ADC executive chairman reports 2,570-share gift on Form 4

Rhea-AI Filing Summary

Agree Realty Corp (ADC) executive chairman reports share transfer

Agree Realty Corp’s executive chairman and director reported a Form 4 transaction involving 2,570 common shares on 11/18/2025. The transaction was coded “G,” indicating a gift of shares at a stated price of $0. After this transaction, he reports owning 414,708 common shares directly, 85,512 common shares indirectly through his wife, and 135,855 common shares indirectly through a trust for his children.

Insider Trade Summary

2,570 shares gifted

Mixed 3 txns

Insider AGREE RICHARD

Role EXECUTIVE CHAIRMAN OF BOARD

Type	Security	Shares	Price	Value
Gift	Common Shares	2,570	$0.00	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 414,708 shares (Direct); Common Shares — 85,512 shares (Indirect, By wife)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

AGREE RICHARD

(Last) (First) (Middle)

32301 WOODWARD AVENUE

(Street)

ROYAL OAK MI 48073

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AGREE REALTY CORP [ ADC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE CHAIRMAN OF BOARD

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	11/18/2025		G		2,570	D	$0	414,708	D
Common Shares								85,512	I	By wife
Common Shares								135,855	I	By trust - children

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Agree Realty Corp (ADC) report on this Form 4?

The Form 4 reports that the executive chairman and director engaged in a transaction on 11/18/2025 involving 2,570 common shares coded as a gift (code "G") at a stated price of $0.

Who is the reporting person in this Agree Realty Corp (ADC) Form 4 and what is their role?

The reporting person is an individual who serves as both a director and the executive chairman of the board of Agree Realty Corp.

How many Agree Realty Corp (ADC) shares does the insider own after the reported transaction?

After the transaction, the insider reports 414,708 common shares owned directly, 85,512 common shares owned indirectly through his wife, and 135,855 common shares owned indirectly through a trust for his children.

What does transaction code "G" mean on this Agree Realty Corp (ADC) Form 4?

On this Form 4, the transaction code "G" identifies the transaction as a gift of 2,570 common shares.

Is this Agree Realty Corp (ADC) Form 4 filed for one or multiple reporting persons?

The filing is indicated as a Form filed by One Reporting Person in the ownership section.

Does this Form 4 for Agree Realty Corp (ADC) include any derivative securities transactions?

The Table II section for derivative securities is present but contains no reported derivative security acquisitions or dispositions in the provided content.

What additional document is mentioned in this Agree Realty Corp (ADC) Form 4?

The remarks section notes that Exhibit 24, Power of Attorney, is attached to the filing.