<SEC-DOCUMENT>0001415889-24-005456.txt : 20240227
<SEC-HEADER>0001415889-24-005456.hdr.sgml : 20240227
<ACCEPTANCE-DATETIME>20240227160611
ACCESSION NUMBER:		0001415889-24-005456
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240101
FILED AS OF DATE:		20240227
DATE AS OF CHANGE:		20240227

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			He Linglong
		CENTRAL INDEX KEY:			0002009651
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		24686530

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
		BUSINESS PHONE:		248-737-4190

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3-02272024_090239.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2024-01-01</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000917251</issuerCik>
        <issuerName>AGREE REALTY CORP</issuerName>
        <issuerTradingSymbol>ADC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002009651</rptOwnerCik>
            <rptOwnerName>He Linglong</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>32301 WOODWARD AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>ROYAL OAK</rptOwnerCity>
            <rptOwnerState>MI</rptOwnerState>
            <rptOwnerZipCode>48073</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>/s/ Cheryl A. Hamilton</signatureName>
        <signatureDate>2024-02-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-02272024_090239.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-02272024_090239.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333">POWER OF ATTORNEY</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">The undersigned hereby constitutes and appoints each of Cheryl Hamilton, Donald J. Kunz, Jeffrey H. Kuras and Emily J. Johns, signing singly, his or her true and lawful attorney-in-fact with full power and authority to:</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">1. execute for and on behalf of the undersigned, with respect to the undersigned<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s position as an officer of Agree Realty Corporation (the <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>Company<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>), a Form ID and Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder (the <font style="font-family:Arial Unicode MS,Arial">&ldquo;</font>Exchange Act<font style="font-family:Arial Unicode MS,Arial">&rdquo;</font>);</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">2. do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form ID or Form 3, 4 or 5, complete and execute any amendment or amendments thereto, and timely file such form with the United States Securities and Exchange Commission and any stock exchange, stock market or similar authority; and</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">3. take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, and in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s discretion.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. &nbsp;The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s responsibilities to comply with Section 16 of the Exchange Act.</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 and 5 with respect to the undersigned<font style="font-family:Arial Unicode MS,Arial">&rsquo;</font>s holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact..</p>
<p style="margin:0px" align="justify"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333" align="justify">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 27<sup>th</sup> day of November, 2023.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; font-family:Arial; font-size:9pt; color:#333333">/s/ Linglong He</p>
<p style="margin:0px"><br></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
