AGREE REALTY CORP — Director's Dealing 2006

Sep 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2006-09-05

Reporting Person: HOWE KENNETH R (Vice President, Finance)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-05	Common Stsock $.0001 Par Value	M	4900	$19.50	Acquired	52950	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-09-05	Employee Stock Option	$19.50	M	4900	Acquired	2015-05-09	Common Stock (4900)	Direct

Footnotes

F1: Right to Buy