ADC Stock Balance Sheets

Agree Realty Quarterly Balance Sheets Chart

Quarterly

Annual

Cash and Cash Eq

Agree Realty Quarterly Balance Sheets Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2013-12-31	2004-12-31	2003-12-31

assets
real estate investments
land	2,663,023,000	2,599,164,000	2,404,085,000	2,340,966,000	2,305,313,000	2,231,535,000	2,090,557,000	2,005,606,000	1,841,259,000	1,762,244,000	1,658,905,000	1,354,486,000	1,215,065,000	981,476,000	856,113,000	794,616,000	735,991,000	713,711,000	638,946,000	588,295,000	553,704,000	473,446,000	444,001,000	426,937,000	405,457,000	371,047,000	345,255,000	319,935,000	309,687,000	295,311,000	284,938,479	236,700,064	225,273,640	209,688,872	209,267,989	203,982,919	195,091,303	176,050,889	171,375,249	162,096,646
buildings	5,872,397,000	5,648,162,000	5,197,392,000	5,061,561,000	4,937,878,000	4,750,160,000	4,476,493,000	4,281,164,000	3,795,181,000	3,560,694,000	3,286,755,000	2,693,704,000	2,534,818,000	2,184,620,000	1,927,114,000	1,733,003,000	1,600,293,000	1,510,423,000	1,375,773,000	1,287,700,000	1,194,985,000	1,041,666,000	963,182,000	922,433,000	868,396,000	820,138,000	805,271,000	737,605,000	703,506,000	662,612,000	628,219,043	553,441,081	526,911,997	489,571,159	478,806,718	434,288,988	393,826,467	349,844,721	321,987,875	297,464,585
less accumulated depreciation	-638,960,000	-601,088,000	-526,443,000	-494,737,000	-463,827,000	-403,501,000	-374,917,000	-347,778,000	-296,304,000	-274,323,000	-253,180,000	-200,395,000	-185,946,000	-158,719,000	-146,267,000	-135,376,000	-127,748,000	-121,444,000	-112,951,000	-106,670,000	-100,312,000	-98,051,000	-93,376,000	-89,503,000	-85,239,000	-80,356,000	-75,841,000	-73,657,000	-69,696,000	-65,884,000	-62,943,655	-59,763,907	-56,401,423	-53,873,530	-60,455,765	-61,641,135	-59,089,851	-66,318,335	-64,376,980	-60,633,824
	7,896,460,000	7,646,238,000	7,075,034,000	6,907,790,000	6,779,364,000	6,578,194,000	6,192,133,000	5,938,992,000	5,340,136,000	5,048,615,000	4,692,480,000	3,847,795,000	3,563,937,000	3,007,377,000	2,636,960,000	2,392,243,000	2,208,536,000	2,102,690,000	1,901,768,000
property under development	62,165,000	50,294,000	52,746,000	44,839,000	42,109,000	36,114,000	81,526,000	73,123,000	50,685,000	43,051,000	39,218,000	6,199,000	11,088,000	8,229,000	6,171,000	5,372,000	10,056,000	16,238,000	16,950,000	11,444,000	12,957,000	7,767,000	10,411,000	11,702,000	25,402,000	10,197,000	6,665,000	8,414,000	6,764,000	5,795,000	4,090,845	3,575,090	3,663,301	4,921,625	467,302	294,357	229,242	12,481,154	11,881,315	6,959,174
net real estate investments	7,958,625,000	7,696,532,000	7,127,780,000	6,952,629,000	6,821,473,000	6,614,308,000	6,273,659,000	6,012,115,000	5,390,821,000	5,091,666,000	4,731,698,000	3,853,994,000	3,575,025,000	3,015,606,000	2,643,131,000	2,397,615,000	2,218,592,000	2,118,928,000	1,918,718,000	1,780,769,000	1,661,334,000	1,424,828,000	1,324,218,000	1,271,569,000	1,214,016,000	1,121,026,000	1,081,350,000	992,297,000	950,261,000	897,834,000	854,304,712	733,952,328	699,447,515	650,308,126	628,086,244	576,925,129	530,057,161	472,058,429	440,867,459	410,732,085
real estate held for sale	3,473,000	1,278,000	13,611,000		5,416,000	3,202,000						1,245,000	13,549,000			7,795,000	3,750,000	7,928,000	2,074,000			1,367,000	12,257,000	7,696,000	2,420,000	9,003,000	5,409,000
cash and cash equivalents	5,824,000	7,915,000	13,237,000	9,639,000	6,314,000	6,384,000	8,068,000	11,809,000	250,487,000	26,267,000	24,888,000	177,046,000	7,369,000	14,715,000	29,341,000	72,091,000	15,603,000	9,353,000	5,520,000	22,325,000	53,955,000	16,811,000	8,986,000	2,230,000	50,807,000	25,510,000	4,173,000	2,300,000	33,395,000	11,491,000	4,034,580	3,711,373	2,711,588	21,379,827	2,870,603	7,919,234	5,399,458	1,403,252	1,622,914	14,536,881
cash held in escrow	3,087,000	3,254,000		14,615,000
accounts receivable - tenants	108,117,000	105,485,000	98,205,000	94,853,000	91,301,000	77,749,000	70,929,000	71,089,000				46,882,000	40,700,000	39,309,000	33,996,000		26,808,000			23,695,000
lease intangibles, net of accumulated amortization of 517,216 and 461,419 at june 30, 2025 and december 31, 2024, respectively	923,092,000
