<SEC-DOCUMENT>0001104659-25-052425.txt : 20250523
<SEC-HEADER>0001104659-25-052425.hdr.sgml : 20250523
<ACCEPTANCE-DATETIME>20250523160600
ACCESSION NUMBER:		0001104659-25-052425
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20250523
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250523
DATE AS OF CHANGE:		20250523

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		25982156

	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>
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<p style="text-align: center; margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SECURITIES AND EXCHANGE
COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <span id="xdx_908_edei--DocumentType_c20250523__20250523_zCpzHEdiOAvb"><ix:nonNumeric contextRef="AsOf2025-05-23" id="Fact000010" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(State or other jurisdiction
of incorporation)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">(Registrant&#8217;s
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><span style="text-decoration: underline">Not
applicable </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">(Former
name or former address, if changed since last report)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

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 registered</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Emerging growth company <span id="xdx_906_edei--EntityEmergingGrowthCompany_c20250523__20250523_zzsRfSPkFh8i" style="font-family: Wingdings"><ix:nonNumeric contextRef="AsOf2025-05-23" format="ixt:booleanfalse" id="Fact000032" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">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 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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%; font-size: 10pt"><b>Item&#160;1.01</b></td>
    <td style="width: 92%; font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The information set forth in Item 2.03 of
this Current Report on Form&#160;8-K&#160;is hereby incorporated by reference into this Item 1.01.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Item 2.03 Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On May&#160;23, 2025, Agree Limited Partnership
(the &#8220;Issuer&#8221;), a Delaware limited partnership and subsidiary of Agree Realty Corporation, a Maryland corporation (the &#8220;Parent
Guarantor&#8221;), completed an underwritten public offering of $400 million aggregate principal amount of its 5.600% Notes due 2035 (the
&#8220;Notes&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Notes are fully and unconditionally guaranteed
(the &#8220;Guarantee&#8221;) by the Parent Guarantor and certain wholly owned subsidiaries of the Issuer that guarantee the Issuer&#8217;s
debt or the debt of any other guarantor (the &#8220;Subsidiary Guarantors&#8221; and, together with the Parent Guarantor, the &#8220;Guarantors&#8221;).
The terms of the Notes are governed by an indenture, dated as of August&#160;17, 2020 (the &#8220;Base Indenture&#8221;), by and among
the Issuer, the Parent Guarantor and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association,
as trustee (the &#8220;Trustee&#8221;), as amended and supplemented by an officer&#8217;s certificate, dated as of May&#160;23, 2025,
by and among the Issuer, the Parent Guarantor and the Trustee (the &#8220;Indenture Officer&#8217;s Certificate&#8221; and, together with
the Base Indenture, the &#8220;Indenture&#8221;). The Indenture contains various restrictive covenants, including limitations on the ability
of the Guarantors and the Issuer to incur additional indebtedness and requirements to maintain a pool of unencumbered assets. Copies of
the Base Indenture, the Indenture Officer&#8217;s Certificate, the form of Note, and the form of Guarantee, the terms of which are hereby
incorporated herein by reference, are filed or incorporated by reference as Exhibits 4.1, 4.2, 4.3, and 4.4, respectively, to this Current
Report on Form&#160;8-K (this &#8220;8-K&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Pursuant to the Underwriting Agreement among
the Issuer, the Guarantors and the underwriters named therein (the &#8220;Underwriters&#8221;) filed as Exhibit&#160;1.1 to the Company&#8217;s
Current Report on Form&#160;8-K filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) on May&#160;16, 2025,
the purchase price paid by the underwriters for the Notes was 98.647% of the principal amount thereof. The Notes are the Issuer&#8217;s
senior unsecured obligations and rank equally in right of payment with all of the Issuer&#8217;s other existing and future senior unsecured
indebtedness, including the Issuer&#8217;s 2.900% Notes due 2030, the Issuer&#8217;s 2.000% Notes due 2028, the Issuer&#8217;s 4.800%
Notes due 2032, the Issuer&#8217;s 2.600% Notes due 2033 and the Issuer&#8217;s 5.625% Notes due 2034. The Notes are effectively subordinated
in right of payment to: (i)&#160;all of the Issuer&#8217;s and any Guarantor&#8217;s existing and future mortgage indebtedness and other
secured indebtedness (to the extent of the value of the collateral securing such indebtedness); (ii)&#160;all existing and future indebtedness
and other liabilities, whether secured or unsecured of the Issuer&#8217;s subsidiaries that are not Subsidiary Guarantors and of any entity
accounted for under the equity method of accounting; and (iii)&#160;all preferred equity not owned by the Issuer, if any, in its subsidiaries
that are not Subsidiary Guarantors and in any entity accounted for under the equity method of accounting. The Notes bear interest at 5.600%
per annum. Interest is payable on June&#160;15 and December&#160;15 of each year, beginning December&#160;15, 2025, until the Notes&#8217;
maturity date of June&#160;15, 2035.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Prior to March&#160;15, 2035, the Notes will
be redeemable in whole at any time or in part from time to time, at the Issuer&#8217;s option, at a redemption price equal to the greater
of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td style="font-size: 10pt">an amount equal to 100% of the principal amount of the Notes to be redeemed; and</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>a make-whole premium as defined in and calculated in accordance with the Indenture;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">plus accrued and unpaid interest, if any,
to but excluding the redemption date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, if any of the Notes are redeemed on
or after March&#160;15, 2035 (three months prior to the maturity date of the Notes), the redemption price will equal 100% of the principal
amount of such series of Notes to be redeemed plus accrued and unpaid interest, if any, up to, but not including, the redemption date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain events are considered events of default, which may result in
the accelerated maturity of the Notes, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>default for 30&#160;days in the payment of any installment of interest under the Notes;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>default in the payment of the principal amount or premium, if any, due with respect to the Notes, when the same becomes due and payable;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>failure by the Issuer or any Guarantor to comply with any of the Issuer&#8217;s or any Guarantor&#8217;s respective other agreements in the Notes or the Indenture with respect to the Notes upon receipt by the Issuer of notice of such default by the Trustee or by holders of not less than 25% in aggregate outstanding principal amount of the Notes then outstanding and the Issuer&#8217;s failure to cure (or obtain a waiver of) such default within 60&#160;days after the Issuer receives such notice;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>failure to pay any debt (other than non-recourse debt) (a)&#160;of the Issuer, the Parent Guarantor or any Material Subsidiary (as defined in the Indenture) or any entity of which the Issuer is the general partner or managing member, and (b)&#160;in an outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which debt is not discharged, or such default in payment or acceleration is not cured or rescinded, within 60&#160;days after written notice to the Issuer from the Trustee (or to the Issuer and the Trustee from holders of at least 25% in outstanding principal amount of the Notes);</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>certain events of bankruptcy, insolvency or reorganization, or court appointment of a receiver, liquidator or trustee of the Issuer, the Parent Guarantor or any Material Subsidiary or all or substantially all of their respective property; and</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="color: #212529"><span style="font-family: Symbol">&#183;</span></span></td>
    <td>the Guarantees of any Guarantor is not (or is claimed by any Guarantor in writing to the Trustee not to be) in full force and effect (other than in accordance with the terms of the Indenture) with respect to the Notes.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The description of the Indenture in this 8-K is a summary and is qualified
in its entirety by the terms of the Indenture.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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%"><b>Item&#160;8.01</b></td>
    <td style="width: 92%"><b>Other Events.</b></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The offering closed on May&#160;23, 2025 and
resulted in net proceeds to the Parent Guarantor of approximately $393.6 million, after deducting the underwriting discount and the estimated
offering expenses payable by the Issuer. The Notes were offered pursuant to (i)&#160;the shelf registration statement on Form&#160;S-3
(File No.&#160;333-271668) which became effective upon filing with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
on May&#160;5, 2023, as amended by the post-effective amendment no. 1 filed with the Commission on May&#160;6, 2024 and as further amended
by the post-effective amendment no. 2 filed with the Commission on May&#160;14, 2025, (ii)&#160;the base prospectus included in the shelf
registration statement and (iii)&#160;the prospectus supplement dated May&#160;14, 2025, which was filed with the Commission pursuant
to Rule&#160;424(b)&#160;under the Securities Act of 1933, as amended. In connection with the filing of the prospectus supplement, an
opinion of the Issuer&#8217;s and Guarantors&#8217; counsel regarding the validity of the Notes and related Guarantee is filed with this
8-K as Exhibit&#160;5.1 and an opinion of Parent Guarantor&#8217;s counsel regarding certain Maryland law issues is filed with this 8-K
as Exhibit&#160;5.2.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</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%"><b>Item 9.01.</b></td>
    <td style="width: 92%"><b>Financial Statements and Exhibits.</b></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Exhibit</span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; width: 10%"><a href="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt; width: 90%"><a href="https://www.sec.gov/Archives/edgar/data/917251/000110465920096208/tm2026156d72_ex4-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture,
    dated as of August&#160;17, 2020, among the Issuer, the Parent Guarantor and the Trustee (incorporated by reference to Exhibit&#160;4.1
    to Agree Realty Corporation&#8217;s Current Report on Form&#160;8-K filed on August&#160;17, 2020).</span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indenture
    Officer&#8217;s Certificate, <span>dated as of </span>May<span style="background-color: white">&#160;23,
    2025, among the Issuer, the Parent Guarantor and the Trustee.</span></span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of
    Global Note for </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.600<span>%
    Notes due 20</span>35 <span>(included in Exhibit&#160;4.2).</span></span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex4-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of
    20</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35 <span>Guarantee
    by and among the Issuer, the Guarantors and the Trustee (included in Exhibit&#160;4.2)</span></span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Honigman LLP as to the validity of the Notes and the Guarantees.</span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Ballard Spahr LLP regarding Maryland law issues.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-3.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Burr&#160;&amp; Forman LLP, regarding Florida and North Carolina law issues.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Porter Hedges LLP, regarding Texas law issues.</span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Honigman LLP (included in Exhibit&#160;5.1).</span></a></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 8pt"><a href="tm2515647d1_ex5-2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Ballard Spahr LLP (included in Exhibit&#160;5.2).</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page&#160;Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 239.25pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 239.25pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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>&#160;</td>
    <td colspan="3"><b>AGREE REALTY CORPORATION</b></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Date: May&#160;23, 2025</td>
    <td>By:</td>
    <td colspan="2" style="border-bottom: black 1pt solid">/s/ Peter Coughenour</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#160;</td>
    <td style="width: 3%">&#160;</td>
    <td style="width: 5%">Name:</td>
    <td style="width: 42%">Peter Coughenour</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>Title:</td>
    <td>Chief Financial Officer and Secretary</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>2
<FILENAME>tm2515647d1_ex4-2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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; text-align: right"><FONT><B>Exhibit&nbsp;4.2</B></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: center"><B>AGREE REALTY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>OFFICER&rsquo;S CERTIFICATE</U></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">May&nbsp;23, 2025</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 undersigned, Joel N. Agree,
President and Chief Executive Officer of AGREE REALTY CORPORATION (the &ldquo;<B><I>General Partner</I></B>&rdquo;), a Maryland corporation
operating as a real estate investment trust, hereby certifies, on behalf of the General Partner in its own capacity and as sole general
partner of AGREE LIMITED PARTNERSHIP, a Delaware limited partnership (the &ldquo;<B><I>Company</I></B>&rdquo;), pursuant to Sections 2.1,
2.2 and 11.5 of the Indenture, dated as of August&nbsp;17, 2020 (the &ldquo;<B><I>Base&nbsp;Indenture</I></B>&rdquo;), by and among the
Company, the General Partner, as a guarantor, U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National
Association, as trustee and the other parties thereto, as follows:</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: 0.25in">1.</TD><TD STYLE="text-align: justify">The undersigned has read Sections 2.1 and 2.2 of the Base Indenture and such other sections of the Base
Indenture and other documents and has made such other inquiries as he has deemed necessary to express an informed opinion as to whether
or not the covenants and conditions precedent provided for in the Base Indenture relating to the issuance of the Company&rsquo;s 5.600%
Notes due 2035 (the &ldquo;<B><I>Notes</I></B>&rdquo;) have been complied with.</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: 0.25in">2.</TD><TD STYLE="text-align: justify">In the opinion of the undersigned, the covenants and conditions precedent provided for in the Base Indenture
relating to the issuance of the Notes have been complied with.</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: 0.25in">3.</TD><TD STYLE="text-align: justify">The form of the Notes and the guarantee of the Notes by the General Partner, the Subsidiary Guarantors
and any future guarantor, and the terms of the Notes, as set forth in Exhibit&nbsp;A-1, attached to Annex A hereto have been duly established
pursuant to Sections 2.1 and 2.2 of the Base Indenture and comply with the Base Indenture, and this Officer&rsquo;s Certificate is delivered
in accordance with Sections 2.3 and 11.4 of the Base Indenture and complies with the requirements of such Sections.</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">[SIGNATURE ON FOLLOWING PAGE]</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 WITNESS WHEREOF, the undersigned
has caused this certificate to be duly executed as of the date first set forth above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">AGREE LIMITED PARTNERSHIP,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">a Delaware limited partnership</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">AGREE REALTY CORPORATION,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Its sole general partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Joel N. Agree</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Joel N. Agree</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Its:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">AGREE REALTY CORPORATION,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">a Maryland corporation</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Joel N. Agree</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Joel N. Agree</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Its:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</TD></TR>
  </TABLE>


