Agree Realty (ADC) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 27, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		23,637,843

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Real Estate Investments
Land	$ 284,938,479	$ 225,273,640
Buildings	628,219,043	526,911,997
Less accumulated depreciation	(62,943,655)	(56,401,423)
Property, Plant and Equipment, Net	850,213,867	695,784,214
Property under development	4,090,845	3,663,301
Net Real Estate Investments	854,304,712	699,447,515
Cash and Cash Equivalents	4,034,580	2,711,588
Accounts Receivable - Tenants, net of allowance of $35,000 for possible losses at June 30, 2016 and December 31, 2015	9,974,171	7,418,327
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $1,636,680 and $1,531,671 at June 30, 2016 and December 31, 2015, respectively	437,780	542,789
Leasing costs, net of accumulated amortization of $599,218 and $553,502 at June 30, 2016 and December 31, 2015, respectively	1,139,576	664,565
Lease intangibles, net of accumulated amortization of $14,290,255 and $10,577,794 at June 30, 2016 and December 31, 2015, respectively	100,510,847	76,552,316
Other Assets	2,702,462	2,569,659
Total Assets	973,104,128	789,906,759
LIABILITIES
Mortgage Notes Payable	90,464,356	100,390,969
Unsecured Term Loans	99,417,855	99,389,620
Senior Unsecured Notes	99,197,009	99,161,001
Unsecured Revolving Credit Facility	98,000,000	18,000,000
Dividends and Distributions Payable	11,513,022	9,757,988
Deferred Revenue	308,953	540,643
Accrued Interest Payable	878,054	962,825
Accounts Payable and Accrued Expense
Capital expenditures	289,374	122,496
Operating	5,734,439	3,926,962
Interest Rate Swaps	7,815,472	3,301,108
Deferred Income Taxes	705,000	705,000
Tenant Deposits	93,725	28,608
Total Liabilities	414,417,259	336,287,220
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 23,637,843 and 20,637,301 shares issued and outstanding, respectively	2,364	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	595,105,083	482,514,380
Dividends in excess of net income	(31,137,175)	(28,262,441)
Accumulated other comprehensive loss	(7,669,118)	(3,130,376)
Total Stockholders' Equity - Agree Realty Corporation	556,301,154	451,123,627
Non-controlling interest	2,385,715	2,495,912
Total Stockholders' Equity	558,686,869	453,619,539
Total Liabilities and Stockholders' Equity	$ 973,104,128	$ 789,906,759

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts receivable (in dollars)	$ 35,000	$ 35,000
Deferred leasing costs, accumulated amortization (in dollars)	599,218	553,502
Finite-lived intangible assets, accumulated amortization (in dollars)	$ 14,290,255	$ 10,577,794
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	45,000,000	45,000,000
Common stock, shares, issued	23,637,843	20,637,301
Common stock, shares, outstanding	23,637,843	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	$ 1,636,680	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Minimum rents	$ 19,911,907	$ 15,972,170	$ 38,402,943	$ 30,526,181
Percentage rents	6,509	141,017	189,854	150,828
Operating cost reimbursement	1,934,119	1,097,938	3,523,178	2,275,963
Other income	(8,715)	8,326	(48,296)	9,536
Total Revenues	21,843,820	17,219,451	42,067,679	32,962,508
Operating Expenses
Real estate taxes	1,438,089	863,357	2,560,753	1,626,280
Property operating expenses	928,388	415,707	1,501,414	987,097
Land lease payments	163,275	137,282	326,551	269,145
General and administrative	2,042,089	1,744,026	4,087,112	3,411,632
Depreciation and amortization	5,664,701	4,117,182	10,749,952	7,670,763
Total Operating Expenses	10,236,542	7,277,554	19,225,782	13,964,917
Income from Operations	11,607,278	9,941,897	22,841,897	18,997,591
Other (Expense) Income
Interest expense, net	(3,496,855)	(2,933,269)	(7,145,146)	(5,394,024)
Gain (loss) on sale of assets	2,717,903	3,456,206	2,717,903	3,535,310
Loss on debt extinguishment	0	0	0	(179,867)
Net Income	10,828,326	10,464,834	18,414,654	16,959,010
Less Net Income Attributable to Non-Controlling Interest	166,996	201,237	292,488	327,054
Net Income Attributable to Agree Realty Corporation	$ 10,661,330	$ 10,263,597	$ 18,122,166	$ 16,631,956
Net Income Per Share Attributable to Agree Corporation
Basic (in dollars per share)	$ 0.48	$ 0.59	$ 0.85	$ 0.95
Diluted (in dollars per share)	$ 0.48	$ 0.58	$ 0.85	$ 0.95
Other Comprehensive Income
Net income	$ 10,828,326	$ 10,464,834	$ 18,414,654	$ 16,959,010
Other Comprehensive Income (Loss)	(1,677,250)	1,621,177	(4,612,927)	(390,650)
Total Comprehensive Income	9,151,076	12,086,011	13,801,727	16,568,360
Comprehensive Income Attributable to Non-Controlling Interest	(139,801)	(232,027)	(219,578)	(319,520)
Comprehensive Income Attributable to Agree Realty Corporation	$ 9,011,275	$ 11,853,984	$ 13,582,149	$ 16,248,840
Basic Earnings Per Share
Weighted Average Number of Common Shares Outstanding - Basic: (in shares)	22,185,525	17,539,358	21,315,541	17,457,699
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares)	22,265,139	17,587,052	21,385,098	17,511,418