other assets	82,526,000	88,733,000	93,505,000	91,111,000	94,057,000	96,269,000	89,173,000	86,629,000	81,611,000	118,734,000	105,206,000	72,476,000	96,383,000	54,096,000	29,319,000	28,963,000	29,709,000	24,328,000	29,005,000	30,596,000	4,863,000	5,339,000	5,200,000	4,374,000	4,432,000	4,993,000	4,554,000	5,330,000	2,722,000	2,336,000	2,702,462	2,259,255	2,569,659	1,816,501	2,631,835	3,194,707	2,345,290	2,907,686	2,550,939	3,219,505
total assets	9,084,744,000	8,800,577,000	8,184,203,000	8,000,838,000	7,868,665,000	7,647,106,000	7,272,006,000	6,986,427,000	6,556,101,000	6,038,232,000	5,638,590,000	4,764,523,000	4,278,402,000	3,547,614,000	3,111,642,000	2,908,945,000	2,664,530,000	2,523,321,000	2,304,443,000	2,150,337,000	2,028,189,000	1,748,634,000	1,612,161,000	1,527,247,000	1,494,634,000	1,366,973,000	1,286,840,000	1,158,240,000	1,111,925,000	1,038,813,000	973,104,128	825,553,310	792,549,537	749,236,549	705,067,066	653,046,762	593,580,861	522,823,040	481,158,520	462,741,543
liabilities
mortgage notes payable	41,886,000	42,050,000	42,366,000	42,518,000	42,666,000	42,952,000	47,701,000	47,842,000	71,721,000	71,824,000	32,249,000	32,782,000	32,953,000	33,304,000	33,513,000	33,720,000	36,698,000	58,423,000	59,670,000	60,303,000	60,926,000						68,003,000
unsecured term loan	347,767,000	347,609,000	347,274,000	347,115,000	346,947,000	346,639,000
senior unsecured notes	2,582,892,000	2,238,451,000	2,236,948,000	2,236,223,000	1,794,874,000	1,793,777,000	1,793,198,000	1,792,611,000				1,494,399,000	855,454,000	855,232,000	509,253,000		509,198,000			384,117,000	384,064,000						159,218,000
unsecured revolving credit facility and commercial paper notes	247,000,000
dividends and distributions payable	29,039,000	28,542,000	26,587,000	25,863,000	25,561,000	25,131,000	24,098,000	23,071,000				15,029,000	13,324,000	32,522,000	32,519,000		25,014,000			21,535,000	21,031,000						14,637,000
accounts payable, accrued expenses, and other liabilities	132,089,000	129,652,000	142,196,000	106,058,000	112,385,000	106,755,000	87,692,000	92,733,000				68,196,000	66,186,000	67,871,000	80,088,000		48,987,000			39,843,000
lease intangibles, net of accumulated amortization of 48,389 and 46,003 at june 30, 2025 and december 31, 2024, respectively	49,667,000
total liabilities	3,430,340,000	3,155,657,000	2,889,573,000	2,837,760,000	2,689,190,000	2,401,712,000	2,293,961,000	2,188,583,000				1,644,372,000	1,478,526,000	1,282,227,000	925,666,000		972,968,000			860,915,000	789,703,000						490,888,000
commitments and contingencies
equity
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at june 30, 2025 and december 31, 2024	175,000,000
common stock	11,000	11,000	10,000	10,000	10,000	10,000	10,000	9,000												4,000	4,000						3,000
additional paid-in-capital	5,992,510,000	5,948,156,000	5,534,978,000	5,357,143,000	5,354,362,000	5,352,063,000	5,060,200,000	4,852,927,000				3,248,264,000	2,909,914,000	2,384,331,000	2,295,235,000		1,752,912,000			1,334,952,000	1,277,592,000						820,134,000
dividends in excess of net income	-545,372,000	-508,059,000	-434,485,000	-400,809,000	-378,205,000	-316,083,000	-283,995,000	-254,316,000				-121,619,000	-101,137,000	-80,627,000	-69,595,000		-57,094,000			-45,940,000	-42,945,000						-26,547,000
accumulated other comprehensive income	31,891,000	29,344,000	18,459,000	30,915,000	27,430,000	33,291,000	25,625,000	22,924,000				-8,257,000	-10,760,000	-40,140,000	-41,544,000		-6,492,000			-1,950,000	1,424,000
total equity - agree realty corporation	5,654,040,000	5,644,452,000	5,293,962,000	5,162,259,000	5,178,597,000	5,244,281,000	4,976,840,000	4,796,544,000				3,118,395,000	2,798,023,000	2,263,570,000	2,184,101,000		1,689,331,000			1,287,066,000	1,236,075,000						793,379,000
non-controlling interest	364,000	468,000	668,000	819,000	878,000	1,113,000	1,205,000	1,300,000				1,756,000	1,853,000	1,817,000	1,875,000		2,231,000			2,356,000	2,411,000						2,573,000
total equity	5,654,404,000	5,644,920,000	5,294,630,000	5,163,078,000	5,179,475,000	5,245,394,000	4,978,045,000	4,797,844,000				3,120,151,000	2,799,876,000	2,265,387,000	2,185,976,000		1,691,562,000			1,289,422,000	1,238,486,000						795,952,000
