Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block]

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2015

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed
Real Estate Held for Investment
Borman Center, MI	$	-	$	550,000	$	562,404	$	1,087,596	$	550,000	$	1,650,000	$	2,200,000	$	1,650,000	1977	40 Years
Capital Plaza, KY		-		7,379		2,240,607		3,510,131		7,379		5,750,738		5,758,116		3,030,951	1978	40 Years
Grayling Plaza, MI		-		200,000		1,778,657		(46,867)		200,000		1,731,790		1,931,790		1,360,184	1984	40 Years
Oscoda Plaza, MI		-		183,295		1,872,854		(39,150)		183,295		1,833,704		2,016,999		1,440,230	1984	40 Years
West Frankfort Plaza, IL		-		8,002		784,077		202,463		8,002		986,540		994,542		725,047	1982	40 Years
Omaha Store, NE		-		150,000		-		-		150,000		-		150,000		-	1995	40 Years
Wichita Store, KS		1,669,449		1,039,195		1,690,644		(149,392)		1,139,677		1,541,252		2,680,929		808,909	1995	40 Years
Monroeville, PA		-		6,332,158		2,249,724		592,003		3,153,890		2,841,727		5,995,617		1,030,275	1996	40 Years
Boynton Beach, FL		-		1,534,942		2,043,122		3,743,614		1,534,942		5,786,736		7,321,678		1,479,844	1996	40 Years
Waterford, MI		-		971,009		1,562,869		135,390		971,009		1,698,259		2,669,268		763,179	1997	40 Years
Chesterfield Township, MI		-		1,350,590		1,757,830		(46,164)		1,350,590		1,711,666		3,062,256		749,436	1998	40 Years
Grand Blanc, MI		-		1,104,285		1,998,919		43,929		1,104,285		2,042,848		3,147,133		864,065	1998	40 Years
Pontiac, MI		-		1,144,190		1,808,955		(113,506)		1,144,190		1,695,449		2,839,639		732,872	1998	40 Years
Mt Pleasant Shopping Ctr, MI		-		907,600		8,081,968		1,096,753		907,600		9,178,721		10,086,321		5,135,225	1998	40 Years
Rochester, MI		1,313,203		2,438,740		2,188,050		1,950		2,438,740		2,190,000		4,628,740		903,354	1999	40 Years
Ypsilanti, MI		1,186,076		2,050,000		2,222,097		32,641		2,050,000		2,254,738		4,304,738		901,033	1999	40 Years
Petoskey, MI		825,011		-		2,332,473		1,179		-		2,333,652		2,333,652		913,924	2000	40 Years
Flint, MI		1,244,397		2,026,625		1,879,700		(1,200)		2,026,625		1,878,500		3,905,125		704,446	2000	40 Years
Flint, MI		1,070,745		1,477,680		2,241,293		-		1,477,680		2,241,293		3,718,973		833,476	2001	40 Years
New Baltimore, MI		913,475		1,250,000		2,285,781		(16,503)		1,250,000		2,269,278		3,519,278		815,697	2001	40 Years
Flint, MI		2,789,376		1,729,851		1,798,091		660		1,729,851		1,798,751		3,528,602		616,409	2002	40 Years
Indianapolis, IN		-		180,000		1,117,617		11,380		180,000		1,128,997		1,308,997		399,501	2002	40 Years
Big Rapids, MI		-		1,201,675		2,014,107		(2,000)		1,201,675		2,012,107		3,213,782		641,402	2003	40 Years
Flint, MI		-		-		471,272		(201,809)		-		269,463		269,463		139,173	2003	20 Years
Canton Twp, MI		-		1,550,000		2,132,096		23,021		1,550,000		2,155,117		3,705,117		650,972	2003	40 Years
Flint, MI		3,232,834		1,537,400		1,961,674		-		1,537,400		1,961,674		3,499,074		580,409	2004	40 Years
Webster, NY		-		1,600,000		2,438,781		-		1,600,000		2,438,781		4,038,781		718,933	2004	40 Years
Albion, NY		-		1,900,000		3,037,864		-		1,900,000		3,037,864		4,937,864		844,911	2004	40 Years
Flint, MI		2,471,551		1,029,000		2,165,463		(6,666)		1,029,000		2,158,797		3,187,797		600,371	2004	40 Years
Lansing, MI		-		785,000		348,501		3,045		785,000		351,546		1,136,546		101,032	2004	40 Years
Boynton Beach, FL		-		1,569,000		2,363,524		-		1,569,000		2,363,524		3,932,524		694,429	2004	40 Years
Midland, MI		-		2,350,000		2,313,413		2,070		2,268,695		2,315,483		4,584,178		605,328	2005	40 Years
Grand Rapids, MI		2,868,874		1,450,000		2,646,591		-		1,450,000		2,646,591		4,096,591		683,703	2005	40 Years
Delta Township, MI		2,995,431		2,075,000		2,535,971		7,014		2,075,000		2,542,985		4,617,985		646,401	2005	40 Years
Roseville, MI		2,264,568		1,771,000		2,327,052		-		1,771,000		2,327,052		4,098,052		589,032	2005	40 Years
Mt Pleasant, MI		1,252,087		1,075,000		1,432,390		4,787		1,075,000		1,437,177		2,512,177		362,273	2005	40 Years
N Cape May, NJ		-		1,075,000		1,430,092		495		1,075,000		1,430,587		2,505,587		360,623	2005	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Summit Twp, MI		1,387,902		998,460		1,336,357		12,686		998,460		1,349,043		2,347,503		311,246	2006	40 Years
Livonia, MI		4,110,315		1,200,000		3,441,694		817,589		1,200,000		4,259,283		5,459,283		884,548	2007	40 Years