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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature page to Officer&rsquo;s Certificate to Indenture]</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: right"><B>ANNEX A</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 Sections 2.1 and
2.2 of the Indenture, dated as of August&nbsp;17, 2020 (the &ldquo;<B><I>Base Indenture</I></B>&rdquo;), among AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (the &ldquo;<B><I>Company</I></B>&rdquo;), AGREE REALTY CORPORATION, a Maryland corporation operating as
a real estate investment trust, (the &ldquo;<B><I>General Partner</I></B>&rdquo;), as a guarantor, and U.S. Bank Trust Company, National
Association, as successor in interest to U.S. Bank National Association, as trustee (the &ldquo;<B><I>Trustee</I></B>&rdquo;), the terms
of the Company&rsquo;s 5.600% Notes due 2035 (the &ldquo;<B><I>Notes</I></B>&rdquo;) to be issued pursuant to the Base Indenture are as
set forth below. The Base Indenture together with, and as amended and supplemented by, the Officer&rsquo;s Certificate (the &ldquo;<B><I>Series&nbsp;Officer&rsquo;s
Certificate</I></B>&rdquo;), dated as of May&nbsp;23, 2025, establishing the terms of the Notes and of which this Annex A forms a part,
is referred to herein as the &ldquo;Indenture&rdquo;. Certain defined terms are set forth in paragraph 17 hereof. Capitalized terms used
but not otherwise defined in this Series&nbsp;Officer&rsquo;s Certificate shall have the respective meanings assigned to them in the Base
Indenture.</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">1.&#8239;&#8239;&#8239;&#8239;<B><I>Title</I></B>.
The series of Securities is hereby established under the Base Indenture and shall be known and designated as the &ldquo;5.600% Notes due
2035.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">2.&#8239;&#8239;&#8239;&#8239;<B><I>Aggregate
Principal Amount</I></B>. The Notes shall be limited in initial aggregate principal amount to $400,000,000, except, for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.7, 2.8, 2.11, 3.6
or 9.6 of the Base Indenture.</FONT> The Company may in the future, without the consent of Holders, issue additional Notes (&ldquo;<B><I>Additional
Notes</I></B>&rdquo;) on the identical terms as the Notes of the series being offered hereby other than with respect to the date of issuance,
issue price and date of first payment of interest thereon. The Notes and any Additional Notes subsequently issued under the Indenture
would be treated as a single series with the Notes established hereunder for all purposes under the Indenture, including, without limitation,
waivers, amendments, redemptions and offers to purchase; provided, however, that if such Additional Notes will not be fungible with the
previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;<B><I>Issue
Price</I></B>. The Notes will be issued at a price equal to 99.297% of the principal amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;<B><I>Maturity</I></B>.
The date on which the principal of the Notes is payable is June&#8239;15, 2035 (the &ldquo;<B><I>Stated Maturity Date</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;<B><I>Rate
of Interest; Interest Payment Date; Regular Record Dates</I></B>. The Notes shall bear interest at the rate of 5.600% per year. Interest
on the outstanding principal amount of the Notes shall accrue from May&#8239;23, 2025, and will be payable semi-annually in arrears on
June&#8239;15 and December&#8239;15 of each year (each such date, an &ldquo;<B><I>Interest Payment Date</I></B>&rdquo;), commencing on December&#8239;15,
2025, to the persons in whose names the Notes are registered in the security register at the close of business on the immediately preceding
June&#8239;1 or December&#8239;1, as the case may be (a &ldquo;<B><I>Regular Record Date</I></B>&rdquo;). Interest on the Notes shall accrue
from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly made available for
payment (or from and including the date of issue, if no interest has been paid or duly made available for payment with respect to the
Notes) to, but excluding the applicable Interest Payment Date, the Stated Maturity Date or date of earlier redemption (the Stated Maturity
Date, the date of acceleration, or the date of earlier redemption referred to collectively herein as the &ldquo;<B><I>Maturity Date</I></B>&rdquo;),
as the case may be. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If any Interest
Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment will be made on the next Business Day
as if made on the date such payment was due, and no interest will accrue on such payment for the period from and after such Interest Payment
Date or the Maturity Date, as the case may be, to the date of such payment until the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;<B><I>Place
of Payment</I></B>. Payments of principal, premium, if any, and interest, on the Notes shall be payable, at the Corporate Trust Office
of the Trustee. Payment of principal of, premium, if any, on a definitive Note may be made only against surrender of the Note to the Company&rsquo;s
paying agent. The Company may make interest payments (1)&#8239;by wire transfer of funds to the person at an account maintained within
the United States, or (2)&#8239;if no wire transfer is provided, the Company may make interest payments by check mailed to the address
of the person entitled to the payment as that address appears in the applicable register for those Notes. However, while any Notes are
represented by a registered Global Security, payment of principal of, premium, if any, or interest on the Notes may be made by wire transfer
to the account of the Depositary or its nominee. Any interest not so punctually paid or duly made available for payment shall be paid
in accordance with the form of Note as set forth on Exhibit&#8239;A-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;<B><I>No
Sinking Fund</I>. </B>The Notes are not mandatorily redeemable and are not entitled to the benefit of a sinking fund or any analogous
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;<B><I>Optional
Redemption</I></B>. The Company may redeem all or part of the series of Notes at any time at its option as set forth in the applicable
form of Note as set forth on Exhibit&#8239;A-1 and in Article&#8239;III of the Base Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;<B><I>Registered
Securities</I></B>. The Notes shall be issued only as registered Securities, in minimum denominations of $2,000 and integral multiples
of $1,000. The Notes shall be issuable as registered Global Securities in book-entry form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;<B><I>Registrar;
Paying Agent; Depositary</I></B>. The Trustee shall initially serve as the registrar and the paying agent for the Notes. The Depository
Trust Company shall initially serve as the Depositary for the registered Global Security representing the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">11.&#8239;&#8239;&#8239;<B><I>Amount
Payable Upon Acceleration</I></B></FONT>. 100% of the principal of and accrued interest, if any, on the Notes shall be payable upon declaration
of acceleration pursuant to Section&#8239;6.1 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">12.&#8239;&#8239;&#8239;<B><I>Ranking
Security</I></B></FONT>. The Notes are senior unsecured obligations of the Company and rank equally with other senior unsecured indebtedness
of the Company that is not subordinated to the Notes, including the Company&rsquo;s 2.900% Senior Notes due 2030, 2.000% Senior Notes
due 2028, 2.600% Senior Notes due 2033, 4.800% Senior Notes due 2032 and 5.625% Notes due 2034 (collectively, the &ldquo;<B><I>Existing
Notes</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;<B><I>Payment
Currency-Election</I></B>. The principal of, premium, if any, and interest on the Notes shall not be payable in a currency other than
Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;<B><I>Payment
Currency-Index</I></B>. The principal of, premium, if any, and interest on the Notes shall not be determined with reference to an index
based on a coin or currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&#8239;&#8239;&#8239;<B><I>Notes
in Definitive Form</I></B>. Section&#8239;2.14 of the Base Indenture will govern the transferability of the Notes in definitive form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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">16.&#8239;&#8239;&#8239;<B><I>Events
of Default</I></B>. There shall be no deletions from, modifications or additions to the Events of Default set forth in Section&#8239;6.1
of the Base Indenture, except, with respect to the Notes, clause (g)&#8239;of Section&#8239;6.1 of the Base Indenture shall be deemed deleted
in its entirety and the following shall be added as clause (g)&#8239;of the Base Indenture: &ldquo;</FONT>failure to pay any Debt (other
than Non-Recourse Debt)&#8239;(a)&#8239;of the Company, the General Partner, or any Material Subsidiary or any entity in which we are the
general partner or managing member, and (b)&#8239;in an outstanding principal amount in excess of $50,000,000 at final maturity or upon
acceleration after the expiration of any applicable grace period, which Debt is not discharged, or such default in payment or acceleration
is not cured or rescinded, within 60 days after written notice to the Company from the Trustee (or to the Company and the Trustee from
Holders of at least 25% in principal amount of the outstanding Notes).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;<B><I>Covenants</I></B>.
There shall be the following additions, replacements, amendments and supplements, as the case may be, to the covenants of the Company
set forth in Article&#8239;IV of the Base Indenture solely with respect to the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;<I><U>Limitation
on Incurrence of Total Debt</U></I>. This paragraph (a)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect
to the Notes. The General Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after giving
effect to the incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate outstanding
principal amount of all Debt of the General Partner and its Subsidiaries on a consolidated basis determined in accordance with GAAP is
greater than 60% of the sum of (without duplication) (1)&#8239;the Total Assets of the General Partner as of the end of the latest fiscal
quarter covered in the General Partner&rsquo;s Annual Report on Form&#8239;10-K or Quarterly Report on Form&#8239;10-Q, as the case may
be, most recently filed with the SEC (or, if such filing is not required under the Exchange Act, furnished to the Trustee) prior to the
incurrence of such additional Debt, and (2)&#8239;the aggregate purchase price of any real estate assets or mortgages receivable acquired,
and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate
assets or mortgages receivable or used to reduce Debt), in each case by the General Partner or any of its Subsidiaries since the end of
such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;<I><U>Debt
Service Test</U></I>. This paragraph (b)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect to the Notes.
The General Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated Income Available
for Debt Service to the Annual Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which
such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt
and the application of the proceeds therefrom, and calculated on the assumptions that: (1)&#8239;such Debt and any other Debt incurred
by the General Partner or its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom
(including to refinance other Debt since the first day of such four-quarter period) had occurred as of the first day of such period, (2)&#8239;the
repayment or retirement of any other Debt (other than Debt repaid or retired with the proceeds of any other Debt, which repayment or retirement
shall be calculated pursuant to clause (1)&#8239;and not this clause) by the General Partner or any of its Subsidiaries since the first
day of such four-quarter period had been repaid or retired as of the first day of such period (except that, in making such computation,
the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily
balance of such Debt during such period), (3)&#8239;in the case of Acquired Debt or Debt incurred by the General Partner or any of its
Subsidiaries in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred
as of the first day of such four-quarter period with the appropriate adjustments with respect to such acquisition being included in such
pro forma calculation, and (4)&#8239;in the case of any acquisition or disposition by the General Partner or any of its Subsidiaries of
any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase
or sale, or asset purchase or sale, such acquisition or disposition had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition and any related repayment of Debt being included in such pro forma calculation.
If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter
period bears interest at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of
such Debt, if any, that has not been so hedged), then, for purposes of calculating the Annual Service Charge, the interest rate on such
Debt shall be computed on a pro forma basis as if the average interest rate that would have been in effect during the entire such period
had been the applicable rate for the entire such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;<I><U>Maintenance
of Total Unencumbered Assets</U></I>. This paragraph (c)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect
to the Notes. The General Partner and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 150% of the
aggregate outstanding principal amount of the Unsecured Debt of the General Partner and its Subsidiaries determined on a consolidated
basis in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;<I><U>Limitation
on Incurrence of Secured Debt</U></I>. This paragraph (d)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect
to the Notes. The General Partner will not, and will not permit any of its Subsidiaries to, incur any Secured Debt if, immediately after
giving effect to the incurrence of such Secured Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate
outstanding principal amount of the Secured Debt of the General Partner and its Subsidiaries determined on a consolidated basis in accordance
with GAAP is greater than 40% of the sum of (without duplication) (1)&#8239;the Total Assets of the General Partner and its Subsidiaries
as of the end of the latest fiscal quarter covered in the General Partner&rsquo;s Annual Report on Form&#8239;10-K or Quarterly Report
on Form&#8239;10-Q, as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, furnished
to the Trustee) prior to the incurrence of such additional Debt, and (2)&#8239;the aggregate purchase price of any real estate assets or
mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were
not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the General Partner or any of its Subsidiaries
since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the covenants
described in clauses (a)-(d)&#8239;Debt shall be deemed to be &ldquo;incurred&rdquo; by the General Partner or any of its Subsidiaries
whenever the General Partner or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. Furthermore,
nothing in clauses (a)-(d)&#8239;shall prevent the incurrence of Debt by the General Partner or any of its Subsidiaries between or among
the General Partner or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(e)&#8239;&#8239;&#8239;&#8239;<I><U>Future
Subsidiary Guarantors</U></I>. This paragraph (e)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect to the
Notes. Each Subsidiary of the General Partner that guarantees (now or in the future) other Debt of the Company or of any Guarantor shall
immediately be and become, automatically and without the execution or delivery of any instrument or other action by any person, jointly
and severally with any other Guarantors of the Notes, a Guarantor of the Notes and shall be subject to and bound by all of the terms and
provisions of the Indenture applicable to a Guarantor of the Notes; provided that the General Partner shall cause any such Guarantor to
within thirty calendar days (i)&#8239;execute and deliver to the Trustee a guarantee in the form of guarantee attached to the Notes (the
 &ldquo;Guarantee&rdquo;) to acknowledge such guarantee in accordance with Article&#8239;X of the Indenture, and (ii)&#8239;deliver to the
Trustee, in addition to any other documents to be delivered to the Trustee pursuant to Section&#8239;11.4 of the Indenture, an Officer&rsquo;s
Certificate or Opinion of Counsel to the effect that (x)&#8239;the execution of such Guarantee is authorized or permitted by the Indenture,
and (y)&#8239;such Guarantee has been duly authorized, executed and delivered by, and is a valid binding obligation of such entity, enforceable
against such entity in accordance with its terms, subject to customary exceptions</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;<I><U>Maintenance
of Properties</U></I>. This paragraph (f)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect to the Notes.
Each of the General Partner and the Company shall cause its material properties used or useful in the conduct of its business or the business
of any Subsidiary of the Company to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty
and condemnation excepted, and supplied with all necessary equipment and will require it to cause to be made all necessary repairs, renewals,
replacements, betterments and improvements to those properties, as in its judgment may be necessary so that the business carried on in
connection with those properties may be properly and advantageously conducted at all times; provided, that the Company and its Subsidiaries
shall not be prevented from (1)&#8239;removing permanently any property that has been condemned or suffered casualty loss, (2)&#8239;discontinuing
any maintenance or operation of any property if, in Company&rsquo;s reasonable judgment, such removal is not disadvantageous in any material
respect to the Holders of the Notes or (3)&#8239;selling or otherwise disposing of these properties for value in the ordinary course of
business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;<I><U>Payment
of Taxes and Other Claims</U></I>. This paragraph (g)&#8239;will be an addition to Article&#8239;IV of the Base Indenture with respect to
the Notes. The General Partner and the Company shall pay or discharge (or, if applicable, cause to be transferred to bond or other security)
or cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges levied
or imposed on each of the General Partner, the Company and its Subsidiaries or upon the income, profits or property of each of the General
Partner, the Company and its Subsidiaries; provided, that General Partner and the Company shall not be required to pay or discharge (or
transfer to bond or other security) or cause to be paid or discharged any material tax, assessment or charge, (a)&#8239;the applicability
or validity of which it is contesting in good faith through appropriate proceedings and for which it has established adequate reserves
in accordance with GAAP or (b)&#8239;where the failure to effect such payment is not, in the General Partner or the Company&rsquo;s reasonable
judgment, adverse in any material respect to the Holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;<I><U>Insurance</U></I>.
This paragraph (h)&#8239;will be in addition to Article&#8239;IV of the Base Indenture with respect to the Notes. The General Partner and
the Company shall, and shall cause the Subsidiaries to, keep in force upon all of its properties and operations policies of insurance
with financially sound and reputable carriers in such amounts and covering all risks as shall be customary in the industry, in accordance
with prevailing market conditions and availability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;<I><U>Certain
Definitions</U></I>. As used herein (and to the extent any such definitions conflict with definitions included in the Base Indenture,
the definitions included here shall control with respect to the Notes):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Acquired Debt</U>&rdquo;
means Debt of a person (i)&#8239;existing at the time such person becomes a Subsidiary or (ii)&#8239;assumed in connection with the acquisition
of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation of, such person becoming a
Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any
person or the date the acquired person becomes a Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Annual Service Charge</U>&rdquo;
for any period means, without duplication, amount that is payable for interest expense on, and the amortization during such period of
any original issue discount of, the General Partner&rsquo;s and its Subsidiaries&rsquo; Debt in such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Consolidated Income
Available for Debt Service</U>&rdquo; for any period means Earnings from Operations of the General Partner and its Subsidiaries plus amounts
which have been deducted, and minus amounts which have been added, for the following (without duplication):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(1)</TD><TD STYLE="text-align: justify">interest expense on Debt of the General Partner and its Subsidiaries,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(2)</TD><TD STYLE="text-align: justify">provision for taxes of the General Partner and its Subsidiaries based on income,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(3)</TD><TD STYLE="text-align: justify">amortization of debt discount, premium and other deferred financing charges,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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">(4)</TD><TD STYLE="text-align: justify">provision for gains and losses and depreciation and amortization,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(5)</TD><TD STYLE="text-align: justify">the effect of any noncash charge resulting from a change in accounting principles in determining Earnings
from Operations for such period,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(6)</TD><TD STYLE="text-align: justify">gains and losses resulting from the extinguishment of debt, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(7)</TD><TD STYLE="text-align: justify">all other non-cash charges.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debt</U>&rdquo;
of the General Partner or any of its Subsidiaries means any indebtedness of the General Partner or any of its Subsidiaries, excluding
any accrued expense or trade payable, whether or not contingent, in respect of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(1)</TD><TD STYLE="text-align: justify">borrowed money evidenced by bonds, notes, debentures or similar instruments,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(2)</TD><TD STYLE="text-align: justify">indebtedness secured by any Lien existing on property owned by the General Partner or any of its Subsidiaries,
but only to the extent of the lesser of (x)&#8239;the amount of indebtedness so secured and (y)&#8239;the fair market value of the property
subject to such Lien existing on property owned by the General Partner or any of its Subsidiaries,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(3)</TD><TD STYLE="text-align: justify">the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually
issued and called or amounts representing the balance deferred and unpaid of the purchase price of any property or services, or all conditional
sale obligations or obligations under any title retention agreement, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">(4)</TD><TD STYLE="text-align: justify">any lease of property by the General Partner or any of its Subsidiaries as lessee that is reflected on
the General Partner&rsquo;s consolidated balance sheet and classified as a finance lease in accordance with GAAP,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and to the extent, in the case of items of indebtedness
under clauses (1)&#8239;and (3)&#8239;immediately above, that any such items (other than letters of credit) would appear as a liability
on the General Partner&rsquo;s consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included,
any obligation by the General Partner or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other
than for purposes of collection in the ordinary course of business), Debt of another person (other than the General Partner or any of
its Subsidiaries); provided, however, that the term &ldquo;Debt&rdquo; shall not include Permitted Non-Recourse Guarantees of the General
Partner or any of its Subsidiaries until such time as they become primary obligations of, and payments are due and required to be made
thereunder by, the General Partner or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<U>Earnings from Operations</U>&rdquo; for
any period means net income excluding gains and losses on sales of investments, net, as reflected in the financial statements of the General
Partner and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement, pledge, security interest,
security agreement or other encumbrance of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-Recourse Debt</U>&rdquo;
means Debt of a joint venture or Subsidiary of the General Partner (or an entity in which the Company is a general partner or managing
member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of
such joint venture or Subsidiary (or an entity in which the Company is a general partner or managing member that is the borrower) and
is non-recourse to the General Partner or any of its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other
than with respect to the joint venture or Subsidiary of the General Partner (or entity in which the Company is the general partner or
managing member that is the borrower)); provided further that, if any such Debt is partially recourse to the General Partner or any of
its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary
of the General Partner (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore
does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth above shall constitute
 &ldquo;Non-Recourse Debt.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted Non-Recourse
Guarantees</U>&rdquo; means customary completion or budget guarantees, indemnities or other customary guarantees provided to lenders (including
by means of separate indemnification agreements, carve-out guarantees or pledges of the equity interests in the borrower ) under such
Non-Recourse Debt in the ordinary course of business of the General Partner or any of its Subsidiaries in financing transactions that
are directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of a joint venture
or Subsidiary of the General Partner (or an entity in which the Company is the general partner or managing member), in each case that
is the borrower in such financing, but is non-recourse to the General Partner or any of its other Subsidiaries, except for such completion
or budget guarantees, indemnities or other guarantees (including by means of separate indemnification agreements or carve-out guarantees
or pledges of the equity interests in the borrower) as are consistent with customary industry practice (such as environmental indemnities
and recourse triggers based on violation of transfer restrictions and other customary exceptions to non-recourse liability).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Debt</U>&rdquo;
means Debt secured by a Lien on any property or assets of the General Partner or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary Guarantors</U>&rdquo;
means, as of any date, all Subsidiaries of the General Partner, if any, that guarantee the obligations of the Company under the Indenture
and the Notes in accordance with the provisions of this Annex A and the Indenture, and &ldquo;Subsidiary Guarantor&rdquo; means any one
of the Subsidiary Guarantors; provided that upon the release or discharge of such Subsidiary Guarantor from its guarantee in accordance
with paragraph 18 of this Annex A and Article&#8239;X of the Base Indenture, such Subsidiary shall cease to be a Subsidiary Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&ldquo;<U>Total
Assets</U>&rdquo; means, as of any date, the sum of (i)&#8239;Undepreciated Real Estate Assets and (ii)&#8239;all of the General Partner&rsquo;s
and its Subsidiaries&rsquo; other assets, but excluding accounts receivables</FONT>, right of use assets relating to operating leases
and non-real estate intangibles, determined on a consolidated basis in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Total Unencumbered
Assets</U>&rdquo; means the sum of the General Partner&rsquo;s and its Subsidiaries&rsquo; Undepreciated Real Estate Assets and the value
determined on a consolidated basis in accordance with GAAP of all of the General Partner&rsquo;s and its Subsidiaries&rsquo; other assets,
other than accounts receivables, right of use assets relating to operating leases and non-real estate intangibles, in each case not subject
to any Lien of any kind for borrowed money; provided, however, that &ldquo;Total Unencumbered Assets&rdquo; does not include investments
in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated
entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Undepreciated Real
Estate Assets</U>&rdquo; as of any date means the cost (original cost plus capital improvements) of real estate assets and related intangibles
of the General Partner and its Subsidiaries on such date, before depreciation and amortization charges determined on a consolidated basis
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unsecured Debt</U>&rdquo;
means Debt of the types described in clauses (1)&#8239;and (3)&#8239;of the definition thereof that is not secured by any Lien upon any
of the properties of the General Partner or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;<B><I>Guarantee</I></B>.
The Notes are guaranteed by the Guarantors as provided in Article&#8239;X of the Indenture. The General Partner and the Subsidiaries listed
on Schedule I are hereby designated as &ldquo;Guarantors&rdquo; under the Indenture with respect to the Notes on the original issue date.
Each other Subsidiary of the General Partner shall become a Guarantor of the Notes as provided in the Indenture and paragraph 17(e)&#8239;of
this Annex A. Each Guarantor&rsquo;s guarantee of the Notes shall be in the form of the Guarantee, is an unsecured obligation of such
Guarantor and ranks equally with other unsecured indebtedness of such Guarantor that is not subordinated to its Guarantee of the Notes.
Other than in accordance with Section&#8239;10.4 of the Base Indenture, the General Partner shall not be released from its Guarantee of
the Notes so long as any Notes of such series remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Subsidiary Guarantor shall be automatically and unconditionally released: (i)&#8239;upon the sale or other disposition (including by way
of consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the Capital
Stock or other interests of such Subsidiary Guarantor (other than to the Company or any Affiliate of the Company); or (ii)&#8239;upon the
sale or disposition of all or substantially all the property of such Subsidiary Guarantor (other than to the Company or any Affiliate
of the Company); or (iii)&#8239;if at any time when no Event of Default has occurred and is continuing with respect to the Notes, such
Subsidiary Guarantor no longer guarantees (or which guarantee is being simultaneously released or will be immediately released after the
release of the Subsidiary Guarantor) any other Debt of the Company or of any Guarantor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
applicable Guarantees also will be automatically released if the Company exercises its legal defeasance or its covenant defeasance option
with respect to the Notes as set forth in Article&#8239;VIII of the Base Indenture, or if the Company&rsquo;s obligations under the Base
Indenture with respect to the Notes are discharged as set forth in Section&#8239;8.4 thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.&#8239;&#8239;&#8239;&#8239;<B><I>Conversion
and Exchange</I></B>. The Notes shall not be convertible into or exchangeable into any other security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.&#8239;&#8239;&#8239;&#8239;<B><I>Satisfaction
and Discharge; Covenant Defeasance</I></B>. Article&#8239;VIII of the Base Indenture shall apply to the Notes. In addition to the other
sections of the Indenture subject to the covenant defeasance provisions set forth in Article&#8239;VIII of the Base Indenture, the covenants
set forth in paragraph 17 of this Annex A shall be subject to the covenant defeasance provisions set forth in Article&#8239;VIII of the
Base Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.&#8239;&#8239;&#8239;&#8239;<B><I>Discount
Securities</I></B>. The Notes are not Discount Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22. &#8239;&#8239;&#8239;<B><I>Modification,
Amendment and Waiver</I></B>. The terms and provisions of the Notes may be modified, amended, supplemented or waived as set forth in the
Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">23<I>.</I></FONT>&#8239;&#8239;&#8239;&#8239;<B><I>Other
Terms</I></B>. The Notes shall have the other terms, and the Notes shall be substantially in the form, set forth in Exhibit&#8239;A-1.
In case of any conflict between this Annex A and the Notes, the form of the Notes shall control. In the case of any conflict between,
on the one hand, this Annex A and/or the Notes, and on the other hand, the Base Indenture, this Annex A and/or the Notes shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&#8239;A-1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&#8239;OF 2035 NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF, WHICH MAY&#8239;BE TREATED
BY THE ISSUER, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;<B>DTC</B>&rdquo;), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE&#8239;&amp; CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&#8239;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH THE REGISTERED OWNER HEREOF, CEDE&#8239;&amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.600</B></FONT><B>%
Notes due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CUSIP No.&#8239;008513AF0</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ISIN No.&#8239;US008513AF06</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.&#8239;[
]</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">$[ ]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (hereinafter referred to as &ldquo;<B><I>Issuer</I></B>,&rdquo; which term includes any successor thereof
under the Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE&#8239;&amp; CO., or its registered
assigns, the principal sum of [__] ($[ ]) on June&#8239;15, 2035 (the &ldquo;<B><I>Stated Maturity Date</I></B>&rdquo; with respect to
the principal of this Note), unless previously redeemed on any call for redemption in accordance with the provisions set forth on the
reverse hereof (the Stated Maturity Date, the date on which the principal becomes due following acceleration or any call for redemption
is referred herein as the &ldquo;<B><I>Maturity Date</I></B>&rdquo; with respect to principal repayable or repurchased on such date) and
to pay interest thereon semi-annually in arrears on June&#8239;15 and December&#8239;15 of each year (each, an &ldquo;<B><I>Interest Payment
Date</I></B>&rdquo;), commencing on December&#8239;15, 2025, at the rate of 5.600% per annum, until payment of said principal has been
made or duly provided for. Interest on this Note payable on an Interest Payment Date will accrue from and including the immediately preceding
Interest Payment Date in respect of which interest has been paid or duly made available for payment, or from and including May&#8239;23,
2025, if no interest has been paid or duly made available for payment, to but excluding the applicable Interest Payment Date or the Maturity
Date, as the case may be. Interest on this Note will be computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Capitalized terms used but
not otherwise defined herein shall have the respective meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest so payable and
punctually paid or duly made available for payment on any Interest Payment Date will be paid to the Holder in which name this Note is
registered in the security register at the close of business on the &ldquo;<B><I>Regular Record Date</I></B>&rdquo; for such payment,
which shall be the June&#8239;1 and December&#8239;1, as the case may be, immediately preceding such Interest Payment Date (regardless of
whether such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made available for payment shall
forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the person in whose name this Note is registered
at the close of business on a subsequent special record date for the payment of such defaulted interest (which shall be not more than
5 Business Days prior to the date of the payment of such defaulted interest) established by notice given by mail by or on behalf of the
Issuer to the Holders of the Notes not less than 15 calendar days preceding such subsequent special record date, or may be paid at any
time in any other lawful manner, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The principal of, and premium,
if any, with respect to, this Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the Corporate
Trust Office of the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough of Manhattan, The City
of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee (as defined on the reverse hereof) as the
office to be maintained by it where Notes may be presented for payment, registration of transfer or exchange and where notices or demands
to or upon the Issuer in respect of the Notes or the Indenture may be served.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Interest Payment Date
or the Maturity Date falls on a day that is not a Business Day, the payment required to be made on such date will, instead, be made on
the next Business Day with the same force and effect as if it were made on the date such payment was due, and no interest shall accrue
on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. &ldquo;<B><I>Business
Day</I></B>&rdquo; means, unless otherwise provided by Board Resolution, supplemental indenture to the Indenture or Officer&rsquo;s Certificate
delivered pursuant to Section&#8239;2.2 of the Base Indenture, any day except Saturday, Sunday or a legal holiday in The City of New York
(or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation
or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of principal, premium,
if any, and interest in respect of this Note will be made in such coin or currency of the United States of America as at the time of payment
is legal tender for the payment of public and private debts (i)&#8239;in the case of payments on the Maturity Date, in immediately available
funds, and (ii)&#8239;in the case of payments of interest on an Interest Payment Date other than the Maturity Date, (a)&#8239;by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the United States of America, or (b)&#8239;if
no wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address appearing in the security register;
provided, however, that so long as Cede&#8239;&amp; Co. is the Holder of this Note, payments of interest on an Interest Payment Date may
be made in immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to the further
provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though
fully set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note shall not be entitled
to the benefits of the Indenture or the Guarantee or be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been executed by manual signature by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">AGREE LIMITED PARTNERSHIP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">AGREE REALTY CORPORATION, its sole</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">general partner</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This is one of the Securities
of the series designated herein, referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&#8239;OF REVERSE OF 2035 NOTE]</B></P>

