<SEC-DOCUMENT>0001104659-21-061412.txt : 20210505
<SEC-HEADER>0001104659-21-061412.hdr.sgml : 20210505
<ACCEPTANCE-DATETIME>20210505084854
ACCESSION NUMBER:		0001104659-21-061412
CONFORMED SUBMISSION TYPE:	POSASR
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20210505
DATE AS OF CHANGE:		20210505
EFFECTIVENESS DATE:		20210505

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:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729
		FILM NUMBER:		21891349

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Agree Paterson NJ, LLC
		CENTRAL INDEX KEY:			0001859995
		IRS NUMBER:				261868180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729-34
		FILM NUMBER:		21891350

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Agree Mena AR, LLC
		CENTRAL INDEX KEY:			0001859992
		IRS NUMBER:				853225745
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729-35
		FILM NUMBER:		21891351

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Agree Limited Partnership
		CENTRAL INDEX KEY:			0001812482
		IRS NUMBER:				383170055
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729-01
		FILM NUMBER:		21891353

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Agree Chapel Hill NC, LLC
		CENTRAL INDEX KEY:			0001859895
		IRS NUMBER:				845168650
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POSASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729-36
		FILM NUMBER:		21891352

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE RD.
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48304
</SEC-HEADER>
<DOCUMENT>
<TYPE>POSASR
<SEQUENCE>1
<FILENAME>tm2114797d1_posasr.htm
<DESCRIPTION>POSASR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May 5, 2021</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: right"><B>Registration No.&nbsp;333-238729</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</B></FONT><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO. 2<BR>
TO<BR>
FORM&nbsp;S-3</B></P>

<P STYLE="text-align: center; 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: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
<I>UNDER<BR>
THE SECURITIES ACT OF 1933</I></B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AGREE LIMITED PARTNERSHIP</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maryland (Agree Realty Corporation)<BR>
Delaware (Agree Limited Partnership)</B></FONT></TD>
    <TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>38-3148187<BR>
38-3170055</B></FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(State or other jurisdiction of</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>incorporation or organization)</I></P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(I.R.S. Employer</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Identification No.)</I></P></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: center"><B>70 East Long Lake Road<BR>
Bloomfield Hills, MI 48304<BR>
</B><I>(248) 737-4190</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</I></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"><B>Joel Agree<BR>
President and Chief Executive Officer<BR>
Agree Realty Corporation<BR>
70 East Long Lake Road<BR>
Bloomfield Hills, MI 48304<BR>
(248) 737-4190<BR>
</B><I>(Name, address, including zip code, and telephone number, including area code, of agent for service)</I></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"><B><I>Copy To:<BR>
</I>Donald J. Kunz,&nbsp;Esq.<BR>
Jeffrey H. Kuras,&nbsp;Esq.<BR>
Honigman LLP<BR>
2290 First National Building<BR>
660 Woodward Avenue<BR>
Detroit, MI 48226-3506<BR>
(313) 465-7454 (telephone)<BR>
(313) 465-7455 (facsimile)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="border-top: Black 1pt solid; width: 75%"></TD><TD STYLE="text-align: justify; width: 25%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Approximate date of commencement
of proposed sale to the public:</B> From time to time after the effective date of the Registration Statement.</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">If the only securities being
registered on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, please check the following box.&nbsp;&nbsp;
<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></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">If any of the securities being
registered on this Form&nbsp;are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box&nbsp;&nbsp;
<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></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">If this Form&nbsp;is filed
to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;
<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">If this Form&nbsp;is a post-effective
amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">If this Form&nbsp;is a registration
statement pursuant to General Instruction&nbsp;I.D. or a post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule&nbsp;462(e)&nbsp;under the Securities Act, check the following box.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></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">If this Form&nbsp;is a post-effective
amendment to a registration statement filed pursuant to General Instruction&nbsp;I.D. filed to register additional securities or additional
classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under the Securities Act, check the following box.&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></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">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</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"><I>Agree Realty Corporation:</I></P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;Filer</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Emerging growth company </FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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; text-align: justify">&nbsp;<I>Agree Limited Partnership:</I></P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; text-align: justify"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;Filer</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Emerging growth company </FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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; text-align: justify; text-indent: 0.5in">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&nbsp;7(a)(2)(B)&nbsp;of Securities Act.</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-size: 10pt">Agree Realty Corporation</FONT></TD>
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Agree Limited Partnership</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></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; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2pt double; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of<BR>
Securities&nbsp;to&nbsp;be&nbsp;Registered (1)</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 2pt double; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
to&nbsp;be<BR>
Registered&nbsp;(2)(3)</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 2pt double; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering&nbsp;Price<BR>
Per&nbsp;Share&nbsp;(2)(3)</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 2pt double; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Aggregate<BR>
Offering&nbsp;Price&nbsp;(2)(3)</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 2pt double; border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of<BR>
Registration&nbsp;Fee&nbsp;(4)</B></FONT></TD>
    <TD STYLE="border-top: Black 2pt double; white-space: nowrap; padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 29%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Agree Realty Corp:</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Common Stock, par value $0.0001</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Preferred Stock</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Depositary Shares (5)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Warrants</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Guarantees of debt securities (6)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Agree Limited Partnership:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Debt Securities </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Subsidiary Guarantors:</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Guarantees of debt securities (6)&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
  </TABLE>
<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"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">This registration statement registers an unspecified amount of securities of each identified class. The
securities registered hereunder may be sold together or as units with other securities registered hereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Omitted pursuant to Form&nbsp;S-3 General Instruction II.E.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">An indeterminate aggregate initial offering price, principal amount or number of the securities of each
identified class is being registered as may from time to time be issued at indeterminate prices or upon conversion, exchange or exercise
of securities registered hereunder to the extent any such securities are, by their terms, convertible into, or exchangeable or exercisable
for, such securities, including as a result of share splits, anti-dilution adjustments, share distributions, or similar transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">In accordance with Rule&nbsp;456(b)&nbsp;and Rule&nbsp;457(r)&nbsp;under the Securities Act of 1933, as
amended (the &ldquo;Securities Act&rdquo;), the registrants are deferring payment of all of the registration fee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Each depositary share will be issued under a deposit agreement and will be evidenced by a depositary receipt.
Depository shares will represent an interest in a fractional share of preferred stock or multiple shares of preferred stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify">We are also registering an indeterminate amount of guarantees of debt securities of Agree Limited Partnership
by Agree Realty Corporation and certain of our subsidiaries listed in the Table of Co-Registrants below. Pursuant to Rule&nbsp;457(n)&nbsp;under
the Securities Act, no separate registration fee will be paid in respect of any such guarantees.</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: center"><B>TABLE OF CO-REGISTRANTS</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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 2pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Exact Name of Co-Registrant<BR> as Specified in Its Charter</TD><TD STYLE="border-top: Black 2pt double; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-top: Black 2pt double; font-size: 10pt; font-weight: bold; text-align: center">Primary Standard Industrial <BR> Classification Number</TD><TD STYLE="border-top: Black 2pt double; text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="border-top: Black 2pt double; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 2pt double; font-size: 10pt; font-weight: bold; text-align: center">State or Other Jurisdiction of<BR> Incorporation or Organization</TD><TD STYLE="border-top: Black 2pt double; text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 2pt double; font-size: 10pt; font-weight: bold; text-align: center">I.R.S. Employer Identification No.</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; font-size: 10pt; text-align: left">Agree Chapel Hill NC, LLC</TD><TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">6798</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 24%; font-size: 10pt; padding-left: 2.9pt">Delaware</TD><TD STYLE="text-align: center; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24%; font-size: 10pt; text-align: center; padding-left: 2.9pt">84-5168650</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Agree Mena AR, LLC</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6798</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding-left: 2.9pt">Delaware</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.9pt">85-3225745</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Agree Paterson NJ, LLC</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6798</TD><TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; padding-left: 2.9pt">Delaware</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-left: 2.9pt">26-1868180</TD></TR>
  </TABLE>