Barnesville, GA		-		932,500		2,091,514		5,490		932,500		2,097,004		3,029,504		430,292	2007	40 Years
East Lansing, MI		-		240,000		54,531		(18,103)		240,000		36,428		276,428		10,751	2007	40 Years
Plainfield, IN		-		4,549,758		-		-		2,708,415		-		2,708,415		-	2007	40 Years
Macomb Township, MI		3,834,079		2,621,500		3,484,212		799		2,537,222		3,485,011		6,022,233		682,462	2008	40 Years
Shelby Township, MI		3,279,669		2,055,174		2,533,876		44,475		2,058,474		2,578,351		4,636,825		477,264	2008	40 Years
Silver Springs Shores, FL		3,637,014		1,975,000		2,504,112		(5,400)		1,975,000		2,498,712		4,473,712		437,411	2009	40 Years
Brighton, MI		-		1,365,000		2,802,036		5,615		1,365,000		2,807,651		4,172,651		479,562	2009	40 Years
Port St John, FL		-		2,320,860		2,402,641		880		2,320,860		2,403,521		4,724,381		400,572	2009	40 Years
Lowell, MI		-		890,000		1,930,182		10,191		890,000		1,940,373		2,830,373		303,117	2009	40 Years
Southfield, MI		-		1,200,000		125,616		2,063		1,200,000		127,679		1,327,679		19,809	2009	40 Years
Atchison, KS		-		943,750		3,021,672		120,580		823,170		3,142,252		3,965,422		430,551	2010	40 Years
Johnstown, OH		2,384,927		485,000		2,799,502		-		485,000		2,799,502		3,284,502		384,933	2010	40 Years
Lake in the Hills, IL		-		2,135,000		3,328,560		445,000		1,690,000		3,773,560		5,463,560		513,304	2010	40 Years
Concord, NC		-		7,676,305		-		-		7,676,305		-		7,676,305		-	2010	40 Years
Antioch, IL		1,669,449		1,087,884		-		-		1,087,884		-		1,087,884		-	2010	40 Years
St Augustine Shores, FL		-		1,700,000		1,973,929		(4,754)		1,700,000		1,969,175		3,669,175		252,160	2010	40 Years
Atlantic Beach, FL		3,452,182		1,650,000		1,904,357		1,262		1,650,000		1,905,619		3,555,619		246,038	2010	40 Years
Mansfield, CT		2,170,284		700,000		1,902,191		508		700,000		1,902,699		2,602,699		243,782	2010	40 Years
Spring Grove, IL		2,313,000		1,191,199		-		-		1,192,167		-		1,192,167		-	2010	40 Years
Ann Arbor, MI		-		-		3,061,507		(25,932)		2,660,583		3,035,575		5,696,158		397,761	2010	40 Years
Tallahassee, FL		1,628,000		-		1,482,462		-		-		1,482,462		1,482,462		186,849	2010	40 Years
Wilmington, NC		2,186,000		1,500,000		1,348,591		-		1,500,000		1,348,591		2,848,591		162,956	2011	40 Years
Marietta, GA		900,000		575,000		696,297		6,359		575,000		702,656		1,277,656		78,972	2011	40 Years
Baltimore, MD		2,534,000		2,610,430		-		-		2,606,983		-		2,606,983		-	2011	40 Years
Dallas, TX		1,844,000		701,320		778,905		1,042,730		701,320		1,821,635		2,522,955		190,276	2011	40 Years
Chandler, AZ		1,550,203		332,868		793,898		360		332,868		794,258		1,127,126		84,427	2011	40 Years
New Lenox, IL		1,192,464		1,422,488		-		-		1,422,488		-		1,422,488		-	2011	40 Years
Roseville, CA		4,752,000		2,800,000		3,695,455		8,000		2,695,636		3,703,455		6,399,091		401,144	2011	40 Years
Fort Walton Beach, FL		1,768,000		542,200		1,958,790		82,553		542,200		2,041,343		2,583,543		202,040	2011	40 Years
Leawood, KS		3,128,803		989,622		3,003,541		16,197		989,621		3,019,738		4,009,359		301,971	2011	40 Years
Salt Lake City, UT		4,948,724		-		6,810,104		(44,416)		-		6,765,688		6,765,688		712,041	2011	40 Years
Burton, MI		-		80,000		-		-		80,000		-		80,000		-	2011
Macomb Township, MI		1,793,000		1,605,134		-		-		1,605,134		-		1,605,134		-	2012	40 Years
Madison, AL		1,552,000		675,000		1,317,927		-		675,000		1,317,927		1,992,927		131,792	2012	40 Years
Walker, MI		887,000		219,200		1,024,738		-		219,200		1,024,738		1,243,938		96,069	2012	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Portland, OR		-		7,969,403		-		-		7,969,564		-		7,969,564		-	2012	40 Years
Cochran, GA		-		365,714		2,053,726		-		365,714		2,053,726		2,419,440		179,702	2012	40 Years
Baton Rouge, LA		1,073,217		-		1,188,322		-		-		1,188,322		1,188,322		106,454	2012	40 Years
Southfield, MI		1,483,000		1,178,215		-		-		1,178,215		-		1,178,215		-	2012	40 Years
Clifton Heights, PA		3,898,994		2,543,941		3,038,561		(3,105)		2,543,941		3,035,456		5,579,397		262,443	2012	40 Years
Newark, DE		2,492,444		2,117,547		4,777,516		(4,881)		2,117,547		4,772,635		6,890,182		412,697	2012	40 Years
Vineland, NJ		2,188,562		4,102,710		1,501,854		7,986		4,102,710		1,509,840		5,612,550		130,542	2012	40 Years
Fort Mill, SC		-		750,000		1,187,380		-		750,000		1,187,380		1,937,380		101,421	2012	40 Years
Spartanburg, SC		-		250,000		765,714		-		250,000		765,714		1,015,714		64,609	2012	40 Years