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 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	112,077,124	$ 295	112,076,829	0	0	0
Issuance of common stock, net of issuance costs (in shares)		2,944,042
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	(1)	$ (1)	0	0	0	0
Forfeiture of restricted stock (in shares)		(6,577)
Vesting of restricted stock	1,216,927	$ 0	1,216,927	0	0	0
Dividends and distributions declared for the period	(21,325,400)	0	0	(20,996,900)	0	(328,500)
Other comprehensive income (loss) - change in fair value of interest rate swaps	(4,612,927)	0	0		(4,538,742)	(74,185)
Net income	18,414,654	0	0	18,122,166	0	292,488
Balance at Jun. 30, 2016	$ 558,686,869	$ 2,364	$ 595,105,083	$ (31,137,175)	$ (7,669,118)	$ 2,385,715
Balance (in shares) at Jun. 30, 2016		23,637,843

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities
Net income	$ 18,414,654	$ 16,959,010
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	6,991,774	5,509,825
Amortization	3,758,178	2,386,240
Amortization from financing and credit facility costs	344,353	117,558
Stock-based compensation	1,216,927	1,044,797
Loss on extinguishment of debt	0	179,867
(Gain) loss on sale of assets	(2,717,903)	(3,535,310)
(Increase) decrease in accounts receivable	(2,555,844)	(1,185,496)
(Increase) decrease in other assets	(190,069)	(238,231)
Increase (decrease) in accounts payable	1,684,981	(23,930)
Increase (decrease) in deferred revenue	(231,690)	(231,690)
Increase (decrease) in accrued interest	(84,771)	167,597
Increase (decrease) in tenant deposits	65,117	5,289
Net Cash Provided by Operating Activities	26,695,707	21,155,526
Cash Flows from Investing Activities
Acquisition of real estate investments	(185,441,950)	(124,414,224)
Development of real estate investments and other (including capitalized interest of $13,659 in 2016 and $2,512 in 2015)	(8,138,725)	(725,010)
Payment of leasing costs	(520,728)	(65,410)
Net proceeds from sale of assets	7,026,690	8,800,618
Net Cash Used In Investing Activities	(187,074,713)	(116,404,026)
Cash Flows from Financing Activities
Proceeds from common stock offerings, net	112,077,131	13,607,946
Repurchase of common shares	(703,055)	0
Unsecured revolving credit facility borrowings	180,000,000	111,500,000
Unsecured revolving credit facility repayments	(100,000,000)	(111,500,000)
Payments of mortgage notes payable	(10,028,208)	(3,765,556)
Senior unsecured notes proceeds	0	100,000,000
Dividends paid	(19,247,078)	(15,814,152)
Limited partners' distributions paid	(323,286)	(312,857)
Debt extinguishment costs	0	(150,084)
Payments for financing costs	(73,506)	(845,652)
Net Cash Provided by Financing Activities	161,701,998	92,719,645
Net Increase (Decrease) in Cash and Cash Equivalents	1,322,992	(2,528,855)
Cash and Cash Equivalents, beginning of period	2,711,588	5,399,458
Cash and Cash Equivalents, end of period	4,034,580	2,870,603
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)	6,926,135	4,857,829
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	11,513,022	8,556,534
Real estate investment financed with accounts payable	$ 289,374	$ 27,837

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Real Estate Inventory, Capitalized Interest Costs	$ 13,659	$ 2,512

