119
	The weighted average interest rate for the mortgage notes payable at September 30, 2013 was 4.39%.
	The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2013:
	Year Ending September 30,
	2014		$	12,735,342
	2015 (1)			43,632,216
	2016			12,456,396
	2017 (2)			22,924,073
	2018			27,363,950
	Thereafter			70,677,961
	Total debt		$	189,789,938
		-1	Scheduled maturities in 2015 include the $40,000,000 outstanding balance under the Credit Facility as of September 30, 2013.  The Credit Facility matures on October 26, 2015, and may be extended at the Company’s election, for two one-year terms to October 2017, subject to certain conditions.
		-2	Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017.  The note matures May 14, 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.

Dividends_and_Distributions_Pa

Dividends and Distributions Payable	9 Months Ended
	Sep. 30, 2013
Dividends and Distributions Payable [Abstract]	'
Dividends and Distributions Payable [Text Block]	'
	8	Dividends and Distributions Payable
	On September 10, 2013, the Company declared a dividend of $0.41 per common share for the quarter ended September 30, 2013.  The holders of limited partnership interest in the Operating Partnership (“OP Units”) were entitled to an equal distribution per OP Unit held as of September 30, 2013.  The dividend and distributions payable are recorded as liabilities in the Company’s consolidated balance sheet as of September 30, 2013.  The dividend has been reflected as a reduction of stockholders’ equity and the distribution has been reflected as a reduction of the limited partners’ non-controlling interest.  The amounts were paid on October 8, 2013.

Deferred_Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2013
Deferred Revenue Disclosure [Abstract]	'
Deferred Revenue Disclosure [Text Block]	'
	9	Deferred Revenue
	In July 2004, the Company’s tenant in a joint venture property located in Boynton Beach, FL repaid $4,000,000 that had been contributed by the Company’s joint venture partner.  As a result of this repayment, the Company became the sole member of the limited liability company holding the property.  Total assets of the property were approximately $4,000,000.  The Company has treated the $4,000,000 as deferred revenue and accordingly, will recognize rental income over the term of the related leases.
	The remaining deferred revenue of approximately $1,600,000 will be recognized as minimum rents over approximately 3.4 years.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]	'
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	'
	10	Discontinued Operations
	During 2013, the Company sold one single tenant property for approximately $5,600,000 in Ypsilanti, Michigan.
	During 2012, the Company sold six non-core properties:  a vacant office property for approximately $650,000; two vacant single tenant properties for $4,460,000; a Kmart anchored shopping center in Charlevoix, Michigan for $3,500,000; and two Kmart anchored shopping centers, one in Plymouth, Wisconsin and one in Shawano, Wisconsin for $7,475,000.  In addition, during 2012, the Company conveyed four mortgaged properties to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loans, which had an aggregate principal amount outstanding of approximately $9.2 million as of December 31, 2011.
	The results of operations for these properties are presented as discontinued operations in the Company’s consolidated statements of income and comprehensive income.  The revenues for the properties were $0 and $9,301 for the three and nine months ended September 30, 2013, respectively, and $390,543 and $2,116,663 for the three and nine months ended September 30, 2012, respectively. The expenses for the properties were $0 and $2,287 for the three and nine months ended September 30, 2013, respectively, and $180,924 and $1,009,303 for the three and nine months ended September 30, 2012, respectively.
	The Company elected to not allocate consolidated interest expense to the discontinued operations where the debt is not directly attributed to or related to the discontinued operations.  There was no interest expense that was directly attributable to the discontinued operations for the three and nine months ended September 30, 2013 and 2012.
	The income from discontinued operations allocable to non-controlling interest was $0 and $24,732 for the three and nine months ended September 30, 2013, respectively, and ($3,266) and $85,296 for the three and nine months ended September 30, 2012, respectively.