Springfield, IL		-		302,520		653,654		-		302,520		653,654		956,174		54,469	2012	40 Years
Jacksonville, NC		-		676,930		1,482,748		-		676,930		1,482,748		2,159,678		123,562	2012	40 Years
Morrow, GA		-		525,000		1,383,489		(99,850)		525,000		1,283,639		1,808,639		104,921	2012	40 Years
Charlotte, NC		-		1,822,900		3,531,275		(572,344)		1,822,900		2,958,931		4,781,831		236,631	2012	40 Years
Lyons, GA		-		121,627		2,155,635		(126,199)		121,627		2,029,436		2,151,063		156,699	2012	40 Years
Fuquay-Varina, NC		-		2,042,225		1,763,768		(255,778)		2,042,225		1,507,990		3,550,215		116,774	2012	40 Years
Minneapolis, MN		-		1,088,015		345,958		206,950		826,635		552,908		1,379,543		42,191	2012	40 Years
Lake Zurich, IL		-		780,974		7,909,277		28,174		780,974		7,937,451		8,718,425		603,547	2012	40 Years
Lebanon, VA		-		300,000		612,582		16,363		300,000		628,945		928,945		53,147	2012	40 Years
Harlingen, TX		-		430,000		1,614,378		12,854		430,000		1,627,232		2,057,232		122,041	2012	40 Years
Wichita, TX		-		340,000		1,530,971		12,855		340,000		1,543,826		1,883,826		115,788	2012	40 Years
Pensacola, FL		-		650,000		1,165,415		12,854		650,000		1,178,269		1,828,269		88,369	2012	40 Years
Pensacola, FL		-		400,000		1,507,583		12,854		400,000		1,520,437		1,920,437		114,034	2012	40 Years
Venice, FL		-		1,300,196		-		-		1,305,088		-		1,305,088		-	2012	40 Years
St. Joseph, MO		-		377,620		7,639,521		-		377,620		7,639,521		8,017,141		557,048	2013	40 Years
Statham, GA		-		191,919		3,851,073		-		191,919		3,851,073		4,042,992		280,806	2013	40 Years
North Las Vegas, NV		-		214,552		717,435		-		214,552		717,435		931,987		51,565	2013	40 Years
Memphis, TN		-		322,520		748,890		-		322,520		748,890		1,071,410		53,050	2013	40 Years
Rancho Cordova, CA		-		3,889,612		3,232,662		282,130		3,889,612		3,514,792		7,404,404		236,349	2013	40 Years
Kissimmee, FL		-		1,453,500		971,683		-		1,453,500		971,683		2,425,183		66,804	2013	40 Years
Pinellas Park, FL		-		2,625,000		874,542		3,966		2,625,000		878,508		3,503,508		56,680	2013	40 Years
Manchester, CT		-		397,800		325,705		-		397,800		325,705		723,505		21,715	2013	40 Years
Rapid City, SD		-		1,017,800		2,348,032		-		1,017,800		2,348,032		3,365,832		154,089	2013	40 Years
Chicago, IL		-		272,222		649,063		2,451		272,222		651,514		923,736		41,982	2013	40 Years
Brooklyn, OH		-		3,643,700		15,079,714		1,553		3,643,700		15,081,267		18,724,967		942,510	2013	40 Years
Madisonville, TX		-		96,680		1,087,642		-		96,680		1,087,642		1,184,322		67,979	2013	40 Years
Baton Rouge, LA		-		271,400		1,086,434		-		271,400		1,086,434		1,357,834		65,638	2013	40 Years
Forest, MS		-		-		1,298,176		-		-		1,298,176		1,298,176		78,433	2013	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Sun Valley, NV		-		308,495		1,373,336		3,992		253,495		1,377,328		1,630,823		80,274	2013	40 Years
Rochester, NY		-		2,500,000		7,398,639		1,103		2,500,000		7,399,742		9,899,742		423,900	2013	40 Years
Allentown, PA		-		2,525,051		7,896,613		-		2,525,051		7,896,613		10,421,664		452,410	2013	40 Years
Casselberry, FL		-		1,804,000		793,101		-		1,804,000		793,101		2,597,101		47,917	2013	40 Years
Berwyn, IL		-		186,791		933,959		5,400		186,792		939,359		1,126,151		48,914	2013	40 Years
Grand Forks, ND		-		1,502,609		2,301,337		1,801,028		1,502,609		4,102,365		5,604,974		214,707	2013	40 Years
Ann Arbor, MI		-		3,000,000		4,595,757		276,163		3,000,000		4,871,920		7,871,920		253,170	2013	40 Years
Joplin, MO		-		1,208,225		1,160,843		-		1,208,225		1,160,843		2,369,068		62,878	2013	40 Years
Red Bay, AL		-		38,981		2,528,437		1,560		38,981		2,529,997		2,568,978		73,777	2014	40 Years
Birmingham, AL		-		230,106		231,313		(297)		230,106		231,016		461,122		6,258	2014	40 Years
Birmingham, AL		-		245,234		251,339		(324)		245,234		251,015		496,249		6,800	2014	40 Years
Birmingham, AL		-		98,271		179,824		-		98,271		179,824		278,095		4,871	2014	40 Years
Birmingham, AL		-		235,641		127,477		(313)		235,641		127,164		362,805		3,445	2014	40 Years
Montgomery, AL		-		325,389		217,850		-		325,389		217,850		543,239		5,901	2014	40 Years
Littleton, CO		5,448,058		819,000		8,756,266		338		819,000		8,756,604		9,575,604		273,642	2014	40 Years
St Petersburg, FL		-		1,225,000		1,025,247		-		1,225,000		1,025,247		2,250,247		44,855	2014	40 Years
St Augustine, FL		-		200,000		1,523,230		-		200,000		1,523,230		1,723,230		47,601	2014	40 Years
