XML 15 R29.htm IDEA: XBRL DOCUMENT

Schedule III Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation Disclosure [Text Block]

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2011

Column A		Column B				Column C								Column D				Column E												Column F				Column G				Column H
																																						Life on Which
														Costs				Gross Amount at Which Carried																				Depreciation in
						Initial Cost								Capitalized				At Close of Period																Date of				Latest Income
										Buildings and				Subsequent to								Buildings and								Accumulated				Construction				Statement is
Description		Encumbrance				Land				Improvements				Acquisition				Land				Improvements				Total				Depreciation				or Acquisition				Computed
Borman Center, MI			0			$	550,000			$	562,404			$	1,087,596			$	550,000			$	1,650,000			$	2,200,000			$	1,494,272				1977			40 Years
Capital Plaza, KY			0				7,379				2,240,607				3,434,142				7,379				5,674,749				5,682,128				2,460,627				1978			40 Years
Charlevoix Commons, MI			0				305,000				5,152,992				111,568				305,000				5,264,560				5,569,560				2,767,422				1991			40 Years
Chippewa Commons, WI			0				1,197,150				6,367,560				492,995				1,197,150				6,860,555				8,057,705				3,567,535				1990			40 Years
Grayling Plaza, MI			0				200,000				1,778,657				0				200,000				1,778,657				1,978,657				1,233,870				1984			40 Years
Ironwood Commons, MI			0				167,500				8,181,306				360,245				167,500				8,541,551				8,709,051				4,327,337				1991			40 Years
Marshall Plaza Two, MI			0				0				4,662,230				121,044				0				4,783,274				4,783,274				2,461,325				1990			40 Years
North Lakeland Plaza, FL			0				1,641,879				6,364,379				1,995,896				1,641,879				8,360,275				10,002,154				4,473,894				1987			40 Years
Oscoda Plaza, MI			0				183,295				1,872,854				0				183,295				1,872,854				2,056,149				1,296,007				1984			40 Years
Petoskey Town Center, MI			0				875,000				8,895,289				360,154				875,000				9,255,443				10,130,443				4,743,338				1990			40 Years
Plymouth Commons, WI			0				535,460				5,667,504				282,915				535,460				5,950,419				6,485,879				3,120,894				1990			40 Years
Rapids Associates, MI			0				705,000				6,854,790				2,114,617				705,000				8,969,407				9,674,407				3,877,547				1990			40 Years
Shawano Plaza, WI			0				190,000				9,133,934				293,627				190,000				9,427,561				9,617,561				4,991,687				1990			40 Years
West Frankfort Plaza, IL			0				8,002				784,077				150,869				8,002				934,946				942,948				627,682				1982			40 Years
Omaha Store, NE			0				1,705,619				2,053,615				(664,272	)			1,039,195				2,055,767				3,094,962				828,722				1995			40 Years
Wichita Store, KS			0				1,039,195				1,690,644				(48,910	)			1,139,677				1,541,252				2,680,929				687,059				1995			40 Years
Monroeville, PA			0				6,332,158				2,249,724				(3,980,000	)			3,153,890				1,447,992				4,601,882				834,630				1996			40 Years
Columbus, OH			0				826,000				2,336,791				(750,000	)			551,000				1,861,791				2,412,791				929,847				1996			40 Years
Boynton Beach, FL			0				1,534,942				2,043,122				3,976,385				1,534,942				6,019,507				7,554,449				1,128,073				1996			40 Years
Lawrence, KS			0				981,331				3,000,000				(1,510,873	)			419,791				2,050,667				2,470,458				1,132,557				1997			40 Years