<P STYLE="font: 10pt 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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>
5.600% Notes due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is one of a duly
authorized issue of Securities of the Issuer (hereinafter called the &ldquo;<B><I>Securities</I></B>&rdquo;) of the series hereinafter
specified, all issued or to be issued under and pursuant to an Indenture (the &ldquo;<B><I>Base Indenture</I></B>&rdquo;), dated as of
August&#8239;17, 2020, duly executed and delivered by the Issuer, AGREE REALTY CORPORATION (the &ldquo;<B><I>General Partner</I></B>&rdquo;),
to U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the &ldquo;<B><I>Trustee</I></B>,&rdquo;
which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part),
together with the Officer&rsquo;s Certificate dated as of May&#8239;23, 2025 amending and supplementing the Base Indenture and establishing
the terms of the Notes (collectively with the Base Indenture, the &ldquo;<B><I>Indenture</I></B>&rdquo;) and reference is hereby made
to the Indenture, and all modifications and amendments and indentures supplemental thereto relating to the Notes, made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuer, the Guarantor(s)&#8239;and
the Holders of the Notes and the terms upon which the Notes are authenticated and delivered. This Note is one of a series of Securities
designated as the 5.600% Notes due 2035 (collectively, the &ldquo;<B><I>Notes</I></B>&rdquo;) of the Issuer, limited (except as permitted
under the Indenture) in aggregate principal amount to $400,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of principal, premium,
if any, and interest in respect of the Notes will be fully and unconditionally guaranteed by the Guarantor(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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"><U>Optional
Redemption</U></FONT>. Prior to March&#8239;15, 2035 (the &ldquo;<B><I>Par Call Date</I></B>&rdquo;), the Issuer may redeem the Notes at
any time at its option in whole or from time to time in part, at a redemption price equal to the greater of: (a)&#8239;100% of the principal
amount of the Notes to be redeemed, and (b)&#8239;the sum of the present values of the remaining scheduled payments of principal of and
interest on the Notes to be redeemed (exclusive of interest accrued to the applicable redemption date), assuming that the Notes matured
and that accrued and unpaid interest on the Notes was payable on the Par Call Date, discounted to such redemption date on a semi-annual
basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 35 basis points (determined on the third
Business Day preceding the date the notice of redemption is given) from the respective dates on which such principal and interest would
have been payable if such redemption had not been made, plus, in the case of both clauses (a)&#8239;and (b)&#8239;above, accrued and unpaid
interest on the principal amount of the Notes to be redeemed to but excluding such redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On and after the Par Call
Date, the Issuer may redeem the Notes at any time in whole or from time to time in part at its option at a redemption price equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes to be redeemed
to the applicable redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein (and to the
extent any such definitions conflict with definitions included in the Base Indenture, the definitions included here shall control with
respect to the Notes):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Treasury Rate</I></B>&rdquo;
means, with respect to any redemption date, the yield determined by the Issuer in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Treasury Rate shall be
determined by the Issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the date the notice of redemption is given
based upon the yield or yields for the most recent day that appears or appear, as applicable, after such time on such day in the most
recent statistical release published by the Board of Governors of the Federal Reserve System designated as &ldquo;Selected Interest Rates
(Daily) &mdash; H.15&rdquo; (or any successor designation or publication) (&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government
securities &mdash; Treasury constant maturities &mdash; Nominal&rdquo; (or any successor caption or heading) (&ldquo;H.15 TCM&rdquo;).
In determining the Treasury Rate, we shall select, as applicable: (1)&#8239;the yield for the Treasury constant maturity on H.15 exactly
equal to the period from the redemption date to the Par Call Date (the &ldquo;Remaining Life&rdquo;); or (2)&#8239;if there is no such
Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &mdash; one yield corresponding to the Treasury
constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life &mdash; and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days)
using such yields and rounding the result to three decimal places; or (3)&#8239;if there is no such Treasury constant maturity on H.15
shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life.
For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date
equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If on the third Business Day
preceding the date the notice of redemption is given H.15 TCM or any successor designation or publication is no longer published, we shall
calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York
City time, on the second Business Day preceding the date the notice of redemption is given of the United States Treasury security maturing
on, or with a maturity that is closest to, the Par Call Date. If there is no United States Treasury security maturing on the Par Call
Date, but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with
a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select
from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based
upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining
the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury
security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New
York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice of redemption will
be mailed or sent by electronic transmission (or in the case of the Global Note, given pursuant to the applicable procedures of the Depository
Trust Company) at least 10 but not more than 60 calendar days before the redemption date to each Holder of record of the Notes to be redeemed
at its last registered address and the Trustee (if the notice is to be delivered by the Issuer). The notice of redemption for the Notes
will state, among other things, the aggregate principal amount of Notes to be redeemed, the redemption date, the redemption price and
the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Issuer defaults in payment
of the redemption price, interest, if any, will cease to accrue on any Notes that have been called for redemption at the redemption date,
on and after the redemption date (unless the Issuer defaults in payment of the redemption price) such Notes shall cease to be entitled
to any benefit or security under the Indenture and the Holders of such Notes shall have no right in respect of such Notes except the right
to receive the redemption price thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</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"><U>Miscellaneous</U></FONT>.
In case an Event of Default with respect to this Note shall have occurred and be continuing, the principal hereof may be (and, in certain
cases, shall be) declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the
conditions, provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and, if
applicable, the Guarantors, and the rights of the Holders of the Securities under the Indenture at any time by the Issuer and, if applicable,
the Guarantors, and the Trustee with the consent of the Holders of a majority in the aggregate principal amount of Securities of each
series (voting as separate classes) issued under the Indenture at the time outstanding and affected thereby. Furthermore, provisions in
the Indenture permit the Holders of a majority in the aggregate outstanding principal amount of Securities of any series, in certain instances,
to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.
Any such waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and
other Notes issued upon the registration of transfer hereof or in exchange hereof, or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No reference herein to the
Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of, and premium, if any, with respect to, and interest on, this Note in the manner, at the respective times, at the
rate and in the coin or currency herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture contains provisions
for defeasance and discharge and for defeasance at any time of certain restrictive covenants and Events of Default with respect to the
Notes upon compliance with certain conditions set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is issuable only
in definitive registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Note
may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer
in The City of New York, in the manner and subject to the limitations provided herein and in the Indenture, but without the payment of
any charge except for any tax or other governmental charge imposed in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer shall not pay Additional
Amounts on this Note held by a person that is not a U.S. person in respect of taxes or similar charges withheld or deducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Issuer, the Guarantor(s)&#8239;or
the Trustee and any authorized agent of the Issuer, the Guarantor(s)&#8239;or the Trustee may deem and treat the person in whose name this
Note is registered as the Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation
of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of, or premium, if any,
with respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other purposes, and none of the Issuer,
the Guarantor(s)&#8239;or the Trustee or any authorized agent of the Issuer, the Guarantor(s)&#8239;or the Trustee shall be affected by
any notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE INDENTURE AND THIS NOTE
SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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="padding: 1.5pt; font-size: 10pt; text-align: justify; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s)&#8239;and transfer(s)&#8239;unto:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please insert social security number or other identifying number of assignee:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please print or type name and address (including zip code) of assignee:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the within Note and all rights thereunder, hereby irrevocably constituting and appointing <U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U>&#8239; attorney to transfer said Note of AGREE Limited Partnership (the &ldquo;Issuer&rdquo;) on the books of the Issuer, with full power of substitution in the premises.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: _________</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature Guaranteed</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE: Signature must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule&#8239;17Ad-15.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTICE: The signature to this Assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatever.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&#8239;OF GUARANTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The guarantor listed below
(hereinafter referred to as the &ldquo;<B>Guarantor</B>,&rdquo; which term includes any successors or assigns under an Indenture (the
 &ldquo;<B><I>Base Indenture</I></B>&rdquo;), dated as of August&#8239;17, 2020, duly executed and delivered by AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (the &ldquo;<B><I>Issuer</I></B>&rdquo;), AGREE REALTY CORPORATION, a Maryland Corporation (the &ldquo;<B><I>General
Partner</I></B>&rdquo;), and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association,
as trustee (the &ldquo;<B><I>Trustee</I></B>&rdquo;), together with the Officer&rsquo;s Certificate dated as of May&#8239;23, 2025, amending
and supplementing the Base Indenture and establishing the terms of the Notes (defined below) (collectively with the Base Indenture, the
 &ldquo;<B><I>Indenture</I></B>&rdquo;) hereby agrees to, irrevocably and unconditionally, jointly and severally with any other Guarantors
of the Notes, guarantee on a senior unsecured basis (i)&#8239;the due and punctual payment of the principal of, premium, if any, and interest,
if any, on the 5.600% Notes due 2035 (the &ldquo;<B><I>Notes</I></B>&rdquo;) of the Issuer, whether at Stated Maturity, by declaration
of acceleration, call for redemption or otherwise, and interest on the overdue principal and premium, if any, and interest on any interest
on the Notes, if any, if lawful, and all other obligations of the Issuer, to the Holders (as defined in the Indenture) of the Notes or
the Trustee all in accordance with the terms set forth in Article&#8239;X of the Indenture, and (ii)&#8239;in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at Stated Maturity, or by declaration of acceleration, call for redemption or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Guarantors
to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article&#8239;X
of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. <FONT STYLE="background-color: white">The
Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review
in order to enter into this Guarantee, and acknowledges and agrees to perform all obligations and duties required of a Guarantor pursuant
to the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right
to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This is a continuing Guarantee
and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final
payment of all of the Issuer&rsquo;s obligations under the Notes and Indenture or until legally discharged in accordance with the terms
regarding release set forth in Article&#8239;X of the Indenture and shall inure to the benefit of the successors and assigns of the Trustee
and the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the
rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Guarantee shall not be
valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have
been signed, in the name and on behalf of the Trustee under the Indenture, manually or by facsimile or other electronic imaging means
by one of the authorized officers of the Trustee under the Indenture or as otherwise permitted under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Guarantor
under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE TERMS OF ARTICLE&#8239;X
OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. Capitalized terms used herein have the same meanings given in the Indenture unless
otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Guarantor has caused this
instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">[NAME OF GUARANTOR]</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 42%">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
SECURITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following exchanges of a part of this Global
Security for an interest in another Global Security or for a definitive registered Note, or exchanges of a part of another Global Security
or definitive registered Note for an interest in this Global Security, have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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-bottom: black 1pt solid; padding: 1.5pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date&#8239;of<BR>
Exchange</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; width: 1%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount&#8239;of<BR>
Decrease&#8239;in<BR>
Principal&#8239;Amount<BR>
of&#8239;This&#8239;Global<BR>
Security</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; width: 1%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount&#8239;of<BR>
Increase&#8239;in<BR>
Principal<BR>
Amount&#8239;of&#8239;This<BR>
Global&#8239;Security</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; width: 1%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal&#8239;Amount&#8239;of<BR>
This&#8239;Global&#8239;Security<BR>
Following&#8239;Such<BR>
Decrease&#8239;(or<BR>
Increase)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; width: 1%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature&#8239;of<BR>
Authorized<BR>
Signatory&#8239;of<BR>
Trustee&#8239;or&#8239;<BR>
Custodian</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; width: 1%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD>
    <TD STYLE="padding: 1.5pt">&#8239;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2515647d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Exhibit&nbsp;5.1</B></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"><IMG SRC="tm2515647d1_ex5-1img001.jpg" ALT=""></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">May&nbsp;23, 2025</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>Agree Realty Corporation</B> <B><BR>
Agree Limited Partnership</B> <B><BR>
32301 Woodward Avenue</B> <B><BR>
Royal Oak, Michigan 48073</B></TD>
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>Re:</I></B></TD><TD STYLE="text-align: justify"><B><I>Registration of 5.600% Senior Notes Due 2035 of Agree Limited Partnership</I></B></TD></TR></TABLE>

