Agree Realty (ADC) 10-Q 24 Apr 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 21, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	AGREE REALTY CORP
Entity Central Index Key	917,251
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	ADC
Entity Common Stock, Shares Outstanding		26,219,680

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real Estate Investments
Land	$ 319,935	$ 309,687
Buildings	737,605	703,506
Less accumulated depreciation	(73,657)	(69,696)
Property, Plant and Equipment, Net	983,883	943,497
Property under development	8,414	6,764
Net Real Estate Investments	992,297	950,261
Cash and Cash Equivalents	2,300	33,395
Accounts Receivable - Tenants, net of allowance of $50 for possible losses at March 31, 2017 and December 31, 2016	13,069	11,535
Unamortized Deferred Expenses
Credit facility finance costs, net of accumulated amortization of $127 and $1,262 at March 31, 2017 and December 31, 2016, respectively	1,456	1,552
Leasing costs, net of accumulated amortization of $717 and $677 at March 31, 2017 and December 31, 2016, respectively	1,575	1,227
Lease intangibles, net of accumulated amortization of $29,103 and $25,666 at March 31, 2017 and December 31, 2016, respectively	140,652	139,871
Interest Rate Swaps	1,561	1,409
Other Assets	5,330	2,722
Total Assets	1,158,240	1,141,972
LIABILITIES
Mortgage Notes Payable, net	68,539	69,067
Unsecured Term Loans, net	158,557	158,679
Senior Unsecured Notes, net	159,198	159,176
Unsecured Revolving Credit Facility	29,000	14,000
Dividends and Distributions Payable	13,151	13,124
Deferred Revenue	1,650	1,823
Accrued Interest Payable	2,671	2,210
Accounts Payable and Accrued Expenses
Capital expenditures	61	677
Operating	4,956	4,866
Lease intangibles, net of accumulated amortization of $8,087 and $7,078 at March 31, 2017 and December 31, 2016, respectively	30,702	30,047
Interest Rate Swaps	1,404	1,994
Deferred Income Taxes	705	705
Tenant Deposits	94	94
Total Liabilities	470,688	456,462
STOCKHOLDERS' EQUITY
Common stock, $.0001 par value, 45,000,000 shares authorized, 26,219,680 and 26,164,977 shares issued and outstanding, respectively	3	3
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	711,753	712,069
Dividends in excess of net income	(26,962)	(28,558)
Accumulated other comprehensive income (loss)	195	(536)
Total Stockholders' Equity - Agree Realty Corporation	684,989	682,978
Non-controlling interest	2,563	2,532
Total Equity	687,552	685,510
Total Liabilities and Equity	$ 1,158,240	$ 1,141,972

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts receivable (in dollars)	$ 50	$ 50
Accumulated Amortization, Deferred Finance Costs	127	1,262
Deferred leasing costs, accumulated amortization (in dollars)	717	677
Finite-lived intangible assets, accumulated amortization (in dollars)	29,103	25,666
Below Market Lease, Accumulated Amortization	$ 8,087	$ 7,078
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	26,219,680	26,164,977
Common stock, shares, outstanding	26,219,680	26,164,977
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	4,000,000	4,000,000
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 ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Minimum rents	$ 24,014	$ 18,491
Percentage rents	212	183
Operating cost reimbursement	2,344	1,589
Other income	(10)	(39)
Total Revenues	26,560	20,224
Operating Expenses
Real estate taxes	1,808	1,123
Property operating expenses	797	573
Land lease payments	163	163
General and administrative	2,603	2,045
Depreciation and amortization	7,025	5,085
Total Operating Expenses	12,396	8,989
Income from Operations	14,164	11,235
Other (Expense) Income
Interest expense, net	(4,138)	(3,649)
Gain (loss) on sale of assets	4,742	0
Discontinued Operations
Net Income	14,768	7,586
Less Net Income Attributable to Non-Controlling Interest	193	125
Net Income Attributable to Agree Realty Corporation	$ 14,575	$ 7,461
Net Income Per Share Attributable to Agree Realty Corporation
Basic (in dollars per share)	$ 0.56	$ 0.36
Diluted (in dollars per share)	$ 0.56	$ 0.36
Other Comprehensive Income
Net income	$ 14,768	$ 7,586
Other Comprehensive Income (Loss) - Gain (Loss) on Interest Rate Swaps	741	(2,935)
Total Comprehensive Income	15,509	4,651
Comprehensive Income Attributable to Non-Controlling Interest	(203)	(77)
Comprehensive Income Attributable to Agree Realty Corporation	$ 15,306	$ 4,574
Diluted Earnings Per Share
Weighted Average Number of Common Shares Outstanding - Basic: (in shares)	25,953,097	20,438,729
Weighted Average Number of Common Shares Outstanding - Diluted: (in shares)	26,009,120	20,480,140

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	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, 2016	$ 685,510	$ 3	$ 712,069	$ (28,558)	$ (536)	$ 2,532
Balance (in shares) at Dec. 31, 2016		26,164,977
Issuance of common stock, net of issuance costs	150	$ 0	150	0	0	0
Issuance of common stock, net of issuance costs (in shares)		3,245
Repurchase of common shares	(1,095)	$ 0	(1,095)	0	0	0
Repurchase of common shares (in Shares)		(23,580)
Issuance of restricted stock under the Omnibus Incentive Plan	0	$ 0	0	0	0	0
Issuance of restricted stock under the Omnibus Incentive Plan (in shares)		75,038
Forfeiture of restricted stock	0	$ 0	0	0	0	0
Forfeiture of restricted stock (in shares)		0
Vesting of restricted stock	629	$ 0	629	0	0	0
Dividends and distributions declared for the period	(13,151)	0	0	(12,979)	0	(172)
Other comprehensive income (loss) - change in fair value of interest rate swaps	741	0	0	0	731	10
Net income	14,768	0	0	14,575	0	193
Balance at Mar. 31, 2017	$ 687,552	$ 3	$ 711,753	$ (26,962)	$ 195	$ 2,563
Balance (in shares) at Mar. 31, 2017		26,219,680