Waterford, MI			1,256,125				971,009				1,562,869				135,390				971,009				1,698,259				2,669,268				593,354				1997			40 Years
Chesterfield Township, MI			1,379,233				1,350,590				1,757,830				(46,164	)			1,350,590				1,711,666				3,062,256				578,269				1998			40 Years
Grand Blanc, MI			1,317,679				1,104,285				1,998,919				43,929				1,104,285				2,042,848				3,147,133				656,780				1998			40 Years
Pontiac, MI			1,263,428				1,144,190				1,808,955				(113,506	)			1,144,190				1,695,449				2,839,639				563,324				1998			40 Years
Mt Pleasant Shopping Center, MI			0				907,600				8,081,968				1,005,388				907,600				9,087,356				9,994,956				3,832,084				1973			40 Years
Columbia, MD			2,153,088				1,545,509				2,093,700				(548,411	)			1,211,509				1,879,289				3,090,798				745,108				1999			40 Years
Rochester, MI			2,287,188				2,438,740				2,188,050				1,949				2,438,740				2,189,999				4,628,739				684,351				1999			40 Years
Ypsilanti, MI			2,065,773				2,050,000				2,222,097				29,624				2,050,000				2,251,721				4,301,721				675,560				1999			40 Years
Germantown, MD			2,024,655				1,400,000				2,288,890				(761,000	)			1,077,600				1,850,290				2,927,890				710,690				2000			40 Years
Petoskey, MI			1,436,911				0				2,332,473				(1,721	)			0				2,330,752				2,330,752				680,603				2000			40 Years
Flint, MI			2,167,350				2,026,625				1,879,700				(1,201	)			2,026,625				1,878,499				3,905,124				516,593				2000			40 Years
Flint, MI			1,864,903				1,477,680				2,241,293				0				1,477,680				2,241,293				3,718,973				609,348				2001			40 Years
New Baltimore, MI			1,590,988				1,250,000				2,285,781				(16,502	)			1,250,000				2,269,279				3,519,279				588,769				2001			40 Years
Flint, MI			3,447,248				1,729,851				1,798,091				660				1,729,851				1,798,751				3,528,602				436,535				2002			40 Years
Oklahoma City, OK			2,605,356				1,914,859				2,057,034				(1,540,000	)			1,082,487				1,349,406				2,431,893				463,743				2002			40 Years
Omaha, NE			2,390,689				1,530,000				2,237,702				(659,000	)			1,266,400				1,842,302				3,108,702				524,189				2002			40 Years
Indianapolis, IN			0				180,000				1,117,617				0				180,000				1,117,617				1,297,617				261,862				2002			40 Years
Big Rapids, MI			0				1,201,675				2,014,107				(2,000	)			1,201,675				2,012,107				3,213,782				440,189				2003			40 Years
Flint, MI			0				0				471,272				(201,809	)			0				269,463				269,463				85,329				2003			20 Years
Canton Twp, MI			0				1,550,000				2,132,096				23,020				1,550,000				2,155,116				3,705,116				435,464				2003			40 Years
Flint, MI			3,995,296				1,537,400				1,961,674				0				1,537,400				1,961,674				3,499,074				384,245				2004			40 Years
Webster, NY			0				1,600,000				2,438,781				0				1,600,000				2,438,781				4,038,781				475,058				2004			40 Years
Albion, NY			0				1,900,000				3,037,864				0				1,900,000				3,037,864				4,937,864				541,122				2004			40 Years
Flint, MI			3,054,465				1,029,000				2,165,463				(6,666	)			1,029,000				2,158,797				3,187,797				384,495				2004			40 Years
Lansing, MI			0				785,000				348,501				3,045				785,000				351,546				1,136,546				65,879				2004			40 Years
Boynton Beach, FL			0				1,569,000				2,363,524				0				1,569,000				2,363,524				3,932,524				452,023				2004			40 Years