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<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 Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Issuer</U>&rdquo;) in connection with the issuance and sale of
$400,000,000 aggregate principal amount of the Issuer&rsquo;s 5.600% Senior Notes due 2035 (the &ldquo;<U>Notes</U>&rdquo;), which have
been registered under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), pursuant to a registration statement
on Form&nbsp;S-3 (File No.&nbsp;333-271668), as amended by the Post-Effective Amendment No.&nbsp;1 filed with the U.S. Securities and
Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) and the Post-Effective Amendment No.&nbsp;2 filed with the Commission (as amended,
the &ldquo;<U>Registration Statement</U>&rdquo;), which became effective upon filing with the Commission, with the Notes to be guaranteed
(the &ldquo;<U>Guarantees</U>&rdquo;) by Agree Realty Corporation, a Maryland corporation (the &ldquo;<U>Parent</U>&rdquo;), the parties
listed on Schedule I attached hereto (the &ldquo;<U>Covered Guarantors</U>&rdquo;) and the parties listed on Schedule II attached hereto
(together with the Parent and the Covered Guarantors, the &ldquo;<U>Guarantors</U>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In our capacity as counsel
to the Issuer, we have examined originals or copies of (i)&nbsp;the Registration Statement, (ii)&nbsp;an indenture, dated as of August&nbsp;17,
2020, among the Issuer, Parent, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association,
as trustee (the &ldquo;<U>Trustee</U>&rdquo;), as supplemented by the Officer&rsquo;s Certificate delivered by the Issuer and the Parent
on May&nbsp;23, 2025 (as supplemented, the &ldquo;<U>Indenture</U>&rdquo;), (iii)&nbsp;the underwriting agreement (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;), dated May&nbsp;14, 2025, by and among the Issuer, the Guarantors, and J.P. Morgan Securities LLC, Mizuho Securities
USA LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein, and (iv)&nbsp;such
other limited liability company and limited partnership and other records and documents we considered appropriate. We have assumed the
genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of
all documents submitted to us as copies.</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 law covered by the opinions
expressed in this opinion letter is limited to the following Law (as applicable and as defined in paragraph F below): (i)&nbsp;the Delaware
Revised Uniform Limited Partnership Act (the &ldquo;<U>Delaware RULPA</U>&rdquo;), (ii)&nbsp;the Delaware Limited Liability Company Act
(together with the Delaware RULPA, &ldquo;<U>Applicable Delaware Law</U>&rdquo;), (iii the federal Law of the United States), (iv)&nbsp;the
internal Law of the State of Michigan, (v)&nbsp;the internal Law of the State of Illinois, and (vi)&nbsp;the internal Law of the State
of New York, in each case as in effect on the date of this opinion letter, and we do not express any opinion concerning any other laws.
We are not admitted to practice in the State of Delaware and, with respect to the opinions set forth below, insofar as they relate to
any Delaware law, we (a)&nbsp;have limited our review, with your permission, to standard compilations available to us of the Applicable
Delaware Law, which we have assumed to be accurate and complete, and (b)&nbsp;have not reviewed case law.</P>