total liabilities and equity	9,084,744,000	8,800,577,000	8,184,203,000	8,000,838,000	7,868,665,000	7,647,106,000	7,272,006,000	6,986,427,000	6,556,101,000	6,038,232,000	5,638,590,000	4,764,523,000	4,278,402,000	3,547,614,000	3,111,642,000	2,908,945,000	2,664,530,000	2,523,321,000	2,304,443,000	2,150,337,000	2,028,189,000						1,286,840,000
lease intangibles, net of accumulated amortization of 487,849 and 461,419 at march 31, 2025 and december 31, 2024, respectively		897,380,000
unsecured revolving credit facility		322,000,000	49,000,000	43,000,000	330,000,000	49,000,000	303,000,000	196,000,000					238,000,000	20,000,000			89,000,000			71,000,000	19,000,000						48,000,000
lease intangibles, net of accumulated amortization of 46,998 and 46,003 at march 31, 2025 and december 31, 2024, respectively		47,353,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at march 31, 2025 and december 31, 2024		175,000,000
lease intangibles, net of accumulated amortization of 434,540 and 360,061 at september 30, 2024 and december 31, 2023, respectively			837,865,000
lease intangibles, net of accumulated amortization of 44,857 and 42,813 at september 30, 2024 and december 31, 2023, respectively			45,202,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at september 30, 2024 and december 31, 2023			175,000,000
lease intangibles, net of accumulated amortization of 408,969 and 360,061 at june 30, 2024 and december 31, 2023, respectively				837,991,000
lease intangibles, net of accumulated amortization of 43,860 and 42,813 at june 30, 2024 and december 31, 2023, respectively				36,983,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at june 30, 2024 and december 31, 2023				175,000,000
cash held in escrows					9,120,000	3,000	4,179,000	1,131,000	1,027,000	840,000	878,000	11,335,000		1,515,000	7,043,000	20,049,000	26,554,000	1,449,000	16,909,000	3,024,000	20,000	1,436,000		8,874,000	7,975,000	1,779,000				12,292,000
lease intangibles, net of accumulated amortization of 383,456 and 360,061 at march 31, 2024 and december 31, 2023, respectively					840,984,000
lease intangibles, net of accumulated amortization of 42,684 and 42,813 at march 31, 2024 and december 31, 2023, respectively					36,757,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at march 31, 2024 and december 31, 2023					175,000,000
lease intangibles, net of accumulated amortization of
335,073 and 263,011 at september 30, 2023 and december 31, 2022, respectively						849,191,000
40,667 and 35,992 at september 30, 2023 and december 31, 2022, respectively						37,458,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at september 30, 2023 and december 31, 2022						175,000,000
310,845 and 263,011 at june 30, 2023 and december 31, 2022, respectively							825,998,000
38,945 and 35,992 at june 30, 2023 and december 31, 2022, respectively							38,272,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at june 30, 2023 and december 31, 2022							175,000,000
286,748 and 263,011 at march 31, 2023 and december 31, 2022, respectively								803,654,000
37,494 and 35,992 at march 31, 2023 and december 31, 2022, respectively								36,326,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at march 31, 2023 and december 31, 2022								175,000,000
240,244 and 180,532 at september 30, 2022 and december 31, 2021, respectively									763,458,000
34,356 and 29,726 at september 30, 2022 and december 31, 2021, respectively
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at september 30, 2022 and december 31, 2021
218,540 and 180,532 at june 30, 2022 and december 31, 2021, respectively										739,319,000
32,720 and 29,726 at june 30, 2022 and december 31, 2021, respectively
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at june 30, 2022 and december 31, 2021
198,936 and 180,532 at march 31, 2022 and december 31, 2021, respectively											716,509,000
31,184 and 29,726 at march 31, 2022 and december 31, 2021, respectively
preferred stock, .0001 par value per share, 4,000,000 shares authorized, 7,000 shares series a outstanding, at stated liquidation value of 25,000 per share, at march 31, 2022 and december 31, 2021