Column A		Column B				Column C								Column D				Column E												Column F				Column G				Column H
																																						Life on Which
														Costs				Gross Amount at Which Carried																				Depreciation in
						Initial Cost								Capitalized				At Close of Period																Date of				Latest Income
										Buildings and				Subsequent to								Buildings and								Accumulated				Construction				Statement is
Description		Encumbrance				Land				Improvements				Acquisition				Land				Improvements				*Total*				Depreciation				or Acquisition				Computed
Midland, MI			0				2,350,000				2,313,413				2,070				2,350,000				2,315,483				4,665,483				373,778				2005			40 Years
Grand Rapids, MI			3,025,078				1,450,000				2,646,591				0				1,450,000				2,646,591				4,096,591				419,045				2005			40 Years
Delta Township, MI			3,410,096				2,075,000				2,535,971				7,015				2,075,000				2,542,986				4,617,986				392,100				2005			40 Years
Roseville, MI			3,026,157				1,771,000				2,327,052				0				1,771,000				2,327,052				4,098,052				356,328				2005			40 Years
Mt Pleasant, MI			0				1,075,000				1,432,390				4,787				1,075,000				1,437,177				2,512,177				218,558				2005			40 Years
N Cape May, NJ			0				1,075,000				1,430,092				495				1,075,000				1,430,587				2,505,587				217,565				2005			40 Years
Summit Twp, MI			1,724,117				998,460				1,336,357				0				998,460				1,336,357				2,334,817				176,766				2006			40 Years
Livonia, MI			4,031,342				1,200,000				3,441,694				817,589				1,200,000				4,259,283				5,459,283				458,616				2007			40 Years
Barnesville, GA			0				932,500				2,091,514				5,490				932,500				2,097,004				3,029,504				220,593				2007			40 Years
East Lansing, MI			0				1,450,000				1,002,192				155,733				1,450,000				1,157,925				2,607,925				121,245				2007			40 Years
Plainfield, IN			0				4,549,758				0				62,884				4,612,642				0				4,612,642				0				2007			40 Years
Macomb Township, MI			4,509,280				2,621,500				3,484,212				799				2,621,500				3,485,011				6,106,511				333,963				2008			40 Years
Ypsilanti, MI			0				1,850,000				3,034,335				1,224				1,850,000				3,035,559				4,885,559				271,918				2008			40 Years
Shelby Township, MI			3,424,008				2,055,174				2,533,876				47,775				2,058,474				2,578,351				4,636,825				219,427				2008			40 Years
Silver Springs Shores, FL			0				1,975,000				2,504,112				(5,400	)			1,975,000				2,498,712				4,473,712				187,539				2009			40 Years
Brighton, MI			0				1,365,000				2,802,036				6,370				1,365,000				2,808,406				4,173,406				198,796				2009			40 Years
Port St John, FL			0				2,320,860				2,402,641				880				2,320,860				2,403,521				4,724,381				160,220				2009			40 Years
Lowell, MI			0				890,000				1,930,182				10,191				890,000				1,940,373				2,830,373				109,082				2009			40 Years
Southfield, MI			0				1,200,000				125,616				2,054				1,199,990				127,680				1,327,670				7,041				2009			40 Years
Atchison, KS			0				943,750				3,021,672				0				823,170				3,142,252				3,965,422				116,327				2010			40 Years
Johnstown, OH			0				485,000				2,799,502				0				485,000				2,799,502				3,284,502				104,982				2010			40 Years
Lake in the Hills, IL			0				2,135,000				3,328,560				0				1,690,000				3,773,560				5,463,560				135,946				2010			40 Years
Concord, NC			0				7,676,305				0				0				7,676,305				0				7,676,305				0				2010			40 Years
Antioch, IL			0				1,087,884				0				0				1,087,884				0				1,087,884				0				2010			40 Years
St Augustine Shores, FL			0				1,700,000				1,973,929				(4,754	)			1,700,000				1,969,175				3,669,175				55,245				2010			40 Years
Atlantic Beach, FL			0				1,650,000				1,904,357				1,262				1,650,000				1,905,619				3,555,619				55,477				2010			40 Years
Mansfield, CT			0				700,000				1,902,191				508				700,000				1,902,699				2,602,699				53,511				2010			40 Years
Spring Grove, IL			0				1,191,199				0				0				1,191,199				0				1,191,199				0				2010			40 Years
Ann Arbor, MI			0				0				3,061,507				(37,089	)			0				3,024,418				3,024,418				94,744				2010			40 Years
Tallahassee, FL			0				0				1,482,462				0				0				1,482,462				1,482,462				38,606				2010			40 Years
Wilmington, NC			0				1,500,000				1,348,591				0				1,500,000				1,348,591				2,848,591				30,905				2011			40 Years
Marietta, GA			0				575,000				696,297				0				575,000				696,297				1,271,297				8,703				2011			40 Years
Baltimore, MD			0				2,610,430				0				0				2,610,430				0				2,610,430				0				2011			40 Years
Dallas, TX			0				701,320				778,905				0				701,320				778,905				1,480,225				8,114				2011			40 Years
Chandler, AZ			0				332,868				793,898				0				332,868				793,898				1,126,766				5,002				2011			40 Years
New Lenox, IL			0				1,422,488				0				0				1,422,488				0				1,422,488				0				2011			40 Years
Roseville, CA			0				2,800,000				3,695,455				0				2,800,000				3,695,455				6,495,455				30,795				2011			40 Years
Fort Walton Beach, FL			0				542,200				1,958,790				0				542,200				1,958,790				2,500,990				4,081				2011			40 Years
Leawood, KS			3,403,604				989,622				3,003,541				0				989,622				3,003,541				3,993,163				0				2011			40 Years
Salt Lake City, UT			0				0				6,810,104				0				0				6,810,104				6,810,104				35,469				2011			40 Years
Macomb Township, MI			0				0				22,982				0				0				22,982				22,982				0				2011			40 Years
Sub Total			62,854,057				115,425,241				216,735,749				6,252,906				108,592,713				229,821,183				338,413,896				68,589,778

Retail Facilities Under Development
Other			-				80,000				1,580,015				-				80,000				1,580,015				1,660,015				-				N/A			N/A
Total		$	62,854,057			$	115,505,241			$	218,315,764			$	6,252,906			$	108,672,713			$	231,401,198			$	340,073,911			$	68,589,778

1.

Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2009 to December 31, 2011:

		2011				2010				2009

Balance at January 1		$	339,492,832			$	320,444,168			$	311,342,882
Construction and acquisition cost			31,219,239				39,107,853				9,101,286
Impairment charge			(13,500,000	)			(8,140,000	)			—
Disposition of real estate			(17,138,160	)			(11,919,189	)			—

Balance at December 31		$	340,073,911			$	339,492,832			$	320,444,168

2.

Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2009 to December 31, 2011:

		2011				2010				2009

Balance at January 1		$	67,383,413			$	64,076,469			$	58,502,384
Current year depreciation expense			6,005,270				5,759,599				5,574,085
Disposition of real estate			(4,798,905	)			(2,452,655	)			—

Balance at December 31		$	68,589,778			$	67,383,413			$	64.076,469

3.

Tax Basis of Buildings and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately $15,359,000 less than the cost basis used for financial statement purposes.

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

+ References+ Details