<SEC-DOCUMENT>0001104659-25-055589.txt : 20250903
<SEC-HEADER>0001104659-25-055589.hdr.sgml : 20250903
<ACCEPTANCE-DATETIME>20250602180036
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-055589
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250602

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:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		32301 WOODWARD AVENUE
		CITY:			ROYAL OAK
		STATE:			MI
		ZIP:			48073
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2516898d1_correspimg001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;2, 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"><B><U>VIA EDGAR</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">Mr.&nbsp;William Demarest<BR>
Ms.&nbsp;Kristina Marrone<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Real Estate&nbsp;&amp; Construction<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agree Realty Corporation</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form&nbsp;10-K for the year ended December&nbsp;31, 2024</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed February&nbsp;11, 2025<BR>
    File No.&nbsp;001-12928</B></P></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">Dear Mr.&nbsp;Demarest and Ms.&nbsp;Marrone:</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">Set forth below is the response of Agree Realty Corporation, a Maryland
corporation (the <B><I>&ldquo;Company</I></B>,<B><I>&rdquo; &ldquo;we</I></B>,<B><I>&rdquo;</I></B> or <B><I>&ldquo;our&rdquo;</I></B>),
to the comment made by the staff (the <B><I>&ldquo;Staff&rdquo;</I></B>) of the U.S. Securities and Exchange Commission (the <B><I>&ldquo;Commission&rdquo;</I></B>)
by letter dated April&nbsp;14, 2025 (the <B><I>&ldquo;Comment Letter&rdquo;</I></B>), that relates to the Company&rsquo;s Annual Report
on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024 (File No.&nbsp;001-12928), originally filed by the Company with the
Commission on February&nbsp;11, 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">To assist in your review, set forth below in bold is the comment of
the Staff contained in the Comment Letter. Immediately below the comment is the response of the Company with respect thereto.</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><U>Form&nbsp;10-K for the year ended December&nbsp;31, 2024</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"><B><U>Note 2. Summary of Significant Accounting Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Segment Reporting, page&nbsp;F-15</U></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"><B>1.</B></TD><TD><B>Please tell us how you determined that your disclosure is compliant with the requirements of ASC 280-10-50-20. Reference is also
made to ASU 2023-07.</B></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">The Company determined our disclosure is compliant with ASC 280-10-50-20
by first reviewing ASU 2023-07 and the guidance contained in ASC Topic 280. Important to our analysis of how we disclose the information
required by ASC 280-10-50-20 is how management organizes and operates our business. Our management organizes and operates the business
with a focus on the long-term, fee simple ownership of properties net leased to industry-leading, omni-channel retail tenants. We believe
that a diversified portfolio of such properties provides for stable and predictable cash flow. We organize and operate our business as
a single operating segment, with consistent processes and technology applied across our portfolio, and we discuss our portfolio composition
in terms of retail sectors, tenants, retailer credit ratings, retailer footprints (national, regional, or franchise), ownership structure
(fee simple or leasehold), and geography.</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">Consistent with how we organize and operate our business on a consolidated
basis as a single operating segment, we likewise assess our operations in the same manner. As part of our disclosure review process, we
evaluate information regularly provided to our chief operating decision maker (the <B><I>&ldquo;CODM&rdquo;</I></B>), which includes consolidated
financial results through net income compared to budgeted amounts and prior comparative periods. The information regularly provided to
the CODM is produced in the same manner and with the same accounting policies as our consolidated financial statements. The CODM does
not regularly receive information related to asset balances or detailed expenses incurred at a lower level than what is included in our
consolidated financial statements. The CODM does not review profit or loss measures by any grouping of properties, including by those
categories in which we describe our portfolio composition, such as retail sector, tenant, or geography.</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">Our evaluation of compliance with the disclosure requirements of ASC
280-10-50-20, considering the background above, was based on the following areas:</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"><B>I.</B></TD><TD><B>General and Entity-Wide Information</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We disclosed the following general information for each period presented
on page&nbsp;F-15, which summarizes our business and how performance is assessed and how resources are allocated:</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The factors used in identifying our operating segment, specifically that we are in the business of acquiring, developing, and managing
real estate and that our chief operating decision maker does not distinguish or group operations on a geographic, tenant sector, tenant
or other basis when assessing performance and allocating resources;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The types of products and services from which our operating segment derives its revenue, specifically that revenues are generated
through leasing long-lived assets to external customers;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The title and position of the chief operating decision maker, which is our Chief Executive Officer; and</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The fact that no single tenant comprises more than 10 percent of the company&rsquo;s revenue.</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"><B>II.</B></TD><TD><B>Information about Profit or Loss and Assets</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We disclose on page&nbsp;F-15 that consolidated net income is our measure
of profit or loss that our CODM regularly reviews to assess performance and allocate resources, and that this measure is calculated and
presented as reported on the consolidated statement of operations and comprehensive income. Guided by the background information above
and the goal to allow readers of the Company&rsquo;s consolidated financial statements to see through the eyes of management and to understand
how management views the operating results and financial position of our business, particularly that the CODM does not receive incremental
detailed revenue or expense information at a more disaggregated level, we concluded that duplicating the information found elsewhere throughout
the consolidated financial statements would be unnecessary and the reference to the consolidated statement of operations and comprehensive
income was appropriate and consistent with the basis of conclusions in ASU 2023-07. Each of the specific amounts required to be disclosed
in accordance with ASC 280-10-50-20, if they are included in the measure of profit or loss, including revenue from external customers,
depreciation and amortization, and interest expense, are disclosed on the consolidated statement of operations and comprehensive income
while non-cash items are disclosed on the statement of cash flows.</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">As the Company is focused on growth of the portfolio, our disclosure
references that expenditures for long-lived assets are reported on the consolidated statement of cash flows. After property acquisition,
the CODM does not regularly receive information related to asset balances and we disclose that segment assets are not regularly reviewed
by the CODM to evaluate performance as our reason for not including asset information in the disclosure, but we would highlight that the
relevant asset amount is disclosed as total assets on the consolidated balance sheet. The company has no equity-method investments.</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"><B>III.</B></TD><TD><B>Information about the Measurement of Segment Profit or Loss and Assets&nbsp;&amp; Reconciliations</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the items presented on the consolidated statement of operations
and comprehensive income are the same items reported to the CODM for purposes of making decisions about allocating resources and assessing
performance, no adjustments, eliminations, or allocations are necessary. We disclosed on page&nbsp;F-15 that the accounting policies of
the reportable segment are the same as those described in &ldquo;Note 2 &ndash; Summary of Significant Accounting Policies&rdquo; and
explicitly disclose that no intercompany revenues exist.</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">The Company acknowledges that it and its management are responsible
for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the Staff.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
feel free to contact me should you have any questions or comments at (248) 480-0267 or <U>peter@agreerealty.com</U></FONT>.</P>

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

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<TD STYLE="width: 50%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 50%">Sincerely,</TD>
</TR></TABLE>

<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-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Peter Coughenour</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter
    Coughenour</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
  </TABLE>


<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: 3%">cc: </TD>
  <TD STYLE="width: 97%">Donald J. Kunz, Partner, Honigman LLP</TD></TR>

<TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD>
  <TD>Joshua W. Damm, Partner, Honigman LLP</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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