<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"></P>

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<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">The address, including zip code, of each Co-Registrant&rsquo;s
principal executive offices is 70 East Long Lake Road Bloomfield Hills, MI 48304, and the telephone number of each Co-Registrant&rsquo;s
executive office is (248) 737-4190.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The address, including zip code, of the agent
for service for each of the Co-Registrants is Joel Agree, President and Chief Executive Officer of Agree Realty Corporation, 70 East Long
Lake Road, Bloomfield Hills, MI 48304, and the telephone number of each Co-Registrant&rsquo;s agent for service is (313) 465-7454.</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"><B>EXPLANATORY NOTE</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Post-Effective Amendment No.&nbsp;2 to the Registration Statement
on Form&nbsp;S-3 (Registration No.&nbsp;333-238729), as amended by Post-Effective Amendment No.&nbsp;1 filed with the Securities and Exchange
Commission on August&nbsp;12, 2020 (as so amended, the &ldquo;Registration Statement&rdquo;), of Agree Realty Corporation (the &ldquo;Company&rdquo;),
Agree Limited Partnership (the &ldquo;Operating Partnership&rdquo;) and its co-registrants, is being filed for the purpose of&nbsp;adding
Agree Chapel Hill NC, LLC, Agree Mena AR, LLC and Agree Paterson NJ, LLC (collectively, the &ldquo;Delaware LLC Registrants&rdquo;) as
co-registrants that are, or may potentially be, guarantors of some or all of the debt securities with respect to which offers and sales
are registered under the Registration Statement. No changes or additions are being made hereby to the base prospectus that already forms
a part of the Registration Statement. Accordingly, such base prospectus is being omitted from this filing.</P>

