<SEC-DOCUMENT>0001932559-25-000004.txt : 20251203
<SEC-HEADER>0001932559-25-000004.hdr.sgml : 20251203
<ACCEPTANCE-DATETIME>20251203160512
ACCESSION NUMBER:		0001932559-25-000004
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20251201
FILED AS OF DATE:		20251203
DATE AS OF CHANGE:		20251203

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Breslin Stephen
		CENTRAL INDEX KEY:			0001932559
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		251546470

	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>form4-12032025_041209.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-01</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001932559</rptOwnerCik>
            <rptOwnerName>Breslin Stephen</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>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHIEF ACCOUNTING OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2025-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>262</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>74.64</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12015</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 602 common shares.</footnote>
    </footnotes>

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

    <ownerSignature>
        <signatureName>/s/ Stephen Breslin</signatureName>
        <signatureDate>2025-12-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-12032025_041209.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//IETF//DTD HTML//EN">
<html><head><title>ex24-12032025_041209.htm</title></head><body style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<p style="margin:0px; font-size:11pt" align="center"><b>POWER OF ATTORNEY</b></p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt">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<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s true and lawful attorney-in-fact and in the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s name, place and stead, in the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s capacity as an officer, director or stockholder of Agree Realty Corp. (the <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>Company<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) to:</p>
<p style="margin:0px"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(1)</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">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 (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>SEC<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) utilizing the SEC<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s Electronic Data Gathering and Retrieval (<font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>EDGAR<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) 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;</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(2)</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">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 <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>Exchange Act<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) 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 <font style="font-family:Arial Unicode MS,Times New Roman">&ldquo;</font>SEC Filings<font style="font-family:Arial Unicode MS,Times New Roman">&rdquo;</font>) and to file, submit or otherwise deliver SEC filings to any securities exchange on which the Company<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s securities may be listed or traded; </p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(3)</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">in the case of Stephen Breslin and Peter Coughenour, each individually to act as an account administrator for the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>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<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s EDGAR account, including modification of access codes; (iii) maintain, modify and certify the accuracy of information on the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s EDGAR account dashboard; (iv) act as the EDGAR point of contact with respect to the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s EDGAR account; and (v) any other actions contemplated by Rule 10 of Regulation S-T with respect to account administrators; and</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin-top:0px; margin-bottom:-2px; width:48px; font-size:11pt; float:left">(4)</p>
<p style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">in the case of Donald J. Kunz, Joshua Damm, and Stephanie Swan, each individually, to act as a delegated administrator for the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s EDGAR account, including: (i) appoint, remove and replace delegated account administrators and users; (ii) maintain the security of the undersigned<font style="font-family:Arial Unicode MS,Times New Roman">&rsquo;</font>s EDGAR account; and (iii) any other actions contemplated by Rule 10 of Regulation S-T with respect to delegated entities.</p>
<p style="margin:0px; clear:left"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt">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<font style="font-family:Arial Unicode MS,Times New Roman">&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. 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,Times New Roman">&rsquo;</font>s responsibilities to comply with Section 16 of the Exchange Act.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; text-indent:48px; font-size:11pt">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<font style="font-family:Arial Unicode MS,Times New Roman">&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. This Power of Attorney revokes all previous powers of attorney with respect to the subject matter of this Power of Attorney.</p>
<p style="margin:0px"><br></p>
<p style="margin:0px; font-size:11pt">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="margin:0px"><br></p>
<p style="margin:0px; font-size:11pt">/s/ Stephen Breslin</p>
<p style="margin:0px"><br></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
