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<SEC-DOCUMENT>0001144204-10-055940.txt : 20101028
<SEC-HEADER>0001144204-10-055940.hdr.sgml : 20101028
<ACCEPTANCE-DATETIME>20101028090103
ACCESSION NUMBER:		0001144204-10-055940
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101028
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101028
DATE AS OF CHANGE:		20101028

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:		101146502

	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
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provisions:</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
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Condition.</font></div>
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Corporation issued a press release describing its results of operations for the
third quarter ended September 30, 2010.&#160;&#160;The press release is
furnished as Exhibit 99.1 to this report and is hereby incorporated by
reference.</font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
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              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kenneth
      R. Howe</font></font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President, Finance, Chief Financial Officer</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;October
28, 2010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
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      </div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      release, dated October 28, 2010, reporting the Company's results of
      operations forthe third quarter ended September 30,
  2010.</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v200163_ex99-1.htm
<TEXT>
<html><head><META content="text/html; charset=utf-8"></META></head><body style="font-size:10pt;font-family:Arial;color:black;"><div style="width:100%;margin-left:10pt">

<p style="text-align:center"><b>Agree Realty Corporation Reports Operating Results for the Third Quarter 2010</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;">
<p>FARMINGTON HILLS, Mich., Oct. 28 /PRNewswire-FirstCall/ -- </p>
<p><b>THIRD Quarter 2010 Highlights:</b></p><ul type="disc"><li>3rd Quarter diluted FFO per share of $0.60</li><li>$0.51 per share quarterly dividend paid October 13, 2010</li></ul>
<br />
<p>Agree Realty Corporation (NYSE: ADC) today announced results for the quarter ended September 30, 2010. Third quarter funds from operations (FFO) was $6,020,000 compared with FFO in the third quarter of 2009 of $6,017,000. &#160;FFO per diluted share for the third quarter of 2010 was $0.60 compared with $0.72 for the third quarter of 2009. &#160;FFO per share decreased primarily due to an increase in the weighted average shares outstanding as the result of the common share offering in April 2010. &#160;A reconciliation of net income to FFO is included in the financial tables accompanying this press release. &#160;Net income for the third quarter of 2010 was $4,541,000, or $0.46 per diluted share, compared with net income for the third quarter of 2009 of $4,607,000, or $0.55 per share. &#160;Total revenues increased 2.0% to $9,288,000, compared with total revenues of $9,109,000 in the third quarter of 2009. </p>
<p>For the nine months ended September 30, 2010, FFO increased 2.0% to $17,975,000 compared with FFO for the nine months ended September 30, 2009 of $17,621,000. &#160;FFO per diluted share was $1.92 compared with $2.10 for the nine months ended September 30, 2009. &#160;FFO per share decreased primarily due to an increase in the weighted average shares outstanding as the result of the common share offering in April 2010. &#160;Net income was $18,941,000, or $2.02 per diluted share, compared with net income for the comparable period last year of $13,431,000, or $1.60 per diluted share. &#160;Net income for the nine months of 2010, included a gain of $5,328,000, or $0.59 per share from the sale of the Company&#39;s Santa Barbara, California Borders Book store. &#160;Total revenues increased 3.6% to $27,968,000 compared with total revenues of $26,979,000 for the comparable period last year. &#160;</p>
<p>&#34;We are extremely pleased with our operating results for the third quarter,&#34; said Joey Agree, President and Chief Operating Officer. &#160;&#34;We completed our Ann Arbor, Michigan project on behalf of Walgreens during the third quarter of this year. We also acquired a retail property in Lake in the Hills, Illinois net leased to CVS/Caremark during the quarter. &#160;Our current developments in Atlantic Beach, Florida, and St. Augustine Shores, Florida, as well as our redevelopment of Boynton Festive Center, are on track and will be completed in the fourth quarter of 2010. &#160;Our balance sheet is strong and we continue to be well-positioned to take advantage of development and acquisition opportunities as they arise.&#34;</p>
<p><b>Dividend</b></p>
<p>The Company paid a cash dividend of $0.51 per share on October 13, 2010 to shareholders of record on September 30, 2010. &#160;The dividend is equivalent to an annualized dividend of $2.04 per share and represents a payout ratio of 85% of FFO for the quarter.</p>
<p><b>Portfolio</b></p>
<p>At September 30, 2010, the Company&#39;s total assets were $274,057,000 and its portfolio consisted of 76 properties located in 15 states and totaling 3,519,343 square feet of gross leasable space. &#160;The portfolio was 99.2% leased at the end of the quarter. &#160;</p>
<p>The Company&#39;s construction in progress balance totaled approximately $10,372,000 at September 30, 2010, and the Company capitalized $139,970 of construction period interest during the third quarter of 2010.</p>
<p><b>Lease Expirations</b></p>
<p>The following table, as of September 30, 2010, sets forth lease expirations for the next 10 years for the Company&#39;s freestanding properties and community shopping centers, assuming that none of the tenants exercise renewal options or terminate their leases prior to the contractual expiration date.</p><div style="margin-bottom:.0001in; margin-top:.0001in">
<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">
<tr>
<td valign="bottom" colspan="6" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Gross Leasable Area</font></b></p></td>
<td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Expiration Year</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Number of Leases Expiring</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Square Footage</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Amount</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2010</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">0</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2011</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">18</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">133,827</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3.8%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">962,298</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2.7%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2012</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">30</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">282,956</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8.1%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,474,122</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4.1%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2013</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">21</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">321,663</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9.2%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,805,397</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.0%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2014</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">11</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">194,458</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.6%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,042,856</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2.9%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2015</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">22</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">857,135</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">24.6%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,370,887</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">14.9%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2016</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">11</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">142,041</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4.1%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,074,856</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.8%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2017</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">30,844</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">0.9%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">351,995</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1.0%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2018</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">12</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">225,235</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">6.5%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,963,986</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">11.0%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2019</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">95,170</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2.7%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,174,649</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">6.0%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Thereafter</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">47</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,206,551</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">34.5%</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">16,756,696</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">46.6%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">
<br />
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Total</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">183</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,489,880</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$35,977,742</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" colspan="6" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<p><b>Annualized Base Rent of Properties</b></p>