150,435 and 125,995 at june 30, 2021 and december 31, 2020, respectively												601,545,000
unsecured term loans													237,955,000	237,765,000	237,274,000		237,403,000			256,244,000	256,419,000						158,437,000
26,771 and 24,651 at june 30, 2021 and december 31, 2020, respectively												33,966,000
authorized, 68,910,373 and 60,021,483 shares issued and outstanding at june 30, 2021 and december 31, 2020, respectively												7,000
preferred stock, .0001 par value per share, 4,000,000 shares authorized
138,188 and 125,995 at march 31, 2021 and december 31, 2020, respectively													545,376,000
26,030 and 24,651 at march 31, 2021 and december 31, 2020, respectively													34,654,000
authorized, 64,145,778 and 60,021,483 shares issued and outstanding at march 31, 2021 and december 31, 2020, respectively													6,000
114,990 and 89,118 at september 30, 2020 and december 31, 2019, respectively														422,373,000
23,067 and 19,307 at september 30, 2020 and december 31, 2019, respectively														35,533,000
authorized, 55,370,525 and 45,573,623 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively														6,000
105,296 and 89,118 at june 30, 2020 and december 31, 2019, respectively															368,812,000
21,758 and 19,307 at june 30, 2020 and december 31, 2019, respectively															33,019,000
authorized, 53,851,092 and 45,573,623 shares issued and outstanding at june 30, 2020 and december 31, 2019, respectively															5,000
97,183 and 89,118 at march 31, 2020 and december 31, 2019, respectively																354,685,000
20,319 and 19,307 at march 31, 2020 and december 31, 2019, respectively
authorized, 47,002,109 and 45,573,623 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively
89,118 and 62,543 at december 31, 2019 and december 31, 2018, respectively																	343,514,000
19,307 and 15,177 at december 31, 2019 and december 31, 2018, respectively																	26,668,000
authorized, 45,573,623 and 37,545,790 shares issued and outstanding at december 31, 2019 and december 31, 2018, respectively																	5,000
82,297 and 62,543 at september 30, 2019 and december 31, 2018, respectively																		335,840,000
18,607 and 15,177 at september 30, 2019 and december 31, 2018, respectively
authorized, 42,412,827 and 37,545,790 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively
74,995 and 62,543 at june 30, 2019 and december 31, 2018, respectively																			307,303,000
17,426 and 15,177 at june 30, 2019 and december 31, 2018, respectively
68,985 and 62,543 at march 31, 2019 and december 31, 2018, respectively																				289,928,000
16,291 and 15,177 at march 31, 2019 and december 31, 2018, respectively																				27,873,000
accounts receivable - tenants, net of allowance of
289 and 296 for possible losses at december 31, 2018 and december 31, 2017, respectively																					21,547,000
unamortized deferred expenses
credit facility finance costs, net of accumulated amortization of 886 and 433 at december 31, 2018 and december 31, 2017, respectively																					1,126,000
leasing costs, net of accumulated amortization of 901 and 814 at december 31, 2018 and december 31, 2017, respectively																					2,652,000
lease intangibles, net of accumulated amortization of 62,543 and 41,390 at december 31, 2018 and december 31, 2017, respectively																					280,153,000
interest rate swaps																					2,539,000	4,516,000	4,062,000	3,270,000	1,592,000	1,232,000	1,285,000	1,561,000	1,409,000
deferred revenue																					4,627,000						1,794,000
accrued interest payable																					4,779,000						2,216,000
accounts payable and accrued expenses																					9,897,000
15,177 and 11,357 at december 31, 2018 and december 31, 2017, respectively																					27,218,000
deferred income taxes																					475,000						705,000
tenant deposits																					132,000						96,000
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
accounts receivable - tenants, net of allowance of 465 and 296 for possible losses at september 30, 2018 and december 31, 2017, respectively																						19,882,000