East Palatka, FL		-		730,000		575,236		6,411		730,000		581,647		1,311,647		18,136	2014	40 Years
Pensacola, FL		-		136,365		398,773		-		136,365		398,773		535,138		10,800	2014	40 Years
Jacksonville, FL		-		297,066		312,818		10,077		297,066		322,895		619,961		8,049	2014	40 Years
Jacksonville, FL		-		299,312		348,862		12,497		299,312		361,359		660,671		9,005	2014	40 Years
Fort Oglethorpe, GA		-		1,842,240		2,844,126		307		1,842,240		2,844,433		4,686,673		136,290	2014	40 Years
New Lenox, IL		-		2,010,000		6,206,252		(9,795)		2,010,000		6,196,457		8,206,457		189,145	2014	40 Years
Rockford, IL		-		303,395		2,436,873		-		303,395		2,436,873		2,740,268		76,152	2014	40 Years
Indianapolis, IN		-		575,000		1,871,110		-		575,000		1,871,110		2,446,110		81,860	2014	40 Years
Terre Haute, IN		-		103,147		2,477,263		9,241		103,147		2,486,504		2,589,651		62,163	2014	40 Years
Junction City, KS		-		78,271		2,504,294		10,831		78,271		2,515,125		2,593,396		62,878	2014	40 Years
Baton Rouge, LA		-		226,919		347,691		-		226,919		347,691		574,610		9,416	2014	40 Years
Lincoln Park, MI		-		543,303		1,408,544		-		543,303		1,408,544		1,951,847		61,623	2014	40 Years
Novi, MI		-		1,803,857		1,488,505		22,490		1,803,857		1,510,995		3,314,852		37,740	2014	40 Years
Bloomfield Hills, MI		-		1,340,000		2,003,406		338,232		1,340,000		2,341,638		3,681,638		65,507	2014	40 Years
Moorehead, MN		-		511,645		870,732		8,369		511,645		879,101		1,390,746		25,592	2014	40 Years
Fergus Falls, MN		-		405,617		561,332		100,344		405,617		661,676		1,067,293		19,265	2014	40 Years
Fergus Falls, MN		-		327,247		655,973		(89,330)		327,247		566,643		893,890		16,497	2014	40 Years
Park Rapids, MN		-		413,151		706,884		5,925		413,151		712,809		1,125,960		20,755	2014	40 Years
Jackson, MS		-		256,789		172,184		-		256,789		172,184		428,973		4,663	2014	40 Years
Belton, MO		-		714,775		7,173,999		-		714,775		7,173,999		7,888,774		179,349	2014	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Great Falls, MT		-		945,765		753,222		12,712		945,765		765,934		1,711,699		19,138	2014	40 Years
Irvington, NJ		-		315,000		1,313,025		-		315,000		1,313,025		1,628,025		57,443	2014	40 Years
East Grand Forks, ND		-		313,454		914,676		7,085		313,454		921,761		1,235,215		26,843	2014	40 Years
Fargo, ND		-		513,505		1,201,532		(611,494)		513,505		590,038		1,103,543		17,688	2014	40 Years
Fargo, ND		-		629,484		707,799		505,065		629,484		1,212,864		1,842,348		35,309	2014	40 Years
Jamestown, ND		-		234,545		1,158,486		8,499		234,545		1,166,985		1,401,530		33,988	2014	40 Years
Grand Forks, ND		-		540,658		813,776		7,714		540,658		821,490		1,362,148		23,916	2014	40 Years
Grand Forks, ND		-		762,471		554,595		7,555		762,471		562,150		1,324,621		16,352	2014	40 Years
Grand Forks, ND		-		529,087		676,026		6,925		529,087		682,951		1,212,038		19,879	2014	40 Years
Toledo, OH		-		500,000		1,372,363		(12)		500,000		1,372,351		1,872,351		60,040	2014	40 Years
Toledo, OH		-		155,250		762,500		-		155,250		762,500		917,750		27,005	2014	40 Years
Toledo, OH		-		213,750		754,675		-		213,750		754,675		968,425		26,728	2014	40 Years
Toledo, OH		-		168,750		785,000		16,477		168,750		801,477		970,227		28,215	2014	40 Years
Port Clinton, OH		-		75,000		721,100		-		75,000		721,100		796,100		25,540	2014	40 Years
Mansfield, OH		-		306,000		725,600		-		306,000		725,600		1,031,600		25,698	2014	40 Years
Orville, OH		-		344,250		716,600		-		344,250		716,600		1,060,850		25,379	2014	40 Years
Akron, OH		-		427,750		715,700		-		427,750		715,700		1,143,450		25,348	2014	40 Years
Akron, OH		-		696,000		845,000		-		696,000		845,000		1,541,000		29,927	2014	40 Years
Hubbard, OH		-		204,000		726,500		-		204,000		726,500		930,500		25,731	2014	40 Years
Youngstown, OH		-		285,000		745,700		-		285,000		745,700		1,030,700		26,411	2014	40 Years
Calcutta, OH		-		208,050		758,750		-		208,050		758,750		966,800		26,873	2014	40 Years
Columbus, OH		-		-		1,136,250		-		-		1,136,250		1,136,250		37,876	2014	40 Years
Tulsa, OK		-		459,148		640,550		(16,477)		459,148		624,073		1,083,221		28,946	2014	40 Years
Ligonier, PA		-		330,000		5,021,849		500		330,000		5,022,349		5,352,349		177,870	2014	40 Years
Clarion, PA		-		121,200		771,500		-		121,200		771,500		892,700		27,325	2014	40 Years
Mercer, PA		-		121,200		770,000		-		121,200		770,000		891,200		27,272	2014	40 Years
Limerick, PA		-		369,000		-		-		369,000		-		369,000		-	2014	40 Years