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities
Net income	$ 14,768	$ 7,586
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,510	3,378
Amortization	2,515	1,707
Amortization from financing and credit facility costs	241	170
Stock-based compensation	629	708
(Gain) loss on sale of assets	(4,742)	0
(Increase) decrease in accounts receivable	(1,608)	(389)
(Increase) decrease in other assets	(440)	262
Increase (decrease) in accounts payable	(590)	2,202
Increase (decrease) in deferred revenue	(173)	(116)
Increase (decrease) in accrued interest	461	1,015
Increase (decrease) in tenant deposits	0	10
Net Cash Provided by Operating Activities	15,571	16,533
Cash Flows from Investing Activities
Acquisition of real estate investments and other assets	(53,680)	(33,486)
Development of real estate investments and other assets (including capitalized interest of $67 in 2017 and $7 in 2016)	(2,937)	(6,203)
Payment of leasing costs	(389)	(39)
Net proceeds from sale of assets	10,182	0
Net Cash Used In Investing Activities	(46,824)	(39,728)
Cash Flows from Financing Activities
Proceeds from common stock offerings, net	150	1,992
Repurchase of common shares	(1,095)	(703)
Unsecured revolving credit facility borrowings	39,000	42,000
Unsecured revolving credit facility repayments	(24,000)	0
Payments of mortgage notes payable	(590)	(9,300)
Payments of unsecured term loans	(179)	0
Dividends paid	(12,952)	(9,596)
Distributions to non-controlling interest	(172)	(162)
Payments for financing costs	(4)	(37)
Net Cash Provided by Financing Activities	158	24,194
Net Increase (Decrease) in Cash and Cash Equivalents	(31,095)	999
Cash and Cash Equivalents, beginning of period	33,395	2,712
Cash and Cash Equivalents, end of period	2,300	3,711
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (net of amounts capitalized)	3,618	2,484
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Shares issued under equity incentive plans (in dollars)	$ 3,648	$ 3,059

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS [Parenthetical] - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Real Estate Inventory, Capitalized Interest Costs	$ 67	$ 7

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and our common stock was 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 Agree Realty Corporation is the sole general partner and in which it held a 98.7 The terms “Agree Realty,” the "Company," “Management,” "we,” “our” or "us" refer to Agree Realty Corporation and all of its consolidated subsidiaries, including the Operating Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 – Summary of Significant Accounting Policies The accompanying unaudited consolidated financial statements for the three months ended March 31, 2017 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three months ended March 31, 2017 may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016 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, 2016. 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 U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of 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. Prepaid rents are presented on the Balance Sheet as Deferred Revenue; in previously filed reports prepaid rents were presented in Accounts Payable - Operating. The classification of below-market lease intangibles are presented net of accumulated amortization as a Liability; in previously filed reports below-market lease intangibles were presented in Unamortized Deferred Expenses: Lease Intangibles net from in-place and above-market lease The Company is primarily in the business of acquiring, developing and managing retail real estate which is considered to be one reporting segment. The Company has no other reportable 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, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use a number of sources, including data provided by independent third parties, as well as information obtained by the Company as a result of our 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 estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We had $ 1.6 32.4 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’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Operating Cost Reimbursement Revenue"). A portion of our Operating Cost Reimbursement Revenue is estimated each period and is recognized as revenue in the period the recoverable costs are incurred and accrued. Receivables from Operating Cost Reimbursement Revenue are included in our Accounts Receivable - Tenants line item in our consolidated balance sheets. The balance of unbilled Operating Cost Reimbursement Receivable at March 31, 2017 and December 31, 2016 was $ 0.6 1.1 In addition, many of the Company’s leases contain rent escalations for which we recognize revenue on a straight-line basis over the non-cancelable lease term. This method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the Accounts Receivable - Tenants line item in our consolidated balance sheets. The balance of straight-line rent receivables at March 31, 2017 and December 31, 2016 was $ 10.3 9.6 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 related to the line of credit, leasing costs and lease intangibles, and are amortized as follows: (i) debt financing costs related to the line of credit on a straight-line basis to interest expense over the term of the related loan, which approximates the effective interest method; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. Three Months Ended March 31, 2017 March 31, 2016 Credit Facility Financing Costs $ 99 $ 53 Leasing Costs $ 40 $ 22 Lease Intangibles $ 2,428 $ 1,685 Total $ 2,567 $ 1,760 The following schedule represents estimated future amortization of deferred expenses as of March 31, 2017 (in thousands): Year Ending December 31, 2017 (remaining) 2018 2019 2020 2021 Thereafter Total Credit Facility Financing Costs $ 296 $ 380 $ 379 $ 380 $ 21 $ - $ 1,456 Leasing Costs 121 167 178 185 169 755 1,575 Lease Intangibles 7,616 9,876 9,422 9,158 8,874 65,004 109,950 Total $ 8,033 $ 10,423 $ 9,979 $ 9,723 $ 9,064 $ 65,759 $ 112,981 Earnings per share have been computed by dividing the net income after allocation to unvested restricted stock by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common shares and potentially dilutive common shares outstanding in accordance with the treasury stock method. Three Months Ended March 31, 2017 March 31, 2016 Weighted average number of common shares outstanding 26,182,994 20,666,806 Less: Unvested restricted stock (229,897) (228,077) Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Effect of dilutive securities: restricted stock 56,023 41,411 Weighted average number of common shares outstanding used in diluted earnings per share 26,009,120 20,480,140 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 March 31, 2017 and December 31, 2016, the Company had accrued a deferred income tax amount of $ 705,000 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 January 2017, the Financial Accounting Standards Board (”FASB”) issued ASU No. 2017-01, “Business Combinations: Clarifying the Definition of a Business” (“ASU 2017-01”). The objective of ASU 2017-01 is to clarify the definition of a business by adding guidance on how entities should evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 will be effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods in the year of adoption. Early adoption is permitted for any interim or annual period. The Company is in the process of determining the impact that the implementation of ASU 2017-01 will have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02 “Leases” (“ASU 2016-02”). The new standard creates Topic 842, Leases, in FASB Accounting Standards Codification Leases. In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 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, as updated, is effective for fiscal years and interim periods beginning after December 15, 2017. The Company is in the process of engaging a professional services firm to assist in the implementation of ASU 2014-09 and has not currently selected a transition method. In addition we are in the process of determining the impact that the implementation of ASU 2014-09, as updated, will have on the Company’s financial statements and it is considered likely the implementation will change the Company’s disclosures.