Organization

Organization	6 Months Ended
	Jun. 30, 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 98.6% interest as of June 30, 2016. Under the partnership agreement of the Operating Partnership, we, as the sole general partner, have exclusive responsibility and discretion in the management and control of the Operating Partnership. 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	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 – Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements for the six months ended June 30, 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 six months ended June 30, 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 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 of 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 Sheet 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. The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, buildings 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. Above and below market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining non-cancelable term of the lease. 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 $ 3.2 1.7 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 which approximates the June 30, 2016 June 30, 2015 Credit Facility Financing Costs $ 105,009 $ 117,558 Leasing Costs 45,717 58,262 Lease Intangibles 3,712,461 2,102,674 Total $ 3,863,187 $ 2,278,494 The following schedule represents estimated future amortization of deferred expenses as of June 30, 2016: Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 105,010 $ 210,018 $ 122,752 $ - $ - $ - $ 437,780 Leasing Costs 75,310 155,717 153,790 150,080 145,745 458,934 1,139,576 Lease Intangibles 4,789,753 8,426,610 8,199,180 7,775,636 7,491,372 63,828,296 100,510,847 Total $ 4,970,073 $ 8,792,345 $ 8,475,722 $ 7,925,716 $ 7,637,117 $ 64,287,230 $ 102,088,203 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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Weighted average number of common shares outstanding 22,406,775 17,759,453 21,536,791 17,677,794 Less: Unvested restricted stock (221,250) (220,095) (221,250) (220,095) Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Effect of dilutive securities: restricted stock 79,614 47,694 69,557 53,719 Weighted average number of common shares outstanding used in diluted earnings per share 22,265,139 17,587,052 21,385,098 17,511,418 The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). 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 June 30, 2016 and December 31, 2015, the Company had accrued a deferred income tax amount of $ 705,000 1,767 (6,624) 7,747 25,100 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 June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments.” The objective of ASU No. 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the current incurred impairment methodology in current GAAP is to be replaced by a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers, the amendments in the update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are still in the process of determining the impact that the implementation of ASU 2016-13 will have on the Company’s financial statements. 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. The Company has adopted ASU 2016-09 in the context of how the Company accounts for stock forfeitures which is reflected in 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 each respective balance sheet debt account. 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”. In April 2016, the Financial Accounting Standards Board issued ASU No. 2016-10 “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing”. In May 2016, the Financial Accounting Standards Board issued ASU No. 2016-12 “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients”. The amendments in these Updates do not change the core principle of the guidance in Topic 606. The amendments only clarify the implementation guidance. We are still in the process of determining the impact that the implementation of this will have on the Company’s financial statements.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 3 – Real Estate Investments Real Estate Portfolio June 30, 2016 December 31, 2015 Number of Properties 326 278 Gross Leasable Area 6,318,729 5,207,000 Land $ 284,938,479 $ 225,273,640 Buildings 628,219,043 526,911,997 Property under Development 4,090,845 3,663,301 Gross Real Estate Investments $ 917,248,367 $ 755,848,938 Less Accumulated Depreciation (62,943,655) (56,401,423) Net Real Estate Investments $ 854,304,712 $ 699,447,515 Lease Intangibles June 30, 2016 December 31, 2015 Intangible Lease Asset - In-Place Leases $ 57,116,689 $ 47,051,639 Less: Accumulated Amortization (9,385,450) (7,239,191) Intangible Lease Asset - Above-Market Leases 90,519,783 61,241,046 Less: Accumulated Amortization (10,251,249) (7,367,216) Intangible Lease Liability - Below-Market Leases (32,835,370) (21,162,576) Less: Accumulated Amortization 5,346,444 4,028,614 Lease Intangible Asset, net $ 100,510,847 $ 76,552,316 Investments During the three months ended June 30, 2016, the Company purchased 34 retail net lease assets for approximately $ 151.5 11.6 7.8 During the six months ended June 30, 2016, the Company purchased 46 retail net lease assets for approximately $ 184.5 10.7 7.8 The aggregate acquisitions for the six months ended June 30, 2016 were allocated $ 60.0 96.8 27.7 None of the Company’s acquisitions during the first six 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 June 30, 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. Dispositions During the three months ended June 30, 2016, the Company sold one asset, a Walgreens property in Port St. John, FL, for gross proceeds of $ 7.3 2.8 During the six months ended June 30, 2016, the Company recognized a net gain of $ 2.7 2.8 35,000

Debt

Debt	6 Months Ended
	Jun. 30, 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 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 $ 2.5 2.7 As of June 30, 2016, the Company had total gross indebtedness of $ 389.6 91.6 100.0 100.0 98.0 Mortgage Notes Payable As of June 30, 2016, the Company had total gross mortgage indebtedness of $ 91.6 117.6 4.83 In March 2016, the Company prepaid a mortgage note payable with an outstanding balance of $ 8.6 6.56 June 30, 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 20,402,558 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 5,845,863 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 3,089,513 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 5,371,966 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 8,206,261 8,493,762 Total Principal 91,556,161 101,584,368 Unamortized debt issuance costs (1,091,805) (1,193,399) Total $ 90,464,356 $ 100,390,969 Debt Maturities Scheduled Balloon Principal Payment Total Remainder of 2016 $ 1,505,827 $ - $ 1,505,827 2017 (1) 2,710,697 19,744,758 22,455,455 2018 (2) 2,575,654 123,000,000 125,575,654 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 $ 20,404,451 $ 369,151,709 $ 389,556,160 (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 June 30, 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 June 30, 2016 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 (802,991) (838,999) Total $ 99,197,009 $ 99,161,001 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 June 30, 2016 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 (582,145) (610,380) Total $ 99,417,855 $ 99,389,620 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. As of June 30, 2016, $98.0 million was outstanding under the Credit Facility bearing a weighted average interest rate of approximately 1.85 52.0 The 2021 Term Loan matures on July 21, 2021 65.0 3.74 The 2020 Term Loan matures on September 29, 2020 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 June 30, 2016.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 5 – Common Stock On March 27, 2015, the SEC 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 million in the aggregate and include common stock, preferred stock, depositary shares and warrants. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering. On May 6, 2015, the Company implemented a $ 100.0 We completed a follow-on offering of 2,875,000 109.7 During the six months ended June 30, 2016, the Company issued 69,042 38.44 2.7 57.4 During the six months ended June 30, 2015, the Company issued 454,514 30.59 13.9

Dividends and Distribution Paya

Dividends and Distribution Payable	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Dividends And Distributions Payable [Text Block]	Note 6 – Dividends and Distribution Payable On May 2, 2016, the Company declared a dividend of $ 0.48

