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Notes Payable
 6 Months Ended
Jun. 30, 2011
Notes Payable
9.
Notes
Payable
Agree Limited Partnership (the “Operating Partnership”) has in place a $55 million Credit Facility with Bank of America, as the agent, which is guaranteed by the Company (the “Credit Facility”).  The Credit Facility was extended in January 2009 and now matures in November 2011.  Advances under the Credit Facility bear interest within a range of one-month to 12-month LIBOR plus 100 basis points to 150 basis points or the lender’s prime rate, at the Company’s option, based on certain factors such as the ratio of the Company’s indebtedness to the capital value of the Company’s properties.  The Credit Facility generally is used to fund property acquisitions and development activities.  As of June 30, 2011, $26,000,000 was outstanding under the Credit Facility bearing a weighted average interest rate of 1.23%.
 
The Company also has in place a $5 million Line of Credit (“the Line of Credit”) that was extended in October 2009 and now matures in November 2011.  The Line of Credit bears interest at the lender’s prime rate less 75 basis points or 150 basis points in excess of the one-month to 12-month LIBOR rate, at the Company’s option.  The purpose of the Line of Credit is generally to provide working capital and fund land options and start-up costs associated with new projects.  As of June 30, 2011, $1,328,904 was outstanding under the Line of Credit bearing a weighted average interest rate of 2.50%.