Purchase_Accounting_for_Acquis

Purchase Accounting for Acquisitions of Real Estate	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
Real Estate Disclosure [Text Block]	'
	11	Purchase Accounting for Acquisitions of Real Estate
	Acquired real estate assets have been accounted for using the purchase method of accounting and accordingly, the results of operations are included in the consolidated statements of income and comprehensive income from the respective dates of acquisition. The Company allocates the purchase price to (i) land and buildings based on management’s internally prepared estimates and (ii) identifiable intangible assets or liabilities generally consisting of above-market and below-market in-place leases and in-place leases. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques, including management’s analysis of comparable properties in the existing portfolio, to allocate the purchase price to acquired tangible and intangible assets.
	The estimated fair value of above-market and below-market in-place leases for acquired properties is recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease.
	The aggregate fair value of other intangible assets consisting of in-place, at market leases, is estimated based on internally developed methods to determine the respective property values and are included in lease intangible costs in the consolidated balance sheets. Factors considered by management in their analysis include an estimate of costs to execute similar leases and operating costs saved.
	During the nine months ended September 30, 2013, the Company purchased 16 retail assets for approximately $70,000,000 with a weighted average capitalization rate of 7.99% to obtain 100% control of the assets.  The weighted average capitalization rate for these net leased properties was calculated by dividing the property net operating income by the purchase price.  Property net operating income is defined as the straight-line rent for the base term of the lease less property level expense (if any) that is not recoverable from the tenant.  The cost of the aggregate acquisitions was allocated as follows: $12,000,000 to land, $51,000,000 to buildings and improvements and $7,000,000 to lease intangible costs.  The acquisitions were cash purchases and there were no contingent considerations associated with these acquisitions.  Acquisition costs of $270,000 were recorded in general and administrative expense on our consolidated statements of income and comprehensive income during the nine months ended September 30, 2013.
	Total revenues of $1,506,000 and income from continuing operations of $112,000 are included in the consolidated statements of income and comprehensive income, for the nine months ended September 30, 2013, for the aggregate 2013 acquisitions.
	The following pro forma total revenue and income from continuing operations for the 2013 acquisitions in aggregate assumes the acquisitions had taken place on January 1, 2013 for the 2013 pro forma information, and on January 1, 2012 for the 2012 pro forma information (in thousands):
	Supplemental pro forma for the nine months ended September 30, 2013 (1)
	Total revenue		$	35,104
	Income from continuing operations		$	13,926
	Supplemental pro forma for the nine months ended September 30, 2012 (1)
	Total revenue		$	28,872
	Income from continuing operations		$	11,074
		-1	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results.  Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown.
	The fair values of intangible assets acquired are amortized to depreciation and amortization on the consolidated statements of income and comprehensive income over 19.8 years.

Impairment_Charge

Impairment Charge	9 Months Ended
	Sep. 30, 2013
Asset Impairment Charges [Abstract]	'
Asset Impairment Charges [Text Block]	'
	12	Impairment Charge
	Management periodically assesses its Real Estate Investments for possible impairment whenever certain events or changes in circumstances indicate that the carrying amount of the asset, including accrued rental income, may not be recoverable through operations.  Events or circumstances that may occur include significant changes in real estate market conditions and the ability of the Company to re-lease or sell properties that are vacant or become vacant.  The Company has executed a sales agreement for the sale of one of its shopping centers.  The impairment was measured as the amount by which the current book value of the asset exceeds the estimated fair value of the asset.  As a result of the Company’s review of Real Estate Investments, including identifiable intangible assets, the Company recognized $450,000 of real estate impairments in continuing operations for the three and nine months ended September 30, 2013.
	Real Estate Investments measured at fair value due to impairment charges are considered fair value measurements on a non recurring basis.  The valuation was determined based on the sales agreement and represents a level 2 input within the fair value valuation hierarchy as of September 30, 2013, for which a nonrecurring change in fair value has been recorded during the quarter and nine months ended September 30, 2013.

