AGREE REALTY CORP — Director's Dealing 2007

Jan 10, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2007-01-10

Reporting Person: Umphryes Vicky K (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-10	Common Stock $.0001 Par Value	A	2000	$34.27	Acquired	4000	Direct