credit facility finance costs, net of accumulated amortization of 744 and 433 at september 30, 2018 and december 31, 2017, respectively																						1,267,000
leasing costs, net of accumulated amortization of 823 and 814 at september 30, 2018 and december 31, 2017, respectively																						2,582,000
lease intangibles, net of accumulated amortization of 57,121 and 41,390 at september 30, 2018 and december 31, 2017, respectively																						270,606,000
1
308 and 296 for possible losses at june 30, 2018 and december 31, 2017, respectively																							19,197,000
credit facility finance costs, net of accumulated amortization of 611 and 433 at june 30, 2018 and december 31, 2017, respectively																							972,000
leasing costs, net of accumulated amortization of 763 and 814 at june 30, 2018 and december 31, 2017, respectively																							1,493,000
lease intangibles, net of accumulated amortization of 51,645 and 41,390 at june 30, 2018 and december 31, 2017, respectively																							235,776,000
accounts receivable - tenants, net of allowance of 278 and 296 for possible losses at march 31, 2018 and december 31, 2017, respectively																								17,947,000
credit facility finance costs, net of accumulated amortization of 509 and 433 at march 31, 2018 and december 31, 2017, respectively																								1,073,000
leasing costs, net of accumulated amortization of 739 and 814 at march 31, 2018 and december 31, 2017, respectively																								1,551,000
lease intangibles, net of accumulated amortization of 47,000 and 41,390 at march 31, 2018 and december 31, 2017, respectively																								208,663,000
296 and 50 for possible losses at december 31, 2017 and december 31, 2016, respectively																									15,477,000
credit facility finance costs, net of accumulated amortization of 433 and 1,262 at december 31, 2017 and december 31, 2016, respectively																									1,174,000
leasing costs, net of accumulated amortization of 814 and 677 at december 31, 2017 and december 31, 2016, respectively																									1,583,000
lease intangibles, net of accumulated amortization of 41,390 and 25,666 at december 31, 2017 and december 31, 2016, respectively																									195,158,000
f-6
accounts receivable - tenants, net of allowance of 142 and 50 for possible losses at september 30, 2017 and december 31, 2016, respectively																										15,634,000
credit facility finance costs, net of accumulated amortization of 332 and 1,262 at september 30, 2017 and december 31, 2016, respectively																										1,275,000
leasing costs, net of accumulated amortization of 772 and 677 at september 30, 2017 and december 31, 2016, respectively																										1,601,000
lease intangibles, net of accumulated amortization of 36,875 and 25,666 at september 30, 2017 and december 31, 2016, respectively																										184,920,000
accounts receivable - tenants, net of allowance of 100 and 50 for possible losses at june 30, 2017 and december 31, 2016, respectively																											14,243,000
credit facility finance costs, net of accumulated amortization of 230 and 1,262 at june 30, 2017 and december 31, 2016, respectively																											1,352,000
leasing costs, net of accumulated amortization of 733 and 677 at june 30, 2017 and december 31, 2016, respectively																											1,546,000
lease intangibles, net of accumulated amortization of 32,997 and 25,666 at june 30, 2017 and december 31, 2016, respectively																											172,928,000
capital expenditures																											68,000
operating																											5,989,000
lease intangibles, net of accumulated amortization of 9,132 and 7,079 at june 30, 2017 and december 31, 2016, respectively																											30,186,000
series a junior participating preferred stock, .0001 par value, 200,000 authorized, no shares issued and outstanding
accumulated other comprehensive loss																											-211,000