Harrisburg, PA		-		124,757		1,446,773		11,175		124,757		1,457,948		1,582,705		36,367	2014	40 Years
Anderson, SC		-		781,200		4,441,535		-		781,200		4,441,535		5,222,735		212,824	2014	40 Years
Easley, SC		-		332,275		268,612		-		332,275		268,612		600,887		7,275	2014	40 Years
Spartanburg, SC		-		141,307		446,706		-		141,307		446,706		588,013		12,099	2014	40 Years
Spartanburg, SC		-		94,770		261,640		-		94,770		261,640		356,410		7,086	2014	40 Years
Columbia, SC		-		303,932		1,221,964		9,245		303,932		1,231,209		1,535,141		33,326	2014	40 Years
Alcoa, TN		-		329,074		270,719		-		329,074		270,719		599,793		7,332	2014	40 Years
Knoxville, TN		-		214,077		286,037		-		214,077		286,037		500,114		7,747	2014	40 Years
Red Bank, TN		-		229,100		302,146		-		229,100		302,146		531,246		8,182	2014	40 Years
New Tazewell, TN		-		91,006		328,561		4,346		91,006		332,907		423,913		8,315	2014	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Maryville, TN		-		94,682		1,529,621		16,317		94,682		1,545,938		1,640,620		38,624	2014	40 Years
Morristown, TN		-		46,404		801,506		4,990		46,404		806,496		852,900		20,154	2014	40 Years
Clinton, TN		-		69,625		1,177,927		11,564		69,625		1,189,491		1,259,116		29,726	2014	40 Years
Knoxville, TN		-		160,057		2,265,025		8,527		160,057		2,273,552		2,433,609		56,816	2014	40 Years
Sweetwater, TN		-		79,100		1,009,290		6,740		79,100		1,016,030		1,095,130		25,389	2014	40 Years
McKinney, TX		-		2,671,020		6,785,815		-		2,671,020		6,785,815		9,456,835		254,468	2014	40 Years
Forest Va		-		282,600		956,027		-		282,600		956,027		1,238,627		35,850	2014	40 Years
Colonial Heights, VA		-		547,692		1,059,557		(5,963)		547,692		1,053,594		1,601,286		28,538	2014	40 Years
Chester, VA		-		300,583		794,417		(3,777)		300,583		790,640		1,091,223		21,415	2014	40 Years
Midlothian, VA		-		232,337		802,602		(3,839)		232,337		798,763		1,031,100		21,635	2014	40 Years
Ashland, VA		-		426,396		965,925		(5,050)		426,396		960,875		1,387,271		26,026	2014	40 Years
Mecanicsville, VA		-		219,496		906,590		(4,225)		219,496		902,365		1,121,861		24,441	2014	40 Years
Glen Allen, VA		-		590,101		1,129,495		(6,867)		590,101		1,122,628		1,712,729		30,408	2014	40 Years
Burlington, WA		-		610,000		3,647,279		(285)		610,000		3,646,994		4,256,994		100,044	2014	40 Years
Wausau, WI		-		909,092		1,405,899		-		909,092		1,405,899		2,314,991		52,721	2014	40 Years
Foley AL		-		305,332		506,203		-		305,332		506,203		811,535		13,583	2015	40 Years
Sulligent, AL		-		58,803		1,085,906		-		58,803		1,085,906		1,144,709		22,557	2015	40 Years
Eutaw, AL		-		103,746		1,212,006		-		103,746		1,212,006		1,315,752		25,180	2015	40 Years
Tallassee, AL		-		154,437		850,448		-		154,437		850,448		1,004,885		14,174	2015	40 Years
Orange Park, AL		-		649,652		1,775,000		-		649,652		1,775,000		2,424,652		14,792	2015	40 Years
Aurora, CO		-		976,865		1,999,651		-		976,865		1,999,651		2,976,516		4,166	2015	40 Years
Pace, FL		-		37,860		524,400		-		37,860		524,400		562,260		11,917	2015	40 Years
Pensacola, FL		-		309,607		775,084		-		309,607		775,084		1,084,691		17,572	2015	40 Years
Orange Park, FL		-		281,853		354,876		-		281,853		354,876		636,729		7,363	2015	40 Years
Jacksonville Beach, FL		-		623,031		370,612		-		623,031		370,612		993,643		6,906	2015	40 Years
Freeport, FL		-		312,615		1,277,386		-		312,615		1,277,386		1,590,002		15,967	2015	40 Years
Glenwood, GA		-		29,489		1,027,370		-		29,489		1,027,370		1,056,859		19,218	2015	40 Years
Albany, GA		-		47,955		641,123		-		47,955		641,123		689,078		11,940	2015	40 Years
Belvidere, IL		-		184,136		644,492		-		184,136		644,492		828,628		11,971	2015	40 Years
Springfield, IL		-		680,045		2,870,606		-		680,045		2,870,606		3,550,651		47,843	2015	40 Years
Peru, IL		-		380,254		2,125,498		-		380,254		2,125,498		2,505,752		13,284	2015	40 Years
Davenport, IA		-		776,366		6,623,542		-		776,366		6,623,542		7,399,908		82,794	2015	40 Years
Le Mars, IA		-		53,198		613,534		-		53,198		613,534		666,732		7,669	2015	40 Years
Buffalo Center, IA		-		159,353		700,460		-		159,353		700,460		859,813		7,296	2015	40 Years
Sheffield, IA		-		131,794		729,543		-		131,794		729,543		861,337		7,599	2015	40 Years
Topeka, KS		-		1,853,601		12,427,839		-		1,853,601		12,427,839		14,281,440		258,328	2015	40 Years
Lenexa, KS		-		303,175		2,186,864		-		303,175		2,186,864		2,490,040		-	2015	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2015