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Disclosure [Text Block]	Note 3 – Real Estate Investments Real Estate Portfolio March 31, 2017 December 31, 2016 Number of Properties 377 366 Gross Leasable Area (in square feet) 7,326 7,033 Land $ 319,935 $ 309,687 Buildings 737,605 703,506 Property under Development 8,414 6,764 Gross Real Estate Investments $ 1,065,954 $ 1,019,957 Less Accumulated Depreciation $ (73,657) (69,696) Net Real Estate Investments $ 992,297 $ 950,261 Investments During the three months ended March 31, 2017, the Company acquired 11 retail net lease assets for approximately $ 53.2 10.6 The aggregate first quarter 2017 acquisitions were allocated $ 12.6 35.6 5.0 None of the Company’s acquisitions during the first three months of 2017 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized base rent at March 31, 2017. Developments During the first quarter of 2017, construction continued on the Company’s two development and Partner Capital Solutions (“PCS”) projects with anticipated total project costs of approximately $ 12.3 21.5 Term Actual or Anticipated Rent Commencement Camping World Tyler, TX Build-to-Suit 20 Burger King(1) Heber, UT 20 Orchard Supply Boynton Beach, FL 15 Camping World Georgetown, KY 20 (1) Franchise restaurants operated by Meridian Restaurants Unlimited, LC. Dispositions During the three months ended March 31, 2017, the Company sold a Walgreens property in Ann Arbor, Michigan for net proceeds of $ 10.2 4.7

Debt

Debt	3 Months Ended
	Mar. 31, 2017
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 on 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 applied the guidance retrospectively to our Mortgage Notes Payable, Unsecured Term Loans and Senior Unsecured Notes for all periods presented. Unamortized debt issuance costs of approximately $ 3.0 3.1 As of March 31, 2017, we had total gross indebtedness of $ 418.3 69.4 159.9 160.0 29.0 Mortgage Notes Payable As of March 31, 2017, the Company had total gross mortgage indebtedness of $ 69.4 89.9 3.9 March 31, 2017 December 31, 2016 Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with a balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases $ 25,000 $ 25,000 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 4,739 5,114 Note payable in monthly installments of $23,004, including interest at 6.24% per annum, with a balloon payment of $2,781,819 due February 2020; collateralized by related real estate and tenant lease 3,027 3,049 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 23,640 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 5,253 5,294 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 7,758 7,910 Total principal 69,417 70,007 Unamortized debt issuance costs (878) (940) Total $ 68,539 $ 69,067 Debt Maturities Scheduled Balloon Principal Payment Total Remainder of 2017 $ 2,378 $ - $ 2,378 2018 3,337 25,000 28,337 2019 2,751 18,547 21,298 2020 1,092 37,775 38,867 2021 (1) 998 94,000 94,998 Thereafter 8,763 223,640 232,403 Total $ 19,319 $ 398,962 $ 418,281 (1) The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2017. The Credit Facility matures in January 2021, with options to extend the maturity for one year at the Company’s election, subject to certain conditions. Senior Unsecured Notes March 31, 2017 December 31, 2016 2025 Senior Unsecured Note $ 50,000 $ 50,000 2027 Senior Unsecured Note 50,000 50,000 2028 Senior Unsecured Note 60,000 60,000 Total Principal 160,000 160,000 Unamortized debt issuance costs (802) (824) Total $ 159,198 $ 159,176 In May 2015, the Company completed a private placement of $ 100.0 50.0 4.16 50.0 4.26 11 4.21 In July 2016, the Company completed a private placement of $ 60.0 4.42 Unsecured Term Loan Facilities March 31, 2017 December 31, 2016 2019 Term Loan $ 19,864 $ 20,044 2020 Term Loan 35,000 35,000 2021 Term Loan 65,000 65,000 2023 Term Loan 40,000 40,000 Total Principal 159,864 160,044 Unamortized debt issuance costs (1,307) (1,365) Total $ 158,557 $ 158,679 The amended and restated credit agreement, described below, extended the maturity dates of the $ 65.0 35.0 In August 2016, the Company entered into a $ 20.3 19.9 3.62 In July 2016, the Company completed a $ 40.0 40.0 3.05 Senior Unsecured Revolving Credit Facility In December 2016, the Company amended and restated the credit agreement that governs the Company's senior unsecured revolving credit facility and the Company's unsecured term loan facility to increase the aggregate borrowing capacity to $ 350.0 250.0 65.0 35.0 500.0 Borrowings under the revolving credit facility bear interest at LIBOR plus 1.30% to 1.95%, depending on the Company’s leverage ratio. 14.0 2.2 1.9 221.0 Concurrent with the amendment and restatement of the Company’s senior unsecured revolving credit facility, conforming changes were made to the 2023 Term Loan and 2019 Term Loan.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 5 – Common Stock On May 6, 2015, the Company implemented a $ 100.0 During the three months ended March 31, 2017, the Company did not issue any shares of common stock under its ATM program. The Company had approximately $ 36.2 In March 2015, the Company filed, and the SEC declared effective, a shelf registration statement that expires in March 2018. The securities covered by this registration statement cannot exceed $ 500.0

Dividends and Distribution Paya

Dividends and Distribution Payable	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity Note [Abstract]
Dividends And Distributions Payable [Text Block]	Note 6 – Dividends and Distribution Payable On February 27, 2017, the Company declared a dividend of $ 0.495

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activity	3 Months Ended
	Mar. 31, 2017
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. For additional information regarding the leveling of our derivatives (Refer to Note 9- Fair Value Measurements). 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 an amortizing forward-starting interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 22.3 22.3 July 1, 2013 May 1, 2019 0.2 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 25.0 December 6, 2012 April 4, 2018 0.1 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 35.0 October 3, 2013 September 29, 2020 0.6 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 65.0 July 21, 2014 July 21, 2021 0.7 In June 2016, the Company entered into an interest rate swap agreement to hedge against changes in future cash flows resulting from changes in interest rates on $ 40.0 40.0 August 1, 2016 July 1, 2023 1.5 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 months ended March 31, 2017 and 2016, the Company has not recorded any hedge ineffectiveness in earnings. Amounts 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 $ 1.0 Number of Instruments Notional Interest Rate March 31, December 31, March 31, December 31, Derivatives 2017 2016 2017 2016 Interest Rate Swap 5 5 $ 184,864 $ 185,044 Asset Derivatives March 31, 2017 December 31, 2016 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Assets $ 1,561 Other Assets $ 1,409 Liability Derivatives March 31, 2017 December 31, 2016 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Liabilities $ 1,404 Other Liabilities $ 1,994 The table below displays the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the three and nine months ending March 31, 2017 and 2016 (in thousands). Location of Income/(Loss) Derivatives in Reclassifed from Cash Flow Accumulated OCI Amount of Income/(Loss) Reclassified Hedging Amount of Income/(Loss) Recognized into Income from Accumulated OCI into Expense Relationships in OCI on Derivative (Effective Portion) (Effective Portion) (Effective Portion) Three months ended March 31 2017 2016 2017 2016 Interest rate swaps $ 741 $ (2,935) Interest Expense $ (464) $ (524) 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 March 31, 2017, the fair value of derivatives in a net liability position related to these agreements, which includes accrued interest but excludes any adjustment for nonperformance risk, was $ 1.2 1.2 Although the 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 of the effects of offsetting and a net presentation of the Company’s derivatives as of March 31, 2017 and December 31, 2016. As of March 31, 2017 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Assets presented of Recognized Statement of in the statement of Financial Cash Collateral Assets Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,561 $ - $ 1,561 $ (89) $ - $ 1,472 Offsetting of Derivative Liabilities As of March 31, 2017 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Liabilities presented of Recognized Statement of in the statement of Financial Cash Collateral Liabilities Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,404 $ - $ 1,404 $ (89) $ - $ 1,315 Offsetting of Derivative Assets As of December 31, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Assets presented of Recognized Statement of in the statement of Financial Cash Collateral Assets Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,409 $ - $ 1,409 $ (50) $ - $ 1,359 As of December 31, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Liabilities presented of Recognized Statement of in the statement of Financial Cash Collateral Liabilities Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,994 $ - $ 1,994 $ (50) $ - $ 1,944

