<SEC-DOCUMENT>0001144204-18-064052.txt : 20181211
<SEC-HEADER>0001144204-18-064052.hdr.sgml : 20181211
<ACCEPTANCE-DATETIME>20181211160607
ACCESSION NUMBER:		0001144204-18-064052
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181211
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181211
DATE AS OF CHANGE:		20181211

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:		181228832

	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>8-K
<SEQUENCE>1
<FILENAME>tv508946_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event reported):
December 11, 2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>AGREE
REALTY CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State of other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1-12928</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission file number)<BR>
        <BR>
        </P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>38-3148187</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>70 E. Long Lake Road</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Bloomfield Hills, MI</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>48304</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Zip code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code) <B>(248) 737-4190</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not applicable </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<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="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Emerging growth company&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in"><B>Item 7.01.</B></TD><TD><B>Regulation FD Disclosure.</B></TD></TR></TABLE>

<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; text-align: justify; text-indent: 0.5in">On December 11, 2018,
Agree Realty Corporation issued a press release announcing that through its subsidiary, Agree Development, LLC, a Delaware limited
liability company, it entered into a purchase agreement for the acquisition of a portfolio of more than 100 retail properties in
connection with a sale-leaseback transaction with The Sherwin-Williams Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The press release is
furnished as Exhibit 99.1 to this report and is hereby incorporated by reference. The information in this Section 7.01, including
Exhibit 99.1 attached hereto, is being furnished and shall not be deemed &ldquo;filed&rdquo; for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), nor incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly stated by specific reference in such filing.
The furnishing of this information hereby shall not be deemed an admission as to the materiality of any such information.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 9.01</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial Statements and Exhibits.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-size: 10pt"><A HREF="tv508946_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></TD>
    <TD STYLE="width: 85%; font-size: 10pt"><A HREF="tv508946_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Press release, dated December 11, 2018.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></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; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</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="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>AGREE REALTY CORPORATION</B></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; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 25%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 15%">&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>
    <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-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Clayton R. Thelen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Clayton R. Thelen</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer and Secretary </FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:&nbsp;&nbsp;December 11, 2018</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<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>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tv508946_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT="ADC stacked logo color" STYLE="height: 51px; width: 249px"></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">70 E. Long Lake Rd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Bloomfield Hills, MI 48304</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">www.agreerealty.com</P>



</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Agree
Realty Announces Sale-Leaseback Transaction With Sherwin-Williams</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Bloomfield Hills, MI, December 11, 2018
<FONT STYLE="font-size: 10pt">-- </FONT></B><FONT STYLE="font-size: 10pt">Agree Realty Corporation (NYSE: ADC) (the &ldquo;Company&rdquo;)
today announced that through its subsidiary, Agree Development, LLC, a Delaware limited liability company, it entered into a purchase
agreement for the acquisition of a portfolio of more than 100 retail properties in connection with a sale-leaseback transaction
with The Sherwin-Williams Company (NYSE: SHW) (&ldquo;Sherwin-Williams&rdquo;). The transaction is anticipated to close on or before
December 31, 2018 for a purchase price of over $150 million. </FONT></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;We are very pleased to have entered
into this agreement with Sherwin-Williams,&rdquo; said Joey Agree, President and Chief Executive Officer of Agree Realty Corporation.
 &ldquo;This unique transaction is incremental to our operating strategy, demonstrates additional differentiated capabilities and
further solidifies the strength of our first-class real estate portfolio.&rdquo;</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>About Agree Realty Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 298.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agree Realty Corporation is a publicly
traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading
retail tenants. The Company currently owns and operates a portfolio of 537 properties, located in 45 states and containing approximately
10.6 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock
Exchange under the symbol &ldquo;ADC&rdquo;. For additional information, please visit <U>www.agreerealty.com</U>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About The Sherwin-Williams Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Founded in 1866, The Sherwin-Williams Company is a global
leader in the manufacture, development, distribution, and sale of paints, coatings and related products to professional,
industrial, commercial, and retail customers. Sherwin-Williams manufactures products under well-known brands such as
Sherwin-Williams<SUP>&reg;</SUP>, Valspar<SUP>&reg;</SUP>, HGTV HOME<SUP>&reg;</SUP> by Sherwin-Williams, Dutch
Boy<SUP>&reg;</SUP>, Krylon<SUP>&reg;</SUP>, Minwax<SUP>&reg;</SUP>, Thompson's<SUP>&reg; </SUP>Water Seal<SUP>&reg;</SUP>,
Cabot<SUP>&reg; </SUP>and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams<SUP>&reg;</SUP> branded
products are sold exclusively through a chain of more than 4,900 company-operated stores and facilities, while the company's
other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores,
automotive retailers, and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of
highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 110 countries
around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information,
visit <U>www.sherwin.com</U>.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(248) 737-4190</P>

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



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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  S /D# 2(  A$! Q$!_\0
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MP-:TO1]2N=0U"WNY(X&DA\NW\L*0I//)SVKG]%T>[U+6_$<EMK-Y8*NHLI2
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M8ZG:ZG8)>V4RSV[KN5E_E['VIFDZO::WI\=[8RAXGR/=2.H([$5#OUZ#T(M
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MX619@T/3;:/RX+.)$SG %2?V79?\^T?Y445(P_LNR_Y]H_RH_LNR_P"?:/\
M*BB@":&WBME*PQJ@)R0*DHHH *.]%%) %%%% !1113 6DHHH ****$ 4444
7%%%% !1110 4444@"BBBF 4M%% '_]D!

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