7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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
    		2,787,363,000 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
    		6,123,531,000 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
    		-677,700,000 -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   
      ​
    		8,233,194,000 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
    		64,047,000 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
    		8,297,241,000 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
    		706,000 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
    		13,696,000 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
    		3,182,000 3,087,000 3,254,000  14,615,000                                       
      accounts receivable - tenants
    		117,602,000 108,117,000 105,485,000 98,205,000 94,853,000 91,301,000 77,749,000 70,929,000 71,089,000 68,697,000 61,406,000 59,411,000 46,882,000 40,700,000 39,309,000 33,996,000 27,747,000 26,808,000 25,495,000 24,914,000 23,695,000                       
      lease intangibles, net of accumulated amortization of 546,136 and 461,419 at september 30, 2025 and december 31, 2024, respectively
    		966,964,000                                           
      other assets
    		84,639,000 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
    		9,484,030,000 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
    		41,718,000 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
    		347,900,000 347,767,000 347,609,000 347,274,000 347,115,000 346,947,000 346,639,000                                     
      senior unsecured notes
    		2,583,685,000 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 1,791,492,000 1,496,101,000 1,495,650,000 1,494,399,000 855,454,000 855,232,000 509,253,000 509,226,000 509,198,000 384,171,000 384,143,000 384,117,000 384,064,000      159,218,000                
      unsecured revolving credit facility and commercial paper notes
    		389,000,000 247,000,000                                          
      dividends and distributions payable
    		29,927,000 29,039,000 28,542,000 26,587,000 25,863,000 25,561,000 25,131,000 24,098,000 23,071,000 21,427,000 19,385,000 17,763,000 15,029,000 13,324,000 32,522,000 32,519,000 26,859,000 25,014,000 24,353,000 24,119,000 21,535,000 21,031,000      14,637,000                
      accounts payable, accrued expenses, and other liabilities
    		161,782,000 132,089,000 129,652,000 142,196,000 106,058,000 112,385,000 106,755,000 87,692,000 92,733,000 85,637,000 70,338,000 63,476,000 68,196,000 66,186,000 67,871,000 80,088,000 75,334,000 48,987,000 52,644,000 48,700,000 39,843,000                       
      lease intangibles, net of accumulated amortization of 48,671 and 46,003 at september 30, 2025 and december 31, 2024, respectively
    		56,777,000                                           
      total liabilities
    		3,610,789,000 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 2,007,394,000 2,063,992,000 1,962,849,000 1,644,372,000 1,478,526,000 1,282,227,000 925,666,000 1,151,933,000 972,968,000 1,032,907,000 836,520,000 860,915,000 789,703,000      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 september 30, 2025 and december 31, 2024
    		175,000,000                                           
      common stock
    		11,000 11,000 11,000 10,000 10,000 10,000 10,000 10,000 9,000 9,000 8,000 8,000        4,000 4,000 4,000      3,000                
      additional paid-in-capital
    		6,247,606,000 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 4,551,081,000 3,948,547,000 3,646,770,000 3,248,264,000 2,909,914,000 2,384,331,000 2,295,235,000 1,856,914,000 1,752,912,000 1,556,124,000 1,522,644,000 1,334,952,000 1,277,592,000      820,134,000                
      dividends in excess of net income
    		-581,162,000 -545,372,000 -508,059,000 -434,485,000 -400,809,000 -378,205,000 -316,083,000 -283,995,000 -254,316,000 -203,040,000 -182,518,000 -162,765,000 -121,619,000 -101,137,000 -80,627,000 -69,595,000 -62,542,000 -57,094,000 -54,841,000 -51,298,000 -45,940,000 -42,945,000      -26,547,000                
      accumulated other comprehensive income
    		31,528,000 31,891,000 29,344,000 18,459,000 30,915,000 27,430,000 33,291,000 25,625,000 22,924,000 24,124,000 31,547,000 15,060,000 -8,257,000 -10,760,000 -40,140,000 -41,544,000 -39,291,000 -6,492,000 -13,068,000 -5,711,000 -1,950,000 1,424,000                      
      total equity - agree realty corporation
    		5,872,983,000 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 4,547,174,000 3,972,584,000 3,674,073,000 3,118,395,000 2,798,023,000 2,263,570,000 2,184,101,000 1,755,086,000 1,689,331,000 1,488,219,000 1,465,639,000 1,287,066,000 1,236,075,000      793,379,000                
      non-controlling interest
    		258,000 364,000 468,000 668,000 819,000 878,000 1,113,000 1,205,000 1,300,000 1,533,000 1,656,000 1,668,000 1,756,000 1,853,000 1,817,000 1,875,000 1,926,000 2,231,000 2,195,000 2,284,000 2,356,000 2,411,000      2,573,000                
      total equity
    		5,873,241,000 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 4,548,707,000 3,974,240,000 3,675,741,000 3,120,151,000 2,799,876,000 2,265,387,000 2,185,976,000 1,757,012,000 1,691,562,000 1,490,414,000 1,467,923,000 1,289,422,000 1,238,486,000      795,952,000                
      total liabilities and equity
    		9,484,030,000 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 517,216 and 461,419 at june 30, 2025 and december 31, 2024, respectively
    		 923,092,000                                          
      lease intangibles, net of accumulated amortization of 48,389 and 46,003 at june 30, 2025 and december 31, 2024, respectively
    		 49,667,000                                          
      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                                          
      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  370,000,000 320,000,000  238,000,000 20,000,000  242,000,000 89,000,000 248,000,000 54,000,000 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
    		         37,117,000                                  
      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, 2022 and december 31, 2021
    		         175,000,000                                  
      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
    		          36,344,000                                 
      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, 2022 and december 31, 2021
    		          175,000,000                                 
      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
    		           33,711,000                                
      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, 2022 and december 31, 2021
    		           175,000,000                                
      150,435 and 125,995 at june 30, 2021 and december 31, 2020, respectively
    		            601,545,000                               
      unsecured term loans
    		             237,955,000 237,765,000 237,274,000 237,453,000 237,403,000 237,984,000 237,980,000 256,244,000 256,419,000      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
    		                27,341,000                           
      authorized, 47,002,109 and 45,573,623 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively
    		                5,000                           
      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
    		                  27,332,000                         
      authorized, 42,412,827 and 37,545,790 shares issued and outstanding at september 30, 2019 and december 31, 2018, respectively
    		                  4,000                         
      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
    		                   27,908,000                        
      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  
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.