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	6 Months Ended
	Jun. 30, 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 1 mo. LIBOR and pays to the counterparty a fixed rate of 1.92% 22.3 July 1, 2013 May 1, 2019 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 1 mo.LIBOR and pays to the counterparty a fixed rate of 0.89% 25.0 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 1 mo.LIBOR and pays to the counterparty a fixed rate of 2.20% 35.0 October 3, 2013 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 1 mo.LIBOR and pays to the counterparty a fixed rate of 2.09% 65.0 July 21, 2014 July 21, 2021 In June 2016, we entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 40.0 we receive from the counterparty interest on the notional amount based on 1 mo. LIBOR and pay to the counterparty a fixed rate of 1.40% 40.0 August 1, 2016 July 1, 2023 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, the effective portion of changes in the fair value of the derivatives designated and that qualify as cash flow hedges is recorded as a component of other comprehensive income (loss). The ineffective portion of the change in fair value of the derivative instrument is recognized directly in interest expense. For the three and six months ended June 30, 2016 and 2015, the Company has not recorded any hedge ineffectiveness in earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $ 2.4 Number of Instruments Notional June 30, December 31, June 30, December 31, Interest Rate Derivatives 2016 2015 2016 2015 Interest Rate Swap 5 4 $ 187,268,358 $ 145,740,838 Asset Derivatives June 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Assets $ – Other Assets $ 98,562 Liability Derivatives June 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Liabilities $ 7,815,472 Other Liabilities $ 3,301,108 Location of Income/(Loss) Reclassifed from Accumulated OCI into Income (Effective Derivatives in Cash Flow Hedging Relationships Amount of Income/(Loss) Recognized in OCI on Derivative (Effective Portion) Portion) Amount of Income/(Loss) Reclassified from Accumulated OCI into Expense (Effective Portion) 2016 2015 2016 2015 Three months ended June 30 Interest rate swaps $ (1,677,250) $ 1,621,177 Interest Expense $ (533,368) $ (629,100) Six months ended June 30 Interest rate swaps $ (4,612,926) $ (390,650) Interest Expense $ (1,194,264) $ (1,405,448) Credit-risk-related Contingent Features The Company has agreements with two of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2016, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $ 7.5 7.5 Although our derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both us and our counterparties under certain situations, we do not net our derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2016 and December 31, 2015. Offsetting of Derivative Assets As of June 30, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Assets Gross Amounts of Recognized Statement of Financial presented in the statement of Assets Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ - $ - $ - $ - $ - $ - Offsetting of Derivative Liabilities As of June 30, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in Net Amounts of Liabilities Gross Amounts of the Statement of Financial presented in the statement Recognized Liabilities Position of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 7,815,472 $ - $ 7,815,472 $ - $ - $ 7,815,472 Offsetting of Derivative Assets As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Assets Gross Amounts of Recognized Statement of Financial presented in the statement of Financial Instruments Assets Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 98,562 $ - $ 98,562 $ - $ - $ 98,562 Offsetting of Derivative Liabilities As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Liabilities Gross Amounts of Recognized Statement of Financial presented in the statement of Liabilities Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 3,301,108 $ - $ 3,301,108 $ - $ - $ 3,301,108

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 8 – Discontinued Operations There were no properties classified as discontinued operations for the three months ended June 30, 2016 and 2015.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 – Fair Value Measurements Assets and Liabilities Measured at Fair Value On January 1, 2008, the Company adopted FASB Accounting Standards Codification Topic 820 Fair Value Measurements and Disclosure ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Derivative Financial Instruments Currently, the Company uses interest rate swap agreements to manage its interest rate risk. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2016, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Significant Balance at Asset: Interest rate swaps $ - $ - $ - $ - Liability: Interest rate swaps $ - $ 7,815,472 $ - $ 7,815,472 Mortgage notes payable $ - $ - $ 94,683,533 $ 90,464,356 Unsecured term loans $ - $ - $ 101,327,953 $ 99,417,855 Senior unsecured notes $ - $ - $ 99,710,010 $ 99,197,009 Revolving credit facility $ - $ 98,000,000 $ - $ 98,000,000

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 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 June 30, 2016, there was $ 5.9 3.5 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. Shares Weighted Average Unvested restricted stock at December 31, 2015 212,943 $ 29.07 Restricted stock granted 83,458 $ 36.65 Restricted stock vested (68,574) $ 26.87 Restricted stock forfeited (6,577) $ 35.58 Unvested restricted stock at June 30, 2016 221,250 $ 32.40

