Agree Realty (ADC) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	AGREE REALTY CORP
Entity Central Index Key	917,251
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ADC
Entity Common Stock, Shares Outstanding		20,762,843

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Real Estate Investments
Land	$ 236,700,064	$ 225,273,640
Buildings	553,441,081	526,911,997
Less accumulated depreciation	(59,763,907)	(56,401,423)
Property, Plant and Equipment, Net	730,377,238	695,784,214
Property under development	3,575,090	3,663,301
Net Real Estate Investments	733,952,328	699,447,515
Cash and Cash Equivalents	3,711,373	2,711,588
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at March 31, 2016 and December 31, 2015	7,807,164	7,418,327
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $1,584,175 and $1,531,671 at March 31, 2016 and December 31, 2015, respectively	490,284	505,687
Leasing costs, net of accumulated amortization of $575,448 and $553,502 at March 31, 2016 and December 31, 2015, respectively	682,046	664,565
Lease intangibles, net of accumulated amortization of $12,263,284 and $10,577,794 at March 31, 2016 and December 31, 2015, respectively	76,650,860	76,552,316
Other Assets	2,259,255	2,569,659
Total Assets	825,553,310	789,869,657
LIABILITIES
Mortgage Notes Payable, net	91,124,627	100,358,717
Unsecured Term Loans, net	99,420,702	99,156,151
Senior Unsecured Notes, net	99,176,580	99,389,620
Unsecured Revolving Credit Facility	60,000,000	18,000,000
Dividends and Distributions Payable	9,812,376	9,757,988
Deferred Revenue	424,798	540,643
Accrued Interest Payable	1,977,551	962,825
Accounts Payable and Accrued Expense
Capital expenditures	27,952	122,496
Operating	6,252,263	3,926,962
Interest Rate Swaps	6,138,222	3,301,108
Deferred Income Taxes	705,000	705,000
Tenant Deposits	38,608	28,608
Total Liabilities	375,098,679	336,250,118
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 28,000,000 shares authorized, 20,754,264 and 20,637,301 shares issued and outstanding, respectively	2,075	2,064
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	484,511,186	482,514,380
Dividends in excess of net income	(30,452,339)	(28,262,441)
Accumulated other comprehensive loss	(6,017,490)	(3,130,376)
Total Stockholders' Equity - Agree Realty Corporation	448,043,432	451,123,627
Non-controlling interest	2,411,199	2,495,912
Total Stockholders' Equity	450,454,631	453,619,539
Total Liabilities and Stockholders' Equity	$ 825,553,310	$ 789,869,657

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Allowance for doubtful accounts receivable (in dollars)	$ 35,000	$ 35,000
Deferred leasing costs, accumulated amortization (in dollars)	575,448	553,502
Finite-lived intangible assets, accumulated amortization (in dollars)	$ 12,263,284	$ 10,577,794
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	28,000,000	28,000,000
Common stock, shares, issued	20,754,264	20,637,301
Common stock, shares, outstanding	20,754,264	20,637,301
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	4,000,000	4,000,000
Accumulated Amortization, Deferred Finance Costs	$ 1,584,175	$ 1,531,671
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Minimum rents	$ 18,491,035	$ 14,554,011
Percentage rents	183,345	9,811
Operating cost reimbursement	1,589,060	1,178,025
Other income	(39,582)	1,209
Total Revenues	20,223,858	15,743,056
Operating Expenses
Real estate taxes	1,122,664	762,923
Property operating expenses	573,026	571,390
Land lease payments	163,276	131,863
General and administrative	2,045,026	1,667,600
Depreciation and amortization	5,085,250	3,553,581
Total Operating Expenses	8,989,242	6,687,357
Income from Operations	11,234,616	9,055,699
Other (Expense) Income
Interest expense, net	(3,648,291)	(2,460,755)
Gain on sale of assets	0	79,104
Loss on debt extinguishment	0	(179,867)
Discontinued Operations
Net Income	7,586,325	6,494,181
Less Net Income Attributable to Non-Controlling Interest	125,492	125,816
Net Income Attributable to Agree Realty Corporation	$ 7,460,833	$ 6,368,365
Net Income Per Share Attributable to Agree Corporation
Basic (in dollars per share)	$ 0.37	$ 0.37
Diluted (in dollars per share)	$ 0.36	$ 0.37
Other Comprehensive Income
Net income	$ 7,586,325	$ 6,494,181
Other Comprehensive Loss	(2,935,676)	(2,011,828)
Total Comprehensive Income	4,650,649	4,482,353
Comprehensive Income Attributable to Non-Controlling Interest	(76,931)	(86,832)
Comprehensive Income Attributable to Agree Realty Corporation	$ 4,573,718	$ 4,395,521
Diluted Earnings Per Share
Weighted Average Number of Common Shares Outstanding - Basic: (in shares)	20,438,729	17,369,832
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares)	20,480,140	17,416,359

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Dividends in excess of net income [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interest [Member]
Balance at Dec. 31, 2015	$ 453,619,539	$ 2,064	$ 482,514,380	$ (28,262,441)	$ (3,130,376)	$ 2,495,912
Balance (in shares) at Dec. 31, 2015		20,637,301
Issuance of common stock, net of issuance costs	1,991,834	$ 5	1,991,829	0	0	0
Issuance of common stock, net of issuance costs (in shares)		53,886
Repurchase of common shares	(703,055)	$ (2)	(703,053)
Repurchase of common shares (in shares)		(20,381)
Issuance of restricted stock under the Omnibus Incentive Plan	8	$ 8	0	0	0	0
Issuance of restricted stock under the Omnibus Incentive Plan (in shares)		83,458
Forfeiture of restricted stock	0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)		0
Vesting of restricted stock	708,030	$ 0	708,030	0	0	0
Dividends and distributions declared for the period	(9,812,374)	0	0	(9,650,731)	0	(161,643)
Other comprehensive income (loss) - change in fair value of interest rate swaps	(2,935,676)	0	0	0	(2,887,114)	(48,562)
Net income	7,586,325	0	0	7,460,833	0	125,492
Balance at Mar. 31, 2016	$ 450,454,631	$ 2,075	$ 484,511,186	$ (30,452,339)	$ (6,017,490)	$ 2,411,199
Balance (in shares) at Mar. 31, 2016		20,754,264