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

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    <TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Honigman LLP &bull; 2290 First National Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</B></FONT></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"><FONT>May&nbsp;23, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject to
the foregoing, we are of the 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">The Notes and the Guarantees have been duly authorized by all necessary limited partnership or limited
liability company action, as applicable, on the part of the Issuer and each of the Covered Guarantors.</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">2.</TD><TD STYLE="text-align: justify">When authenticated, executed, issued and delivered in accordance with the Indenture and upon payment for
and delivery of the Notes in accordance with the terms of the Underwriting Agreement, the Notes will be the legally valid and binding
obligations of the Issuer, enforceable against the Issuer 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 the Guarantees are executed and delivered and the Notes are executed, issued, authenticated and delivered,
all in accordance with the Indenture and upon payment for and delivery of the Notes in accordance with the terms of the Underwriting Agreement,
the Guarantees will be the legally valid and binding obligations of the Guarantors, enforceable against the Guarantors in accordance with
their terms.</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">With respect to the foregoing
opinions, we have assumed as true the matters set forth in the opinions of Ballard Spahr LLP, Burr&nbsp;&amp; Forman LLP and Porter Hedges
LLP dated the date hereof, a copy of which has been delivered to you by such other counsel.</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 effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law relating to or affecting
the enforcement of creditors&rsquo; rights generally (including, without limitation, fraudulent conveyance and voidable transaction laws),
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 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; 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 Issuer or any Guarantor of any statutory or constitutional rights or remedies, (iii)&nbsp;terms
which excuse any person or entity from liability for, or require the Issuer or any Guarantor 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 Current Report on Form&nbsp;8-K of Agree Realty Corporation and Agree Limited Partnership being filed
on the date hereof and incorporated by reference into the Registration Statement. We hereby consent to the reference to our firm under
the caption &ldquo;Legal Matters&rdquo; in the prospectus supplement, dated May&nbsp;14, 2025, filed with the Commission on May&nbsp;15,
2025. 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>

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    <TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Honigman LLP &bull; 2290 First National Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</B></FONT></TD></TR>
  </TABLE>
<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>

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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"><FONT>May&nbsp;23, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>Page&nbsp;3</FONT></P>

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    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
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    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Honigman LLP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif">Honigman LLP</TD></TR>
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    <TD STYLE="width: 100%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Honigman LLP &bull; 2290 First National Building &bull; 660 Woodward Avenue &bull; Detroit, Michigan 48226-3506</B></FONT></TD></TR>
  </TABLE>
<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"><U>Schedule I</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"><B>Delaware Guarantors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD>Agree 2016, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD>Agree Central, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3.</TD><TD>Agree Chapel Hill NC, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>4.</TD><TD>Agree Columbia SC, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>5.</TD><TD>Agree Convenience No.&nbsp;1, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>6.</TD><TD>Agree Construction Management, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>7.</TD><TD>Agree CW, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>8.</TD><TD>Agree DT Jacksonville NC, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>9.</TD><TD>Agree Farmington NM, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>10.</TD><TD>Agree Grandview Heights OH, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>11.</TD><TD>Agree Greenwich CT, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>12.</TD><TD>Agree Lebanon NH, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>13.</TD><TD>Agree Littleton CO, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>14.</TD><TD>Agree MCW, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>15.</TD><TD>Agree Mena AR, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>16.</TD><TD>Agree NJ, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>17.</TD><TD>Agree Onaway MI, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>18.</TD><TD>Agree Orange CT, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>19.</TD><TD>Agree Oxford Commons AL, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>20.</TD><TD>Agree Paterson NJ, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>21.</TD><TD>Agree SB, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>22.</TD><TD>Agree Secaucus NJ, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>23.</TD><TD>Agree Shelf ES PA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>24.</TD><TD>Agree Shelf PA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>25.</TD><TD>Agree Stores, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>26.</TD><TD>Agree TK, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>27.</TD><TD>AR Land CA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>28.</TD><TD>AR Land East, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>29.</TD><TD>AR Land West, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>30.</TD><TD>AR WTO, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>31.</TD><TD>BB Farmington NM, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>32.</TD><TD>DD 71, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>33.</TD><TD>Lunacorp, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>34.</TD><TD>Pachyderm Chattanooga TN, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>35.</TD><TD>Pachyderm Marietta GA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>36.</TD><TD>Pachyderm Myrtle Beach SC, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>37.</TD><TD>Pachyderm Philadelphia PA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>38.</TD><TD>Pachyderm Properties, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>39.</TD><TD>Pachyderm Riverdale GA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>40.</TD><TD>Pachyderm Waite Park MN, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>41.</TD><TD>Paint PA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>42.</TD><TD>Safari Properties II, LLC</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"><B>Illinois Guarantor</B></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"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Agree Spring Grove, LLC</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>Michigan Guarantors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD>Agree 117 Mission, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD>Agree Madison AL, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>3.</TD><TD>Agree M-59, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>4.</TD><TD>Agree Southfield, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>5.</TD><TD>Agree Walker, LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>6.</TD><TD>Mt. Pleasant Shopping Center, L.L.C.</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; text-align: center"><B><U>Schedule II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.5in">1.</TD><TD><FONT STYLE="font-size: 10pt">Agree St. Petersburg, LLC, a Florida limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>2.</TD><TD><FONT STYLE="font-size: 10pt">Agree Fort Walton Beach, LLC, a Florida limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>3.</TD><TD><FONT STYLE="font-size: 10pt">Agree Tallahassee, LLC, a Florida limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>4.</TD><TD><FONT STYLE="font-size: 10pt">DD Hempstead LLC, a North Carolina limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>5.</TD><TD><FONT STYLE="font-size: 10pt">DD Brownsville LLC, a North Carolina limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>6.</TD><TD><FONT STYLE="font-size: 10pt">Agree Wilmington, LLC, a North Carolina limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>7.</TD><TD><FONT STYLE="font-size: 10pt">Agree Dallas Forest Drive, LLC, a Texas limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>8.</TD><TD><FONT STYLE="font-size: 10pt">Agree Roseville CA, LLC, a California limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>9.</TD><TD><FONT STYLE="font-size: 10pt">Agree Absecon Urban Renewal, LLC, a New Jersey limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>10.</TD><TD><FONT STYLE="font-size: 10pt">Agree Marietta, LLC, a Georgia limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>11.</TD><TD><FONT STYLE="font-size: 10pt">Agree Wawa Baltimore, LLC, a Maryland limited liability company</FONT></TD></TR></TABLE>