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 – Subsequent Events In connection with the preparation of its financial statements the Company has evaluated events that occurred subsequent to June 30, 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. On July 1, 2016, the Operating Partnership, entered into a $40.0 million term loan agreement. The $ 40.0 July 1, 2023 There were no other reportable subsequent events or transactions.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Accounting and Principles of Consolidation The accompanying unaudited consolidated financial statements for the six months ended June 30, 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 six months ended June 30, 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 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 of 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 Sheet 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, buildings 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. Above and below market lease intangibles are recorded based on the present value of the difference between the contractual amounts to be paid pursuant to the leases at the time of acquisition of the real estate and management’s estimate of current market lease rates for the property, measured over a period equal to the remaining non-cancelable term of the lease. 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 $ 3.2 1.7
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 which approximates the June 30, 2016 June 30, 2015 Credit Facility Financing Costs $ 105,009 $ 117,558 Leasing Costs 45,717 58,262 Lease Intangibles 3,712,461 2,102,674 Total $ 3,863,187 $ 2,278,494 The following schedule represents estimated future amortization of deferred expenses as of June 30, 2016: Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 105,010 $ 210,018 $ 122,752 $ - $ - $ - $ 437,780 Leasing Costs 75,310 155,717 153,790 150,080 145,745 458,934 1,139,576 Lease Intangibles 4,789,753 8,426,610 8,199,180 7,775,636 7,491,372 63,828,296 100,510,847 Total $ 4,970,073 $ 8,792,345 $ 8,475,722 $ 7,925,716 $ 7,637,117 $ 64,287,230 $ 102,088,203
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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Weighted average number of common shares outstanding 22,406,775 17,759,453 21,536,791 17,677,794 Less: Unvested restricted stock (221,250) (220,095) (221,250) (220,095) Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Effect of dilutive securities: restricted stock 79,614 47,694 69,557 53,719 Weighted average number of common shares outstanding used in diluted earnings per share 22,265,139 17,587,052 21,385,098 17,511,418
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 (the “Internal Revenue Code”). 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 June 30, 2016 and December 31, 2015, the Company had accrued a deferred income tax amount of $ 705,000 1,767 (6,624) 7,747 25,100
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Values of Financial Instruments 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 June 2016, the Financial Accounting Standards Board issued ASU No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments.” The objective of ASU No. 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the current incurred impairment methodology in current GAAP is to be replaced by a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers, the amendments in the update are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We are still in the process of determining the impact that the implementation of ASU 2016-13 will have on the Company’s financial statements. 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. The Company has adopted ASU 2016-09 in the context of how the Company accounts for stock forfeitures which is reflected in 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 each respective balance sheet debt account. 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”. In April 2016, the Financial Accounting Standards Board issued ASU No. 2016-10 “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing”. In May 2016, the Financial Accounting Standards Board issued ASU No. 2016-12 “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients”. The amendments in these Updates do not change the core principle of the guidance in Topic 606. The amendments only clarify the implementation guidance. We are still in the process of determining the impact that the implementation of this will have on the Company’s financial statements.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	The following schedule summarizes the Company’s amortization of deferred expenses for the six months ended June 30, 2016 and 2015, respectively: June 30, 2016 June 30, 2015 Credit Facility Financing Costs $ 105,009 $ 117,558 Leasing Costs 45,717 58,262 Lease Intangibles 3,712,461 2,102,674 Total $ 3,863,187 $ 2,278,494 The following schedule represents estimated future amortization of deferred expenses as of June 30, 2016: Year Ending December 31, 2016 (remaining) 2017 2018 2019 2020 Thereafter Total Credit Facility Financing Costs $ 105,010 $ 210,018 $ 122,752 $ - $ - $ - $ 437,780 Leasing Costs 75,310 155,717 153,790 150,080 145,745 458,934 1,139,576 Lease Intangibles 4,789,753 8,426,610 8,199,180 7,775,636 7,491,372 63,828,296 100,510,847 Total $ 4,970,073 $ 8,792,345 $ 8,475,722 $ 7,925,716 $ 7,637,117 $ 64,287,230 $ 102,088,203
Schedule of Earnings Per Share, Basic and Diluted [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 Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 Weighted average number of common shares outstanding 22,406,775 17,759,453 21,536,791 17,677,794 Less: Unvested restricted stock (221,250) (220,095) (221,250) (220,095) Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Weighted average number of common shares outstanding used in basic earnings per share 22,185,525 17,539,358 21,315,541 17,457,699 Effect of dilutive securities: restricted stock 79,614 47,694 69,557 53,719 Weighted average number of common shares outstanding used in diluted earnings per share 22,265,139 17,587,052 21,385,098 17,511,418

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	The Company’s real estate investments consisted of the following as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Number of Properties 326 278 Gross Leasable Area 6,318,729 5,207,000 Land $ 284,938,479 $ 225,273,640 Buildings 628,219,043 526,911,997 Property under Development 4,090,845 3,663,301 Gross Real Estate Investments $ 917,248,367 $ 755,848,938 Less Accumulated Depreciation (62,943,655) (56,401,423) Net Real Estate Investments $ 854,304,712 $ 699,447,515
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following table details lease intangibles, net of accumulated amortization, as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Intangible Lease Asset - In-Place Leases $ 57,116,689 $ 47,051,639 Less: Accumulated Amortization (9,385,450) (7,239,191) Intangible Lease Asset - Above-Market Leases 90,519,783 61,241,046 Less: Accumulated Amortization (10,251,249) (7,367,216) Intangible Lease Liability - Below-Market Leases (32,835,370) (21,162,576) Less: Accumulated Amortization 5,346,444 4,028,614 Lease Intangible Asset, net $ 100,510,847 $ 76,552,316

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Long-term Debt Instruments [Table Text Block]	Mortgages payable consisted of the following: June 30, 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 20,402,558 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 5,845,863 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 3,089,513 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 5,371,966 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 8,206,261 8,493,762 Total Principal 91,556,161 101,584,368 Unamortized debt issuance costs (1,091,805) (1,193,399) Total $ 90,464,356 $ 100,390,969
Schedule of Maturities of Long-term Debt [Table Text Block]	Scheduled Balloon Principal Payment Total Remainder of 2016 $ 1,505,827 $ - $ 1,505,827 2017 (1) 2,710,697 19,744,758 22,455,455 2018 (2) 2,575,654 123,000,000 125,575,654 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 $ 20,404,451 $ 369,151,709 $ 389,556,160 (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 June 30, 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]	The following table presents the Senior Unsecured Notes balance net of unamortized debt issuance costs as of June 30, 2016 and 2015: June 30, 2016 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 (802,991) (838,999) Total $ 99,197,009 $ 99,161,001
Unsecured Debt [Member]
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table presents the Unsecured Term Loans balance net of unamortized debt issuance costs as of June 30, 2016 and 2015: June 30, 2016 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 (582,145) (610,380) Total $ 99,417,855 $ 99,389,620