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Tompkinsville , KY		-		70,252		1,132,033		-		70,252		1,132,033		1,202,285		23,514	2015	40 Years
Hazard, KY		-		8,392,841		13,731,648		-		8,392,841		13,731,648		22,124,489		-	2015	40 Years
DeQuincy, LA		-		114,407		1,881,056		-		114,407		1,881,056		1,995,463		39,085	2015	40 Years
Portland, MA		-		-		3,831,860		-		-		3,831,860		3,831,860		47,898	2016	41 Years
Flint, MI		-		120,078		2,561,015		-		120,078		2,561,015		2,681,093		-	2015	40 Years
Hutchinson, MN		-		67,914		720,799		-		67,914		720,799		788,713		7,508	2015	40 Years
Lowry City, MO		-		103,202		614,065		-		103,202		614,065		717,267		7,676	2015	40 Years
Branson, MO		-		564,066		940,585		-		564,066		940,585		1,504,651		3,919	2015	40 Years
Branson, MO		-		721,135		717,081		-		721,135		717,081		1,438,215		2,988	2015	40 Years
Enfield, NH		-		93,628		1,295,320		-		93,628		1,295,320		1,388,948		29,574	2015	40 Years
Stanley, ND		-		341,597		3,611,702		-		341,597		3,611,702		3,953,298		-	2015	40 Years
Marietta, OH		-		319,157		1,225,026		-		319,157		1,225,026		1,544,183		22,911	2015	40 Years
Lorain, OH		-		293,831		1,044,956		-		293,831		1,044,956		1,338,787		17,416	2015	40 Years
Franklin, OH		-		264,153		1,191,777		-		264,153		1,191,777		1,455,931		17,380	2015	40 Years
Elyria, OH		-		82,023		910,404		-		82,023		910,404		992,426		11,380	2015	40 Years
Elyria, OH		-		126,641		695,072		-		126,641		695,072		821,713		8,688	2015	40 Years
Bedford Heights, OH		-		226,920		959,528		-		226,920		959,528		1,186,449		9,995	2015	40 Years
Newburgh Heights, OH		-		224,040		959,099		-		224,040		959,099		1,183,139		9,991	2015	40 Years
Warrensville Heights, OH		-		186,209		920,496		-		186,209		920,496		1,106,705		9,589	2015	40 Years
Heath, OH		-		325,381		757,994		-		325,381		757,994		1,083,375		3,158	2015	40 Years
Lima, OH		-		335,386		592,154		-		335,386		592,154		927,541		-	2015	40 Years
Elk City, OK		-		45,212		1,242,220		-		45,212		1,242,220		1,287,432		18,115	2015	40 Years
Salem, OR		-		1,450,000		2,951,167		-		1,450,000		2,951,167		4,401,167		-	2015	40 Years
Westfield, PA		-		47,346		1,117,723		-		47,346		1,117,723		1,165,069		25,514	2015	40 Years
Bloomsburg, PA		-		152,645		1,091,115		-		152,645		1,091,115		1,243,760		15,913	2015	40 Years
Altoona, PA		-		555,903		9,489,791		-		555,903		9,489,791		10,045,694		59,311	2015	40 Years
Grindstone, PA		-		288,246		500,379		-		288,246		500,379		788,625		-	2015	40 Years
Blythewood, SC		-		475,393		878,586		-		475,393		878,586		1,353,979		17,316	2015	40 Years
Columbia, SC		-		249,900		809,935		-		249,900		809,935		1,059,835		15,087	2015	40 Years
Liberty, SC		-		27,929		1,222,856		-		27,929		1,222,856		1,250,785		22,840	2015	40 Years
Blacksburg, SC		-		27,547		1,468,101		-		27,547		1,468,101		1,495,647		24,469	2015	40 Years
Easley, SC		-		51,325		1,187,506		-		51,325		1,187,506		1,238,831		17,318	2015	40 Years
Fountain Inn, SC		-		107,633		1,076,633		-		107,633		1,076,633		1,184,265		15,701	2015	40 Years
Walterboro, SC		-		21,414		1,156,820		-		21,414		1,156,820		1,178,234		16,870	2015	40 Years
Jackson, TN		-		277,000		495,103		-		277,000		495,103		772,104		-	2015	40 Years
Arlington, TX		-		494,755		710,416		-		494,755		710,416		1,205,171		15,987	2015	40 Years
Sweetwater, TX		-		626,578		652,127		-		626,578		652,127		1,278,705		14,944	2015	40 Years