50 for possible losses at march 31, 2017 and december 31, 2016																												13,069,000
credit facility finance costs, net of accumulated amortization of 127 and 1,262 at march 31, 2017 and december 31, 2016, respectively																												1,456,000
leasing costs, net of accumulated amortization of 717 and 677 at march 31, 2017 and december 31, 2016, respectively																												1,575,000
lease intangibles, net of accumulated amortization of 29,103 and 25,666 at march 31, 2017 and december 31, 2016, respectively																												140,652,000
accounts receivable - tenants, net of allowance of 50 and 35 for possible losses at december 31, 2016 and december 31, 2015, respectively																													11,535,000
credit facility finance costs, net of accumulated amortization of 1,262 and 1,532 at december 31, 2016 and december 31, 2015, respectively																													1,552,000
leasing costs, net of accumulated amortization of 677 and 554 at december 31, 2016 and december 31, 2015, respectively																													1,227,000
lease intangibles, net of accumulated amortization of 18,588 and 10,578 at december 31, 2016 and december 31, 2015, respectively																													109,824,000
f-4
50 and 35 for possible losses at september 30, 2016 and december 31, 2015																														10,623,000
credit facility finance costs, net of accumulated amortization of 1,693 and 1,532 at september 30, 2016 and december 31, 2015, respectively																														406,000
leasing costs, net of accumulated amortization of 637 and 554 at september 30, 2016 and december 31, 2015, respectively																														1,229,000
lease intangibles, net of accumulated amortization of 16,438 and 10,578 at september 30, 2016 and december 31, 2015, respectively																														102,602,000
35,000 for possible losses at june 30, 2016 and december 31, 2015																															9,974,171
credit facility finance costs, net of accumulated amortization of 1,636,680 and 1,531,671 at june 30, 2016 and december 31, 2015, respectively																															437,780
leasing costs, net of accumulated amortization of 599,218 and 553,502 at june 30, 2016 and december 31, 2015, respectively																															1,139,576
lease intangibles, net of accumulated amortization of 14,290,255 and 10,577,794 at june 30, 2016 and december 31, 2015, respectively																															100,510,847
35,000 for possible losses at march 31, 2016 and december 31, 2015																																7,807,164
credit facility finance costs, net of accumulated amortization of 1,584,175 and 1,531,671 at march 31, 2016 and december 31, 2015, respectively																																490,284
leasing costs, net of accumulated amortization of 575,448 and 553,502 at march 31, 2016 and december 31, 2015, respectively																																682,046
lease intangibles, net of accumulated amortization of 12,263,284 and 10,577,794 at march 31, 2016 and december 31, 2015, respectively																																76,650,860
35,000 for possible losses at december 31, 2015 and december 31, 2014																																	7,418,327
financing costs, net of accumulated amortization of 3,409,110 and 2,690,005 at december 31, 2015 and december 31, 2014, respectively																																	3,185,567
leasing costs, net of accumulated amortization of 553,502 and 543,957 at december 31, 2015 and december 31, 2014, respectively																																	664,565
lease intangibles, net of accumulated amortization of 10,577,794 and 5,719,085 at december 31, 2015 and december 31, 2014, respectively																																	76,552,316
accounts receivable - tenants, net of allowance of 35,000 for possible losses at september 30, 2015 and december 31, 2014																																		6,138,906
financing costs, net of accumulated amortization of 3,251,313 and 2,690,005 at september 30, 2015 and december 31, 2014, respectively																																		3,333,365