Common_Stock

Common Stock	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	13	Common Stock
	On January 18, 2013, the Company completed an underwritten public offering of 1,725,000 shares of common stock at a public offering price of $27.25 per share, including 225,000 common shares pursuant to the full exercise of the underwriters’ overallotment option.   The offering raised approximately $45 million in net proceeds, after deducting the underwriting discount and other expenses.  The Company used the net proceeds of the offering to pay down amounts outstanding under the Credit Facility and for general corporate purposes.
	On May 8, 2013, the Company filed articles of amendment to its charter increasing the number of authorized shares of common stock, par value $.0001 per share, of the Company from 15,850,000 to 28,000,000; increasing the number of authorized shares of preferred stock, par value $.0001 per share, of the Company from 150,000 to 4,000,000; and increasing the number of authorized shares of excess stock, par value $.0001 per share, of the Company from 4,000,000 to 8,000,000. The amendment to the charter was previously approved by the Company’s Board of Directors, subject to stockholder approval, and approved by the Company’s stockholders at the annual meeting of stockholders held on May 6, 2013.  In addition, on July 31, 2013, the Company filed articles supplementary to its charter reclassifying and designating authorized but unissued shares of excess stock as additional shares of preferred stock, authorized but unissued shares of preferred stock as additional shares of excess stock, and authorized but unissued shares of preferred stock as additional shares of Series A Junior Participating Preferred Stock, with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption as set forth in the Company’s charter.
	As of September 30, 2013, the Company had the authority to issue 40,000,000 shares of capital stock, par value $0.0001 per share, of which 28,000,000 shares were classified as shares of common stock, 4,000,000 shares were classified as shares of preferred stock (including 200,000 shares that were classified as shares of the Company’s Series A Junior Participating Preferred Stock), and 8,000,000 shares were classified as shares of excess stock.

Stock_Based_Compensation_Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	'
	Restricted stock activity is summarized as follows:
		Shares		Weighted Average
		Outstanding		Grant Date
				Fair Value
	Unvested restricted stock at January 1, 2013		250,180	$	22.66
	Restricted stock granted		86,300		27.57
	Restricted stock vested		-73,368		22.5
	Restricted stock forfeited		-6,940		23.88
	Unvested restricted stock at September 30, 2013		256,172	$	24.37

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share Reconciliation [Table Text Block]	'
	The following is a reconciliation of the denominator of the basic net earnings per common share computation to the denominator of the diluted net earnings per common share computation for each of the periods presented:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2013		2012		2013		2012
	Weighted average number of common shares outstanding		13,239,947		11,436,044		13,128,981		11,283,037
	Unvested restricted stock		-256,173		-250,180		-256,173		-250,180
	Weighted average number of common shares outstanding used in basic earnings per share		12,983,774		11,185,864		12,872,808		11,032,857
	Weighted average number of common shares outstanding used in basic earnings per share		12,983,774		11,185,864		12,872,808		11,032,857
	Effect of dilutive securities:
	Restricted stock		79,414		53,066		80,415		49,873
	Weighted average number of common shares outstanding used in diluted earnings per share		13,063,187		11,238,930		12,953,224		11,082,730

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	'
	The table below sets forth the Company’s fair value hierarchy for assets and liabilities measured or disclosed at fair value as of September 30, 2013.
	Asset:	Level 1		Level 2		Level 3		Carrying
								Value
	Interest rate swaps	$	-	$	408,396	$	-	$	408,396
	Liability:	Level 1		Level 2		Level 3		Carrying
								Value
	Interest rate swaps	$	-	$	734,179	$	-	$	734,179
	Mortgage notes payable	$	-	$	-	$	111,262,607	$	114,789,937
	Unsecured revolving credit facility	$	-	$	40,000,000	$	-	$	40,000,000
	Unsecured term loan	$	-	$	35,000,000	$	-	$	35,000,000