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities
Net income	$ 7,586,325	$ 6,494,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,377,814	2,571,170
Amortization	1,707,436	1,091,833
Amortization from financing and credit facility costs	170,105	58,779
Stock-based compensation	708,030	523,955
Loss on extinguishment of debt	0	179,867
(Gain) loss on sale of assets	0	(79,104)
(Increase) decrease in accounts receivable	(388,837)	(415,399)
(Increase) decrease in other assets	262,383	(826,915)
Increase (decrease) in accounts payable	2,202,807	(236,711)
Increase (decrease) in deferred revenue	(115,845)	(115,845)
Increase (decrease) in accrued interest	1,014,726	(89,380)
Increase (decrease) in tenant deposits	10,000	0
Net Cash Provided by Operating Activities	16,534,944	9,156,431
Cash Flows from Investing Activities
Acquisition of real estate investments	(33,486,435)	(60,262,740)
Development of real estate investments and other (including capitalized interest of $7,269 in 2016 and $1,001 in 2015)	(6,202,814)	(272,324)
Payment of leasing costs	(39,428)	0
Net proceeds from sale of assets	0	975,636
Net Cash Used In Investing Activities	(39,728,677)	(59,559,428)
Cash Flows from Financing Activities
Proceeds from common stock offerings, net	1,991,840	(94,633)
Repurchase of common shares	(703,053)	0
Unsecured revolving credit facility borrowings	42,000,000	64,500,000
Payments of mortgage notes payable	(9,300,179)	(3,082,805)
Dividends paid	(9,596,345)	(7,892,976)
Limited partners' distributions paid	(161,643)	(156,429)
Debt extinguishment costs	0	(150,084)
Repayments of payables for capital expenditures	0	(200,300)
Payments for financing costs	(37,102)	0
Net Cash Provided by Financing Activities	24,193,518	52,922,773
Net Increase (Decrease) in Cash and Cash Equivalents	999,785	2,519,776
Cash and Cash Equivalents, beginning of period	2,711,588	5,399,458
Cash and Cash Equivalents, end of period	3,711,373	7,919,234
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)	2,484,494	2,367,949
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Shares issued under equity incentive plans	3,059,018	2,463,751
Dividends and limited partners' distributions declared and unpaid	9,812,376	8,077,605
Real estate investment financed with accounts payable	$ 27,952	$ 24,452

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Real Estate Inventory, Capitalized Interest Costs	$ 7,269	$ 1,001