<p>The following is a breakdown of base rents in effect at September 30, 2010 for each type of retail tenant:</p><div style="margin-bottom:.0001in; margin-top:.0001in">
<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Retail Tenant</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total Base Rent</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">National</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;32,162,918</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">89%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Regional</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,717,792</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Local</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,097,032</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 18pt;"><font style="font-family:Arial;font-size:8pt;">Total</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;35,977,742</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">100%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<p><b>Major Tenants</b></p>
<p>The following is a breakdown of base rents in effect at September 30, 2010 for each of the Company&#39;s major tenants:</p><div style="margin-bottom:.0001in; margin-top:.0001in">
<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Major Tenant</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total Base Rent</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Walgreen (29)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160;10,861,099</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">30%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Borders (17)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,268,723</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">26</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Kmart (12)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,847,911</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">11</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 18pt;"><font style="font-family:Arial;font-size:8pt;">Total</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;23,977,733</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">67%</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<p><b>Outstanding Shares and Operating Partnership Units</b></p>
<p>For the three and nine months ended September 30, 2010, the Company&#39;s fully diluted weighted average shares outstanding were 9,618,240 and 9,034,629. &#160;The basic weighted average shares outstanding for the three and nine months ended September 30, 2010 were 9,580,928 and 9,000,649.</p>
<p>The Company&#39;s assets are held by, and all of its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. &#160;As of September 30, 2010, there were 347,619 operating partnership units outstanding and the Company held a 96.56% interest.</p>
<p><b>Development Activity</b></p>
<p>During 2010 the Company commenced three developments for a national retailer in the U.S. chain drugstore industry. &#160;The developments are located in Atlantic Beach, Florida, St. Augustine Shores, Florida and Ann Arbor, Michigan. &#160;The Company delivered the Ann Arbor, Michigan store to the tenant in late September 2010. &#160;The Company also commenced the redevelopment of its vacant Circuit City store in Boynton Beach, Florida for Dick&#39;s Sporting Goods, Inc. &#160;The developments and redevelopment are expected to be completed during the fourth quarter of 2010 at an aggregate cost of approximately $11 million. </p>
<p><b>Acquisition Activity</b></p>
<p>In August, the Company acquired a retail property net leased to CVS/Caremark Corporation for a total of approximately $5,779,000. &#160;The property is located in Lake in the Hills, Illinois.</p>
<p><b>About Agree Realty Corporation</b></p>
<p>Agree Realty Corporation is engaged in the ownership, management and development of properties, which are primarily single tenant properties leased to retail tenants and neighborhood community shopping centers. &#160;The Company currently owns and operates a portfolio of 75 properties, located in 15 states and containing approximately 3.5 million square feet of gross leasable space. &#160;The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol &#34;ADC.&#34;</p>
<p><b>Forward-Looking Statements</b></p>
<p>The Company 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 21E of the Securities Exchange Act of 1934, each as amended. &#160;These forward-looking statements represent the Company&#39;s expectations, plans and beliefs concerning future events. &#160;Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company&#39;s best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward&#8211;looking statements. &#160;Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company&#39;s Form 10-K for the year ended December 31, 2009. &#160;Except as required by law, the Company assumes no obligation to update these forward&#8211;looking statements, even if new information becomes avai
lable in the future.</p>
<p>For additional information, visit the Company&#39;s home page on the Internet at http://www.agreerealty.com</p><div style="margin-bottom:.0001in; margin-top:.0001in">
<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">
<tr>
<td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Agree Realty Corporation</font></b></p>
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Operating Results (in thousands, except per share amounts)</font></b></p>
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">(Unaudited)</font></b></p>
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Three Months Ended September 30,</font></b></p></td>
<td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Nine Months &#160;Ended September 30,</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Revenues:</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Minimum rents</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$8,615</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$8,345</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$25,401</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$24,795</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Percentage rent</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">21</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Operating cost reimbursements</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">590</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">598</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,900</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,998</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Development fee income</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">47</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">158</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">583</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">158</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other income</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">28</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">63</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">20</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160;</font><b><font style="font-family:Arial;font-size:8pt;">Total Revenues</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,288</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,109</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">27,968</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">26,979</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Expenses:</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Real estate taxes</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">455</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">472</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,452</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,440</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property operating expenses</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">397</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">410</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,122</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,200</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Land lease payments</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">227</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">215</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">680</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">644</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; General and administration</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,151</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,083</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,604</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,333</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Depreciation and amortization</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,477</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,393</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,336</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,137</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Interest expense</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,098</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,145</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,492</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,432</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160;</font><b><font style="font-family:Arial;font-size:8pt;">Total Expenses</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,805</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,718</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">14,686</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">14,186</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Income before discontinued operations</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,483</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,391</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">13,282</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">12,793</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Sale of asset from discontinued &#160; operations</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,328</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Income from discontinued operations</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">58</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">216</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">331</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">638</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Net Income</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,541</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,607</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">18,941</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">13,431</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Net income attributable to non-controlling interest</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">149</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">190</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">692</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">764</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; margin-left: 1.5pt;"><b><font style="font-family:Arial;font-size:8pt;">Net Income Attributable to Agree Realty Corporation</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,392</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,417</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$18,249</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$12,667</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Net Income Per Share &#8211; Dilutive</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.46</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.55</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$2.02</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1.60</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Reconciliation of Funds from &#160; &#160;</font></b></p>