Note_and_Mortgages_Payable_Tab

Note and Mortgages Payable (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Mortgages Payable [Table Text Block]	'
	Mortgages payable consisted of the following:
			September 30,		December 31,
			2013		2012
	Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases			25,000,000		25,000,000
	Note payable in monthly installments of interest only at 3.60% per annum, with balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases			23,640,000		23,640,000
	Note payable in monthly principal installments of $50,120 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.74% as of June 30, 2013. A final balloon payment in the amount of $19,744,758 is due on May 14, 2017 unless extended for a two year period at the option of the Company, subject to certain conditions, collateralized by related real estate and tenants’ leases			22,168,118		22,601,978
	Note payable in monthly installments of $153,838 including interest at 6.90% per annum, with the final monthly payment due January 2020; collateralized by related real estate and tenants’ leases			9,450,160		10,320,440
	Note payable in monthly installments of $91,675 including interest at 6.27% per annum, with a final monthly payment due July 2026; collateralized by related real estate and tenants’ leases			9,681,848		10,042,152
	Note payable in monthly installments of $60,097 including interest at 5.08% per annum, with a final balloon payment in the amount of $9,167,573 due June 2014; collateralized by related real estate and tenants’ leases			9,332,392		9,509,011
	Note payable in monthly installments of $99,598 including interest at 6.63% per annum, with the final monthly payment due February 2017; collateralized by related real estate and tenants’ leases			3,645,080		4,340,850
	Note payable in monthy interest-only installments of $48,467 at 6.56% annum, with a balloon payment in the amount of $8,580,000 due June 11, 2016; collateralized by related real estate and tenants’ leases			8,580,000		8,580,000
	Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with the final balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease			3,292,340		3,341,711
	Total		$	114,789,938	$	117,376,142
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	The following table presents scheduled principal payments on mortgages and notes payable as of September 30, 2013:
	Year Ending September 30,
	2014		$	12,735,342
	2015 (1)			43,632,216
	2016			12,456,396
	2017 (2)			22,924,073
	2018			27,363,950
	Thereafter			70,677,961
	Total debt		$	189,789,938
		-1	Scheduled maturities in 2015 include the $40,000,000 outstanding balance under the Credit Facility as of September 30, 2013.  The Credit Facility matures on October 26, 2015, and may be extended at the Company’s election, for two one-year terms to October 2017, subject to certain conditions.
		-2	Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017.  The note matures May 14, 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.

Purchase_Accounting_for_Acquis1

Purchase Accounting for Acquisitions of Real Estate (Tables)	9 Months Ended
	Sep. 30, 2013
Real Estate [Abstract]	'
Business Acquisition, Pro Forma Information [Table Text Block]	'
	The following pro forma total revenue and income from continuing operations for the 2013 acquisitions in aggregate assumes the acquisitions had taken place on January 1, 2013 for the 2013 pro forma information, and on January 1, 2012 for the 2012 pro forma information (in thousands):
	Supplemental pro forma for the nine months ended September 30, 2013 (1)
	Total revenue		$	35,104
	Income from continuing operations		$	13,926
	Supplemental pro forma for the nine months ended September 30, 2012 (1)
	Total revenue		$	28,872
	Income from continuing operations		$	11,074
		-1	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results.  Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown.

Stock_Based_Compensation_Detai

Stock Based Compensation (Details) (Restricted Stock [Member], USD $)	9 Months Ended
	Sep. 30, 2013
Restricted Stock [Member]	'
Shares Outstanding, Unvested restricted stock	250,180
Shares Outstanding,Restricted stock granted	86,300
Shares Outstanding,Restricted stock vested	-73,368
Shares Outstanding,Restricted stock forfeited	-6,940
Shares Outstanding, Unvested restricted stock	256,172
Weighted Average Grant Date Fair Value, Unvested restricted stock	$22.66
Weighted Average Grant Date Fair Value,Restricted stock granted	$27.57
Weighted Average Grant Date Fair Value,Restricted stock vested	$22.50
Weighted Average Grant Date Fair Value,Restricted stock forfeited	$23.88
Weighted Average Grant Date Fair Value, Unvested restricted stock	$24.37

Stock_Based_Compensation_Detai1

Stock Based Compensation (Details Textual) (Restricted Stock [Member], USD $)	9 Months Ended
	Sep. 30, 2013
Restricted Stock [Member]	'
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized	$4,884,000
Employee Service Share-Based Compensation, Nonvested Awards, Total Compensation Cost Not Yet Recognized, Period For Recognition	'3 years 3 months 4 days
Fair Value Inputs, Discount Rate	0.00%
Fair Value Inputs Forfeiture Rate	0.00%

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Weighted average number of common shares outstanding	13,239,947	11,436,044	13,128,981	11,283,037
Unvested restricted stock	-256,173	-250,180	-256,173	-250,180
Weighted average number of common shares outstanding used in basic earnings per share	12,983,774	11,185,864	12,872,808	11,032,857
Weighted average number of common shares outstanding used in basic earnings per share	12,983,774	11,185,864	12,872,808	11,032,857
Effect of dilutive securities:	'	'	'	'
Restricted stock	79,414	53,066	80,415	49,873
Weighted average number of common shares outstanding used in diluted earnings per share	13,063,187	11,238,930	12,953,224	11,082,730