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 – Organization Agree Realty Corporation, a Maryland corporation, is a fully integrated real estate investment trust (“REIT”) primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. We were founded in 1971 by our current Executive Chairman, Richard Agree, and listed on the New York Stock Exchange (“NYSE”) in 1994. Our assets are held by, and all of our operations are conducted through, directly or indirectly, Agree Limited Partnership (the “Operating Partnership”), of which we are the sole general partner and in which we held a 98.4 The terms “Agree Realty,” the “Company,” “we,” “our” or “us” refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 – Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements for the three months ended March 31, 2016 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) 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 GAAP for audited financial statements. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three months ended March 31, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016. Amounts as of December 31, 2015 included in the consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto, as well as Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the year ended December 31, 2015. The unaudited consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities at the date of the financial statements and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates. Certain reclassifications or prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. As a result of the adoption of ASU 2015-03, unamortized debt issuance cost is presented as a direct deduction from the carrying amount of the debt liability; in previously filed reports the unamortized debt issuance cost was classified on the Balance Sheets as an Unamortized Deferred Expense. We are in the business of acquiring, developing and managing retail real estate which we consider one reporting segment. The Company has no other reporting segments. The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value less anticipated selling costs. Accounting for Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use a number of sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, in-place lease intangibles are valued based on the Company’s estimate of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We had $ 2.7 1.7 2015, respectively, in excess of the FDIC insured limit. The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions. The Company collects various taxes from tenants and remits these amounts, on a net basis, to the applicable taxing authorities. Deferred expenses include debt financing costs, leasing costs and lease intangibles and are amortized as follows: (i) debt financing costs on a straight-line basis to interest expense over the term of the related loan; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. March 31, 2016 March 31, 2015 Credit Facility Financing Costs $ 52,505 $ 58,779 Leasing Costs 21,946 29,347 Lease Intangibles 1,685,490 953,061 Total $ 1,759,941 $ 1,041,187 Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 157,515 $ 210,018 $ 122,751 $ - $ - $ - $ 490,284 Leasing Costs 65,839 87,125 84,789 82,662 62,452 299,179 682,046 Lease Intangibles 5,093,241 6,725,885 6,315,847 6,055,325 5,920,094 46,540,468 76,650,860 Total $ 5,316,595 $ 7,023,028 $ 6,523,387 $ 6,137,987 $ 5,982,546 $ 46,839,647 $ 77,823,190 Earnings per share have been computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potential dilutive common shares outstanding in accordance with the treasury stock method. Three Months Ended March 31, 2016 March 31, 2015 Weighted average number of common shares outstanding 20,666,806 17,595,227 Less: Unvested restricted stock (228,077) (225,395) Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Effect of dilutive securities: restricted stock 41,411 46,527 Weighted average number of common shares outstanding used in diluted earnings per share 20,480,140 17,416,359 The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders, and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state and local taxes on its income and real estate. The Company has established taxable REIT subsidiaries (“TRS”) pursuant to the provisions of the Internal Revenue Code. The Company’s TRS entities are able to engage in activities resulting in income that would be non-qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS entities are subject to federal and state income taxes. As of March 31, 2016 and December 31, 2015, the Company had accrued a deferred income tax amount of $ 705,000 0 3,317 The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-09 “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. We are still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-05 “Derivatives and Hedging (Topic 815): “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships”. ASU 2016-05 addresses the impact on hedge accounting due to a change in a counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. The amendments in this Update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. The amendments in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria (including those in paragraphs 815-20-35-14 through 35-18) continue to be met. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. We have reviewed ASU 2016-05 in the context of our hedge accounting and determined that it has no impact. In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02 “Leases.” The new standard creates Topic 842, Leases, in FASB Accounting Standards Codification Leases. In April 2015, the Financial Accounting Standards Board issued ASU No. 2015-03 “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The objective of ASU 2015-03 is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. To simplify presentation of debt issuance costs, the amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. ASU No. 2015-03 is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015. Early adoption is permitted. The Company has adopted the new guidance and determined the resulting impact on the statements was a reclassification of certain deferred financing costs from other assets to notes payable. In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU No. 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. ASU 2014-09 was to be effective for fiscal years and interim periods beginning after December 15, 2016. In August 2015, the Financial Accounting Standards Board issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for one year. As a result, ASU No. 2014-09 is now effective for fiscal years and interim periods beginning after December 15, 2017. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-08 “Revenue from Contracts with Customers: Principal versus Agent Considerations”. The amendments in this Update do not change the core principle of the guidance in Topic 606. The amendments clarify the implementation guidance on principal versus agent considerations. The amendments in this update will be applied retrospectively either to each prior reporting period presented or to disclose the cumulative effect recognized at the date of initial application. We are still in the process of determining the impact that the implementation of ASU 2014-09 will have on the Company’s financial statements.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 3 – Real Estate Investments Real Estate Portfolio March 31, 2016 December 31, 2015 Number of Properties 291 278 Gross Leasable Area 5,443,000 5,207,000 Land $ 236,700,064 $ 225,273,640 Buildings 553,441,081 526,911,997 Property under Development 3,575,090 3,663,301 Gross Real Estate Investments $ 793,716,235 $ 755,848,938 Less Accumulated Depreciation $ (59,763,907) $ (56,401,423) Net Real Estate Investments $ 733,952,328 $ 699,447,515 Lease Intangibles The following table details lease intangibles, net of accumulated amortization, as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Intangible Lease Asset - In-Place Leases $ 49,268,003 $ 47,051,639 Less: Accumulated Amortization (8,149,993) (7,239,191) Intangible Lease Asset - Above-Market Leases 63,605,600 61,241,046 Less: Accumulated Amortization (8,678,391) (7,367,216) Intangible Lease Liability - Below-Market Leases (23,959,459) (21,162,576) Less: Accumulated Amortization 4,565,100 4,028,614 Lease Intangible Asset, net $ 76,650,860 $ 76,552,316 Investments During the three months ended March 31, 2016, the Company purchased 12 retail net lease assets for approximately $ 33.3 6.9 7.9 The aggregate first quarter 2016 acquisitions were allocated $ 10.4 21.1 1.8 None of the Company’s acquisitions during the first three months of 2016 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized base rent at March 31, 2016. The Company calculates the underwritten weighted average capitalization rate on its acquisitions by dividing annual expected net operating income derived from the properties by the total investment in the properties. Annual expected net operating income is defined as the straight-line rent for the base term of the lease less property level expenses (if any) that are not recoverable from the tenant.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4 – Debt In April 2015, FASB issued ASU 2015-03, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the gross carrying amount of that debt liability, consistent with debt discounts. We adopted ASU 2015-03 effective as of the three months ended March 31, 2016 and appropriately retrospectively applied the guidance to our Mortgage Notes Payable, Unsecured Term Loans and Senior Unsecured Notes for all periods presented. Unamortized debt issuance costs of approximately $ 2.6 2.7 As of March 31, 2016, the Company had total gross indebtedness of $ 352.3 92.3 100.0 100.0 60.0 Mortgage Notes Payable As of March 31, 2016, the Company had total gross mortgage indebtedness of $ 92.3 118.1 4.85 In March 2016, the Company prepaid a mortgage note payable with an outstanding balance of $ 8.6 6.56 (Unaudited) March 31, 2016 December 31, 2015 Note payable in monthly installments of interest only at 6.56% annum, with a balloon payment in the amount of $8,580,000 paid on March 11, 2016; collateralized by related real estate and tenants’ leases $ - $ 8,580,000 Note payable in monthly principal installments of $56,380 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2015. 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 20,571,698 20,740,838 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 $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 6,202,425 6,552,907 Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with a balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease 3,109,049 3,128,803 Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases 23,640,000 23,640,000 Note payable in monthly installments of $35,673 including interest at 5.01% per annum, with a balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease 5,409,882 5,448,058 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 8,351,135 8,493,762 Total Principal 92,284,189 101,584,368 Unamortized debt issuance costs (1,159,562) (1,225,651) Total $ 91,124,627 $ 100,358,717 Debt Maturities Scheduled Balloon Principal Payment Total Remainder of 2016 $ 2,233,856 $ - $ 2,233,856 2017 (1) 2,710,697 19,744,758 22,455,455 2018 (2) 2,575,654 85,000,000 87,575,654 2019 2,750,823 - 2,750,823 2020 1,100,218 37,766,951 38,867,169 Thereafter 9,761,232 188,640,000 198,401,232 Total $ 21,132,480 $ 331,151,709 $ 352,284,189 (1) The balloon payment is related to a mortgage note that matures in May 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions. (2) The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2016. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions. Senior Unsecured Notes March 31,2016 (Unaudited) December 31, 2015 2025 Senior Unsecured Note $ 50,000,000 $ 50,000,000 2027 Senior Unsecured Note 50,000,000 50,000,000 Total Principal 100,000,000 100,000,000 Unamortized debt issuance costs (823,420) (610,380) Total $ 99,176,580 $ 99,389,620 On May 28, 2015, the Company completed a private placement of $ 100.0 50 4.16 May 30, 2025 50.0 4.26 May 30, 2027 11 4.21 Revolving Credit and Term Loan Facility March 31, 2016 (Unaudited) December 31, 2015 2020 Term Loan $ 35,000,000 $ 35,000,000 2021 Term Loan 65,000,000 65,000,000 Total Principal 100,000,000 100,000,000 Unamortized debt issuance costs (579,298) (843,849) Total $ 99,420,702 $ 99,156,151 The Company has in place a $ 250.0 150.0 65.0 35.0 The Credit Facility is due July 21, 2018, with an additional one-year extension at the Company’s option, subject to customary conditions. Borrowings under the Credit Facility are priced at LIBOR plus 135 to 200 basis points, depending on the Company’s leverage 60 1.6 90 The 2021 Term Loan matures on July 21, 2021 Borrowings under the 2021 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage interest rate swaps to fix LIBOR at 2.09% until maturity 65.0 3.74 The 2020 Term Loan matures on September 29, 2020 Borrowings under the 2020 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Company’s leverage interest rate swaps to fix LIBOR at 2.20% until maturity 35.0 3.85 The Revolving Credit and Term Loan Facility 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 March 31, 2016.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 5 – Common Stock On May 6, 2015, the Company implemented a $ 100.0 During the three months ended March 31, 2016, the Company issued 53,886 38.38 2.1 57.9 During the year ended December 31, 2015, the Company issued 1,318,812 30.31 40 On March 27, 2015, the Securities and Exchange Commission declared effective a shelf registration statement previously filed by the Company. The securities covered by this registration statement, which expires March 27, 2018, cannot exceed $ 500.0 We completed a follow-on offering of 1,725,000 53.0