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

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<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"></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"><B>PART&nbsp;II</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"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</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"><B>Item.&nbsp;14. Other Expenses of Issuance and Distribution.</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-indent: 0.5in">The following table sets forth all expenses in
connection with the distribution of the securities being registered. All amounts shown below are estimates:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 78%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left">Securities and Exchange Commission registration fee</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">*</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accountants&rsquo; fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">**</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">**</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Printing expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">**</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Miscellaneous</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">**</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.375in; font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">**</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Deferred pursuant to Rule&nbsp;456(b)&nbsp;and Rule&nbsp;457(r).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>**</I></TD><TD STYLE="text-align: justify">These fees are based on the number and size of issuances
and accordingly cannot be estimated at this time.</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"><B>Item&nbsp;15. Indemnification of Directors and Officers.</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-indent: 0.5in">Set forth below is a description of certain provisions
of the organizational documents for each registrant, as applicable, and a description of the applicable state law for each registrant,
respectively.</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-indent: 0.5in">Insofar as the foregoing provisions permit indemnification
of directors, executive officers or persons controlling us for liability arising under the Securities Act, we have been informed that,
in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and it&rsquo;s therefore unenforceable.</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"><B>Agree Realty Corporation</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-indent: 0.5in">The Maryland General Corporation Law permits a
Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and
its stockholders for money damages, except for liability resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>actual receipt of an improper benefit or profit in money, property or services; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>active and deliberate dishonesty established by a final judgment and which is material to the cause of action.</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-indent: 0.5in">The charter of the Company (the &ldquo;Charter&rdquo;)
contains such a provision that eliminates directors&rsquo; and officers&rsquo; liability to the maximum extent permitted by Maryland law.
These limitations of liability do not apply to liabilities arising under the federal securities laws and do not generally affect the availability
of equitable remedies such as injunctive relief or rescission.</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-indent: 0.5in">The Company&rsquo;s officers and directors are
and will be indemnified under Maryland law and the Charter and Bylaws against certain liabilities. The Charter and bylaws of the Company
(the &ldquo;Bylaws&rdquo;) require it to indemnify its directors and officers to the fullest extent permitted from time to time by the
laws of the State of Maryland.</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-indent: 0.5in">Maryland law requires a corporation (unless its
charter provides otherwise, which the Charter does not) to indemnify a director or officer who has been successful in the defense of any
proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law
permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements
and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made,
a party by reason of their service in those or other capacities unless it is established that:</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>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1)&nbsp;was committed
in bad faith or (2)&nbsp;was the result of active and deliberate dishonesty;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the director or officer actually received an improper personal benefit in money, property or services; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful.</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-indent: 0.5in">However, under Maryland law, a Maryland corporation
may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis
of that personal benefit was improperly received, unless in either case a court orders indemnification and then only for expenses. In
addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation&rsquo;s receipt
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary
for indemnification by the corporation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a written undertaking by him or her on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately
determined that the standard of conduct was not met.</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-indent: 0.5in">The Company maintains liability insurance for each
director and officer for certain losses arising from claims or charges made against them while acting in their capacities as the Company&rsquo;s
directors or officers.</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"><B>Agree Limited Partnership</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-indent: 0.5in">Section&nbsp;17-108 of the Delaware Revised Uniform
Limited Partnership Act empowers a Delaware limited partnership to indemnify and hold harmless any partner or other persons from and against
all claims and demands whatsoever, subject to such standards and restrictions set forth in the partnership agreement.</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-indent: 0.5in">The limited partnership agreement of the Operating
Partnership provides that the Company, its directors and officers and any other persons that the Company may designate are indemnified
to the fullest extent permitted by applicable law, but that the Operating Partnership shall not indemnify any indemnitee (i)&nbsp;if the
act or omission of the indemnitee was material to the matter giving rise to the proceeding and either was committed (or omitted) in bad
faith or was the result of active and deliberate dishonesty; (ii)&nbsp;for any loss resulting from any transaction for which such indemnitee
actually received an improper personal benefit in money, property or services; or (iii)&nbsp;in the case of any criminal proceeding, if
the indemnitee had reasonable cause to believe that the act or omission was unlawful.</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"><B>Delaware Limited Liability Companies</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-indent: 0.5in">Section&nbsp;18-108 of the Delaware Limited Liability
Company Act provides that a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager
or other person from and against any and all claims and demands whatsoever.</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-indent: 0.5in">The operating agreements of the Delaware LLC Registrants
provide no member of the limited liability company shall be liable, responsible or accountable in damages or otherwise to the limited
liability company or any member for any act or omission performed or omitted in good faith pursuant to the authority granted by the operating
agreement and in a manner reasonably believed by the member to be within the scope of the authority granted by the operating agreement,
provided that such member was not guilty of fraud, bad faith or gross negligence. The operating agreements of the Delaware LLC Registrants
further provide that the a Delaware LLC Registrant shall indemnify and save harmless any of its members, such members&rsquo; officers,
directors, partners, agents, affiliates, subsidiaries and assigns against any and all losses, expenses, claims and demands sustained by
reason of any acts or omissions or alleged acts or omissions as a member, including judgments, settlements, penalties, fines, or expenses
incurred in a proceeding to which the member is a party or threatened to be made a party to the fullest extent permitted by law.</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>

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<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"><B>Item&nbsp;16. Exhibits.</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-indent: 0.5in">The Exhibits to this registration statement are
listed in the Exhibit&nbsp;Index and are incorporated by reference herein.</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"><B>Item&nbsp;17. Undertakings.</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-indent: 0.5in">(a)&nbsp;The undersigned registrants hereby undertake:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 1in"></TD><TD STYLE="width: 0.5in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act;</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 0pt 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration
statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act if, in the aggregate,
the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in the effective registration statement; and</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 0pt 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement;</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-indent: 0.5in">Provided, however, that paragraphs (a)(1)(i), (a)(1)(ii)&nbsp;and
(a)(1)(iii)&nbsp;of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the SEC by the registrants pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) that are incorporated by reference into the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</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-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.</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-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</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-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act to any purchaser:</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 0pt 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the registrants pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</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>

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<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 0pt 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x), for the purpose of providing the
information required by Section&nbsp;10(a)&nbsp;of the Securities Act shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and any person that is
at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is a part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date.</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-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the registrants under the Securities Act to any purchaser in the initial distribution of the
securities:</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-indent: 0.5in">The undersigned registrants undertake that in a
primary offering of securities of the undersigned registrants pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrants will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:</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 0pt 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrants relating to the offering required to be filed pursuant to Rule&nbsp;424;</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 0pt 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrants or used or referred to by the
undersigned registrants;</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 0pt 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrants
or its securities provided by or on behalf of the undersigned registrants; and</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 0pt 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrants to the purchaser.</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-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrants hereby undertakes that, for the purposes of determining any liability under the Securities Act, each filing of
the registrants&rsquo; annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act (and, where applicable, each
filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated
by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</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-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the registrants pursuant to the foregoing provisions, or otherwise, the registrants have been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrants of expenses incurred or paid by a director, officer
or controlling person of the registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrants will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</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>