Derivative Instruments and He23

Derivative Instruments and Hedging Activity (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Number of Instruments Notional June 30, December 31, June 30, December 31, Interest Rate Derivatives 2016 2015 2016 2015 Interest Rate Swap 5 4 $ 187,268,358 $ 145,740,838
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the consolidated balance sheets. Asset Derivatives June 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Assets $ – Other Assets $ 98,562 Liability Derivatives June 30, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Liabilities $ 7,815,472 Other Liabilities $ 3,301,108
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the three and six months ending June 30, 2016 and 2015. Location of Income/(Loss) Reclassifed from Accumulated OCI into Income (Effective Derivatives in Cash Flow Hedging Relationships Amount of Income/(Loss) Recognized in OCI on Derivative (Effective Portion) Portion) Amount of Income/(Loss) Reclassified from Accumulated OCI into Expense (Effective Portion) 2016 2015 2016 2015 Three months ended June 30 Interest rate swaps $ (1,677,250) $ 1,621,177 Interest Expense $ (533,368) $ (629,100) Six months ended June 30 Interest rate swaps $ (4,612,926) $ (390,650) Interest Expense $ (1,194,264) $ (1,405,448)
Offsetting Assets And Liabilities [Table Text Block]	Offsetting of Derivative Assets As of June 30, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Assets Gross Amounts of Recognized Statement of Financial presented in the statement of Assets Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ - $ - $ - $ - $ - $ - Offsetting of Derivative Liabilities As of June 30, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in Net Amounts of Liabilities Gross Amounts of the Statement of Financial presented in the statement Recognized Liabilities Position of Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 7,815,472 $ - $ 7,815,472 $ - $ - $ 7,815,472 Offsetting of Derivative Assets As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Assets Gross Amounts of Recognized Statement of Financial presented in the statement of Financial Instruments Assets Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 98,562 $ - $ 98,562 $ - $ - $ 98,562 Offsetting of Derivative Liabilities As of December 31, 2015 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Offset in the Net Amounts of Liabilities Gross Amounts of Recognized Statement of Financial presented in the statement of Liabilities Position Financial Position Financial Instruments Cash Collateral Received Net Amount Derivatives $ 3,301,108 $ - $ 3,301,108 $ - $ - $ 3,301,108

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall: Quoted Prices in Significant Significant Balance at Asset: Interest rate swaps $ - $ - $ - $ - Liability: Interest rate swaps $ - $ 7,815,472 $ - $ 7,815,472 Mortgage notes payable $ - $ - $ 94,683,533 $ 90,464,356 Unsecured term loans $ - $ - $ 101,327,953 $ 99,417,855 Senior unsecured notes $ - $ - $ 99,710,010 $ 99,197,009 Revolving credit facility $ - $ 98,000,000 $ - $ 98,000,000

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 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: Shares Weighted Average Unvested restricted stock at December 31, 2015 212,943 $ 29.07 Restricted stock granted 83,458 $ 36.65 Restricted stock vested (68,574) $ 26.87 Restricted stock forfeited (6,577) $ 35.58 Unvested restricted stock at June 30, 2016 221,250 $ 32.40

Organization (Details Textual)

Organization (Details Textual)	Jun. 30, 2016
Nature of Operations [Line Items]
Ownership Percentage On Controlling Interest By Parent	98.60%

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 3,863,187	$ 2,278,494
Credit Facility Financing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	105,009	117,558
Leasing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	45,717	58,262
Lease Intangibles [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 3,712,461	$ 2,102,674

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details 1)	Jun. 30, 2016USD ($)
Year Ending December 31,
2,016	$ 4,970,073
2,017	8,792,345
2,018	8,475,722
2,019	7,925,716
2,020	7,637,117
Thereafter	64,287,230
Total	102,088,203
Credit Facility Financing Costs [Member]
Year Ending December 31,
2,016	105,010
2,017	210,018
2,018	122,752
2,019	0
2,020	0
Thereafter	0
Total	437,780
Leasing Costs [Member]
Year Ending December 31,
2,016	75,310
2,017	155,717
2,018	153,790
2,019	150,080
2,020	145,745
Thereafter	458,934
Total	1,139,576
Lease Intangibles [Member]
Year Ending December 31,
2,016	4,789,753
2,017	8,426,610
2,018	8,199,180
2,019	7,775,636
2,020	7,491,372
Thereafter	63,828,296
Total	$ 100,510,847

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of common shares outstanding	22,406,775	17,759,453	21,536,791	17,677,794
Less: Unvested restricted stock	(221,250)	(220,095)	(221,250)	(220,095)
Weighted average number of common shares outstanding used in basic earnings per share	22,185,525	17,539,358	21,315,541	17,457,699
Weighted average number of common shares outstanding used in basic earnings per share	22,185,525	17,539,358	21,315,541	17,457,699
Effect of dilutive securities: restricted stock	79,614	47,694	69,557	53,719
Weighted average number of common shares outstanding used in diluted earnings per share	22,265,139	17,587,052	21,385,098	17,511,418

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Accounting Policies [Line Items]
Deferred Tax Liabilities, Gross	$ 705,000		$ 705,000		$ 705,000
Income Tax Expense (Benefit)	1,767	$ (6,624)	7,747	$ 25,100
Cash, FDIC Insured Amount	$ 3,200,000		$ 3,200,000		$ 1,700,000