Dividends and Distribution Paya

Dividends and Distribution Payable	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Dividends And Distributions Payable [Text Block]	Note 6 – Dividends and Distribution Payable On March 1, 2016, the Company declared a dividend of $ 0.465

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	Note 7 – 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. In April 2012, the Company entered into a forward starting interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 22.3 the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 1.92%. July 1, 2013 In December 2012, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $ 25.0 the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 0.89%. December 6, 2012 In September 2013, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 35.0 the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 2.20% October 3, 2013 September 29, 2020 In July 2014, the Company entered into interest rate swap agreements to hedge against changes in future cash flows resulting from changes in interest rates on $ 65.0 the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 2.09% July 21, 2014 July 21, 2021 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 three months ended March 31, 2016 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 three months ended March 31, 2016, 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 March 31, 2016.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 8 – Discontinued Operations The Company elected to early adopt ASU 2014-08 "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" in the first quarter of 2014. There were no properties classified as discontinued operations for the three months ended March 31, 2016 and 2015.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 – Fair Value Measurements Liability: Level 1 Level 2 Level 3 Carrying Value Interest rate swaps $ - $ 6,138,222 $ - $ 6,138,222 Mortgage notes payable $ - $ - $ 94,526,385 $ 92,284,189 Unsecured term loans $ - $ - $ 100,008,610 $ 100,000,000 Senior unsecured notes $ - $ - $ 99,685,161 $ 100,000,000 Revolving credit facility $ - $ 60,000,000 $ - $ 60,000,000 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 are based on the net present value of expected future cash flows on each leg of the swap utilizing market-based inputs and discount rates reflecting the risks involved. The fair value of fixed rate debt was derived using the present value of future 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.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 10 – Equity Incentive Plan The Company estimates the fair value of restricted stock 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 March 31, 2016, there was $ 6.6 3.7 0 The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares 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. Weighted Average Shares Grant Date Outstanding Fair Value Unvested restricted stock at December 31, 2015 212,943 $ 29.07 Restricted stock granted 83,458 $ 36.65 Restricted stock vested (68,324) $ 26.89 Restricted stock forfeited - $ - Unvested restricted stock at March 31, 2016 228,077 $ 32.50