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<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-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrants hereby undertake to file an application for the purpose of determining the eligibility of the trustee to act under
subsection (a)&nbsp;of section 310 of the Trust Indenture Act (&ldquo;Act&rdquo;) in accordance with the rules&nbsp;and regulations prescribed
by the Commission under section 305(b)(2)&nbsp;of the Act.</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"><B>EXHIBIT&nbsp;INDEX</B></P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; border-bottom: black 1pt solid">Exhibit&nbsp;No.</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 91%; border-bottom: black 1pt solid">Description</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">1.1*</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Form&nbsp;of Underwriting Agreement</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420413042771/v350890_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of the Company, including all amendments and articles supplementary thereto (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2013)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.2</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420413027422/v344416_ex3-2.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit&nbsp;3.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on May&nbsp;9, 2013)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420416098697/v438824_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on May&nbsp;3, 2016)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420415027952/v409422_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on May&nbsp;6, 2015)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420419011141/tv514832_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles Supplementary of the Company, dated February&nbsp;26, 2019 (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on February&nbsp;28, 2019)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.6</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420419011141/tv514832_ex3-2.htm" STYLE="-sec-extract: exhibit">First Amendment to Amended and Restated Bylaws of the Company, effective February&nbsp;26, 2019 (incorporated by reference to Exhibit&nbsp;3.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on February&nbsp;28, 2019)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.7</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420419021292/tv519578_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Amendment of the Company (incorporated by reference to Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on April&nbsp;25, 2019)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.8</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex4-8.htm" STYLE="-sec-extract: exhibit">Certificate of Limited Partnership of Agree Limited Partnership (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.9</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420413014094/v335434_ex10-3.htm" STYLE="-sec-extract: exhibit">First Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership (incorporated by reference to Exhibit&nbsp;10.3 to the Company&rsquo;s Annual Report on Form&nbsp;10-K filed on May&nbsp;28, 2013)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420413026242/v340812_ex10-1.htm" STYLE="-sec-extract: exhibit">Second Amendment to Amended and Restated Agreement of Limited Partnership of Agree Limited Partnership (incorporated by reference to Exhibit&nbsp;10.1 to the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q filed on May&nbsp;3, 2013)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.11</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Amended and Restated Registration Rights Agreement, dated July&nbsp;8, 1994
    by and among the Company, Richard Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit&nbsp;10.2 to the
    Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1994)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.12</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420409045378/v158881_ex4-2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of certificate representing shares of common stock (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Registration Statement on Form&nbsp;S-3 filed with the SEC on August&nbsp;24, 2009)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.13</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418054726/tv504887_ex4-1.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of 4.32% Senior Guaranteed Note, Series&nbsp;2018-A, due September&nbsp;26, 2030 (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2018)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.14</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/917251/000114420418054726/tv504887_ex4-2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of 4.32% Senior Guaranteed Note, Series&nbsp;2018-B, due September&nbsp;26, 2030 (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2018)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.15*</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Form&nbsp;of certificate representing shares of preferred stock</TD></TR>
</TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0">&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: top; text-align: justify; width: 8%">4.16*</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 91%">Form&nbsp;of Deposit Agreement</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.17*</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form&nbsp;of Depositary Receipt</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">4.18*</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Form&nbsp;of Warrant</P></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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 8%">4.19*</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 91%">Form&nbsp;of Warrant Agreement and Warrant Certificate</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.20</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex4-21.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Indenture for Debt Securities of Agree Limited Partnership (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.21</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-1.htm" STYLE="-sec-extract: exhibit">Indenture, dated as of August&nbsp;17, 2020, among the Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;17, 2020).</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.22*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form&nbsp;of Supplemental Indenture</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.23&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-2.htm" STYLE="-sec-extract: exhibit">Indenture Officer&rsquo;s Certificate, dated as of August&nbsp;17, 2020, among Agree Limited Partnership, Agree Realty Corporation and U.S. Bank National Association (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;17, 2020).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.24*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form&nbsp;of Debt Security</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.25</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Global Note for 2.900% Notes due 2030 (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;17, 2020).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">4.26</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-2.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Guarantee by and among Agree Limited Partnership, the Guarantors named therein and U.S. Bank National Association (incorporated by reference to Exhibit&nbsp;4.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;17, 2020).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex5-1.htm">5.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex5-1.htm">Opinion of Ballard Spahr LLP (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2114797d1_ex5-2.htm">5.2</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2114797d1_ex5-2.htm">Opinion of Honigman LLP</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">8.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex8-1.htm" STYLE="-sec-extract: exhibit">Opinion of Honigman LLP as to certain tax matters (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">22</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="background-color: white"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000155837021001212/adc-20201231xex22.htm" STYLE="-sec-extract: exhibit">Subsidiary Guarantors of Agree Realty Corporation (incorporated by reference to Exhibit&nbsp;22 to the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2114797d1_ex23-1.htm">23.1</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2114797d1_ex23-1.htm">Consent of Grant Thornton LLP</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">23.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Ballard Spahr LLP (included in Exhibit&nbsp;5.1)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">23.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Consent of Honigman LLP (included in&nbsp;<A HREF="tm2114797d1_ex5-2.htm">Exhibit&nbsp;5.2</A>&nbsp;and&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex8-1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;8.1</A>)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">24.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_s3asr.htm#z_006" STYLE="-sec-extract: exhibit">Power of Attorney for Agree Realty Corporation (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">24.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_s3asr.htm#z_007" STYLE="-sec-extract: exhibit">Power of Attorney for Agree Limited Partnership (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">24.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Power of Attorney for Subsidiary Guarantors (included on signature page)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">25.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/917251/000110465920066444/tm2020076d1_ex25-1.htm" STYLE="-sec-extract: exhibit">Form&nbsp;T-1 Statement of Eligibility under the Trust Indenture Act of 1939 (previously filed as an exhibit to the Registration Statement)</A></TD></TR>
  </TABLE>
<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: 7%">*</TD>
    <TD STYLE="width: 93%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To be filed by amendment of the Registration Statement or as an
exhibit to a Current Report on Form&nbsp;8-K and incorporated herein in connection with the offering of a particular class of securities.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