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

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>tm2515647d1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

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

<P STYLE="margin: 0"><IMG SRC="tm2515647d1_ex5-2img001.jpg" ALT=""></P>

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

<P STYLE="margin: 0"><IMG SRC="tm2515647d1_ex5-2img002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">May&nbsp;23, 2025</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Agree Realty Corporation <BR>
Agree Limited Partnership <BR>
32301 Woodward Avenue<BR>
 Royal Oak, Michigan 48073 &nbsp;</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"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify">Agree Realty Corporation, a Maryland corporation (the &ldquo;Company&rdquo;) -- Issuance and sale of $400,000,000
aggregate principal amount of 5.600% Notes due 2035 (the &ldquo;Notes&rdquo;) by Agree Limited Partnership, a Delaware limited partnership
of which the Company acts as the general partner (the &ldquo;Operating Partnership&rdquo;), pursuant to a Registration Statement on Form&nbsp;S-3
(Registration No.&nbsp;333-271668) filed with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May&nbsp;5,
2023, as amended by Post-Effective Amendment No.&nbsp;1 filed with the Commission on May&nbsp;6, 2024 and Post-Effective Amendment No.&nbsp;2
filed with the Commission on May&nbsp;14, 2025 (the &ldquo;Registration Statement&rdquo;)</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">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: 1in">We have acted as (i)&nbsp;Maryland
corporate counsel to the Company, (ii)&nbsp;Maryland limited liability company counsel to Agree Wawa Baltimore, LLC, a Maryland limited
liability company of which the Operating Partnership is the sole member (the &ldquo;Maryland Guarantor&rdquo;), (iii)&nbsp;California
limited liability company counsel to Agree Roseville CA, LLC, a California limited liability company of which the Operating Partnership
is the sole member (the &ldquo;California Guarantor&rdquo;), (iv)&nbsp;Georgia limited liability company counsel to Agree Marietta, LLC,
a Georgia limited liability company of which the Operating Partnership is the sole member (the &ldquo;Georgia Guarantor&rdquo;), and (v)&nbsp;New
Jersey limited liability company counsel to Agree Absecon Urban Renewal, LLC, a New Jersey limited liability company of which the Operating
Partnership is the sole member (the &ldquo;New Jersey Guarantor&rdquo; and together with the Maryland Guarantor, the California Guarantor
and the Georgia Guarantor, collectively, the &ldquo;Subsidiary Guarantors&rdquo;), in connection with the registration of the Notes by
the Operating Partnership and the guarantee of the Notes by the Company and the Subsidiary Guarantors, under the Securities Act of 1933,
as amended (the &ldquo;Act&rdquo;), pursuant to the Registration Statement. You have requested our opinion with respect to the matters
set forth below.</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: 1in">In our capacity as Maryland
corporate counsel to the Company, Maryland limited liability company counsel to the Maryland Guarantor, California limited liability company
counsel to the California Guarantor, Georgia limited liability company counsel to the Georgia Guarantor and New Jersey limited liability
company counsel to the New Jersey Guarantor, and for the purposes of this opinion, we have examined originals, or copies certified or
otherwise identified to our satisfaction, of the following documents (collectively, the &ldquo;Documents&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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
corporate charter of the Company (the &ldquo;Charter&rdquo;) represented by Articles of Incorporation filed with the State Department
of Assessments and Taxation of Maryland (the &ldquo;Department&rdquo;) on December&nbsp;15, 1993, Articles of Amendment filed with the
Department on April&nbsp;7, 1994, two Articles Supplementary filed with the Department on December&nbsp;8, 2008, Articles Supplementary
filed with the Department on September&nbsp;21, 2012, Articles of Amendment filed with the Department on May&nbsp;8, 2013, two Articles
Supplementary filed with the Department on July&nbsp;31, 2013, Articles of Amendment filed with the Department on May&nbsp;5, 2015 and
Articles of Amendment filed with the Department on May&nbsp;3, 2016, Articles Supplementary filed with the Department on February&nbsp;26,
2019, Articles of Amendment filed with the Department on April&nbsp;25, 2019, Articles of Amendment filed with the Department on May&nbsp;7,
2021, Articles Supplementary filed with the Department on September&nbsp;13, 2021 and Articles of Amendment filed with the Department
on May&nbsp;16, 2025;</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"></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>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Bylaws of the Company adopted as of November&nbsp;8, 2006, as amended and restated by the Amended and Restated Bylaws of the Company,
adopted as of May&nbsp;8, 2013, as amended by the First Amendment to the Amended and Restated Bylaws of the Company, adopted as of February&nbsp;26,
2019, as further amended and restated by the Second Amended and Restated Bylaws, adopted as of December&nbsp;6, 2024 (the &ldquo;Bylaws&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Articles of Organization of the Maryland Guarantor filed with the Department on July&nbsp;14, 2011 and the Articles of Amendment of the
Maryland Guarantor filed with the Department on June&nbsp;30, 2024 (the &ldquo;Maryland Articles of Organization&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Operating Agreement of the Maryland Guarantor, dated as of December&nbsp;23, 2011 (the &ldquo;Maryland Operating Agreement&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Articles of Organization of the California Guarantor filed with the Secretary of State of the State of California (the &ldquo;California
Secretary of State&rdquo;) on August&nbsp;22, 2011 (the &ldquo;California Articles of Organization&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Operating Agreement of the California Guarantor, dated as of August&nbsp;22, 2011 (the &ldquo;California Operating Agreement&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(vii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Articles of Organization of the Georgia Guarantor filed with the Georgia Secretary of State (the &ldquo;Georgia Secretary of State&rdquo;)
on June&nbsp;1, 2011 (the &ldquo;Georgia Articles of Organization&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(viii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Operating Agreement of the Georgia Guarantor, dated as of June&nbsp;9, 2011 (the &ldquo;Georgia Operating Agreement&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(ix)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Certificate of Formation of the New Jersey Guarantor filed with the Department of the Treasury, Division of Revenue and Enterprise Services
of the State of New Jersey (the &ldquo;New Jersey Treasurer&rdquo;) on April&nbsp;17, 2023 (the &ldquo;New Jersey Certificate of Formation&rdquo;);</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"></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>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Operating Agreement of the New Jersey Guarantor, dated as of May&nbsp;11, 2023 (the &ldquo;New Jersey Operating Agreement&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">resolutions
adopted by the Board of Directors of the Company, or a duly authorized committee thereof, on or as of May&nbsp;4, 2023, May&nbsp;13, 2025
and May&nbsp;14, 2025 (together, the &ldquo;Directors&rsquo; Resolutions&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">resolutions
adopted by the sole member of each of the Subsidiary Guarantors, on or as of May&nbsp;14, 2025 (the &ldquo;Subsidiary Guarantor Resolutions&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xiii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the &ldquo;Partnership Agreement&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xiv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Registration Statement and the related form of prospectus and prospectus supplement included therein, in substantially the form filed
with the Commission pursuant to the Act;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
copy of the fully executed Indenture, dated as of August&nbsp;17, 2020 (the &ldquo;Base Indenture&rdquo;), by and among the Company, the
Operating Partnership and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association (the
 &ldquo;Trustee&rdquo;), as amended and supplemented by the Officer&rsquo;s Certificate, dated as of May&nbsp;23, 2025, executed by an
officer of the Company, on behalf of the Company in its own capacity and as sole general partner of the Operating Partnership, pursuant
to Sections 2.1, 2.2 and 11.5 of the Base Indenture and establishing the forms and terms of the Notes (the &ldquo;Indenture Officer&rsquo;s
Certificate&rdquo;, and together with the Base Indenture, the &ldquo;Indenture&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xvi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
copy of the fully executed global note, dated as of May&nbsp;23, 2025 (the &ldquo;Global Note&rdquo;), registered in the name of The Depository
Trust Company&rsquo;s nominee Cede&nbsp;&amp; Co., representing the Notes;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xvii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
copy of each fully executed guarantee, dated as of May&nbsp;23, 2025 (individually and collectively, the &ldquo;Guarantee&rdquo;), made
by the Company and each of the Subsidiary Guarantors for the benefit of the holders of the Notes and annexed to the Global Note;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xviii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
certificate of Joey Agree, President and Chief Executive Officer of the Company, and Peter Coughenour, Chief Financial Officer and Secretary
of the Company, dated as of a recent date (the &ldquo;Officers&rsquo; Certificate&rdquo;), to the effect that, among other things, the
Charter, the Bylaws, the Maryland Articles of Organization, the Maryland Operating Agreement, the California Articles of Organization,
the California Operating Agreement, the Georgia Articles of Organization, the Georgia Operating Agreement, the New Jersey Certificate
of Formation, the New Jersey Operating Agreement, the Directors&rsquo; Resolutions, the Subsidiary Guarantor Resolutions and the Partnership
Agreement are true, correct and complete, have not been rescinded or modified and are in full force and effect on the date of the Officers&rsquo;
Certificate, and certifying as to the form, approval, execution and delivery of the Indenture, the Global Note and the Guarantee;</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"></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>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xix)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
status certificate of the Department, dated as of a recent date, to the effect that the Company is duly incorporated and existing under
the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xx)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
status certificate of the Department, dated as of a recent date, to the effect that the Maryland Guarantor is duly formed and existing
under the laws of the State of Maryland and is duly authorized to transact business in the State of Maryland (the &ldquo;Maryland Status
Certificate&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xxi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
certificate of status issued by the California Secretary of State with respect to the California Guarantor, dated as of a recent date
(the &ldquo;California Status Certificate&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xxii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
Certificate of Existence relating to the Georgia Guarantor issued by the Georgia Secretary of State on a recent date (the &ldquo;Georgia
Status Certificate&rdquo;);</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xxiii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
certificate issued by the New Jersey Treasurer, dated as of a recent date, stating that the New Jersey Guarantor is in good standing as
a limited liability company of the State of New Jersey (the &ldquo;New Jersey Status Certificate&rdquo;); and</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(xxiv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">such
other laws, records, documents, certificates, opinions and instruments as we have deemed necessary to render this opinion, subject to
the limitations, assumptions and qualifications noted below.</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: 1in">In reaching the opinions set
forth below, we have assumed the following:</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">each
person executing any of the Documents on behalf of a party (other than the Company and the Subsidiary Guarantors) is duly authorized to
do so;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">each
natural person executing any of the Documents is legally competent to do so;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
of the Documents submitted to us as originals are authentic; any of the Documents submitted to us as certified or photostatic copies conform
to the original documents; all signatures on all of the Documents are genuine; all public records reviewed or relied upon by us or on
our behalf are true and complete; all statements and information contained in the Documents are true and complete; there has been no modification
of, or amendment to, any of the Documents, and there has been no waiver of any provision of any of the Documents by action or omission
of the parties or otherwise;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Officers&rsquo; Certificate and all other certificates submitted to us are true and correct both when made and as of the date hereof;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Company has not, and is not required to be, registered under the Investment Company Act of 1940;</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"></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>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;5</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
consummation of the transactions contemplated by the Indenture, the Global Note and the Guarantee will result in receipt by each of the
Subsidiary Guarantors of good and valuable consideration;</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Notes will be issued under, and subject to the terms of, the Indenture; and</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: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Notes will be issued in book-entry form, represented by the Global Note, and will be authenticated by the Trustee in accordance with and
subject to the terms of the Indenture.</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: 1in">Based on the foregoing, and
subject to the assumptions and qualifications set forth herein, it is our opinion that, as of the date of this 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; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland.</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: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on the Maryland Status Certificate, the Maryland Guarantor is existing as a limited liability company in good standing under the
laws of the State of Maryland.</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: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on the California Status Certificate, the California Guarantor is existing as a limited liability company in good standing under
the laws of the State of California.</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: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on the Georgia Status Certificate, the Georgia Guarantor is existing as a limited liability company under the laws of the State
of Georgia.</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: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on the New Jersey Status Certificate, the New Jersey Guarantor is presently existing as a limited liability company in good standing
under the laws of the State of New Jersey.</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: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has the corporate power to create the obligation evidenced by the Guarantee.</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: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Subsidiary Guarantors has the limited liability company power to create the obligation evidenced by the Guarantee.</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: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
issuance of the Notes, the guarantee of the Notes by the Company, and the execution and delivery of the Global Note and the Guarantee,
pursuant to the Indenture and the Registration Statement, in each case by the Company in its own capacity and, in its capacity as general
partner of the Operating Partnership, on behalf of the Operating Partnership, as the case may be, have been duly authorized by all necessary
corporate action on the part of the Company. The Global Note and the Guarantee have been duly executed and delivered by the Company in
its own capacity and, in its capacity as general partner of the Operating Partnership, on behalf of the Operating Partnership, as the
case may be.</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"></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>BALLARD SPAHR LLP</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">Agree Realty Corporation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;6</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: 1in"><FONT STYLE="font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
guarantee of the Notes by each of the Subsidiary Guarantors, and the execution and delivery of the Guarantee, pursuant to the Indenture
and the Registration Statement, by each of the Subsidiary Guarantors have been duly authorized by all necessary limited liability company
action on the part of each of the Subsidiary Guarantors. The Guarantee has been duly executed and delivered by each of the Subsidiary
Guarantors.</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: 1in">The foregoing opinions are limited
to the substantive laws of the State of Maryland, the State of California, the State of Georgia and the State of New Jersey, and we do
not express any opinion herein concerning any other law. We express no opinion as to the applicability or effect of any federal or state
securities laws, including the securities laws of the State of Maryland, the State of California, the State of Georgia and the State of
New Jersey, or as to federal or state laws regarding fraudulent transfers or the Trust Indenture Act of 1939, as amended, and we express
no opinion with respect to the limited partnership actions required for the Operating Partnership to authorize, execute or deliver any
document. To the extent that any matter as to which our opinions are expressed herein would be governed by the laws of any jurisdiction
other than the State of Maryland, the State of California, the State of Georgia or the State of New Jersey, we do not express any opinion
on such matter.</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: 1in">This opinion letter is issued
as of the date hereof and is necessarily limited to laws now in effect and facts and circumstances presently existing and brought to our
attention. We assume no obligation to supplement this opinion letter if any applicable laws change after the date hereof, or if we become
aware of any facts or circumstances that now exist or that occur or arise in the future and may change the opinions expressed herein after
the date hereof.</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: 1in">We consent to your filing this
opinion as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Notes and the Guarantee, which is incorporated
by reference in the Registration Statement, and further consent to the filing of this opinion as an exhibit to the applications to securities
commissioners for the various states of the United States for registration of the Notes and the Guarantee. We also consent to the identification
of our firm in the section of the Registration Statement entitled &ldquo;Legal Matters&rdquo;. In giving this consent, we do not admit
that we are within the category of persons whose consent is required by Section&nbsp;7 of the 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%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Ballard Spahr LLP</FONT></TD></TR>
  </TABLE>


