<SEC-DOCUMENT>0001415889-25-023828.txt : 20250908
<SEC-HEADER>0001415889-25-023828.hdr.sgml : 20250908
<ACCEPTANCE-DATETIME>20250908063005
ACCESSION NUMBER:		0001415889-25-023828
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250905
FILED AS OF DATE:		20250908
DATE AS OF CHANGE:		20250908

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lehmkuhl Greg
		CENTRAL INDEX KEY:			0001748303
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		251298492

	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
		EIN:				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>4
<SEQUENCE>1
<FILENAME>form4-09082025_060901.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-09-05</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001748303</rptOwnerCik>
            <rptOwnerName>Lehmkuhl Greg</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>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-09-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>750</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>72.84</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>27683.644</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 309.701 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by Reporting Person.</footnote>
    </footnotes>

    <remarks>Exhibit 24, Power of Attorney, is attached.</remarks>

    <ownerSignature>
        <signatureName>/s/ Stephen Breslin, Attorney-in-Fact</signatureName>
        <signatureDate>2025-09-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-09082025_060904.htm
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
24</B></FONT></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>POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Know all by these presents
that the undersigned hereby constitutes and appoints each of Stephen Breslin, Peter Coughenour, Donald J. Kunz, Joshua Damm, or Stephanie
Swan, or any of them signing individually, and with full power of substitution, the undersigned&rsquo;s true and lawful attorney-in-fact
and in the undersigned&rsquo;s name, place and stead, in the undersigned&rsquo;s capacity as an officer, director or stockholder of Agree
Realty Corp. (the &ldquo;Company&rdquo;) to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify; width: 94%">take such actions as may be necessary or appropriate to enable the undersigned to submit and file forms,
schedules and other documents with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) utilizing the SEC&rsquo;s Electronic
Data Gathering and Retrieval (&ldquo;EDGAR&rdquo;) system, which actions may include (i) enrolling the undersigned in EDGAR Next; and
(ii) preparing, executing and submitting to the SEC a Form ID, amendments thereto, and such other documents and information as may be
necessary or appropriate to obtain codes and passwords enabling the undersigned to make filings and submissions utilizing the EDGAR system;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">prepare, execute and submit and file with the SEC any and all forms, schedules and other documents (including
any amendments thereto) the undersigned is required to file with the SEC, or which such attorney-in-fact considers it advisable for the
undersigned to file with the SEC, under Section 13 or Section 16 of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)
or any rule or regulation thereunder, or under Rule 144 under the Securities Act of 1933, as amended, including Forms 3, 4 and 5, Schedules
13D and 13G, and Forms 144 (all such forms, schedules and other documents being referred to herein as &ldquo;SEC Filings&rdquo;) and to
file, submit or otherwise deliver SEC filings to any securities exchange on which the Company&rsquo;s securities may be listed or traded;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">in the case of Stephen Breslin and Peter Coughenour, each individually to act as an account administrator
for the undersigned&rsquo;s EDGAR account, including: (i) appoint, remove and replace account administrators, account users, technical
administrators and delegated entities; (ii) maintain the security of the undersigned&rsquo;s EDGAR account, including modification of
access codes; (iii) maintain, modify and certify the accuracy of information on the undersigned&rsquo;s EDGAR account dashboard; (iv)
act as the EDGAR point of contact with respect to the undersigned&rsquo;s EDGAR account; and (v)&nbsp;any other actions contemplated by Rule
10 of Regulation S-T with respect to account administrators; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="text-align: justify">in the case of Donald J. Kunz, Joshua Damm, and Stephanie Swan, each individually, to act as a delegated
administrator for the undersigned&rsquo;s EDGAR account, including: (i) appoint, remove and replace delegated account administrators and
users; (ii) maintain the security of the undersigned&rsquo;s EDGAR account; and (iii) any other actions contemplated by Rule 10 of Regulation
S-T with respect to delegated entities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 advisable to be done in connection with the foregoing, 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&rsquo;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. 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&rsquo;s responsibilities to comply
with Section 16 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file SEC Filings with respect to
the undersigned&rsquo;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.</FONT> This Power of Attorney revokes all previous powers of attorney with
respect to the subject matter of this Power of Attorney.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney
to be executed as of this 15<SUP>th</SUP> day of August, 2025.</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">/s/ Gregory Lehmkuhl</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  </TABLE>


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

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