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<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>AGREE REALTY CORPORATION 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 Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bloomfield Hills, State of Michigan, on May 5, 2021.</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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AGREE REALTY CORPORATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">/s/ JOEL N. AGREE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Joel N. Agree</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">President and Chief Executive Officer</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL MEN BY THESE PRESENTS,
that we, the undersigned officers and directors of Agree Realty Corporation, hereby severally constitute Joel N. Agree, Simon Leopold
and Danielle Spehar and each of them singly, our true and lawful attorneys with full power to them, and each of them singly, to sign for
us and in our names in the capacities indicated below, any amendment to this Registration Statement, including post-effective amendments,
and any subsequent registration statement filed pursuant to 462(b)&nbsp;under the Securities Act of 1933 and to file the same, with exhibits
thereto, and other documents in connection therewith, making such changes in this Registration Statement as the Registrant deems appropriate;
and we hereby ratify and confirm all that said attorney and agent shall do or cause to be done by virtue thereof.</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 Act of 1933, this Registration Statement has been signed below by the following persons on behalf of the Registrant
and in the capacities indicated on the date indicated.</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0.25in; width: 35%; text-align: justify; text-indent: 0">Signature</TD>
    <TD STYLE="padding: 0 0 1pt; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 48%; text-indent: 0">Title</TD>
    <TD STYLE="padding: 0 0 1pt; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; width: 15%; text-indent: 0">Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-align: justify; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Executive&nbsp;Chairman</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Richard&nbsp;Agree</B></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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-align: justify; text-indent: 0">/s/ JOEL N. AGREE</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Joel N.&nbsp;Agree</B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">(Principal&nbsp;Executive&nbsp;Officer)</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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">/S/ SIMON LEOPOLD</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Simon Leopold</B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">(Principal&nbsp;Financial Officer)</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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Chief&nbsp;Accounting&nbsp;Officer</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>David Wolff</B></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">(Principal&nbsp;Accounting Officer)</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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Merrie S. Frankel</B></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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Farris&nbsp;G.&nbsp;Kalil</B></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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Greg Lehmkuhl</B></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>
</TABLE>

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

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

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

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

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



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0; width: 35%">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 48%">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 15%">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>Jerome&nbsp;Rossi</B></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 0 0 0.25in; 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="border-bottom: Black 1pt solid; padding: 0 0 0 0.25in; text-indent: 0">*</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Director</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0 0 0 0.25in; text-align: justify; text-indent: 0"><B>William&nbsp;S.&nbsp;Rubenfaer</B></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>
  </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>

<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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The undersigned by signing his name hereto does sign and execute
this registration statement on Form&nbsp;S-3 pursuant to the Powers of Attorney executed by the above-named directors and officers of
the registrant.</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 50%">/s/ Joel N. Agree</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Name:&nbsp; Joel N. Agree</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Title:&nbsp; &nbsp; Attorney-in-fact</TD>
    <TD>&nbsp;</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"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; 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"></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"><B>AGREE LIMITED PARTNERSHIP 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 Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bloomfield Hills, State of Michigan, on May 5, 2021.</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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AGREE LIMITED PARTNERSHIP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: AGREE REALTY CORPORATION, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">/s/ JOEL N. AGREE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Joel N. Agree</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">President and Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">/s/ SIMON LEOPOLD</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Simon Leopold</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Secretary and Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">/s/ DAVID WOLFF</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">David Wolff</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Chief Accounting Officer</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></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 Act of 1933, this Registration Statement has been signed below by the following persons on behalf of the Registrant
and in the capacities indicated on the date indicated.</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: justify">Signature</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid">Title**</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid">Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; text-align: justify">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Executive&nbsp;Chairman</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Richard&nbsp;Agree</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in; text-align: justify">/s/ JOEL N. AGREE</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Joel N.&nbsp;Agree</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal&nbsp;Executive&nbsp;Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in"><FONT STYLE="text-transform: uppercase">/s/ Simon Leopold</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Simon Leopold</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal&nbsp;Financial Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief&nbsp;Accounting&nbsp;Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>David Wolff</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal&nbsp;Accounting Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Merrie S. Frankel</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Farris&nbsp;G.&nbsp;Kalil</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; width: 35%">*</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 48%">Director</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 15%">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Greg Lehmkuhl</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Jerome&nbsp;Rossi</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in">*</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Director</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>William&nbsp;S.&nbsp;Rubenfaer</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The undersigned by signing his name hereto does sign and execute
this registration statement on Form&nbsp;S-3 pursuant to the Powers of Attorney executed by the above-named directors and officers of
the registrant.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">With Agree Realty Corporation, the general partner of Agree
Limited Partnership.</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%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 50%">/s/ Joel N. Agree</TD>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Name:&nbsp; Joel N. Agree</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Title:&nbsp; &nbsp; Attorney-in-fact</TD>
    <TD>&nbsp;</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"></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: 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 Act of 1933, each registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Bloomfield Hills, State of Michigan, on May 5, 2021.</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 0pt 3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></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 0pt 3in; text-align: justify"></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>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: left; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Agree Chapel Hill NC, LLC</B></P>


</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Agree Mena AR, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><B>Agree Paterson NJ, LLC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: AGREE LIMITED PARNTERSHIP, its Sole Member</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 5%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: AGREE REALTY CORPORATION, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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>&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">/s/ JOEL N. AGREE</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <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-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Joel N. Agree</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&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; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">President and Chief Executive Officer</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: center"></P>