COLUMN A	COLUMN B		COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G	COLUMN H
																		Life on Which Depreciation in
			Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period									Latest Income
Description	Encumbrance		Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition	Statement is Computed

Fort Worth, TX		-		2,999,944		6,198,198		-		2,999,944		6,198,198		9,198,142		103,304	2015	40 Years
Brenham, TX		-		355,486		17,280,895		-		355,486		17,280,895		17,636,381		288,015	2015	40 Years
Corpus Christi, TX		-		316,916		2,140,056		-		316,916		2,140,056		2,456,972		17,834	2015	40 Years
Harlingen, TX		-		126,102		869,779		-		126,102		869,779		995,881		7,248	2015	40 Years
Midland, TX		-		194,174		5,005,720		-		194,174		5,005,720		5,199,894		31,286	2015	40 Years
Rockwall, TX		-		578,225		1,768,930		-		578,225		1,768,930		2,347,155		-	2015	40 Years
Bluefield, VA		-		88,431		1,161,840		-		88,431		1,161,840		1,250,271		21,740	2015	40 Years
Princeton, WV		-		111,653		1,029,090		-		111,653		1,029,090		1,140,743		19,233	2015	40 Years
Beckley, WV		-		162,024		991,653		-		162,024		991,653		1,153,677		18,543	2015	40 Years
Martinsburg, WV		-		620,892		943,163		-		620,892		943,163		1,564,055		-	2015	40 Years
Grand Chute, WI		-		2,766,417		7,084,942		-		2,766,417		7,084,942		9,851,359		132,650	2015	40 Years
New Richmond, WI		-		71,969		648,850		-		71,969		648,850		720,820		8,111	2015	40 Years
Ashland, WI		-		142,287		684,545		-		142,287		684,545		826,833		7,131	2015	40 Years
Baraboo, WI		-		142,563		653,176		-		142,563		653,176		795,739		6,804	2015	40 Years
Mauston, WI		-		289,882		3,302,490		-		289,882		3,302,490		3,592,372		13,760	2015	40 Years
Subtotal		101,584,368		228,678,221		512,469,886		14,442,112		225,273,640		526,911,997		752,185,637		56,401,423