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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>5
<FILENAME>tm2515647d1_ex5-3.htm
<DESCRIPTION>EXHIBIT 5.3
<TEXT>
<HTML>
<HEAD>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 411.75pt"><FONT><B>Exhibit&nbsp;5.3</B></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">May&nbsp;23, 2025</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 Realty Corporation<BR>
32301 Woodward Avenue<BR>
Royal Oak, Michigan 48073</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"><B>Re:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$400,000,000
aggregate principal amount of 5.600% Notes due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special North
Carolina and Florida counsel to the entities set forth on <U>Exhibit&#8239;A</U> to this opinion letter (the &ldquo;<U>Subsidiary Guarantors</U>&rdquo;)
in connection with the transactions contemplated by the Underwriting Agreement dated May&#8239;14, 2025 (the &ldquo;<U>Underwriting Agreement</U>&rdquo;),
by and among Agree Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Issuer</U>&rdquo;), Agree Realty Corporation, a
Maryland corporation (the &ldquo;<U>Parent Guarantor</U>&rdquo;), Subsidiary Guarantors and certain other guarantors of Issuer that are
parties thereto (the &ldquo;<U>Other Guarantors</U>,&rdquo; and together with the Subsidiary Guarantors and Parent Guarantor, the &ldquo;<U>Guarantors</U>&rdquo;),
and <FONT STYLE="font-size: 10pt">J.P. Morgan Securities LLC, Mizuho Securities USA LLC, PNC Capital Markets LLC, and Wells Fargo Securities,
LLC</FONT>, as representatives (collectively, the &ldquo;<U>Representatives</U>&rdquo; and each, a &ldquo;<U>Representative</U>&rdquo;)
of the several underwriters listed in Schedule I thereto (collectively with the Representatives, the &ldquo;<U>Underwriters</U>&rdquo;),
and the instruments and documents set forth on <U>Exhibit&#8239;B</U> to this opinion letter. Pursuant to the Underwriting Agreement, the
Underwriters have severally agreed to purchase from the Issuer $400,000,000 aggregate principal amount of 5.600% Notes due 2035 (the &ldquo;<U>Notes</U>&rdquo;),
which will be issued under the Indenture (as defined on <U>Exhibit&#8239;B</U> hereto). The Notes will be guaranteed by the Parent Guarantor,
each Subsidiary Guarantor and the Other Guarantors pursuant to the Guarantee, as defined on <U>Exhibit&#8239;B</U> hereto. As used herein,
the term &ldquo;Opinion Documents&rdquo; shall refer to the Underwriting Agreement and the Guarantee. Except as otherwise indicated in
this opinion letter, capitalized terms used below are defined as set forth in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In so acting, we have reviewed
(i)&#8239;executed versions of the Opinion Documents and the other documents reflected on <U>Exhibit&#8239;B</U>; (ii)&#8239; the articles
of organization or the certificate of formation, as applicable, and the operating agreement or the limited liability company agreement,
as applicable, of each Subsidiary Guarantor set forth on <U>Exhibit&#8239;C</U> (collectively, as amended, the &ldquo;<U>Organizational
Documents</U>&rdquo;) and (iii)&#8239;the &ldquo;Certificates&rdquo; specifically described on <U>Exhibit&#8239;C</U> (the &ldquo;<U>Certificates</U>&rdquo;),
and have considered such matters of law and of fact, and relied as to factual matters upon such certificates and other information furnished
to us, as we have deemed appropriate as a basis for our opinions set forth below. As to matters involving facts relevant to the opinions
stated in this opinion letter, we have relied, without independent investigation or verification, upon (a)&#8239;representations and warranties
in the documents reflected on <U>Exhibit&#8239;B</U>, (b)&#8239;certificates of officers of the Subsidiary Guarantors and (c)&#8239;written
or oral advice or certificates of government officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of this opinion
letter, we have assumed that each document submitted to us is accurate and complete, each such document that is an original is authentic,
each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine. We have further
assumed: (a)&#8239;the Opinion Documents, the Indenture and the Notes are valid and binding obligations of the parties thereto, enforceable
in accordance with their respective terms, (b)&#8239; the legal capacity of natural persons, and we have assumed that, as of the date of
this opinion letter, (c)&#8239;each Underwriter has the legal power and authority and has satisfied all legal requirements that are applicable
to it to the extent necessary to make the Opinion Documents to which it is a party enforceable against it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The law covered by the opinions
expressed in this opinion letter is limited to (i)&#8239;the internal Law of the State of Florida, and (iii)&#8239;the internal Law of the
State of North Carolina, in each case as in effect on the date of this opinion letter, and we do not express any opinion concerning any
other laws. For purposes of this opinion letter, &ldquo;<U>Law</U>&rdquo; means the statutes, and the judicial and administrative decisions,
and the rules&#8239;and regulations of the governmental agencies of the applicable jurisdiction, but excluding the statutes and ordinances,
the administrative decisions, and the rules&#8239;and regulations of counties, towns, municipalities, special political subdivisions (whether
created or enabled through legislative action at the federal, state or regional level) and judicial decisions to the extent that they
deal with any of the foregoing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject to
the foregoing, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the applicable Organizational Documents and applicable Certificate, each NC Guarantor (defined on <U>Exhibit&#8239;A</U>) is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of North Carolina. Each NC Guarantor
has the limited liability company power and authority&#8239;to enter into and to perform its obligations under the Opinion Documents. The
execution, delivery and performance by each NC Guarantor of the Opinion Documents to which it is a party have been duly authorized by
all necessary limited liability company action on behalf of such NC Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Based
on the applicable Organizational Documents and applicable Certificate, each Florida Guarantor (defined on <U>Exhibit&#8239;A</U>) is a
limited liability company organized under the laws of the State of Florida and its status is active. Each Florida Guarantor has the limited
liability company power and authority&#8239;to enter into and to perform its obligations under the Opinion Documents to which it is a party.
The execution, delivery and performance by each Florida Guarantor of the Opinion Documents to which it is a party have been duly authorized
by all necessary limited liability company action on behalf of such Florida Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
NC Guarantor&rsquo;s execution and delivery of the Opinion Documents to which it is a party and the performance by such NC Guarantor of
its obligations thereunder: (i)&#8239;do not contravene any provision of the Organizational Documents, as applicable, of the applicable
NC Guarantor and (ii)&#8239;do not violate any current generally applicable law or regulation of the State of North Carolina (provided
that no opinion is expressed herein with respect to the violation of any law or regulation of special applicability to any NC Guarantor
based on the nature of such NC Guarantor&rsquo;s business activities or assets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Florida Guarantor&rsquo;s execution and delivery of the Opinion Documents to which it is a party and the performance by such Florida Guarantor
of its obligations thereunder: (i)&#8239;do not contravene any provision of the Organizational Documents, as applicable, of the applicable
Florida Guarantor and (ii)&#8239;do not violate any current generally applicable law or regulation of the State of Florida (provided that
no opinion is expressed herein with respect to the violation of any law or regulation of special applicability to any Florida Guarantor
based on the nature of such Florida Guarantor&rsquo;s business activities or assets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Opinion Documents have been duly authorized, executed and delivered by each Subsidiary Guarantor that is a party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
consent, approval, order or authorization of, or filing with any governmental authority is required to be obtained or made by any Subsidiary
Guarantor under the Law of the States of Florida or North Carolina for the valid execution and delivery of the Opinion Documents, by such
Subsidiary Guarantor except for (i)&#8239;those that have been obtained, rendered or complied with, as the case may be, or (ii)&#8239;as
may be required under applicable state securities or blue sky laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing opinions are
subject to the following (in addition to the qualifications and other limitations set forth above):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
effect of general rules&#8239;of contract law that, where a portion of an agreement is unenforceable, the balance is enforceable only when
the unenforceable portion is not an essential part of the agreed exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
opinion is expressed herein as to the validity or enforceability of the provisions of the Loan Documents permitting enforcement of the
Loan Documents strictly in accordance with their terms, notwithstanding the previous departure from, or waiver of, contractual terms by
a party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
have assumed that each Subsidiary Guarantor and its members, managers, directors and officers have not been subject to duress, fraud or
undue influence during the process of negotiating, executing and/or delivering the Opinion Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to any guarantee of indebtedness by a Subsidiary Guarantor, we have assumed that such Subsidiary Guarantor will benefit from the
extension of credit to the extent necessary to make such guarantee a valid corporate, limited partnership or limited liability company
(as the case may be) act of such Subsidiary Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
express no opinion as to the general enforceability of the Opinion Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">F.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
opinion is expressed herein as to matters of venue, or as to the jurisdiction of any court over any person, or as to any provisions of
the Opinion Documents which purport to establish evidentiary standards for suits or proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">G.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
have assumed that each NC Guarantor is organized solely under the laws of the state of North Carolina and each Florida Guarantor is organized
solely under the laws of the State of Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">H.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
call to your attention that North Carolina General Statutes Section&#8239;6-21.2 sets forth the procedures and limitations applicable to
the collection of attorneys' fees and accordingly, any provisions in the Opinion Documents relating to the ability to collect attorneys&rsquo;
fees upon default are subject to those limitations; we express no opinion with respect to any provision of the Opinion Documents purporting
to require a party to pay or reimburse attorneys&rsquo; fees incurred by another party or to indemnify another party therefor which may
be limited by applicable law and public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
express no opinion with respect to any provision of the providing that the acceptance of a past due installment or other performance by
a party shall not be deemed a waiver of its right to accelerate the loan or other payment obligation. A North Carolina Court of Appeals
has held that when the holder of a promissory note regularly accepted late payments, such holder is deemed to have waived its right to
accelerate the debt because of late payments until it notifies the maker that prompt payments are again required. <U>Driftwood Manor Investors
v. City Federal Savings&#8239;&amp; Loan Association</U>, 63&#8239;N.C. App. 459, 305 S.E. 2d 204 (1983).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">J.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
express no opinion with respect to any provision of the Opinion Documents which requires that any amendments or waivers to the Opinion
Documents must be in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">K.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
call your attention to the provisions of North Carolina General Statutes Sections 26-7 through 26-9 which may qualify the enforceability
of the Opinion Documents. These sections grant guarantors the right after the obligation which is the subject of the guaranty becomes
due and payable, to make written demand on the holder of the obligation to exercise reasonable diligence to recover against the debtor
or any security securing payment of the obligation before looking to the guarantor for payment of the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">L.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Our
opinions set forth in this letter are based upon the facts in existence and laws in effect on the date hereof, and we expressly disclaim
any obligation to update our opinions herein, regardless of whether changes in such facts or laws come to our attention after the delivery
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">M.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Our
opinions are limited to those expressly set forth herein, and we express no opinions by implication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion letter may be
relied upon by you only in connection with the transactions described in the Opinion Documents. This opinion letter may not be used or
relied upon by any other person or for any other purpose whatsoever, nor published, quoted or referenced to, or filed with, any other
person or governmental agency, without, in each instance, our prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&#8239;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Burr&#8239;&amp; Forman LLP</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">BURR&#8239;&amp; FORMAN LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&#8239;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Agree St. Petersburg, LLC, a Florida limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Agree Fort Walton Beach, LLC, a Florida limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Agree Tallahassee, LLC, a Florida limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">DD Hempstead LLC, a North Carolina limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">DD Brownsville LLC, a North Carolina limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">Agree Wilmington, LLC, a North Carolina limited liability company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&#8239;B<BR>
Documents</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Underwriting
Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Guarantee,
dated May&#8239;23, 2025, by the Guarantors in favor of the holders of the Notes (the &ldquo;<U>Guarantee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indenture,
dated August&#8239;17, 2020, among the Issuer, the Parent Guarantor and the Trustee (the &ldquo;<U>Base Indenture</U>&rdquo;), as supplemented
by the Officer&rsquo;s Certificate, dated May&#8239;23, 2025, of the Issuer and the Parent Guarantor (the &ldquo;<U>Officer&rsquo;s Certificate</U>,&rdquo;
and together with the Base Indenture, the &ldquo;<U>Indenture</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Global
Note, dated May&#8239;23, 2025, representing 5.600% Notes due 2035 in the principal amount of $400,000,000, CUSIP No.&#8239;008513AF0,&#8239;ISIN
No.&#8239;US008513AF06.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit&#8239;C</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of Agree Fort Walton Beach, LLC filed with the Secretary of State of Florida on September&#8239;26, 2011, as certified
by the Secretary of State of Florida on July&#8239;13, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amended
and Restated Operating Agreement of Agree Fort Walton Beach, LLC dated as of July&#8239;28, 2020 by Agree Limited Partnership, a Delaware
limited partnership, as its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of Agree St Petersburg, LLC filed with the Secretary of State of Florida on August&#8239;1, 2012, as certified by the Secretary
of State of Florida on May&#8239;4, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Operating
Agreement of Agree St Petersburg, LLC dated as of August&#8239;2, 2012 by Agree Limited Partnership, a Delaware limited partnership, as
its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of Agree Tallahassee, LLC filed with the Secretary of State of Florida on December&#8239;6, 2010, as certified by the Secretary
of State of Florida on March&#8239;10, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Operating
Agreement of Agree Tallahassee, LLC dated as of December&#8239;14, 2020 by Agree Limited Partnership, a Delaware limited partnership, as
its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of Agree Wilmington, LLC dated November&#8239;30, 2010 and filed with the Secretary of State of North Carolina on December&#8239;1,
2010, as certified by the Secretary of State of North Carolina on March&#8239;9, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amended
and Restated Operating Agreement of Agree Wilmington, LLC dated as of July&#8239;28, 2020 by Agree Limited Partnership, a Delaware limited
partnership, as its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of DD Brownsville LLC dated and filed with the Secretary of State of North Carolina on September&#8239;23, 2022, as certified
by the Secretary of State of North Carolina on May&#8239;8, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amended
and Restated Operating Agreement of DD Brownsville LLC dated as of December&#8239;9, 2022 by Agree Limited Partnership, a Delaware limited
partnership, as its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Articles
of Organization of DD Hempstead LLC dated and filed with the Secretary of State of North Carolina on September&#8239;23, 2022, as certified
by the Secretary of State of North Carolina on March&#8239;9, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Amended
and Restated Operating Agreement of DD Hempstead LLC dated as of December&#8239;9, 2022 by Agree Limited Partnership, a Delaware limited
partnership, as its sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Status of Agree Fort Walton Beach, LLC issued by the Florida Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Status of Agree St Petersburg, LLC issued by the Florida Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Status of Agree Tallahassee, LLC issued by the Florida Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Existence of Agree Wilmington, LLC issued by the North Carolina Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Existence of DD Brownsville LLC issued by the North Carolina Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Certificate
of Existence of DD Hempstead LLC issued by the North Carolina Secretary of State on April&#8239;21, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</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">&#8239;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>6
<FILENAME>tm2515647d1_ex5-4.htm
<DESCRIPTION>EXHIBIT 5.4
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.4</B></P>

