<SEC-DOCUMENT>0001144204-17-001633.txt : 20170227
<SEC-HEADER>0001144204-17-001633.hdr.sgml : 20170227
<ACCEPTANCE-DATETIME>20170110170106
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-17-001633
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170110

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 48px; width: 234px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">January 10, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Coy Garrison, Special Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Real Estate and Commodities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">RE:</TD><TD STYLE="text-align: justify"><B><U>Agree Realty Corporation</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><U>Form 10-K for Fiscal Year
Ended December 31, 2015</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><U>Filed March 11, 2016</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B><U>File No. 001-12928</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Garrison:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter is submitted in response to
your comment letter dated December 16, 2016 (the &ldquo;Letter&rdquo;) with respect to the Form 10-K for Fiscal Year Ended December
31, 2015 of Agree Realty Corporation (the &ldquo;Company&rdquo;), which was filed with the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;) on March 11, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For convenience of reference, your comments
are reproduced in italics, and are followed by the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Form 10-K for Fiscal Year Ended December
31, 2015</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Properties, page 16</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>1. We note your press release dated
October 24, 2016 discussing your development projects. In future Exchange Act periodic reports, please clarify the amount of property
you hold for development and disclose anticipated completion dates, costs incurred to date and budgeted costs. For completed developments,
please disclose development and redevelopment expenditures per square foot and clarify whether you have included leasing costs.
For material amounts of land, please discuss the amount of development the land could support.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESPONSE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently discloses the costs
incurred to-date of the properties being developed in the line item titled Property Under Development on its balance sheet. This
line item includes all costs related to the land acquisition, planning, development and construction of properties, including interest
and real estate taxes during the construction period, prior to the date the properties become operational. These costs are capitalized
for financial purposes. Leasing costs associated with the lease up of development properties are included in Property Under Development
prior to the date the development properties become operational. Once operational, the leasing costs are reclassified into Unamortized
Deferred Expenses. See Note 2 to the Company&rsquo;s Consolidated Financial Statements for additional details regarding the Company&rsquo;s
significant accounting policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Company&rsquo;s appropriate future
Exchange Act periodic filings with the Commission, the Company will include disclosure substantially similar to the following example
regarding its development and redevelopment projects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;During the third quarter and subsequent
thereto, the Company commenced seven new development and Partner Capital Solutions (&ldquo;PCS&rdquo;) projects with total project
costs of $24.8 million. These projects include the Company&rsquo;s first Texas Roadhouse in Mount Pleasant, Michigan; three new
Burger King developments in Hamilton, Montana, West Fargo, North Dakota and Heber, Utah; two new Camping World projects in Tyler,
Texas and Georgetown, Kentucky; and the redevelopment and expansion of an existing asset for Orchard Supply Hardware in Boynton
Beach, Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Year-to-date, the Company has 14 development
or PCS projects completed or currently under construction on behalf of a number of industry-leading retail tenants. Total project
costs for those developments are approximately $38.0 million and include the following completed or commenced projects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt"><B>Tenant</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>Location</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>Lease Structure </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>Lease Term</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>Actual or Anticipated Rent Commencement </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt"><B>Status </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Hobby Lobby</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Springfield, OH</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">15 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q1 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Burger King</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Farr West, UT</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q2 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Family Fare Quick Stop</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Marshall, MI</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Ground Lease</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">10 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q2 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Burger King</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Devils Lake, ND</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q3 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Wawa</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Orlando, FL</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Ground Lease</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q3 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Chick-fil-A</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Frankfort, KY</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Ground Lease</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q3 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Completed</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Starbucks</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">North Lakeland, FL</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">10 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q4 2016</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Burger King</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Hamilton, MT</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q4 2016</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Burger King</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">West Fargo, ND</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Burger King</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Heber, UT</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q1 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Texas Roadhouse</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Mount Pleasant, MI</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Ground Lease</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">15 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q2 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Camping World</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Tyler, TX</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q2 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Camping World</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Georgetown, KY</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">20 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q3 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction</FONT></TD></TR>
<TR STYLE="background-color: #DBE5F1">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-indent: 4.2pt"><FONT STYLE="font-size: 10pt">Orchard Supply Hardware</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Boynton Beach, FL</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Build-to-Suit</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">15 Years</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt">Q3 2017</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-size: 10pt">Under Construction&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s development and redevelopment
activities are a minority piece of its overall investment activity, representing less than 10% of the Company&rsquo;s investment
activity from 2014 through 2016. Management of the Company believes the project costs of any one individual development or redevelopment
project are immaterial to the Company&rsquo;s overall investment activities. For these reasons, the Company intends to disclose
aggregate project costs for its entire pipeline of development and redevelopment projects on a quarterly and year-to-date basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s completion timelines
for its development and redevelopment projects are highly variable due to a number of different factors outlined in Item 1a Risk
Factors in the Company&rsquo;s Annual Report on Form 10-K. As a result of this variability, and in an effort to provide investors
with a reasonable estimate of a development or redevelopment project&rsquo;s completion, the Company intends to utilize quarterly
rent commencement timelines to indicate when a project is expected to be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s development and redevelopment
projects include ground lease and traditional lease structures, of which the terms, cost structures and rental rates vary greatly
in material respects from one project to another. The scope of the Company&rsquo;s development and redevelopment efforts also differ
materially depending on a number of factors specific to the project, including but not limited to the size of the parcel, topography
of the site, size of the building, preferences and needs of the occupying tenant and requirements of the municipality in which
the property is located. In consideration of these factors, the Company does not believe development and redevelopment expenditures
per square foot is a relevant metric when evaluating the cost of its development and redevelopment projects, nor does it believe
development and redevelopment expenditures per square foot provides a useful comparison between periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not historically held material
amounts of land. The Company will continue to monitor and comply with U.S. GAAP requirements and, in the Company&rsquo;s future
Exchange Act periodic reports, commencing with its Annual Report on Form 10-K for the year ending December 31, 2016, will disclose,
to the extent it has material land holdings, the amount of development the land could support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">the Company is responsible for the adequacy and accuracy
of the disclosure in the filing;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">Staff comments or changes to disclosure in response
to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">the Company may not assert Staff comments as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions or comments regarding
the foregoing, or have additional questions or comments, please contact the undersigned, at (248) 419-6335 or mpartridge@agreerealty.com,
or Donald J. Kunz, counsel for the Company, at (313) 465-7454 or dkunz@honigman.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD>
    <TD STYLE="width: 15%; padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Matthew M. Partridge</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Matthew M. Partridge</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief
    Financial Officer and Secretary</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Rahul K. Patel, Securities and Exchange Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Donald J. Kunz, Honigman Miller Schwartz and Cohn LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; padding-bottom: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Josie A. Hunwick, Grant Thornton LLP</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