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 9 – Fair Value Measurements Assets and Liabilities Measured at Fair Value The Company accounts for fair values in accordance with 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 March 31, 2017, 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. Quoted Prices in Active Markets for Significant Other Significant Identical Assets and Observable Unobservable Balance at Liabilities (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2017 Asset: Interest rate swaps $ - $ 1,561 $ - $ 1,561 Liability: Interest rate swaps $ - $ 1,404 $ - $ 1,404 Quoted Prices in Significant Other Significant Balance at Asset: Interest rate swaps $ - $ 1,409 $ - $ 1,409 Liability: Interest rate swaps $ - $ 1,994 $ - $ 1,994 The carrying values of cash and cash equivalents, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. The Company estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assume the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $ 386.3 386.9 400.3 401.4 29.0 14.0

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 10 – Equity Incentive Plan The Company estimates the fair value of restricted stock grants at the date of grant and amortizes those amounts into expense on a straight line basis or amount vested, if greater, over the appropriate vesting period. As of March 31, 2017, there was $ 8.3 3.8 0 The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a stockholder of the Company, including the right to vote the shares and the right to receive dividends on the shares. Weighted Average Shares Grant Date Outstanding Fair Value Unvested restricted stock at December 31, 2016 227,532 $ 33.02 Restricted stock granted 75,038 $ 48.62 Restricted stock vested (72,673) $ 30.47 Restricted stock forfeited - Unvested restricted stock at March 31, 2017 229,897 $ 38.92

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 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. There were no reportable subsequent events or transactions.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Accounting and Principles of Consolidation The accompanying unaudited consolidated financial statements for the three months ended March 31, 2017 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for audited financial statements. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim period presented. Operating results for the three months ended March 31, 2017 may not be indicative of the results that may be expected for the year ending December 31, 2017. Amounts as of December 31, 2016 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, 2016. 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 U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of 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. Prepaid rents are presented on the Balance Sheet as Deferred Revenue; in previously filed reports prepaid rents were presented in Accounts Payable - Operating. The classification of below-market lease intangibles are presented net of accumulated amortization as a Liability; in previously filed reports below-market lease intangibles were presented in Unamortized Deferred Expenses: Lease Intangibles net from in-place and above-market lease
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company is primarily in the business of acquiring, developing and managing retail real estate which is considered to be one reporting segment. The Company has no other reportable segments.
Real Estate, Policy [Policy Text Block]	Real Estate Investments The Company records the acquisition of real estate at cost, including acquisition and closing costs. For properties developed by the Company, all direct and indirect costs related to planning, development and construction, including interest, real estate taxes and other miscellaneous costs incurred during the construction period, are capitalized for financial reporting purposes and recorded as property under development until construction has been completed. Properties classified as “held for sale” are recorded at the lower of their carrying value or their fair value, less anticipated selling costs.
Purchase Accounting For Acquisitions Of Real Estate [Policy Text Block]	Accounting for Acquisitions of Real Estate The acquisition of property for investment purposes is typically accounted for as an asset acquisition. The Company allocates the purchase price to land, building and identified intangible assets and liabilities, based in each case on their relative estimated fair values and without giving rise to goodwill. Intangible assets and liabilities represent the value of in-place leases and above- or below-market leases. In making estimates of fair values, the Company may use a number of sources, including data provided by independent third parties, as well as information obtained by the Company as a result of our 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 estimates of costs related to tenant acquisition and the carrying costs that would be incurred during the time it would take to locate a tenant if the property were vacant, considering current market conditions and costs to execute similar leases at the time of the acquisition. The fair value of identified intangible assets and liabilities acquired is amortized to depreciation and amortization over the remaining term of the related leases.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of cash and money market accounts. The account balances periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We had $ 1.6 32.4
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. The Company’s leases provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Operating Cost Reimbursement Revenue"). A portion of our Operating Cost Reimbursement Revenue is estimated each period and is recognized as revenue in the period the recoverable costs are incurred and accrued. Receivables from Operating Cost Reimbursement Revenue are included in our Accounts Receivable - Tenants line item in our consolidated balance sheets. The balance of unbilled Operating Cost Reimbursement Receivable at March 31, 2017 and December 31, 2016 was $ 0.6 1.1 In addition, many of the Company’s leases contain rent escalations for which we recognize revenue on a straight-line basis over the non-cancelable lease term. This method results in rental revenue in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the Accounts Receivable - Tenants line item in our consolidated balance sheets. The balance of straight-line rent receivables at March 31, 2017 and December 31, 2016 was $ 10.3 9.6
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]	Deferred expenses include debt financing costs related to the line of credit, leasing costs and lease intangibles, and are amortized as follows: (i) debt financing costs related to the line of credit on a straight-line basis to interest expense over the term of the related loan, which approximates the effective interest method; (ii) leasing costs on a straight-line basis to depreciation and amortization over the term of the related lease entered into; and (iii) lease intangibles on a straight-line basis to depreciation and amortization over the remaining term of the related lease acquired. The following schedule summarizes the Company’s amortization of deferred expenses for the three months ended March 31, 2017 and 2016 (in thousands): Three Months Ended March 31, 2017 March 31, 2016 Credit Facility Financing Costs $ 99 $ 53 Leasing Costs $ 40 $ 22 Lease Intangibles $ 2,428 $ 1,685 Total $ 2,567 $ 1,760 The following schedule represents estimated future amortization of deferred expenses as of March 31, 2017 (in thousands): Year Ending December 31, 2017 (remaining) 2018 2019 2020 2021 Thereafter Total Credit Facility Financing Costs $ 296 $ 380 $ 379 $ 380 $ 21 $ - $ 1,456 Leasing Costs 121 167 178 185 169 755 1,575 Lease Intangibles 7,616 9,876 9,422 9,158 8,874 65,004 109,950 Total $ 8,033 $ 10,423 $ 9,979 $ 9,723 $ 9,064 $ 65,759 $ 112,981
Earnings Per Share, Policy [Policy Text Block]	Earnings per share have been computed by dividing the net income after allocation to unvested restricted stock by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common shares and potentially dilutive common shares outstanding in accordance with the treasury stock method. Three Months Ended March 31, 2017 March 31, 2016 Weighted average number of common shares outstanding 26,182,994 20,666,806 Less: Unvested restricted stock (229,897) (228,077) Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Effect of dilutive securities: restricted stock 56,023 41,411 Weighted average number of common shares outstanding used in diluted earnings per share 26,009,120 20,480,140
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 March 31, 2017 and December 31, 2016, the Company had accrued a deferred income tax amount of $ 705,000
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]	Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (”FASB”) issued ASU No. 2017-01, “Business Combinations: Clarifying the Definition of a Business” (“ASU 2017-01”). The objective of ASU 2017-01 is to clarify the definition of a business by adding guidance on how entities should evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 will be effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods in the year of adoption. Early adoption is permitted for any interim or annual period. The Company is in the process of determining the impact that the implementation of ASU 2017-01 will have on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02 “Leases” (“ASU 2016-02”). The new standard creates Topic 842, Leases, in FASB Accounting Standards Codification Leases. In May 2014, with subsequent updates issued in August 2015 and March, April and May 2016, the FASB issued ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). ASU 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, as updated, is effective for fiscal years and interim periods beginning after December 15, 2017. The Company is in the process of engaging a professional services firm to assist in the implementation of ASU 2014-09 and has not currently selected a transition method. In addition we are in the process of determining the impact that the implementation of ASU 2014-09, as updated, will have on the Company’s financial statements and it is considered likely the implementation will change the Company’s disclosures.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Three Months Ended March 31, 2017 March 31, 2016 Credit Facility Financing Costs $ 99 $ 53 Leasing Costs $ 40 $ 22 Lease Intangibles $ 2,428 $ 1,685 Total $ 2,567 $ 1,760 The following schedule represents estimated future amortization of deferred expenses as of March 31, 2017 (in thousands): Year Ending December 31, 2017 (remaining) 2018 2019 2020 2021 Thereafter Total Credit Facility Financing Costs $ 296 $ 380 $ 379 $ 380 $ 21 $ - $ 1,456 Leasing Costs 121 167 178 185 169 755 1,575 Lease Intangibles 7,616 9,876 9,422 9,158 8,874 65,004 109,950 Total $ 8,033 $ 10,423 $ 9,979 $ 9,723 $ 9,064 $ 65,759 $ 112,981
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 March 31, 2017 March 31, 2016 Weighted average number of common shares outstanding 26,182,994 20,666,806 Less: Unvested restricted stock (229,897) (228,077) Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Weighted average number of common shares outstanding used in basic earnings per share 25,953,097 20,438,729 Effect of dilutive securities: restricted stock 56,023 41,411 Weighted average number of common shares outstanding used in diluted earnings per share 26,009,120 20,480,140