Derivative_Instruments_and_Hed1

Derivative Instruments and Hedging Activity (Details Textual) (USD $)	12 Months Ended			9 Months Ended
	Dec. 31, 2009	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2013
	Interest Rate Swap Agreement One [Member]	Interest Rate Swap Agreement Two [Member]	Interest Rate Swap Agreement Three [Member]	Interest Rate Swap Agreement Four [Member]
Derivative, Notional Amount	$24,501,280	$22,268,358	$25,000,000	$35,000,000
Derivative, Inception Date	2-Jan-09	1-Jul-13	6-Dec-12	3-Oct-13
Derivative, Maturity Date	1-Jul-13	1-May-19	4-Apr-18	29-Sep-20
Description of Interest Rate Cash Flow Hedge Activities	'the Company received from the counterparty interest on the notional amount based on 1.5% plus one-month LIBOR and paid to the counterparty a fixed rate of 3.744%.	'the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 1.92%.	'the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 2.197%.	'the Company will receive from the counterparty interest on the notional amount based on one-month LIBOR and will pay to the counterparty a fixed rate of 2.197%.
Conversion Of Variable Rate Borrowing Amount To Fixed Rate Bearing Amount	$24,501,280	$22,268,358	$25,000,000	$35,000,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Interest Rate Derivative Liabilities, At Fair Value	$734,179	$1,337,998
Interest Rate Swap [Member]	'	'
Interest Rate Derivative Assets, at Fair Value	408,396	'
Interest Rate Derivative Liabilities, At Fair Value	734,179	'
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Interest Rate Derivative Assets, at Fair Value	0	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Interest Rate Derivative Assets, at Fair Value	408,396	'
Interest Rate Derivative Liabilities, At Fair Value	734,179	'
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Interest Rate Derivative Assets, at Fair Value	0	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgages Payable [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	114,789,937	'
Mortgages Payable [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgages Payable [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Mortgages Payable [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	111,262,607	'
Unsecured Revolving Credit Facility [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	40,000,000	'
Unsecured Revolving Credit Facility [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured Revolving Credit Facility [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	40,000,000	'
Unsecured Revolving Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured Term Loan [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	35,000,000	'
Unsecured Term Loan [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	0	'
Unsecured Term Loan [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	35,000,000	'
Unsecured Term Loan [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Interest Rate Derivative Liabilities, At Fair Value	$0	'

Note_and_Mortgages_Payable_Det

Note and Mortgages Payable (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Mortgage Notes Payable	$114,789,938	$117,376,142
April 4 2018 [Member]	'	'
Mortgage Notes Payable	25,000,000	25,000,000
January 1 2023 [Member]	'	'
Mortgage Notes Payable	23,640,000	23,640,000
May 14 2017 [Member]	'	'
Mortgage Notes Payable	22,168,118	22,601,978
January 2020 [Member]	'	'
Mortgage Notes Payable	9,450,160	10,320,440
July 2026 [Member]	'	'
Mortgage Notes Payable	9,681,848	10,042,152
June 2014 [Member]	'	'
Mortgage Notes Payable	9,332,392	9,509,011
February 2017 [Member]	'	'
Mortgage Notes Payable	3,645,080	4,340,850
June 11 2016 [Member]	'	'
Mortgage Notes Payable	8,580,000	8,580,000
February 2020 [Member]	'	'
Mortgage Notes Payable	$3,292,340	$3,341,711

Note_and_Mortgages_Payable_Det1

Note and Mortgages Payable (Details 1) (USD $)	Sep. 30, 2013
Scheduled principal payments on mortgages and notes payable as of September 30, 2013:	'
2014	$12,735,342
2015 (1)	43,632,216	[1]
2016	12,456,396
2017 (2)	22,924,073	[2]
2018	27,363,950
Thereafter	70,677,961
Total debt	$189,789,938
[1]	Scheduled maturities in 2015 include the $40,000,000 outstanding balance under the Credit Facility as of September 30, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Companybs election, for two one-year terms to October 2017, subject to certain conditions.
[2]	Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Companybs election, for a two-year term to May 2019, subject to certain conditions.