Real Estate Investments (Detail

Real Estate Investments (Details)	Jun. 30, 2016USD ($)ft²	Dec. 31, 2015USD ($)ft²
Real Estate Properties [Line Items]
Number of Properties	326	278
Gross Leasable Area | ft²	6,318,729	5,207,000
Land	$ 284,938,479	$ 225,273,640
Buildings	628,219,043	526,911,997
Property under Development	4,090,845	3,663,301
Gross Real Estate Investments	917,248,367	755,848,938
Less Accumulated Depreciation	(62,943,655)	(56,401,423)
Net Real Estate Investments	$ 854,304,712	$ 699,447,515

Real Estate Investments (Deta32

Real Estate Investments (Details 1) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated Amortization	$ 14,290,255	$ 10,577,794
Lease Intangible Asset, net	102,088,203
Lease Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Lease Intangible Asset, net	100,510,847	76,552,316
In-Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	57,116,689	47,051,639
Less: Accumulated Amortization	(9,385,450)	(7,239,191)
Above-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	90,519,783	61,241,046
Less: Accumulated Amortization	(10,251,249)	(7,367,216)
Below-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Lease Asset/Liability	(32,835,370)	(21,162,576)
Less: Accumulated Amortization	$ 5,346,444	$ 4,028,614

Real Estate Investments (Deta33

Real Estate Investments (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015
Real Estate Properties [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 151,500,000	$ 184,500,000
Weighted Average Capitalization Rate For Acquired Assets (In Percentage)	7.80%	7.80%
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in year)	11 years 7 months 6 days	10 years 8 months 12 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 60,000,000	$ 60,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	96,800,000	96,800,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	27,700,000	27,700,000
Proceeds from Sale of Productive Assets, Total		7,026,690	$ 8,800,618
Gain (Loss) on Disposition of Assets	2,800,000	2,717,903	$ 3,535,310
Additional Costs On Disposition Of Assets		35,000
Walgreens [Member]
Real Estate Properties [Line Items]
Proceeds from Sale of Productive Assets, Total	$ 7,300,000
Gain (Loss) on Disposition of Assets		$ 2,800,000

Debt (Details)

Debt (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 90,464,356	$ 100,390,969
Unamortized debt issuance costs	(2,500,000)	(2,700,000)
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	91,556,161	101,584,368
Unamortized debt issuance costs	(1,091,805)	(1,193,399)
Total Principal	90,464,356	100,390,969
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	20,402,558	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	5,845,863	6,552,907
February 2020 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	3,089,513	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	5,371,966	5,448,058
July 2026 [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 8,206,261	$ 8,493,762

Debt (Details 1)

Debt (Details 1)	Jun. 30, 2016USD ($)
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	$ 1,505,827
2,017	22,455,455	[1]
2,018	125,575,654	[2]
2,019	2,750,823
2,020	38,867,169
Thereafter	198,401,232
Total	389,556,160
Scheduled Principal [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	1,505,827
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	20,404,451
Balloon Payment [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
2,016	0
2,017	19,744,758	[1]
2,018	123,000,000	[2]
2,019	0
2,020	37,766,951
Thereafter	188,640,000
Total	$ 369,151,709
[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 June 30, 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 ($)	Jun. 30, 2016	Dec. 31, 2015
Unamortized debt issuance costs	$ (2,500,000)	$ (2,700,000)
Total	99,197,009	99,161,001
Senior Notes [Member]
Total Principal	100,000,000	100,000,000
Unamortized debt issuance costs	(802,991)	(838,999)
Total	99,197,009	99,161,001
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 ($)	Jun. 30, 2016	Dec. 31, 2015
Unamortized debt issuance costs	$ (2,500,000)	$ (2,700,000)
Total	99,417,855	99,389,620
Unsecured Debt [Member]
Total Principal	100,000,000	100,000,000
Unamortized debt issuance costs	(582,145)	(610,380)
Total	99,417,855	99,389,620
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	6 Months Ended		12 Months Ended
	May 28, 2015	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term Line of Credit			$ 98,000,000		$ 18,000,000
Long-term Debt, Total			389,556,160
Secured Debt			90,464,356		100,390,969
Unsecured Debt			99,417,855		99,389,620
Repayments Of Secured Debt			10,028,208	$ 3,765,556
Unamortized Debt Issuance Expense			2,500,000		$ 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			389,600,000
Secured Debt			91,600,000
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			4.83%
Debt Instrument, Interest Rate, Stated Percentage		6.56%
Real Estate Investments, Net			$ 117,600,000
Secured Debt			$ 91,600,000
Repayments Of Secured Debt		$ 8,600,000
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%
Unsecured Debt			$ 65,000,000		$ 65,000,000
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%
Unsecured Debt			$ 35,000,000		$ 35,000,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate	4.21%
Unsecured Debt			99,417,855		99,389,620
Unamortized Debt Issuance Expense			582,145		610,380
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
Revolving Credit Facility [Member] | Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit			$ 98,000,000
Long-term Debt, Weighted Average Interest Rate			1.85%
Debt Instrument, Face Amount			$ 52,000,000
Revolving Credit Facility [Member] | 2021 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			interest rate swaps to fix LIBOR at 2.09% until maturity
Revolving Credit Facility [Member] | 2020 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis			interest rate swaps to fix LIBOR at 2.20%
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt			$ 100,000,000