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<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"><B>POWER OF ATTORNEY</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">KNOW ALL MEN BY THESE PRESENTS,
that we, the undersigned officers and directors of the General Partner of Agree Limited Partnership, the sole member of each of the registrants
listed above, hereby severally constitute Joel N. Agree, Simon Leopold and Danielle Spehar and each of them singly, our true and lawful
attorneys with full power to them, and each of them singly, to sign for us and in our names in the capacities indicated below, any amendment
to this Registration Statement, including post-effective amendments, and any subsequent registration statement filed pursuant to 462(b)&nbsp;under
the Securities Act of 1933 and to file the same, with exhibits thereto, and other documents in connection therewith, making such changes
in this Registration Statement as the Registrant deems appropriate; and we hereby ratify and confirm all that said attorney and agent
shall do or cause to be done by virtue thereof.</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 Act of 1933, this Registration Statement has been signed below by the following persons on behalf of the Registrant
and in the capacities indicated on the date indicated.</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: justify">Signature</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid">Title**</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid">Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in">
    <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">/s/&nbsp;JOEL&nbsp;N. AGREE</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Joel N.&nbsp;Agree</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal&nbsp;Executive&nbsp;Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in">
    <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">/s/ SIMON LEOPOLD</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Chief&nbsp;Financial&nbsp;Officer&nbsp;and&nbsp;Secretary </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>Simon Leopold</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>(Principal&nbsp;Financial Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.25in">/s/ DAVID WOLFF</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief&nbsp;Accounting&nbsp;Officer </TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">May 5, 2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify"><B>David Wolff</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">(Principal&nbsp;Accounting Officer)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">With Agree Realty Corporation, in its capacity as the general
partner of Agree Limited Partnership, in its capacity as the sole member of the named registrants listed above.</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>

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<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>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>2
<FILENAME>tm2114797d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: right"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-indent: 0; vertical-align: top; width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif"><IMG SRC="tm2114797d1_ex5-2img001.jpg" ALT=""></TD>
    <TD STYLE="text-indent: 0; width: 50%; padding: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"></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: center">May&nbsp;5, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 50%; text-indent: 0">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agree Realty Corporation</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agree Limited Partnership</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>70 E. Long Lake Road</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Bloomfield Hills, Michigan 48304</B></P></TD>
    <TD STYLE="padding: 0; width: 50%; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B><I>Re:</I></B></TD><TD STYLE="text-align: justify"><B><I>Registration Statement on Form&nbsp;S-3</I></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 0pt 0.5in; text-align: justify; text-indent: -0.5in">Ladies and Gentlemen:</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">We have acted as counsel to
Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Company</U>&rdquo; or &ldquo;<U>Parent</U>&rdquo;), the subsidiaries listed
on <U>Schedule A</U> hereto (collectively, the &ldquo;<U>Subsidiary Guarantors</U>&rdquo;, and together with the Parent, the &ldquo;<U>Guarantors</U>&rdquo;),
and Agree Limited Partnership, a Delaware limited partnership (the <U>&ldquo;Operating Partnership</U>&rdquo;, and together with the Guarantors,
the &ldquo;Opinion Parties&rdquo;), in connection with Post-Effective Amendment No.&nbsp;2 (the &ldquo;<U>Amendment</U>&rdquo;) to the
Registration Statement on Form&nbsp;S-3ASR (File No.&nbsp;333-238729) filed with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
on May&nbsp;27, 2020 (as amended by the Amendment and the Post-Effective Amendment No.&nbsp;1 filed with the Commission on August&nbsp;12,
2020, the &ldquo;<U>Registration Statement</U>&rdquo;), filed by the Opinion Parties with the Commission, for the registration of the
Securities (defined below) under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</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">The Registration Statement
includes a form of prospectus (the &ldquo;<U>Prospectus</U>&rdquo;), which provides that it will be supplemented in the future by one
or more supplements to the Prospectus (each, a &ldquo;<U>Prospectus Supplement</U>&rdquo;). The Prospectus, as supplemented by one or
more Prospectus Supplements, may contemplate the issue and sale of (i)&nbsp;shares of common stock, $0.0001 par value per share, of the
Company (the &ldquo;<U>Common Stock</U>&rdquo;); (ii)&nbsp;one or more series of shares of preferred stock, $0.0001 par value per share,
of the Company (the &ldquo;<U>Preferred Stock</U>&rdquo;); (iii)&nbsp;shares of Preferred Stock represented by depositary shares and evidenced
by depositary receipts (the &ldquo;<U>Depositary Shares</U>&rdquo;), each of which will represent a fractional interest of a share of
a particular class or series of preferred stock or multiple shares of Preferred Stock; (iv)&nbsp;warrants to purchase Preferred Stock,
Common Stock or Debt Securities (as defined below) (the &ldquo;<U>Warrants</U>&rdquo;); and (v)&nbsp;one or more series of debt securities
of the Operating Partnership (the &ldquo;<U>Debt Securities</U>&rdquo;), which may be guaranteed (the &ldquo;<U>Guarantees</U>&rdquo;)
by the Guarantors.</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">Any Debt Securities and Guarantees
will be issued under one or more indentures or any supplemental indenture thereto in the form to be filed as an exhibit to the Registration
Statement (the &ldquo;<U>Indenture</U>&rdquo;) relating to the issuance of Debt Securities by the Operating Partnership. The Depositary
Shares may be issued under one or more deposit agreements (each, a &ldquo;<U>Deposit Agreement</U>&rdquo;) by and between the Company
and a financial institution identified therein as the depositary (each, a &ldquo;<U>Depositary</U>&rdquo;). The Warrants may be issued
under one or more warrant agreements (each, a &ldquo;<U>Warrant Agreement</U>&rdquo;) between the Company and a third party to be identified
therein as warrant agent (each, a &ldquo;<U>Warrant Agent</U>&rdquo;). The Indenture, the Deposit Agreements and the Warrant Agreements
are herein collectively referred to as the &ldquo;<U>Agreements</U>.&rdquo; The Debt Securities, Guarantees, Depositary Shares and Warrants
are herein collectively referred to as the &ldquo;<U>Securities</U>.&rdquo;</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>

