ADC President & CEO reports bona fide share gift on Form 4

Rhea-AI Filing Summary

Agree Realty Corp (ADC) reported an insider equity transfer by its President & CEO, who is also a director. On 11/18/2025, the insider reported a transaction coded “G,” indicating a bona fide gift of 1,028 common shares at a reported price of $0, held indirectly by children. After this transaction, the insider beneficially owns 3,962 common shares indirectly by children and 638,688 common shares directly. This filing reflects a personal estate or family-related transfer rather than an open-market trade.

Insider Trade Summary

Net Seller: 1,028 shares

Net Sell 2 txns

Insider Agree Joey

Role PRESIDENT & CEO

Type	Security	Shares	Price	Value
Gift	Common Shares	1,028	$0.00	$0.00
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 3,962 shares (Indirect, By children); Common Shares — 638,688 shares (Direct)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 11/20/2025 - 06:00 PM Learn about SEC filing dates

FAQ

What insider transaction was reported at Agree Realty Corp (ADC)?

The President & CEO, who is also a director, reported a transaction coded “G” on 11/18/2025, reflecting a bona fide gift of 1,028 common shares of Agree Realty Corp.

What does transaction code G mean in the ADC Form 4 filing?

Transaction code G indicates a bona fide gift of securities, meaning the shares were transferred as a gift rather than bought or sold in the market.

How many Agree Realty (ADC) shares did the insider transfer?

The insider reported gifting 1,028 common shares of Agree Realty Corp, recorded at a reported price of $0 per share.

What is the insider’s share ownership in ADC after the reported gift?

Following the transaction, the insider beneficially owns 3,962 common shares indirectly by children and 638,688 common shares directly of Agree Realty Corp.

Is the reported ADC insider transaction an open-market trade?

No. The transaction is coded G, indicating a bona fide gift of shares, not a purchase or sale on the open market.

What is the relationship of the reporting person to Agree Realty Corp (ADC)?

The reporting person is both a director and an officer, serving as President & CEO of Agree Realty Corp.

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 Joey

(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)
	PRESIDENT & CEO

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		1,028	A	$0	3,962	I	By children
Common Shares								638,688	D

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:

	/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.