Note_and_Mortgages_Payable_Det2

Note and Mortgages Payable (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2013
Line of Credit Facility, Current Borrowing Capacity	$85,000,000
Line of Credit Facility, Maximum Borrowing Capacity	135,000,000
Line of Credit Facility, Expiration Date	26-Oct-15
Extension Options	'two one-year terms
Line Of Credit Facility Extension Option Expiration Date	'October 2017
Line of Credit Facility, Interest Rate Description	'interest at LIBOR plus a spread of 150 to 215 basis points depending on the Companys leverage ratio
Line of Credit Facility, Amount Outstanding	40,000,000
Line Of Credit Facility Weighted Average Interest Rate	1.92%
Line Of Credit Facility Available For Borrowing Subject To Customary Condition	45,000,000
Short-term Debt, Weighted Average Interest Rate	4.39%
Real Estate Investments, Net	146,524,119
Long-term Debt, Maturities, Repayments of Principal in Year Two	43,632,216	[1]
Long-term Debt, Maturities, Repayments of Principal in Year Four	22,924,073	[2]
Notes Payable [Member]	'
Long-term Debt, Maturities, Repayments of Principal in Year Four	19,744,758
Letter of Credit [Member]	'
Long-term Debt, Maturities, Repayments of Principal in Year Two	40,000,000
Unsecured Term Loan [Member]	'
Debt Instrument, Face Amount	35,000,000
Debt Instrument, Maturity Date	29-Sep-20
Debt Instrument, Interest Rate, Stated Percentage	3.85%
Debt Instrument, Description of Variable Rate Basis	'interest at LIBOR plus a spread of 165 to 225 basis points depending on the Companys leverage ratio
Debt Instrument, Additional Borrowing Capacity, Amount	35,000,000
April 4 2018 [Member]	'
Interest Rate Swap,Description	'interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%
January 1 2023 [Member]	'
Debt Instrument, Interest Rate, Stated Percentage	3.60%
May 14 2017 [Member]	'
Debt Instrument, Periodic Payment, Principal	50,120
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	19,744,758
Interest Rate Swap,Description	'interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.74%
January 2020 [Member]	'
Debt Instrument, Periodic Payment, Principal	153,838
Debt Instrument, Interest Rate, Stated Percentage	6.90%
July 2026 [Member]	'
Debt Instrument, Periodic Payment, Principal	91,675
Debt Instrument, Interest Rate, Stated Percentage	6.27%
June 2014 [Member]	'
Debt Instrument, Periodic Payment, Principal	60,097
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	9,167,573
Debt Instrument, Interest Rate, Stated Percentage	5.08%
February 2017 [Member]	'
Debt Instrument, Periodic Payment, Principal	99,598
Debt Instrument, Interest Rate, Stated Percentage	6.63%
June 11 2016 [Member]	'
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	8,580,000
Debt Instrument, Periodic Payment, Interest	48,467
Debt Instrument, Interest Rate, Stated Percentage	6.56%
February 2020 [Member]	'
Debt Instrument, Periodic Payment, Principal	23,004
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid	$2,766,628
Debt Instrument, Interest Rate, Stated Percentage	6.24%
[1]	Scheduled maturities in 2015 include the $40,000,000 outstanding balance under the Credit Facility as of September 30, 2013. The Credit Facility matures on October 26, 2015, and may be extended at the Companybs election, for two one-year terms to October 2017, subject to certain conditions.
[2]	Scheduled maturities in 2017 include $19,744,758 which represents the ending balance of a note payable due in 2017. The note matures May 14, 2017 and may be extended, at the Companybs election, for a two-year term to May 2019, subject to certain conditions.