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Real Estate Properties [Table Text Block]	March 31, 2017 December 31, 2016 Number of Properties 377 366 Gross Leasable Area (in square feet) 7,326 7,033 Land $ 319,935 $ 309,687 Buildings 737,605 703,506 Property under Development 8,414 6,764 Gross Real Estate Investments $ 1,065,954 $ 1,019,957 Less Accumulated Depreciation $ (73,657) (69,696) Net Real Estate Investments $ 992,297 $ 950,261
Schedule of Completed or Commenced Construction on 14 Development [Table Text Block]	For the three months ended March 31, 2017, the Company has four development or PCS projects completed or currently under construction. Total anticipated project costs for those developments are approximately $ 21.5 Term Actual or Anticipated Rent Commencement Camping World Tyler, TX Build-to-Suit 20 Burger King(1) Heber, UT 20 Orchard Supply Boynton Beach, FL 15 Camping World Georgetown, KY 20 (1) Franchise restaurants operated by Meridian Restaurants Unlimited, LC.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Long-term Debt Instruments [Table Text Block]	Mortgages payable consisted of the following (in thousands): March 31, 2017 December 31, 2016 Note payable in monthly installments of interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49% with a balloon payment due April 4, 2018; collateralized by related real estate and tenants' leases $ 25,000 $ 25,000 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 4,739 5,114 Note payable in monthly installments of $23,004, including interest at 6.24% per annum, with a balloon payment of $2,781,819 due February 2020; collateralized by related real estate and tenant lease 3,027 3,049 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 23,640 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 5,253 5,294 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 7,758 7,910 Total principal 69,417 70,007 Unamortized debt issuance costs (878) (940) Total $ 68,539 $ 69,067
Schedule of Maturities of Long-term Debt [Table Text Block]	The following table presents scheduled principal payments related to our debt as of March 31, 2017 (in thousands): Scheduled Balloon Principal Payment Total Remainder of 2017 $ 2,378 $ - $ 2,378 2018 3,337 25,000 28,337 2019 2,751 18,547 21,298 2020 1,092 37,775 38,867 2021 (1) 998 94,000 94,998 Thereafter 8,763 223,640 232,403 Total $ 19,319 $ 398,962 $ 418,281 (1) The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2017. The Credit Facility matures in January 2021, with options to extend the maturity 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 March 31, 2017, and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 2025 Senior Unsecured Note $ 50,000 $ 50,000 2027 Senior Unsecured Note 50,000 50,000 2028 Senior Unsecured Note 60,000 60,000 Total Principal 160,000 160,000 Unamortized debt issuance costs (802) (824) Total $ 159,198 $ 159,176
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 March 31, 2017 and December 31, 2016 (in thousands): March 31, 2017 December 31, 2016 2019 Term Loan $ 19,864 $ 20,044 2020 Term Loan 35,000 35,000 2021 Term Loan 65,000 65,000 2023 Term Loan 40,000 40,000 Total Principal 159,864 160,044 Unamortized debt issuance costs (1,307) (1,365) Total $ 158,557 $ 158,679