leasing costs, net of accumulated amortization of 529,866 and 543,957 at september 30, 2015 and december 31, 2014, respectively																																		688,200
lease intangibles, net of accumulated amortization of 9,531,410 and 5,719,085 at september 30, 2015 and december 31, 2014, respectively																																		65,571,624
3
accounts receivable - tenants, net of allowance of 35,000 for possible losses at june 30, 2015 and december 31, 2014																																			5,693,231
financing costs, net of accumulated amortization of 3,062,644 and 2,690,005 at june 30, 2015 and december 31, 2014, respectively																																			3,481,290
leasing costs, net of accumulated amortization of 580,907 and 543,957 at june 30, 2015 and december 31, 2014, respectively																																			788,051
lease intangibles, net of accumulated amortization of 7,821,364 and 5,719,085 at june 30, 2015 and december 31, 2014, respectively																																			61,515,812
accounts receivable - tenants, net of allowance of 35,000 for possible losses at march 31, 2015 and december 31, 2014																																				4,923,134
financing costs, net of accumulated amortization of 2,887,984 and 2,690,005 at march 31, 2015 and december 31, 2014, respectively																																				2,810,297
leasing costs, net of accumulated amortization of 573,311 and 543,957 at march 31, 2015 and december 31, 2014, respectively																																				753,985
lease intangibles, net of accumulated amortization of 6,671,752 and 5,719,085 at march 31, 2015 and december 31, 2014, respectively																																				56,520,276
property held for sale																																								4,845,504
accounts receivable - tenants, net of allowance of 35,000 for possible losses at december 31, 2014 and 2013																																					4,507,735
financing costs, net of accumulated amortization of 2,690,005 and 7,009,538 at december 31, 2014 and 2013, respectively																																					3,008,280
leasing costs, net of accumulated amortization of 543,957 and 1,425,186 at december 31, 2014 and 2013, respectively																																					783,335
lease intangibles, net of accumulated amortization of 5,719,085 and 3,228,506 at december 31, 2014 and 2013, respectively																																					47,479,602
f-5
accounts receivable - tenants, net of allowance of 35,000 for possible losses at september 30, 2014 and december 31, 2013																																						4,018,547
financing costs, net of accumulated amortization of 2,518,986 and 7,009,538 at september 30, 2014 and december 31, 2013, respectively																																						3,166,973
leasing costs, net of accumulated amortization of 527,306 and 1,425,186 at september 30, 2014 and december 31, 2013, respectively																																						960,350
lease intangibles, net of accumulated amortization of 4,946,853 and 3,228,506 at september 30, 2014 and december 31, 2013, respectively																																						38,307,803
accounts receivable - tenants, net of allowance of 35,000 for possible losses at june 30, 2014 and december 31, 2013																																							3,793,690
financing costs, net of accumulated amortization of 2,103,690 and 7,009,538 at june 30, 2014 and december 31, 2013, respectively																																							2,162,205
leasing costs, net of accumulated amortization of 492,459 and 1,425,186 at june 30, 2014 and december 31, 2013, respectively																																							702,089
lease intangibles, net of accumulated amortization of 4,280,110 and 3,228,506 at june 30, 2014 and december 31, 2013, respectively																																							29,459,224
accounts receivable - tenants, net of allowance of 35,000 for possible losses at december 31, 2013 and 2012, respectively																																								3,262,768
financing costs, net of accumulated amortization of 7,009,538 and 6,273,113 at december 31, 2013 and 2012, respectively																																								2,526,768
