AGREE REALTY CORP — Director's Dealing 2025

Feb 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2025-02-23

Reporting Person: Lehmkuhl Greg (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-23	Common Shares	A	1579	—	Acquired	24975.943	Direct
2025-02-23	Common Shares	A	1648	$72.83	Acquired	26623.943	Direct

Footnotes

F1: Represents a grant of restricted stock that vests on February 23, 2026.

F2: Includes 361.002 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by Reporting Person.

F3: Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in restricted common stock in lieu of cash.