Derivative Instruments and He23

Derivative Instruments and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2017
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 (in thousands, except number of instruments): Number of Instruments Notional Interest Rate March 31, December 31, March 31, December 31, Derivatives 2017 2016 2017 2016 Interest Rate Swap 5 5 $ 184,864 $ 185,044
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 (in thousands). Asset Derivatives March 31, 2017 December 31, 2016 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Assets $ 1,561 Other Assets $ 1,409 Liability Derivatives March 31, 2017 December 31, 2016 Balance Sheet Balance Sheet Location Fair Value Location Fair Value Derivatives designated as cash flow hedges: Interest Rate Swaps Other Liabilities $ 1,404 Other Liabilities $ 1,994
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The table below displays the effect of the Company’s derivative financial instruments in the consolidated statements of operations and other comprehensive loss for the three and nine months ending March 31, 2017 and 2016 (in thousands). Location of Income/(Loss) Derivatives in Reclassifed from Cash Flow Accumulated OCI Amount of Income/(Loss) Reclassified Hedging Amount of Income/(Loss) Recognized into Income from Accumulated OCI into Expense Relationships in OCI on Derivative (Effective Portion) (Effective Portion) (Effective Portion) Three months ended March 31 2017 2016 2017 2016 Interest rate swaps $ 741 $ (2,935) Interest Expense $ (464) $ (524)
Offsetting Assets And Liabilities [Table Text Block]	The gross amounts of derivative assets or liabilities can be reconciled to the Tabular Disclosure of Fair Values of Derivative Instruments above, which also provides the location that derivative assets and liabilities are presented on the consolidated balance sheets (in thousands): As of March 31, 2017 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Assets presented of Recognized Statement of in the statement of Financial Cash Collateral Assets Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,561 $ - $ 1,561 $ (89) $ - $ 1,472 Offsetting of Derivative Liabilities As of March 31, 2017 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Liabilities presented of Recognized Statement of in the statement of Financial Cash Collateral Liabilities Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,404 $ - $ 1,404 $ (89) $ - $ 1,315 Offsetting of Derivative Assets As of December 31, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Assets presented of Recognized Statement of in the statement of Financial Cash Collateral Assets Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,409 $ - $ 1,409 $ (50) $ - $ 1,359 As of December 31, 2016 Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Net Amounts of Gross Amounts Offset in the Liabilities presented of Recognized Statement of in the statement of Financial Cash Collateral Liabilities Financial Position Financial Position Instruments Received Net Amount Derivatives $ 1,994 $ - $ 1,994 $ (50) $ - $ 1,944

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	Quoted Prices in Active Markets for Significant Other Significant Identical Assets and Observable Unobservable Balance at Liabilities (Level 1) Inputs (Level 2) Inputs (Level 3) March 31, 2017 Asset: Interest rate swaps $ - $ 1,561 $ - $ 1,561 Liability: Interest rate swaps $ - $ 1,404 $ - $ 1,404 Quoted Prices in Significant Other Significant Balance at Asset: Interest rate swaps $ - $ 1,409 $ - $ 1,409 Liability: Interest rate swaps $ - $ 1,994 $ - $ 1,994

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted stock activity is summarized as follows: Weighted Average Shares Grant Date Outstanding Fair Value Unvested restricted stock at December 31, 2016 227,532 $ 33.02 Restricted stock granted 75,038 $ 48.62 Restricted stock vested (72,673) $ 30.47 Restricted stock forfeited - Unvested restricted stock at March 31, 2017 229,897 $ 38.92

Organization (Details Textual)

Organization (Details Textual)	Mar. 31, 2017
Nature of Operations [Line Items]
Ownership Percentage On Controlling Interest By Parent	98.70%

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 2,567	$ 1,760
Credit Facility Financing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	99	53
Leasing Costs [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	40	22
Lease Intangibles [Member]
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization of Deferred Charges	$ 2,428	$ 1,685

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details 1) $ in Thousands	Mar. 31, 2017USD ($)
Year Ending December 31,
2017 (remaining)	$ 8,033
2,018	10,423
2,019	9,979
2,020	9,723
2,021	9,064
Thereafter	65,759
Total	112,981
Credit Facility Financing Costs [Member]
Year Ending December 31,
2017 (remaining)	296
2,018	380
2,019	379
2,020	380
2,021	21
Thereafter	0
Total	1,456
Leasing Costs [Member]
Year Ending December 31,
2017 (remaining)	121
2,018	167
2,019	178
2,020	185
2,021	169
Thereafter	755
Total	1,575
Lease Intangibles [Member]
Year Ending December 31,
2017 (remaining)	7,616
2,018	9,876
2,019	9,422
2,020	9,158
2,021	8,874
Thereafter	65,004
Total	$ 109,950

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share Basic And Diluted [Line Items]
Weighted average number of common shares outstanding	26,182,994	20,666,806
Less: Unvested restricted stock	(229,897)	(228,077)
Weighted average number of common shares outstanding used in basic earnings per share	25,953,097	20,438,729
Weighted average number of common shares outstanding used in basic earnings per share	25,953,097	20,438,729
Effect of dilutive securities: restricted stock	56,023	41,411
Weighted average number of common shares outstanding used in diluted earnings per share	26,009,120	20,480,140

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Deferred Tax Liabilities, Gross	$ 705	$ 705
Cash, FDIC Insured Amount	1,600	32,400
Deferred Rent Receivables, Net	10,300	9,600
Reimbursement Revenue	$ 600	$ 1,100

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2017USD ($)a	Dec. 31, 2016USD ($)a
Real Estate Properties [Line Items]
Number of Properties	377	366
Gross Leasable Area (in square feet) | a	7,326	7,033
Land	$ 319,935	$ 309,687
Buildings	737,605	703,506
Property under Development	8,414	6,764
Gross Real Estate Investments	1,065,954	1,019,957
Less Accumulated Depreciation	(73,657)	(69,696)
Net Real Estate Investments	$ 992,297	$ 950,261

Real Estate Investments (Deta32

Real Estate Investments (Details 1)	3 Months Ended
	Mar. 31, 2017
Tyler, TX [Member]
Lease Structure	Build-to-Suit
Lease Term	20 years
Actual or Anticipated Rent Commencement	Q1 2017
Status	Completed
Heber, UT [Member]
Lease Structure	Build-to-Suit	[1]
Lease Term	20 years	[1]
Actual or Anticipated Rent Commencement	Q1 2017	[1]
Status	Completed	[1]
Georgetown, KY [Member]
Lease Structure	Build-to-Suit
Lease Term	20 years
Actual or Anticipated Rent Commencement	Q3 2017
Status	Under Construction
Boynton Beach, FL [Member]
Lease Structure	Build-to-Suit
Lease Term	15 years
Actual or Anticipated Rent Commencement	Q3 2017
Status	Under Construction
[1]	Franchise restaurants operated by Meridian Restaurants Unlimited, LC.

