<SEC-DOCUMENT>0001104659-22-085500.txt : 20220803
<SEC-HEADER>0001104659-22-085500.hdr.sgml : 20220803
<ACCEPTANCE-DATETIME>20220803111016
ACCESSION NUMBER:		0001104659-22-085500
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220803
DATE AS OF CHANGE:		20220803

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238729
		FILM NUMBER:		221131418

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

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2222192d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Filed Pursuant
to Rule&nbsp;424(b)(5)</B></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 0.25in; text-align: right; text-indent: -0.25in"><B>Registration
No.&nbsp;333-238729</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>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus Supplement dated February&nbsp;22, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>and Prospectus dated May&nbsp;27, 2020)</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>$500,000,000</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: center"><IMG SRC="tm2222192d1_424b5img001.jpg" ALT="">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">This prospectus
supplement is being filed to update, amend and supplement certain information in the prospectus supplement, dated and filed with the
Securities and Exchange Commission on February&nbsp;22, 2021 (the &ldquo;Original Prospectus Supplement&rdquo;), and the base
prospectus dated May&nbsp;27, 2020 (the &ldquo;Prospectus&rdquo;) related to the offer and sale of shares of our common stock having
an aggregate offering price of up to $500,000,000 from time to time, pursuant to separate at the market equity distribution
agreements, dated February&nbsp;22, 2021 (collectively, the &ldquo;ATM Equity Distribution Agreements&rdquo;) with Raymond
James&nbsp;&amp; Associates,&nbsp;Inc., (&ldquo;Raymond James&rdquo;), Robert W. Baird&nbsp;&amp; Co. Incorporated
(&ldquo;Baird&rdquo;), Citigroup Global Markets Inc. (&ldquo;Citigroup&rdquo;), Jefferies LLC (&ldquo;Jefferies&rdquo;), J.P. Morgan
Securities LLC (&ldquo;J.P. Morgan&rdquo;), Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated (&ldquo;Stifel&rdquo;), Wells
Fargo Securities, LLC (&ldquo;Wells Fargo Securities&rdquo;) and Capital One Securities,&nbsp;Inc. (&ldquo;Capital One&rdquo;), each
a sales agent and, collectively, the sales agents. This prospectus supplement is only intended to update, amend and supplement certain
information in the Original Prospectus Supplement to the extent set forth in the following paragraph. You should read this
prospectus supplement together with the Original Prospectus Supplement and Prospectus.</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: 0.25in; background-color: white">On August&nbsp;3,
2022, we entered into Amendment No.&nbsp;1 to the ATM Equity Distribution Agreements with each of Raymond James, Baird, Citigroup,
Jefferies, J.P. Morgan, Stifel, Wells Fargo and Capital One, as sales agents and forward purchasers (as defined in the Original
Prospectus Supplement), as applicable, under the program in order to reflect the appointment of Latham&nbsp;&amp; Watkins LLP as
counsel for the sales agents and forward purchasers. Accordingly, the reference to &ldquo;Hunton Andrews Kurth LLP&rdquo; under &ldquo;Legal
Matters&rdquo; in the Original Prospectus Supplement shall hereafter be deemed to be deleted and replaced with reference to
 &ldquo;Latham&nbsp;&amp; Watkins LLP.&rdquo; As a result of the foregoing, all references in the Original Prospectus Supplement to
counsel to the sales agents and forward purchasers shall hereafter be deemed to mean Latham&nbsp;&amp; Watkins LLP.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"><B>Investing in our common
shares involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on&nbsp;page&nbsp;S-5&nbsp;of the Original Prospectus
Supplement and the information set forth under the caption &ldquo;Item&nbsp;1A. Risk Factors&rdquo; in our most recent Annual Report on&nbsp;Form&nbsp;10-K&nbsp;and
our subsequent Quarterly Reports on Form&nbsp;10-Q,&nbsp;as well as the other information set forth in our other filings under the Securities
Exchange Act of 1934, as amended, that are incorporated herein by reference.</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: 0.25in; background-color: white"><B>Neither the Securities
and Exchange Commission nor any state or other securities commission has approved or disapproved of these securities or determined if
this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</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="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Raymond James</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Baird</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; width: 33%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Citigroup</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.P. Morgan &nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jefferies &nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stifel</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wells Fargo Securities</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 0.75pt; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital One Securities</B></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: center"><B>The date of this prospectus supplement is August&nbsp;3,
2022.</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>

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