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<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">In connection with this opinion
letter, we have examined and relied upon originals or copies of such records, instruments, certificates, opinions, memoranda and other
documents as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. As to certain factual matters,
we have relied upon a certificate of officers of the Opinion Parties and have not independently sought to verify such matters. In rendering
the opinions in this opinion letter, we have assumed the genuineness and authenticity of all signatures on original documents; the authenticity
of all documents submitted to us as originals; the conformity to originals of all documents submitted to us as copies; the accuracy, completeness
and authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents where authorization,
execution and delivery are prerequisites to the legal effectiveness of such documents.</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">With respect to our opinions
as to the Depositary Shares, we have assumed that any Depositary Shares offered under the Registration Statement will be issued under
a valid and legally binding Deposit Agreement or other similar instrument entered into among the Company, a Depositary and the holders
from time to time of the depositary receipts which will evidence the Depositary Shares, which is enforceable against the parties thereto
in accordance with its terms and conforms to the description thereof provided in the applicable Prospectus Supplement and be executed
in the forms filed as exhibits to the Registration Statement or any required post-effective amendment thereto or incorporated by reference
therein.</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">With your consent, we have
also assumed (i)&nbsp;that each of the Agreements will be governed by the internal laws of the State of New York, (ii)&nbsp;that each
of the Agreements has been or will be duly authorized, executed and delivered by the parties thereto (other than with respect to the Operating
Partnership), (iii)&nbsp;that each of the Agreements constitutes or will constitute legally valid and binding obligations of the parties
thereto other than the Opinion Parties, enforceable against each of them in accordance with their respective terms and (iv)&nbsp;that
the status of each of the Agreements as legally valid and binding obligations of the parties will not be affected by any (a)&nbsp;breaches
of, or defaults under, agreements or instruments, (b)&nbsp;violations of statutes, rules, regulations or court or governmental orders,
or (c)&nbsp;failures to obtain required consents, approvals or authorizations from, or to make required registrations, declarations or
filings with, governmental authorities.</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">Our opinions herein are expressed
solely with respect to (i)&nbsp;the internal laws of the State of New York; (ii)&nbsp;the Delaware Revised Uniform Limited Partnership
Act, as amended; and (iii)&nbsp;the federal laws of the United States, and we express no opinion with respect to the applicability thereto,
or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to any matters of municipal
law or the laws of any local agencies within any state. Our opinions are based on these laws as in effect on the date hereof. We are not
rendering any opinion as to compliance with any federal or state antifraud law, rule&nbsp;or regulation relating to securities, or to
the sale or issuance thereof. It is understood that this opinion letter is to be used only in connection with the offer and sale of the
Securities while the Registration Statement is in effect and only speaks as of the date of this opinion letter.</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>