Property Under Development
Various		-		-		3,663,301		-		-		3,663,301		3,663,301		-	N/A	N/A
Sub Total		-		-		3,663,301		-		-		3,663,301		3,663,301		-

Total	$	101,584,368	$	228,678,221	$	516,133,187	$	14,442,112	$	225,273,640	$	530,575,298	$	755,848,938	$	56,401,423

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2013 to December 31, 2015.

	2015		2014		2013

Balance at January 1	$	589,147,012	$	476,168,824	$	398,811,830
Construction and acquisition cost		196,672,924		143,365,974		82,692,554
Impairment charge		-		(3,020,000)		(450,000)
Disposition of real estate		(29,970,998)		(27,367,786)		(4,885,560)

Balance at December 31	$	755,848,938	$	589,147,012	$	476,168,824

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2013 to December 31, 2015.

	2015		2014		2013

Balance at January 1	$	59,089,851	$	65,436,739	$	58,856,688
Current year depreciation expense		11,464,695		8,361,698		6,930,145
Disposition of real estate		(14,153,123)		(14,708,586)		(350,094)


Balance at December 31	$	56,401,423	$	59,089,851	$	65,436,739

3. Tax Basis of Building and Improvements

The aggregate cost of Building and Improvements for federal income tax purposes is approximately

$23,420,000 less than the cost basis used for financial statement purposes.