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; Operations to Net Income: (</font></b><font style="font-family:Arial;font-size:8pt;">1)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Net income</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,541</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,607</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$18,941</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$13,431</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Depreciation of real estate assets</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,459</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,393</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,304</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,141</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Amortization of leasing costs</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">20</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">17</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">58</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">49</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Sale of fixed asset</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(5,328)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Funds from Operations </font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$6,020</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$6,017</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$17,975</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$17,621</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Funds from Operations &#160;Per Share &#8211; &#160;</font></b></p>
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; Dilutive</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">$0.60</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">$0.72</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">$1.92</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">$2.10</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Weighted average number of shares and </font></p>
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">OP units outstanding &#8211; dilutive</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">9,965</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,411</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; ">
<br />
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,382</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; ">
<br /><font style="font-family:Arial;font-size:8pt;">8,395</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">(1)FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT)&#160;to mean net income computed in accordance with generally accepted accounting principles (GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. &#160;Management uses FFO as a supplemental measure to conduct and evaluate the Company&#39;s business because there are certain limitations associated with using GAAP net income by itself as the primary measure of the Company&#39;s operating performance. &#160;Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. &#160;Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operatin
g results for real estate companies that use historical cost accounting is insufficient by itself. </font></p>
<br />
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">FFO should not be considered as an alternative to net income as the primary indicator of the Company&#39;s operating performance or as an alternative to cash flow as a measure of liquidity. &#160;Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that not all REITs use the same definition. </font></p>
<br /></td>
<td style=""></td></tr>
<tr>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><div style="margin-bottom:.0001in; margin-top:.0001in">
<table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;">
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Agree Realty Corporation</font></b></p>
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Consolidated Balance Sheets (in thousands)</font></b></p>
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">(Unaudited)</font></b></p>
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">September 30, </font></b></p>
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; ">
<p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">December 31, </font></b></p>
<p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Assets</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Land</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$95,441</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$95,047</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Buildings</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">227,913</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">220,605</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accumulated depreciation</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(67,076)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(64,076)</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property under development</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">10,372</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,792</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property held for sale</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,016</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Cash and cash equivalents</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">337</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">689</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accounts receivable</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">795</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,987</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Deferred costs, net of amortization</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,727</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,897</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other assets</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,532</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">848</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Assets</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$274,057</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$261,789</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Liabilities</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Mortgages payable</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$72,559</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$75,553</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Notes payable</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7,898</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">29,000</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Deferred revenue</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,518</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">10,035</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Dividends and distributions payable</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,144</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,354</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other liabilities</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,867</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,020</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Liabilities</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">98,986</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">121,962</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Stockholders&#39; Equity</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Common stock (9,756,764 and 8,196,074 shares)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Additional paid-in capital</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">179,403</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">147,466</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Deficit</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(6,543)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(10,633)</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accumulated other comprehensive income (loss)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(979)</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(71)</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Non-controlling interest</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,189</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,064</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Stockholders&#39; Equity</font></b></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">175,071</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">139,827</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$274,057</font></p></td>
<td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; ">
<p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$261,789</font></p></td>
<td style=""></td></tr>
<tr>
<td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td>
<td style=""></td></tr>
<tr>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td>
<td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<br /><br />
<p>CONTACT: Kenneth R. Howe, Chief Financial Officer, +1-248-737-4190</p></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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