<SEC-DOCUMENT>0001104659-25-060820.txt : 20250903
<SEC-HEADER>0001104659-25-060820.hdr.sgml : 20250903
<ACCEPTANCE-DATETIME>20250620060823
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ACCESSION NUMBER:		0001104659-25-060820
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250620

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>
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<TYPE>CORRESP
<SEQUENCE>1
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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">June 20, 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. William Demarest<BR>
Ms. Kristina Marrone<BR>
Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Real Estate &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>

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    <TD STYLE="font-size: 10pt; width: 0.5in"><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 10-K for the year ended December 31, 2024</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Filed February 11, 2025<BR>
    File No. 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. Demarest and Ms. 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 June 16, 2025 (the <B><I>&ldquo;Comment Letter&rdquo;</I></B>), that relates to the Company&rsquo;s Annual Report on Form
10-K for the fiscal year ended December 31, 2024 (File No. 001-12928), originally filed by the Company with the Commission on February
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 10-K for the year ended December 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 F-15</U></B></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>We note your response to our prior comment. Please clarify whether significant segment expenses and other segment items are identical
to what is presented on the face of your Consolidated Statements of Operations and Comprehensive Income. If so, include disclosure to
this effect in future filings.</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 confirms significant segment expenses and other segment
items are identical to the information presented on the face of our Consolidated Statements of Operations and Comprehensive Income. The
Company will provide disclosure to this effect in our future periodic filings with the Commission.</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">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">Please feel free to contact me should you have any questions or comments
at (248) 480-0267 or <U>peter@agreerealty.com</U>.</P>

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

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    <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">Sincerely,</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="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Peter Coughenour</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">Peter Coughenour</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">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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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Donald J. Kunz, Partner, Honigman LLP</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Joshua W. Damm, Partner, Honigman LLP</P>

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

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