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 – Subsequent Events In connection with the preparation of its financial statements for the three months ended March 31, 2016, the Company has evaluated events that occurred subsequent to March 31, 2016 through the date on which these financial statements were available to be issued to determine whether any of these events required disclosure in the financial statements. The Company is not aware of any subsequent events that would require recognition or disclosure in the financial statements.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Accounting and Principles of Consolidation The accompanying unaudited consolidated financial statements for the three months ended March 31, 2016 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) 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 GAAP for audited financial statements. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three months ended March 31, 2016 may not be indicative of the results that may be expected for the year ending December 31, 2016. Amounts as of December 31, 2015 included in the consolidated financial statements have been derived from the audited consolidated financial statements as of that date. The unaudited consolidated financial statements, included herein, should be read in conjunction with the consolidated financial statements and notes thereto, as well as Management's Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K for the year ended December 31, 2015. The unaudited consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America GAAP requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities at the date of the financial statements and (2) revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification, Policy [Policy Text Block]	Reclassification Certain reclassifications or prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. As a result of the adoption of ASU 2015-03, unamortized debt issuance cost is presented as a direct deduction from the carrying amount of the debt liability; in previously filed reports the unamortized debt issuance cost was classified on the Balance Sheets as an Unamortized Deferred Expense.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting We are in the business of acquiring, developing and managing retail real estate which we consider one reporting segment. The Company has no other reporting segments.
Real Estate, Policy [Policy Text Block]	Real Estate Investments The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value less anticipated selling costs.
Purchase Accounting For Acquisitions Of Real Estate [Policy Text Block]	Accounting for Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use a number of sources, including data provided by independent third parties, as well as information obtained by the Company as a result of its due diligence, including expected future cash flows of the property and various characteristics of the markets where the property is located. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, in-place lease intangibles are valued based on the Company’s estimate of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We had $ 2.7 1.7 2015, respectively, in excess of the FDIC insured limit.
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Accounts Receivable – Tenants The Company reviews its rent receivables for collectability on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that the collectability of a receivable with respect to any tenant is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific rent receivable will be made. For accrued rental revenues related to the straight-line method of reporting rental revenue, the Company performs a periodic review of receivable balances to assess the risk of uncollectible amounts and establish appropriate provisions.
Sales Tax [Policy Text Block]	Sales Tax The Company collects various taxes from tenants and remits these amounts, on a net basis, to the applicable taxing authorities.
Deferred Charges, Policy [Policy Text Block]	Unamortized Deferred Expenses Deferred expenses include debt financing costs, leasing costs and lease intangibles and are amortized as follows: (i) debt financing costs on a straight-line basis to interest expense over the term of the related loan; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. March 31, 2016 March 31, 2015 Credit Facility Financing Costs $ 52,505 $ 58,779 Leasing Costs 21,946 29,347 Lease Intangibles 1,685,490 953,061 Total $ 1,759,941 $ 1,041,187 Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 157,515 $ 210,018 $ 122,751 $ - $ - $ - $ 490,284 Leasing Costs 65,839 87,125 84,789 82,662 62,452 299,179 682,046 Lease Intangibles 5,093,241 6,725,885 6,315,847 6,055,325 5,920,094 46,540,468 76,650,860 Total $ 5,316,595 $ 7,023,028 $ 6,523,387 $ 6,137,987 $ 5,982,546 $ 46,839,647 $ 77,823,190
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share Earnings per share have been computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potential dilutive common shares outstanding in accordance with the treasury stock method. Three Months Ended March 31, 2016 March 31, 2015 Weighted average number of common shares outstanding 20,666,806 17,595,227 Less: Unvested restricted stock (228,077) (225,395) Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Effect of dilutive securities: restricted stock 41,411 46,527 Weighted average number of common shares outstanding used in diluted earnings per share 20,480,140 17,416,359
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, the Company generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of its assets, the amounts distributed to its stockholders, and the ownership of Company stock. Management believes the Company has qualified and will continue to qualify as a REIT. Notwithstanding the Company’s qualification for taxation as a REIT, the Company is subject to certain state and local taxes on its income and real estate. The Company has established taxable REIT subsidiaries (“TRS”) pursuant to the provisions of the Internal Revenue Code. The Company’s TRS entities are able to engage in activities resulting in income that would be non-qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS entities are subject to federal and state income taxes. As of March 31, 2016 and December 31, 2015, the Company had accrued a deferred income tax amount of $ 705,000 0 3,317
Fair Value of Financial Instruments, Policy [Policy Text Block]	The Company’s estimates of fair value of financial and non-financial assets and liabilities are based on the framework established in the fair value accounting guidance. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.
New Accounting Pronouncements, Policy [Policy Text Block]	In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-09 “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, the amendments are expected to impact net income, earnings per share, and the statement of cash flows. ASU No. 2016-09 is effective for annual reporting periods (including interim periods with those periods) beginning after December 15, 2016. Early adoption is permitted. We are still in the process of determining the impact that the implementation of ASU 2016-09 will have on the Company’s financial statements. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-05 “Derivatives and Hedging (Topic 815): “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships”. ASU 2016-05 addresses the impact on hedge accounting due to a change in a counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. The amendments in this Update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a hedging instrument under Topic 815. The amendments in this Update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria (including those in paragraphs 815-20-35-14 through 35-18) continue to be met. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. We have reviewed ASU 2016-05 in the context of our hedge accounting and determined that it has no impact. In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02 “Leases.” The new standard creates Topic 842, Leases, in FASB Accounting Standards Codification Leases. In April 2015, the Financial Accounting Standards Board issued ASU No. 2015-03 “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The objective of ASU 2015-03 is to identify, evaluate, and improve areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. To simplify presentation of debt issuance costs, the amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments. ASU No. 2015-03 is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015. Early adoption is permitted. The Company has adopted the new guidance and determined the resulting impact on the statements was a reclassification of certain deferred financing costs from other assets to notes payable. In May 2014, the Financial Accounting Standards Board issued ASU No. 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU No. 2014-09 was developed to enable financial statement users to better understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The update’s core principle is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies are to use a five-step contract review model to ensure revenue is recognized, measured and disclosed in accordance with this principle. ASU 2014-09 was to be effective for fiscal years and interim periods beginning after December 15, 2016. In August 2015, the Financial Accounting Standards Board issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 for one year. As a result, ASU No. 2014-09 is now effective for fiscal years and interim periods beginning after December 15, 2017. In March 2016, the Financial Accounting Standards Board issued ASU No. 2016-08 “Revenue from Contracts with Customers: Principal versus Agent Considerations”. The amendments in this Update do not change the core principle of the guidance in Topic 606. The amendments clarify the implementation guidance on principal versus agent considerations. The amendments in this update will be applied retrospectively either to each prior reporting period presented or to disclose the cumulative effect recognized at the date of initial application. We are still in the process of determining the impact that the implementation of ASU 2014-09 will have on the Company’s financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	March 31, 2016 March 31, 2015 Credit Facility Financing Costs $ 52,505 $ 58,779 Leasing Costs 21,946 29,347 Lease Intangibles 1,685,490 953,061 Total $ 1,759,941 $ 1,041,187 Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 157,515 $ 210,018 $ 122,751 $ - $ - $ - $ 490,284 Leasing Costs 65,839 87,125 84,789 82,662 62,452 299,179 682,046 Lease Intangibles 5,093,241 6,725,885 6,315,847 6,055,325 5,920,094 46,540,468 76,650,860 Total $ 5,316,595 $ 7,023,028 $ 6,523,387 $ 6,137,987 $ 5,982,546 $ 46,839,647 $ 77,823,190
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2016 March 31, 2015 Weighted average number of common shares outstanding 20,666,806 17,595,227 Less: Unvested restricted stock (228,077) (225,395) Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Weighted average number of common shares outstanding used in basic earnings per share 20,438,729 17,369,832 Effect of dilutive securities: restricted stock 41,411 46,527 Weighted average number of common shares outstanding used in diluted earnings per share 20,480,140 17,416,359

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The Company’s real estate investments consisted of the following as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Number of Properties 291 278 Gross Leasable Area 5,443,000 5,207,000 Land $ 236,700,064 $ 225,273,640 Buildings 553,441,081 526,911,997 Property under Development 3,575,090 3,663,301 Gross Real Estate Investments $ 793,716,235 $ 755,848,938 Less Accumulated Depreciation $ (59,763,907) $ (56,401,423) Net Real Estate Investments $ 733,952,328 $ 699,447,515
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following table details lease intangibles, net of accumulated amortization, as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 Intangible Lease Asset - In-Place Leases $ 49,268,003 $ 47,051,639 Less: Accumulated Amortization (8,149,993) (7,239,191) Intangible Lease Asset - Above-Market Leases 63,605,600 61,241,046 Less: Accumulated Amortization (8,678,391) (7,367,216) Intangible Lease Liability - Below-Market Leases (23,959,459) (21,162,576) Less: Accumulated Amortization 4,565,100 4,028,614 Lease Intangible Asset, net $ 76,650,860 $ 76,552,316