Real Estate Investments (Deta33

Real Estate Investments (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Real Estate Properties [Line Items]
Proceeds from Sale of Real Estate	$ 10.2
Gains (Losses) on Sales of Investment Real Estate	4.7
Fourteen Development And PCS Projects [Member]
Real Estate Properties [Line Items]
Property Subject to or Available for Operating Lease, Gross	12.3
Eleven Retail Net Lease Assets [Member]
Real Estate Properties [Line Items]
Payments to Acquire Property, Plant, and Equipment	$ 53.2
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (in year)	10 years 7 months 6 days
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 12.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	35.6
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 5

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 68,539	$ 69,067
Unamortized Debt Issuance Expense	(3,000)	(3,100)
Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	69,417	70,007
Unamortized Debt Issuance Expense	(878)	(940)
Total principal	68,539	69,067
April 4 2018 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	25,000	25,000
January 2020 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	4,739	5,114
February 2020 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	3,027	3,049
January 1 2023 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	23,640	23,640
September 2023 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	5,253	5,294
July 2026 [Member] | Mortgage Notes Payable [Member]
Debt Instrument [Line Items]
Mortgages Notes Payable	$ 7,758	$ 7,910

Debt (Details 1)

Debt (Details 1) $ in Thousands	Mar. 31, 2017USD ($)
Long-term Debt, Maturities, Repayments of Principal [Line Items]
Remainder of 2017	$ 2,378
2,018	28,337
2,019	21,298
2,020	38,867
2,021	94,998	[1]
Thereafter	232,403
Total	418,281
Scheduled Principal [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
Remainder of 2017	2,378
2,018	3,337
2,019	2,751
2,020	1,092
2,021	998	[1]
Thereafter	8,763
Total	19,319
Balloon Payment [Member]
Long-term Debt, Maturities, Repayments of Principal [Line Items]
Remainder of 2017	0
2,018	25,000
2,019	18,547
2,020	37,775
2,021	94,000	[1]
Thereafter	223,640
Total	$ 398,962
[1]	The balloon payment balance includes the balance outstanding under the Credit Facility as of March 31, 2017. The Credit Facility matures in January 2021, with options to extend the maturity for one year at the Company’s election, subject to certain conditions.

Debt (Details 2)

Debt (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Unamortized debt issuance costs	$ (3,000)	$ (3,100)
Total	159,198	159,176
Senior Notes [Member]
Total Principal	160,000	160,000
Unamortized debt issuance costs	(802)	(824)
Total	159,198	159,176
Senior Notes [Member] | Senior Unsecured Note 2025 [Member]
Debt Instrument, Face Amount	50,000	50,000
Senior Notes [Member] | Senior Unsecured Note 2027 [Member]
Debt Instrument, Face Amount	50,000	50,000
Senior Notes [Member] | Senior Unsecured Note 2028 [Member]
Debt Instrument, Face Amount	$ 60,000	$ 60,000

Debt (Details 3)

Debt (Details 3) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Unamortized debt issuance costs	$ (3,000)	$ (3,100)
Total	158,557	158,679
Unsecured Debt [Member]
Total Principal	159,864	160,044
Unamortized debt issuance costs	(1,307)	(1,365)
Total	158,557	158,679
Unsecured Debt [Member] | Term Loan 2019 [Member]
Debt Instrument, Face Amount	19,864	20,044
Unsecured Debt [Member] | Term Loan 2020 [Member]
Debt Instrument, Face Amount	35,000	35,000
Unsecured Debt [Member] | Term Loan 2021 [Member]
Debt Instrument, Face Amount	65,000	65,000
Unsecured Debt [Member] | Term Loan 2023 [Member]
Debt Instrument, Face Amount	$ 40,000	$ 40,000

Debt (Details Textual)

Debt (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Aug. 31, 2016	Jul. 31, 2016	May 28, 2015	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Line of Credit				$ 29,000,000	$ 14,000,000
Long-term Debt, Total				418,281,000
Secured Debt				68,539,000	69,067,000
Unsecured Debt				158,557,000	158,679,000
Unamortized Debt Issuance Expense				3,000,000	3,100,000
Private Placement [Member]
Debt Instrument [Line Items]
Unsecured Debt		$ 60,000,000	$ 100,000,000
Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Total				418,300,000
Secured Debt				$ 69,400,000
Revolving Credit and Term Loan Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					350,000,000
Line of Credit facility, Maximum Limit of Borrowing Capacity					500,000,000
Mortgage Note Payable [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate				3.90%
Real Estate Investments, Net				$ 89,900,000
Secured Debt				69,400,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate			4.21%
Debt Instrument, Maturity Date		Jul. 31, 2028
Debt Instrument, Interest Rate, Stated Percentage		4.42%
Unsecured Debt				158,557,000	158,679,000
Unamortized Debt Issuance Expense				1,307,000	1,365,000
Unsecured Debt [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt Instrument, Term			11 years
Unsecured Debt [Member] | 2024 Term Loan Facility One [Member)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					65,000,000
Debt Instrument, Face Amount				65,000,000
Unsecured Debt [Member] | 2024 Term Loan Facility Two [Membe]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					35,000,000
Debt Instrument, Face Amount				$ 35,000,000
Unsecured Debt [Member] | 2024 Term Loan Facilitilies [Membe]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date				Jan. 31, 2024
Debt Instrument, Description of Variable Rate Basis				Borrowings under the unsecured 2024 Term Loan Facilities bear interest at a variable LIBOR plus 1.65% to 2.35%, depending on the Company's leverage ratio.
Unsecured Debt One [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 50,000,000
Debt Instrument, Maturity Date			May 31, 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 31, 2027
Debt Instrument, Interest Rate, Stated Percentage			4.26%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 250,000,000
Long-term Debt, Weighted Average Interest Rate				2.20%	1.90%
Debt Instrument, Interest Rate, Stated Percentage				3.05%
Debt Instrument, Description of Variable Rate Basis		Borrowings under the 2023 Term Loan are priced at LIBOR plus 165 to 225 basis points, depending on the Companys leverage. The Company entered into an interest rate swap to fix LIBOR at 1.40% until maturity.		Borrowings under the revolving credit facility bear interest at LIBOR plus 1.30% to 1.95%, depending on the Companys leverage ratio.
Line of Credit Facility, Remaining Borrowing Capacity				$ 221,000,000
Unsecured Debt		$ 40,000,000		$ 40,000,000
Revolving Credit Facility [Member] | 2019 Term Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	May 31, 2019
Debt Instrument, Interest Rate, Stated Percentage				3.62%
Debt Instrument, Description of Variable Rate Basis	LIBOR plus 170 basis points. In order to fix LIBOR on the 2019 Term Loan at 1.92% until maturity
Unsecured Debt	$ 20,300,000			$ 19,900,000
Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Unsecured Debt				159,900,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Unsecured Debt				$ 160,000,000
April 4 2018 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Description of Variable Rate Basis				interest only at LIBOR plus 160 basis points, swapped to a fixed rate of 2.49%
January 1 2023 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				3.60%
January 2020 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal				$ 153,838,000
Debt Instrument, Interest Rate, Stated Percentage				6.90%
July 2026 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal				$ 91,675,000
Debt Instrument, Interest Rate, Stated Percentage				6.27%
February 2020 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal				$ 23,004,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid				$ 2,781,819
Debt Instrument, Interest Rate, Stated Percentage				6.24%
September 2023 [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal				$ 35,673,000
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid				$ 4,034,627
Debt Instrument, Interest Rate, Stated Percentage				5.01%