Dividends_and_Distributions_Pa1

Dividends and Distributions Payable (Details Textuals) (USD $)	Sep. 10, 2013
Dividends Payable, Amount Per Share	$0.41

Deferred_Revenue_Details_Textu

Deferred Revenue (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Jul. 31, 2004
Real Estate Investments, Joint Ventures	'	'	$4,000,000
Deferred Revenue	1,583,248	1,930,783	'
Deferred Revenue, Revenue Recognization Period	'3 years 4 months 24 days	'	'
Corporate Joint Venture [Member]	'	'	'
Deferred Revenue	'	'	$4,000,000

Discontinued_Operations_Detail

Discontinued Operations (Details Textual) (USD $)	3 Months Ended		9 Months Ended			12 Months Ended				9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2011	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Sep. 30, 2013
						Segment, Discontinued Operations [Member]	Segment, Discontinued Operations [Member]	Segment, Discontinued Operations [Member]	Segment, Discontinued Operations [Member]	Segment, Discontinued Operations [Member]
						Office Building [Member]	Single Tenant Property [Member]	Shopping Center Property [Member]	Shopping Center Property One [Member]	Ypsilanti Property [Member]
Proceeds from Sale of Property, Plant, and Equipment	'	'	'	'	'	$650,000	$4,460,000	$3,500,000	$7,475,000	$5,600,000
Long-term Debt, Gross	'	'	'	'	9,200,000	'	'	'	'	'
Disposal Group, Including Discontinued Operation, Revenue	0	390,543	9,301	2,116,663	'	'	'	'	'	'
Disposal Group, Including Discontinued Operation, Operating Expense	0	180,924	2,287	1,009,303	'	'	'	'	'	'
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest	$0	($3,266)	$24,732	$85,296	'	'	'	'	'	'

Purchase_Accounting_for_Acquis2

Purchase Accounting for Acquisitions of Real Estate (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013		Sep. 30, 2012
Total revenue	$35,104	[1]	$28,872	[1]
Income from continuing operations	$13,926	[1]	$11,074	[1]
[1]	This unaudited pro forma supplemental information does not purport to be indicative of what the Company operating results would have been had the acquisitions occurred on January 1, 2013 or January 1, 2012 and may not be indicative of future operating results. Various acquisitions were of newly leased or constructed assets and may not have been in service for the full periods shown.

Purchase_Accounting_for_Acquis3

Purchase Accounting for Acquisitions of Real Estate (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2013
	Properties
Payments To Acquire Retail Assets	$70,000,000
Weighted Average Capitalization Rate For Acquired Assets	7.99%
Percentage Of Control Of Assets	100.00%
Real Estate Revenue, Net	1,506,000
Income (Loss) from Continuing Operations Attributable to Parent	112,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	'19 years 9 months 18 days
Number of Real Estate Properties	16
Acquisition Costs, Period Cost	270,000
Land [Member]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	12,000,000
Building and Building Improvements [Member]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	51,000,000
Lease Intangible Costs [Member]	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total	$7,000,000

Impairment_Charge_Details_Text

Impairment Charge (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Impairment of Real Estate	$450,000	$0	$450,000	$0

Common_Stock_Details_Textual

Common Stock (Details Textual) (USD $)	1 Months Ended	9 Months Ended
	Jan. 31, 2013	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Stock Issued During Period, Shares, New Issues	1,725,000	'	'	'
Sale Of Stock, Price Per Share (in dollars per share)	$27.25	'	'	'
Proceeds From Issuance Of Common Stock (in dollars)	$45,000,000	$44,802,340	$35,042,235	'
Common Stock, Par or Stated Value Per Share	'	$0.00	'	$0.00
Common Stock, Shares Authorized	'	28,000,000	'	15,850,000
Preferred Stock, Par or Stated Value Per Share	'	$0.00	'	$0.00
Preferred Stock, Shares Authorized	'	4,000,000	'	150,000
Excess Stock Par Or Stated Value Per Share	'	$0.00	'	$0.00
Excess Stock, Shares Authorized	'	8,000,000	'	4,000,000
Shares Authorized	'	40,000,000	'	'
Series A Junior Participating Preferred Stock [Member]	'	'	'	'
Preferred Stock, Par or Stated Value Per Share	'	$0.00	'	$0.00
Preferred Stock, Shares Authorized	'	200,000	'	150,000
Over Allotment Option [Member]	'	'	'	'
Sale of Stock, Number of Shares Issued in Transaction	225,000	'	'	'