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Long-term Debt Instruments [Table Text Block]	Mortgages payable consisted of the following: (Unaudited) March 31, 2016 December 31, 2015 Note payable in monthly installments of interest only at 6.56% annum, with a balloon payment in the amount of $8,580,000 paid on March 11, 2016; collateralized by related real estate and tenants’ leases $ - $ 8,580,000 Note payable in monthly principal installments of $56,380 plus interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62% as of December 31, 2015. 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 20,571,698 20,740,838 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 $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 6,202,425 6,552,907 Note payable in monthly installments of $23,004 including interest at 6.24% per annum, with a balloon payment of $2,766,628 due February 2020; collateralized by related real estate and tenant lease 3,109,049 3,128,803 Note payable in monthly installments of interest only at 3.60% per annum, with a balloon payment due January 1, 2023; collateralized by related real estate and tenants' leases 23,640,000 23,640,000 Note payable in monthly installments of $35,673 including interest at 5.01% per annum, with a balloon payment of $4,034,627 due September 2023; collateralized by related real estate and tenant lease 5,409,882 5,448,058 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 8,351,135 8,493,762 Total Principal 92,284,189 101,584,368 Unamortized debt issuance costs (1,159,562) (1,225,651) Total $ 91,124,627 $ 100,358,717
Schedule of Maturities of Long-term Debt [Table Text Block]	Scheduled Balloon Principal Payment Total Remainder of 2016 $ 2,233,856 $ - $ 2,233,856 2017 (1) 2,710,697 19,744,758 22,455,455 2018 (2) 2,575,654 85,000,000 87,575,654 2019 2,750,823 - 2,750,823 2020 1,100,218 37,766,951 38,867,169 Thereafter 9,761,232 188,640,000 198,401,232 Total $ 21,132,480 $ 331,151,709 $ 352,284,189 (1) The balloon payment is related to a mortgage note that matures in May 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions. (2) The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2016. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.
Senior Unsecured Notes [Member]
Schedule of Maturities of Long-term Debt [Table Text Block]	March 31,2016 (Unaudited) December 31, 2015 2025 Senior Unsecured Note $ 50,000,000 $ 50,000,000 2027 Senior Unsecured Note 50,000,000 50,000,000 Total Principal 100,000,000 100,000,000 Unamortized debt issuance costs (823,420) (610,380) Total $ 99,176,580 $ 99,389,620
Unsecured Debt [Member]
Schedule of Maturities of Long-term Debt [Table Text Block]	March 31, 2016 (Unaudited) December 31, 2015 2020 Term Loan $ 35,000,000 $ 35,000,000 2021 Term Loan 65,000,000 65,000,000 Total Principal 100,000,000 100,000,000 Unamortized debt issuance costs (579,298) (843,849) Total $ 99,420,702 $ 99,156,151

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016. Liability: Level 1 Level 2 Level 3 Carrying Value Interest rate swaps $ - $ 6,138,222 $ - $ 6,138,222 Mortgage notes payable $ - $ - $ 94,526,385 $ 92,284,189 Unsecured term loans $ - $ - $ 100,008,610 $ 100,000,000 Senior unsecured notes $ - $ - $ 99,685,161 $ 100,000,000 Revolving credit facility $ - $ 60,000,000 $ - $ 60,000,000

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2016
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: Weighted Average Shares Grant Date Outstanding Fair Value Unvested restricted stock at December 31, 2015 212,943 $ 29.07 Restricted stock granted 83,458 $ 36.65 Restricted stock vested (68,324) $ 26.89 Restricted stock forfeited - $ - Unvested restricted stock at March 31, 2016 228,077 $ 32.50

Organization (Details Textual)

Organization (Details Textual)	Mar. 31, 2016
Nature of Operations [Line Items]
Ownership Percentage On Controlling Interest By Parent	98.40%

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 1,759,941	$ 1,041,187
Credit Facility Financing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	52,505	58,779
Leasing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	21,946	29,347
Lease Intangibles [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 1,685,490	$ 953,061

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details 1)	Mar. 31, 2016USD ($)
Year Ending December 31,
2,016	$ 5,316,595
2,017	7,023,028
2,018	6,523,387
2,019	6,137,987
2,020	5,982,546
Thereafter	46,839,647
Total	77,823,190
Credit Facility Financing Costs [Member]
Year Ending December 31,
2,016	157,515
2,017	210,018
2,018	122,751
2,019	0
2,020	0
Thereafter	0
Total	490,284
Leasing Costs [Member]
Year Ending December 31,
2,016	65,839
2,017	87,125
2,018	84,789
2,019	82,662
2,020	62,452
Thereafter	299,179
Total	682,046
Lease Intangibles [Member]
Year Ending December 31,
2,016	5,093,241
2,017	6,725,885
2,018	6,315,847
2,019	6,055,325
2,020	5,920,094
Thereafter	46,540,468
Total	$ 76,650,860

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of common shares outstanding	20,666,806	17,595,227
Less: Unvested restricted stock	(228,077)	(225,395)
Weighted average number of common shares outstanding used in basic earnings per share	20,438,729	17,369,832
Weighted average number of common shares outstanding used in basic earnings per share	20,438,729	17,369,832
Effect of dilutive securities: restricted stock	41,411	46,527
Weighted average number of common shares outstanding used in diluted earnings per share	20,480,140	17,416,359

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Accounting Policies [Line Items]
Deferred Tax Liabilities, Gross	$ 705,000		$ 705,000
Income Tax Expense (Benefit)	0	$ 3,317
Cash, FDIC Insured Amount	$ 2,700,000		$ 1,700,000