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<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 the basis of the foregoing
and in reliance thereon, and subject to the qualifications herein stated, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">When (i)&nbsp;the specific terms of the Guarantees of a particular Debt Security and such Debt Security
have been duly established in accordance with the Indenture, (ii)&nbsp;all necessary corporate or limited liability company action, as
applicable, has been taken by the Guarantors to approve the creation, the terms and the issuance of the Guarantees and all necessary limited
partnership action has been taken by the Operating Partnership to approve the creation, the terms and the issuance of such Debt Securities,
(iii)&nbsp;the Guarantees have been duly executed, issued and delivered in accordance with the Indenture and in the manner contemplated
by the Registration Statement and any required post-effective amendment thereto, the related prospectus and the applicable Prospectus
Supplement(s), and by such corporate or limited liability company action, as applicable, and (iv)&nbsp;the terms of the Debt Securities
and of their issuance and sale have been duly established in conformity with the Indenture and as described in the Registration Statement
and any required post-effective amendment thereto, the related prospectus and the applicable Prospectus Supplement(s), and by such limited
partnership action, do not violate any applicable law, do not result in a default under or breach of any agreement or instrument binding
upon the Operating Partnership, are in conformity with the organizational documents of the Operating Partnership, and comply with any
requirement or restriction imposed by any court or governmental body having jurisdiction over the Operating Partnership, then such Guarantees
will be legally valid and binding obligations of each applicable Guarantor, enforceable against each applicable Guarantor in accordance
with their terms.</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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">When (i)&nbsp;all necessary corporate action has been taken by the Company to approve the creation, the
terms and the issuance of Depositary Shares, and (ii)&nbsp;the terms of the Depositary Shares and of their issuance and sale have been
duly established in conformity with the Deposit Agreement and as described in the Registration Statement and any required post-effective
amendment thereto, the related prospectus and the applicable Prospectus Supplement(s), and by such corporate action, and (iii)&nbsp;the
Depositary Shares have been duly executed, authenticated, issued and delivered against payment therefor in accordance with such Deposit
Agreement and in the manner contemplated by the Registration Statement and any required post-effective amendment thereto, the related
prospectus and the applicable Prospectus Supplement(s), and by such corporate action (assuming the underlying Preferred Stock has been
validly issued and deposited with the Depositary), then such Depositary Shares will be legally valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">When (i)&nbsp;a Prospectus Supplement and any related offering material with respect to Warrants have
been filed with the Commission and become effective in compliance with the Securities Act and the rules&nbsp;and regulations thereunder,
(ii)&nbsp;all necessary corporate action has been taken by the Company to approve the creation, the terms and the issuance of the Warrants
and the underlying securities, the terms of the offering of the Warrants and related matters, including the consideration to be received
therefor, if any, and for the underlying securities, and, if applicable, to authorize the form, terms, execution and delivery of a Warrant
Agreement or Warrant Agreements (including a form of certificate evidencing the Warrants, if applicable) relating to the Warrants, (iii)&nbsp;the
Warrant Agreement or Warrant Agreements, if applicable, relating to the Warrants have been duly authorized and validly executed and delivered
by the Company and the warrant agent, if any, appointed by the Company, (iv)&nbsp;the Warrants have been issued under a valid and legally
binding Warrant Agreement, or agreements relating to the Warrants that conforms to the description thereof provided in a Prospectus Supplement
and any related offering material and do not violate any applicable law, do not result in a default under or breach of any agreement or
instrument binding upon the Company, are in conformity with the certificate of incorporation and bylaws of the Company, and comply with
any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and (v)&nbsp;the Warrants
or certificates representing the Warrants have been duly executed, countersigned and registered, if applicable, issued and delivered in
accordance with the prospectus and applicable Prospectus Supplement relating to the Registration Statement and in accordance with the
appropriate Warrant Agreement and the applicable valid and legally binding purchase, underwriting or similar agreement, as applicable,
and such corporate action, in exchange for payment of the consideration for such Warrants, if any, provided for in such agreement, such
Warrants will be legally issued and binding obligations of the Company.</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">When (i)&nbsp;a Prospectus Supplement and any related offering materials with respect to Debt Securities
have been filed with the Commission and become effective in compliance with the Securities Act and the rules&nbsp;and regulations thereunder,
(ii)&nbsp;all necessary limited partnership action has been taken by the Operating Partnership to approve the creation, the terms and
the issuance of such Debt Securities and the consideration to be received therefor in accordance with the Indenture, (iii)&nbsp;the Indenture
is qualified under the United States Trust Indenture Act of 1939, as amended, (iv)&nbsp;the terms of the Debt Securities and of their
issuance and sale have been duly established in conformity with the Indenture and as described in the Registration Statement and any required
post-effective amendment thereto, the related prospectus and the applicable Prospectus Supplement(s), and by such limited partnership
action, do not violate any applicable law, do not result in a default under or breach of any agreement or instrument binding upon the
Operating Partnership, are in conformity with the organizational documents of the Operating Partnership, and comply with any requirement
or restriction imposed by any court or governmental body having jurisdiction over the Operating Partnership, and (v)&nbsp;notes, certificates
or other evidence of the Debt Securities have been duly executed, issued and delivered by the Operating Partnership and authenticated
by the Trustee pursuant to the Indenture and delivered to the purchasers thereof against payment therefor in accordance with such limited
partnership action and the prospectus and applicable Prospectus Supplement relating to the Registration Statement, and in accordance with
any applicable valid and legally binding purchase, underwriting or similar agreement, or Warrant Agreement and any related Warrant, as
applicable, such Debt Securities will be legally issued and binding obligations of the Operating Partnership. For purposes of rendering
the opinions set forth in this paragraph 4, we have assumed that immediately prior to the issuance of any Debt Securities, the Indenture
and any applicable supplemental indenture will be in full force and effect, with no unwaived Events of Default or breaches thereunder
and will constitute the legal, valid and binding obligation of the Operating Partnership, enforceable against the Operating Partnership
in accordance with its terms.</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; text-align: justify; text-indent: 0.5in">In giving the opinions set
forth above, with respect to each Security opined on in this opinion letter we have assumed that (i)&nbsp;at or prior to the time of the
delivery of such Security, the authorization of such Security will not have been modified or rescinded, and there will not have occurred
any change in law affecting such Security, including its validity or enforceability and (ii)&nbsp;none of the terms of any such Security
to be established subsequent to the date hereof, nor the issuance and delivery of such Security nor the compliance by the applicable Opinion
Party, with the terms of such Security, will violate any applicable law or will result in a violation of any provision of any instrument
or agreement then binding upon the applicable Opinion Party or any restriction imposed by any court or governmental body having jurisdiction
over the applicable Opinion Party.</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">Our opinions set forth above
are subject to the qualifications that we express no opinion as to the applicability of, compliance with, or effect of (i)&nbsp;any applicable
bankruptcy, insolvency, reorganization, moratorium or similar law relating to or affecting creditors&rsquo; rights generally (including,
without limitation, fraudulent conveyance and voidable transaction laws), (ii)&nbsp;any specialized laws not included in opinion letters
of this kind, such as tax, antitrust, pension, employee benefit, environmental, intellectual property, bank regulatory, insurance, labor,
regulatory and licensing, anti-money laundering and health and safety laws, (iii)&nbsp;general principles of equity, including, without
limitation, concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance
or injunctive relief, regardless of whether considered in a proceeding in equity or at law and limitations regarding the availability
of indemnification and contribution where such indemnification or contribution may be limited by applicable law; or (iv)&nbsp;the application
of principles of public policy.</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>

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<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">We express no opinion as
to the validity, binding effect or enforceability of (i)&nbsp;provisions that relate to choice of law, forum selection or submission
to jurisdiction (including, without limitation, any express or implied waiver of any objection to venue in any court or of any objection
that a court is an inconvenient forum), (ii)&nbsp;waivers by the Company or Operating Partnership of any statutory or constitutional
rights or remedies, (iii)&nbsp;terms which excuse any person or entity from liability for, or require the Company or Operating Partnership
to indemnify such person or entity against, such person&rsquo;s or entity&rsquo;s negligence or willful misconduct, (iv)&nbsp;obligations
to pay any prepayment premium, default interest rate, early termination fee or other form of liquidated damages, if the payment of such
premium, interest rate, fee or damages may be construed as unreasonable in relation to actual damages or disproportionate to actual damages
suffered as a result of such prepayment, default or termination, usury and other interest-related restrictions, or (v)&nbsp;provisions
providing that the terms of agreement may not be waived or modified except in writing.</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">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement. We also hereby consent to the use of our name under the heading &ldquo;Legal
Matters&rdquo; in the prospectus included in the Registration Statement. In giving such consents, we do not thereby admit that we are
within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or the rules&nbsp;and regulations
of the Commission under the Securities Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Honigman LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Honigman LLP</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>

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<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"><U>Schedule A</U></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">Agree Chapel Hill NC, LLC</P>

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

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

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2114797d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</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">We have issued our reports dated February&nbsp;18,
2021, with respect to the consolidated financial statements and internal control over financial reporting of Agree Realty Corporation
included in the Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020, which are incorporated by reference in this
Registration Statement. We consent to the incorporation by reference of the aforementioned reports in this Registration Statement, and
to the use of our name as it appears under the caption &ldquo;Experts&rdquo;.</P>

<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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Grant Thornton LLP</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Philadelphia, Pennsylvania</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;5, 2021</FONT></TD>
    <TD STYLE="text-align: justify">&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>

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

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