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($)	May 06, 2015	May 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock		$ 109,700,000	$ 112,077,131	$ 13,607,946
Stock Issued During Period, Shares, New Issues		2,875,000
ATM Program [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock			2,700,000
Gross Amount Remaining To Be Issued			$ 57,400,000
Common Stock Average Price			$ 38.44	$ 30.59
Common Stock [Member] | ATM Program [Member]
Class of Stock [Line Items]
Proceeds From Issuance Of Common Stock				$ 13,900,000
Value Of Equity Instruments To Be Issued	$ 100,000,000
Stock Issued During Period, Shares, New Issues			69,042	454,514

Dividends and Distribution Pa40

Dividends and Distribution Payable (Details Textual)	May 02, 2016$ / shares
Agree Limited Partnership [Member]
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.48

Derivative Instruments and He41

Derivative Instruments and Hedging Activity (Details) - Interest Rate Swap [Member]	Jun. 30, 2016USD ($)Number	Dec. 31, 2015USD ($)Number
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Interest Rate Derivatives Held | Number	5	4
Derivative Liability, Notional Amount | $	$ 187,268,358	$ 145,740,838

Derivative Instruments and He42

Derivative Instruments and Hedging Activity (Details 1) - Interest Rate Swap [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Other Assets [Member]
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0	$ 98,562
Other Liabilities [Member]
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 7,815,472	$ 3,301,108

Derivative Instruments and He43

Derivative Instruments and Hedging Activity (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ (1,677,250)	$ 1,621,177	$ (4,612,926)	$ (390,650)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (533,368)	$ (629,100)	$ (1,194,264)	$ (1,405,448)

Derivative Instruments and He44

Derivative Instruments and Hedging Activity (Details 3) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts of Recognized Assets	$ 0	$ 98,562
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets presented in the statement of Financial Position	0	98,562
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount	0	98,562
Gross Amounts of Recognized Liabilities	7,815,472	3,301,108
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the statement of Financial Position	7,815,472	3,301,108
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received	0	0
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount	$ 7,815,472	$ 3,301,108

Derivative Instruments and He45

Derivative Instruments and Hedging Activity (Details Textual) - USD ($) $ in Millions	1 Months Ended				6 Months Ended
	Jul. 31, 2014	Sep. 30, 2013	Dec. 31, 2012	Apr. 30, 2012	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value					$ 7.5
Assets Needed for Immediate Settlement, Aggregate Fair Value					7.5
Interest and Debt Expense					2.4
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 1 mo. LIBOR and pays to the counterparty a fixed rate of 1.92%
Derivative, Amount of Hedged Item				$ 22.3
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			May 1, 2019
Description of Interest Rate Cash Flow Hedge Activities			the Company receives from the counterparty interest on the notional amount based on 1 mo.LIBOR and pays to the counterparty a fixed rate of 0.89%.
Derivative, Amount of Hedged Item			$ 25
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		May 1, 2019
Description of Interest Rate Cash Flow Hedge Activities		the Company receives from the counterparty interest on the notional amount based on 1 mo.LIBOR and pays to the counterparty a fixed rate of 2.20%.
Derivative, Amount of Hedged Item		$ 35
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 1 mo.LIBOR and pays to the counterparty a fixed rate of 2.09%.
Derivative, Amount of Hedged Item	$ 65
Interest Rate Swap Agreement Five [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount					$ 40
Derivative, Inception Date					Aug. 1, 2016
Derivative, Maturity Date					Jul. 1, 2023
Description of Interest Rate Cash Flow Hedge Activities					we receive from the counterparty interest on the notional amount based on 1 mo. LIBOR and pay to the counterparty a fixed rate of 1.40%
Derivative, Amount of Hedged Item					$ 40

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	$ 7,815,472	$ 3,301,108
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Assets, at Fair Value	0
Interest Rate Derivative Liabilities, At Fair Value	7,815,472
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Assets, at Fair Value	0
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 Assets, at Fair Value	0
Interest Rate Derivative Liabilities, At Fair Value	7,815,472
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Assets, at Fair Value	0
Interest Rate Derivative Liabilities, At Fair Value	0
Mortgage notes payable [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	90,464,356
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	94,683,533
Unsecured term loan [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	99,417,855
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	101,327,953
Senior unsecured notes [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	99,197,009
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	99,710,010
Revolving Credit Facility [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Derivative Liabilities, At Fair Value	98,000,000
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	98,000,000
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]	6 Months Ended
	Jun. 30, 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	(68,574)
Shares Outstanding, Restricted stock forfeited | shares	(6,577)
Shares Outstanding, Unvested restricted stock at end of the period | shares	221,250
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	26.87
Weighted Average Grant Date Fair Value, Restricted stock forfeited (in dollars per share) | $ / shares	35.58
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of the period (in dollars per share) | $ / shares	$ 32.4

Equity Incentive Plan (Details

Equity Incentive Plan (Details Textual) - Restricted Stock [Member] $ in Millions	6 Months Ended
	Jun. 30, 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	$ 5.9
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 6 months

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions	Jul. 01, 2016USD ($)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 40
Debt Instrument, Term	7 years
Debt Instrument, Maturity Date	Jul. 1, 2023
Debt Instrument, Interest Rate, Basis for Effective Rate	LIBOR
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 165 to 225 basis points
Debt Instrument, Interest Rate Terms	to fix LIBOR at 1.3985% until maturity