Real Estate Investments (Detail

Real Estate Investments (Details)	Mar. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)ft²
Real Estate Properties [Line Items]
Number of Properties	291	278
Gross Leasable Area | ft²	5,443,000	5,207,000
Land	$ 236,700,064	$ 225,273,640
Buildings	553,441,081	526,911,997
Property under Development	3,575,090	3,663,301
Gross Real Estate Investments	793,716,235	755,848,938
Less Accumulated Depreciation	(59,763,907)	(56,401,423)
Net Real Estate Investments	$ 733,952,328	$ 699,447,515

Real Estate Investments (Deta31

Real Estate Investments (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated Amortization	$ 12,263,284	$ 10,577,794
Lease Intangible Asset, net	77,823,190
Lease Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Lease Intangible Asset, net	76,650,860	76,552,316
In-Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	49,268,003	47,051,639
Less: Accumulated Amortization	(8,149,993)	(7,239,191)
Above-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	63,605,600	61,241,046
Less: Accumulated Amortization	(8,678,391)	(7,367,216)
Below-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	(23,959,459)	(21,162,576)
Less: Accumulated Amortization	$ 4,565,100	$ 4,028,614

Real Estate Investments (Deta32

Real Estate Investments (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Real Estate Properties [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 33.3
Weighted Average Capitalization Rate For Acquired Assets (In Percentage)	7.90%
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in year)	6 years 10 months 24 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 10.4
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	21.1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 1.8

Debt (Details)

Debt (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 91,124,627	$ 100,358,717
Unamortized debt issuance costs	(2,600,000)	(2,700,000)
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	92,284,189	101,584,368
Unamortized debt issuance costs	(1,159,562)	(1,225,651)
Total Principal	91,124,627	100,358,717
March 11 2016 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	0	8,580,000
May 14 2017 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	20,571,698	20,740,838
April 4 2018 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	25,000,000	25,000,000
January 2020 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	6,202,425	6,552,907
February 2020 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	3,109,049	3,128,803
January 1 2023 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	23,640,000	23,640,000
September 2023 [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	5,409,882	5,448,058
July 2026 [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 8,351,135	$ 8,493,762

Debt (Details 1)

Debt (Details 1)	Mar. 31, 2016USD ($)
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	$ 2,233,856
2,017	22,455,455	[1]
2,018	87,575,654	[2]
2,019	2,750,823
2,020	38,867,169
Thereafter	198,401,232
Total	352,284,189
Scheduled Principal [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	2,233,856
2,017	2,710,697	[1]
2,018	2,575,654	[2]
2,019	2,750,823
2,020	1,100,218
Thereafter	9,761,232
Total	21,132,480
Balloon Payment [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	0
2,017	19,744,758	[1]
2,018	85,000,000	[2]
2,019	0
2,020	37,766,951
Thereafter	188,640,000
Total	$ 331,151,709
[1]	The balloon payment is related to a mortgage note that matures in May 2017 and may be extended, at the Company’s election, for a two-year term to May 2019, subject to certain conditions.
[2]	The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2016. The Credit Facility matures in July 2018 and may be extended for one year at the Company’s election, subject to certain conditions.

Debt (Details 2)

Debt (Details 2) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Unamortized debt issuance costs	$ 2,600,000	$ 2,700,000
Total	99,176,580	99,389,620
Senior Notes [Member]
Total Principal	100,000,000	100,000,000
Unamortized debt issuance costs	(823,420)	(610,380)
Total	99,176,580	99,389,620
Senior Notes [Member] | Senior Unsecured Note 2027 [Member]
Debt Instrument, Face Amount	50,000,000	50,000,000
Senior Notes [Member] | Senior Unsecured Note 2025 [Member]
Debt Instrument, Face Amount	$ 50,000,000	$ 50,000,000

Debt (Details 3)

Debt (Details 3) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Unamortized debt issuance costs	$ 2,600,000	$ 2,700,000
Total	99,420,702	99,156,151
Unsecured Debt [Member]
Total Principal	100,000,000	100,000,000
Unamortized debt issuance costs	(579,298)	(843,849)
Total	99,420,702	99,156,151
Unsecured Debt [Member] | Term Loan 2020 [Member]
Debt Instrument, Face Amount	35,000,000	35,000,000
Unsecured Debt [Member] | Term Loan 2021 [Member]
Debt Instrument, Face Amount	$ 65,000,000	$ 65,000,000

Debt (Details Textual)