leasing costs, net of accumulated amortization of 1,425,186 and 1,312,085 at december 31, 2013 and 2012, respectively																																								758,037
lease intangibles, net of accumulated amortization of 3,228,506 and 1,594,815 at december 31, 2013 and 2012, respectively																																								27,705,499
cash flows from operating activities
net income																																									13,123,020	10,471,746
adjustments to reconcile net income to net cash from operating activities
depreciation																																									4,418,177
amortization																																									204,986
stock-based compensation																																									546,345
gain on sale of assets																																									-577,168
equity in net income of unconsolidated entities																																									-216,837
minority interests																																									1,366,347
decrease (increase) in accounts receivable																																									-4,961
(increase) in other assets																																									-431,446
increase in accounts payable																																									33,605
decrease in deferred revenue																																									-307,936
increase in accrued interest																																									131,016
increase in tenant deposits																																									13,890
net cash from operating activities																																									18,299,038	15,653,291
cash flows from investing activities
acquisition of real estate investments																																									-21,711,356	-20,116,584
distributions from unconsolidated entities																																									216,837	438,489
decrease in restricted cash																																									4,309,914
net proceeds from sale of assets, less amounts held in escrow																																									2,046,493	3,887,338
net cash from investing activities																																									-15,138,112	-15,790,757
year ended december 31,																																									2,004
cash flows from financing activities
line-of-credit net borrowings																																									12,700,000	-11,583,232
dividends and limited partners’ distributions paid																																									-13,873,516	-10,776,024
payment on construction loans																																										-4,043,313
payments of mortgages payable																																									-2,158,689	-38,320,636
mortgage proceeds																																										22,699,151
payments of payables for capital expenditures																																									-361,769	-423,910
redemption of restricted stock																																									-169,680	-101,400
payments for financing costs																																										-609,367
payments of leasing costs																																									-72,150	-19,811
exercise of stock options																																									358,312
net proceeds from the issuance of common stock																																										43,224,488
net cash from financing activities																																									-3,577,492	45,946
net decrease in cash and cash equivalents																																									-416,566	-91,520
cash and cash equivalents, beginning of year																																									1,004,090	1,095,610
cash and cash equivalents, end of year																																									587,524	1,004,090
supplemental disclosure of cash flow information
cash paid for interest																																									4,243,983	5,619,551
supplemental disclosure of non-cash transactions
construction loan paid with mortgage
dividends and limited partners’ distributions declared and unpaid																																									3,509,083
shares issued under stock incentive plan																																									1,159,518	622,153
real estate investments financed with accounts payable																																									393,711	570,363
real estate investments acquired from joint ventures																																									13,790,990

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