<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="width: 46%; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="tm2515647d1_ex5-4img001.jpg" ALT="" STYLE="height: 35px; width: 222px"></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 31%; padding-left: 16.55pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 23%; padding-right: 5.75pt; padding-left: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><FONT>1000
    Main Street, 36th Floor</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><FONT>Houston,
    Texas 77002</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><FONT>Telephone
    {713} 226-6000</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: right"><FONT>Telecopier
    {713} 228-1331</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: right"><FONT>porterhedges.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: right">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">May&nbsp;23, 2025</P>

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>018392/0001</B></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 STYLE="width: 51%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agree Realty Corporation<BR>
32301 Woodward Avenue<BR>
Royal Oak, Michigan 48073</FONT></TD>
    <TD STYLE="width: 49%; font-size: 10pt">&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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as </FONT>special Texas counsel to Agree Dallas Forest Drive, LLC, a Texas limited liability company (the &ldquo;<B><I>Texas
Guarantor</I></B>&rdquo;), a subsidiary of Agree Limited Partnership, a Delaware limited partnership (&ldquo;<B><I>Agree LP</I></B>&rdquo;),
in connection with an Underwriting Agreement dated May&nbsp;14, 2025 (the &ldquo;<B><I>Underwriting Agreement</I></B>&rdquo;), by and
among Agree LP, Agree Realty Corporation, a Maryland corporation (the &ldquo;<B><I>Parent Guarantor</I></B>&rdquo;), the subsidiary guarantors
party thereto, including the Texas Guarantor (the &ldquo;<B><I>Subsidiary Guarantors</I></B>&rdquo;), and J.P. Morgan Securities LLC,
Mizuho Securities USA LLC, PNC Capital Markets LLC, and Wells Fargo Securities, LLC, as representatives (collectively, the &ldquo;<B><I>Representatives</I></B>&rdquo;
and each, a &ldquo;<B><I>Representative</I></B>&rdquo;) of the several underwriters listed in Schedule I thereto (collectively with the
Representatives, the &ldquo;<B><I>Underwriters</I></B>&rdquo;). Pursuant to the Underwriting Agreement, the Underwriters severally agreed
to purchase from Agree LP $400,000,000 aggregate principal amount of 5.600% Notes due 2035 (the &ldquo;<B><I>Notes</I></B>&rdquo;), which
will be issued under the Indenture, dated August&nbsp;17, 2020 (the &ldquo;<B><I>Base Indenture</I></B>&rdquo;), among Agree LP, the Parent
Guarantor and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as the trustee
(the &ldquo;<B><I>Trustee</I></B>&rdquo;), as supplemented by the Officer&rsquo;s Certificate, dated May&nbsp;23, 2025, of Agree LP and
the Parent Guarantor (the &ldquo;<B><I>Officer&rsquo;s Certificate</I></B>,&rdquo; and together with the Base Indenture, the &ldquo;<B><I>Indenture</I></B>&rdquo;).
The Notes will be guaranteed by the Parent Guarantor and each Subsidiary Guarantor, including the Texas Guarantor (the &ldquo;<B><I>Guarantee</I></B>&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&nbsp;5, 2023, the Parent Guarantor, Agree LP and the Subsidiary Guarantors filed a </FONT>Registration Statement on Form&nbsp;S-3ASR
(Registration No.&nbsp;333-271668) with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) under the
Securities Act of 1933, as amended, on May&nbsp;6, 2024, the Parent Guarantor, Agree LP and the Subsidiary Guarantors filed a Post-Effective
Amendment No.&nbsp;1 to such Registration Statement with the Commission, and on May&nbsp;14, 2025, the Parent Guarantor, Agree LP and
the Subsidiary Guarantors filed a Post-Effective Amendment No.&nbsp;2 to such Registration Statement with the Commission (such Registration
Statement as amended, the &ldquo;<B><I>Registration Statement</I></B>&rdquo;). The offer and sale of the Notes and the Guarantee are registered
under 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">Capitalized terms used but
not defined herein have the meanings given such terms in the Underwriting 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"></P>

<!-- Field: Page; Sequence: 1 -->
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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="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 Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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">For purposes of the opinions
we express below, we have examined the originals or copies, certified or otherwise identified, of: (i)&nbsp;the certificate of formation
and operating agreement, each as amended to date, of the Texas Guarantor; (ii)&nbsp;the Registration Statement; (iii)&nbsp;Agree LP&rsquo;s
preliminary prospectus supplement dated May&nbsp;14, 2025, and filed with the Commission on May&nbsp;14, 2025; (iv)&nbsp;Agree LP&rsquo;s
Free Writing Prospectuses, each dated May&nbsp;14, 2025, and filed with the Commission on May&nbsp;14, 2025; (v)&nbsp;Agree LP&rsquo;s
final prospectus supplement, dated May&nbsp;14, 2025, and filed with the Commission on May&nbsp;16, 2025; (vi)&nbsp;the Underwriting Agreement;
(vii)&nbsp;the Indenture; (viii)&nbsp;the Guarantee; and (ix)&nbsp;the limited liability company records of the Texas Guarantor, including
minute books of the Texas Guarantor, certificates of public officials and of representatives of the Texas Guarantor, statutes and other
instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed. In giving such opinions, we have
relied upon certificates of officers of the Texas Guarantor and of public officials with respect to the accuracy of the material factual
matters contained in such certificates.</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 making our examination,
we have assumed and have not verified (i)&nbsp;that all signatures on documents examined by us are genuine, (ii)&nbsp;the legal capacity
of all natural persons, (iii)&nbsp;the authenticity of all documents submitted to us as originals, (iv)&nbsp;the conformity to the original
documents of all documents submitted to us as copies thereof, and (v)&nbsp;that all other information submitted to us was accurate and
complete.</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 opinion&nbsp;in paragraph
1 below is based solely upon certificates of public officials issued by the State of Texas.</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">Based on the foregoing, and
subject to the assumptions, exceptions and qualifications set forth herein, we are of the opinion 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; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Texas Guarantor is validly existing and in good standing under the laws of the State of Texas.</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">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Texas Guarantor has the limited liability company power to execute, deliver and perform its obligations under the Guarantee.</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">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All
necessary limited liability company action has been taken by the Texas Guarantor to authorize its execution, delivery and performance
of the Guarantee.</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">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Guarantee will be duly issued when issued by the Texas Guarantor.</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 opinions expressed herein
are limited to the laws of the State of Texas and we do not express any opinion herein concerning United States federal law or the laws
of any other jurisdiction. We express no opinion as to the applicability or effect of any federal or state securities laws, including
the securities laws of the State of Texas, federal or state laws regarding fraudulent transfers or the laws, codes or regulations of any
municipality or other local jurisdiction. To the extent that any matter as to which our opinion is expressed herein would be governed
by the laws of any jurisdiction other than the State of Texas, we do not express any opinion on such matter.</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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    <!-- 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">Agree Realty Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</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 Exhibit&nbsp;5.4 to the Parent Guarantor&rsquo;s Current Report on Form&nbsp;8-K. In giving this consent, we do not
hereby admit we are in the category of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;and regulations
of the Commission thereunder.</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%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Porter Hedges LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PORTER HEDGES LLP</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>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>adc-20250523_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>adc-20250523_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 23, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 23,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12928<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AGREE
REALTY CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000917251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-3148187<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">32301
                                   Woodward Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Royal
        Oak<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48073<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">248<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">737-4190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, $0.0001 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=adc_DepositarySharesMember', window );">Depositary Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary
    Shares, each representing one-thousandth of a share of 4.25% Series A Cumulative Redeemable Preferred Stock, $0.0001 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ADCPrA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
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