Debt (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	May. 28, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Line of Credit		$ 60,000,000		$ 18,000,000
Long-term Debt, Total		352,284,189
Secured Debt		91,124,627		100,358,717
Unsecured Debt		99,420,702		99,156,151
Repayments Of Secured Debt		9,300,179	$ 3,082,805
Unamortized Debt Issuance Expense		2,600,000		$ 2,700,000
Private Placement [Member]
Debt Instrument [Line Items]
Unsecured Debt	$ 100,000,000
Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Total		352,300,000
Secured Debt		92,300,000
Unsecured Debt		100,000,000
Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 250,000,000
Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate		4.85%
Debt Instrument, Interest Rate, Stated Percentage		6.56%
Real Estate Investments, Net		$ 118,100,000
Secured Debt		92,300,000
Repayments Of Secured Debt		$ 8,600,000
Notes Payable, Other Payables [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date, Description		May 2017 and may be extended, at the Companys election, for a two-year term to May 2019, subject to certain conditions.
2021 Term Loan [Member] | Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jul. 21, 2021
Debt Instrument, Interest Rate, Stated Percentage		3.74%
Debt Instrument, Description of Variable Rate Basis		interest rate swaps to fix LIBOR at 2.09% until maturity
Unsecured Debt		$ 65,000,000		$ 65,000,000
Debt Instrument, Interest Rate Terms		Borrowings under the 2021 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Companys leverage
2020 Term Loan [Member] | Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Sep. 29, 2020
Debt Instrument, Interest Rate, Stated Percentage		3.85%
Debt Instrument, Description of Variable Rate Basis		interest rate swaps to fix LIBOR at 2.20% until maturity
Unsecured Debt		$ 35,000,000		$ 35,000,000
Debt Instrument, Interest Rate Terms		Borrowings under the 2020 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Companys leverage
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	4.21%
Unsecured Debt		$ 99,420,702		99,156,151
Unamortized Debt Issuance Expense		$ (579,298)		(843,849)
Unsecured Debt [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	11 years
Unsecured Debt One [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000,000
Debt Instrument, Maturity Date	May 30, 2025
Debt Instrument, Interest Rate, Stated Percentage	4.16%
Unsecured Debt Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000,000
Debt Instrument, Maturity Date	May 30, 2027
Debt Instrument, Interest Rate, Stated Percentage	4.26%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit				150,000,000
Debt Instrument, Maturity Date, Description		matures in July 2018 and may be extended for one year at the Companys election, subject to certain conditions.
Revolving Credit Facility [Member] | Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description		Borrowings under the Credit Facility are priced at LIBOR plus 135 to 200 basis points, depending on the Companys leverage
Long-term Line of Credit		$ 60,000,000
Long-term Debt, Weighted Average Interest Rate		1.60%
Debt Instrument, Face Amount		$ 90,000,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 100,000,000
April 4 2018 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis		interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%
January 1 2023 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		3.60%
May 14 2017 [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal		$ 56,380
May 14 2017 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 19,744,758
Debt Instrument, Description of Variable Rate Basis		interest at 170 basis points over LIBOR, swapped to a fixed rate of 3.62%
January 2020 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal		$ 153,838
Debt Instrument, Interest Rate, Stated Percentage		6.90%
July 2026 [Member]
Debt Instrument [Line Items]
Secured Debt		$ 8,351,135		8,493,762
July 2026 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal		$ 91,675
Debt Instrument, Interest Rate, Stated Percentage		6.27%
March 11 2016 [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 8,580,000
Debt Instrument, Interest Rate, Stated Percentage		6.56%
February 2020 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
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%
September 2023 [Member]
Debt Instrument [Line Items]
Secured Debt		$ 5,409,882		$ 5,448,058
September 2023 [Member] | Mortage Loans on Real Estate [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal		35,673
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid		$ 4,034,627
Debt Instrument, Interest Rate, Stated Percentage		5.01%

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($)	May. 06, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Mar. 27, 2015
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock		$ 1,991,840	$ (94,633)
ATM Program [Member]
Class of Stock [Line Items]
Gross Amount Remaining To Be Issued		$ 57,900,000
Common Stock Average Price		$ 38.38		$ 30.31
Common Stock [Member]
Class of Stock [Line Items]
Registration Payment Arrangement, Maximum Potential Consideration					$ 500,000,000
Shares, Issued				1,725,000
Stock Issued, Value, Stock Options Exercised, Net of Tax Benefit (Expense)				$ 53,000,000
Common Stock [Member] | ATM Program [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock		$ 2,100,000		$ 40,000,000
Value Of Equity Instruments To Be Issued	$ 100,000,000
Stock Issued During Period, Shares, New Issues		53,886		1,318,812

Dividends and Distribution Pa39

Dividends and Distribution Payable (Details Textual)	Mar. 01, 2016$ / shares
Agree Limited Partnership [Member]
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.465

Derivative Instruments and He40

Derivative Instruments and Hedging Activity (Details Textual) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2014	Sep. 30, 2013	Dec. 31, 2012	Apr. 30, 2012
Interest Rate Swap Agreement One [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount				$ 22.3
Derivative, Inception Date				Jul. 1, 2013
Derivative, Maturity Date				May 1, 2019
Description of Interest Rate Cash Flow Hedge Activities				the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 1.92%.
Interest Rate Swap Agreement Two [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount			$ 25
Derivative, Inception Date			Dec. 6, 2012
Derivative, Maturity Date			Apr. 4, 2018
Description of Interest Rate Cash Flow Hedge Activities			the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 0.89%.
Interest Rate Swap Agreement Three [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount		$ 35
Derivative, Inception Date		Oct. 3, 2013
Derivative, Maturity Date		Sep. 29, 2020
Description of Interest Rate Cash Flow Hedge Activities		the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 2.20%
Interest Rate Swap Agreement Four [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$ 65
Derivative, Inception Date	Jul. 21, 2014
Derivative, Maturity Date	Jul. 21, 2021
Description of Interest Rate Cash Flow Hedge Activities	the Company receives from the counterparty interest on the notional amount based on one-month LIBOR and pays to the counterparty a fixed rate of 2.09%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	$ 6,138,222	$ 3,301,108
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	6,138,222
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	6,138,222
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Mortgage notes payable [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	92,284,189
Mortgage notes payable [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Mortgage notes payable [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Mortgage notes payable [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	94,526,385
Unsecured term loan [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	100,000,000
Unsecured term loan [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Unsecured term loan [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Unsecured term loan [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	100,008,610
Senior unsecured notes [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	100,000,000
Senior unsecured notes [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Senior unsecured notes [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Senior unsecured notes [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	99,685,161
Revolving Credit Facility [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	60,000,000
Revolving Credit Facility [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	0
Revolving Credit Facility [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	60,000,000
Revolving Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	$ 0

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, Unvested restricted stock at beginning of the period | shares	212,943
Shares Outstanding, Restricted stock granted | shares	83,458
Shares Outstanding Restricted stock vested | shares	(68,324)
Shares Outstanding, Restricted stock forfeited | shares	0
Shares Outstanding, Unvested restricted stock at end of the period | shares	228,077
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of the period (in dollars per share) | $ / shares	$ 29.07
Weighted Average Grant Date Fair Value, Restricted stock granted (in dollars per share) | $ / shares	36.65
Weighted Average Grant Date Fair Value, Restricted stock vested (in dollars per share) | $ / shares	26.89
Weighted Average Grant Date Fair Value, Restricted stock forfeited (in dollars per share) | $ / shares	0
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of the period (in dollars per share) | $ / shares	$ 32.50

Equity Incentive Plan (Details

Equity Incentive Plan (Details Textual) - Restricted Stock [Member] $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair Value Inputs Forfeiture Rate	0.00%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 6.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 8 months 12 days