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<SEC-DOCUMENT>0000950124-06-003990.txt : 20060727
<SEC-HEADER>0000950124-06-003990.hdr.sgml : 20060727
<ACCEPTANCE-DATETIME>20060727090305
ACCESSION NUMBER:		0000950124-06-003990
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060727
ITEM INFORMATION:		Changes in Registrant.s Certifying Accountant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060727
DATE AS OF CHANGE:		20060727

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		06983067

	BUSINESS ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HGWY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HIGHWAY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>k07124e8vk.txt
<DESCRIPTION>CURRENT REPORT, DATED JULY 27, 2006
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   ----------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          DATE OF REPORT: July 27, 2006

                            AGREE REALTY CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<TABLE>
<S>                                                     <C>
                MARYLAND
     (State of other jurisdiction of                    (Commission File Number)
     incorporation or organization)                              1-12928
</TABLE>

                                   ----------

<TABLE>
<S>                                                        <C>
       31850 Northwestern Highway                              38-3148187
       Farmington Hills, MI 48334                           (I.R.S. Employer
(Address of principal executive offices)                   identification No.)
</TABLE>

       (Registrant's telephone number, including area code) (248) 737-4190

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17CFR
     230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR
     240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2 (b) under the
     Exchange Act (17 CFR 240.14d-2 (b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4 (c) under the
     Exchange Act (17 CFR 240.13e-4 (c))

<PAGE>

ITEM 4.01. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT

On July 26, 2005, the Audit Committee of the Board of Directors of Agree Realty
Corporation engaged Virchow, Krause & Company, LLP (Virchow Krause) as the
Company's independent registered public accounting firm commencing immediately.
As part of its engagement, Virchow Krause will review the financial statements
contained in our Form 10-Q's filed during the remainder of 2006 (including the
Form 10-Q for the quarter ended June 30, 2006) and audit our financial
statements for the year ended December 31, 2006. Our prior independent
registered public accounting, firm, BDO Seidman, LLP, resigned on May 9, 2006.

During the two most recent fiscal years and through July 26, 2006, we did not
consult Virchow Krause with respect to (i) the application of accounting
principles to any transaction, either contemplated or proposed, (ii) the type of
audit opinion that might be rendered on our financial statements, or any matter
that was either the subject of a disagreement (as defined in Item 304(a) (1)
(iv) of Regulation S-K) or a reportable event (as described in Item 304(a) (1)
(v) of Regulation S-K). Attached and incorporated herein by reference as Exhibit
99.1 is a copy of the press release issued by us on July 26, 2006 announcing the
engagement of Virchow Krause.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

     (C)  The following exhibit is being furnished herewith:

<TABLE>
<CAPTION>
Exhibit Number   Exhibit Description
- --------------   -------------------
<S>              <C>
     99.1        Press Release of Agree Realty Corporation dated July 27, 2006
</TABLE>

<PAGE>

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused the report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        /s/ Kenneth R. Howe
                                        ----------------------------------------
                                        Vice President, Finance,
                                        Chief Financial Officer

DATED: July 27, 2006

<PAGE>

                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number   Description
- --------------   -----------
<S>              <C>
     99.1        Press Release of Agree Realty Corporation dated July 27, 2006
</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>k07124exv99w1.txt
<DESCRIPTION>PRESS RELEASE, DATED JULY 27, 2006
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.1

                      PRESS RELEASE - FOR IMMEDIATE RELEASE

                                                        Contact: Kenneth R. Howe
                                                         Chief Financial Officer
                                                                  (248) 737-4190

             AGREE REALTY CORPORATION ANNOUNCES NEW ACCOUNTING FIRM

FARMINGTON HILLS, Michigan (July 27, 2006) - Agree Realty Corporation (NYSE:
ADC), announced today that Virchow, Krause & Company has been engaged as the
Company's independent registered public accounting firm, effective immediately.

"The audit committee's selection of Virchow, Krause provides us with An
experienced regional accounting firm to address the needs of a real estate
investment trust our size" said Richard Agree, President and Chief Executive
Officer of the Company.

Virchow, Krause will commence its auditing services with the review of the
Company's financial results for the quarter ended June 30, 2006.

Agree Realty Corporation is engaged in the ownership, management and development
of properties, which are primarily single tenant properties leased to major
retail tenants and neighborhood community shopping centers. Agree Realty owns
and operates a portfolio of 59 properties, located in 15 states and containing
3.4 million square feet of leasable space.

Agree Realty Corporation considers portions of the information contained in this
release to be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 27E of the Securities Exchange Act of
1934, both as amended, with respect to the Company's expectation for future
periods. Such statements are, by their nature, subject to certain risks and
uncertainties. The Company cautions that, as a result of a number of factors,
actual results could differ materially from those set forth in this
presentation. Other risks, uncertainties and factors that could cause actual
results to differ materially than those projected are detailed from time to time
in reports filed by the Company with the Securities and Exchange Commission,
including Forms 8-K, 10-Q and 10-K.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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