Common Stock (Details Textual)

Common Stock (Details Textual) - USD ($) $ in Millions	May 06, 2015	Mar. 31, 2017	Mar. 31, 2015
ATM Program [Member]
Class of Stock [Line Items]
Gross Amount Remaining To Be Issued		$ 36.2
Common Stock [Member]
Class of Stock [Line Items]
Registration Payment Arrangement, Maximum Potential Consideration			$ 500
Common Stock [Member] | ATM Program [Member]
Class of Stock [Line Items]
Value Of Equity Instruments To Be Issued	$ 100

Dividends and Distribution Pa40

Dividends and Distribution Payable (Details Textual)	Feb. 27, 2017$ / shares
Agree Limited Partnership [Member]
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share (in dollars per share)	$ 0.495

Derivative Instruments and He41

Derivative Instruments and Hedging Activity (Details) - Interest Rate Swap [Member] $ in Thousands	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments Interest Rate Swap	5	5
Derivative Liability, Notional Amount	$ 184,864	$ 185,044

Derivative Instruments and He42

Derivative Instruments and Hedging Activity (Details 1) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Member]
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 1,561	$ 1,409
Other Liabilities [Member]
Derivatives designated as cash flow hedges
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 1,404	$ 1,994

Derivative Instruments and He43

Derivative Instruments and Hedging Activity (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 741	$ (2,935)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (464)	$ (524)

Derivative Instruments and He44

Derivative Instruments and Hedging Activity (Details 3) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts of Recognized Assets	$ 1,561	$ 1,409
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Assets presented in the statement of Financial Position	1,561	1,409
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	(89)	(50)
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	1,472	1,359
Gross Amounts of Recognized Liabilities	1,404	1,994
Gross Amounts Offset in the Statement of Financial Position	0	0
Net Amounts of Liabilities presented in the statement of Financial Position	1,404	1,994
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments	(89)	(50)
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	$ 1,315	$ 1,944

Derivative Instruments and He45

Derivative Instruments and Hedging Activity (Details Textual) - USD ($) $ in Millions	1 Months Ended					3 Months Ended
	Jun. 30, 2016	Jul. 31, 2014	Sep. 30, 2013	Dec. 31, 2012	Apr. 30, 2012	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value						$ 1.2
Assets Needed for Immediate Settlement, Aggregate Fair Value						1.2
Interest and Debt Expense						1
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 month LIBOR and pays to the counterparty a fixed rate of 1.92%.
Derivative, Amount of Hedged Item					$ 22.3	0.2
Interest Rate Swap Agreement Two [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount				$ 25
Derivative, Inception Date				Dec. 6, 2012
Derivative, Maturity Date				Apr. 4, 2018
Description of Interest Rate Cash Flow Hedge Activities				the Company receives from the counterparty interest on the notional amount based on 1 month LIBOR and pays to the counterparty a fixed rate of 0.89%.
Derivative, Amount of Hedged Item				$ 25		0.1
Interest Rate Swap Agreement Three [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount			$ 35
Derivative, Inception Date			Oct. 3, 2013
Derivative, Maturity Date			Sep. 29, 2020
Description of Interest Rate Cash Flow Hedge Activities			the Company receives from the counterparty interest on the notional amount based on 1 month LIBOR and pays to the counterparty a fixed rate of 2.20%
Derivative, Amount of Hedged Item			$ 35			0.6
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 month LIBOR and pays to the counterparty a fixed rate of 2.09%.
Derivative, Amount of Hedged Item		$ 65				0.7
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	the Company receives from the counterparty interest on the notional amount based on 1 month LIBOR and pays to the counterparty a fixed rate of 1.40%
Derivative, Amount of Hedged Item	$ 40					$ 1.5

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	$ 1,561	$ 1,409
Interest Rate Derivative Liabilities, At Fair Value	1,404	1,994
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	1,561	1,409
Interest Rate Derivative Liabilities, At Fair Value	1,404	1,994
Interest rate swaps [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	0	0
Interest Rate Derivative Liabilities, At Fair Value	0	0
Interest rate swaps [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	1,561	1,409
Interest Rate Derivative Liabilities, At Fair Value	1,404	1,994
Interest rate swaps [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Swaps	0	0
Interest Rate Derivative Liabilities, At Fair Value	$ 0	$ 0

Fair Value Measurements (Deta47

Fair Value Measurements (Details Textual) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Derivative Liability, Fixed Rate Debt, Carrying Value	$ 386.3	$ 386.9
Derivative Liability, Fixed Rate Debt, Fair Value	400.3	401.4
Derivative Liability, Variable Rate Debt, Fair Value	$ 29	$ 14

Equity Incentive Plan (Details)

Equity Incentive Plan (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, Unvested restricted stock at beginning of the period | shares	227,532
Shares Outstanding, Restricted stock granted | shares	75,038
Shares Outstanding Restricted stock vested | shares	(72,673)
Shares Outstanding, Restricted stock forfeited | shares	0
Shares Outstanding, Unvested restricted stock at end of the period | shares	229,897
Weighted Average Grant Date Fair Value, Unvested restricted stock at beginning of the period (in dollars per share) | $ / shares	$ 33.02
Weighted Average Grant Date Fair Value, Restricted stock granted (in dollars per share) | $ / shares	48.62
Weighted Average Grant Date Fair Value, Restricted stock vested (in dollars per share) | $ / shares	30.47
Weighted Average Grant Date Fair Value, Restricted stock forfeited (in dollars per share) | $ / shares	0
Weighted Average Grant Date Fair Value, Unvested restricted stock at end of the period (in dollars per share) | $ / shares	$ 38.92

Equity Incentive Plan (Details

Equity Incentive Plan (Details Textual) - Restricted Stock [Member] $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
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	$ 8.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 9 months 18 days