Agree Realty (NYSE: ADC) growth chief buys 360 shares at $70.845

Rhea-AI Filing Summary

AGREE REALTY CORP’s Chief Growth Officer Craig Erlich reported an open-market purchase of 360 common shares on 2025-10-03 at $70.845 per share. Following this trade, he holds 52,846 common shares directly, 100 shares indirectly through his wife, 305 indirectly through his children, and 4,898 Depositary Shares Series A directly.

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

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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^*

Erlich Craig

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF GROWTH OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

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	10/03/2025		P		360	A	$70.845	52,846	D
Common Shares								100	I	By wife
Common Shares								305	I	By children
Depositary Shares Series A								4,898	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:

Remarks:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	10/06/2025
	** 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 ADC executive Craig Erlich report?

Craig Erlich reported an open-market purchase of 360 AGREE REALTY CORP common shares. The transaction occurred on 2025-10-03 at a price of $70.845 per share, reflecting a direct increase in his personal common share ownership in the company.

At what price did Craig Erlich buy AGREE REALTY (ADC) shares?

Craig Erlich bought AGREE REALTY CORP common shares at $70.845 per share. The Form 4 shows a single open-market purchase of 360 shares on 2025-10-03, documenting both the transaction size and the exact per-share purchase price for investors.

How many AGREE REALTY (ADC) common shares does Craig Erlich now hold directly?

After the reported transaction, Craig Erlich directly holds 52,846 AGREE REALTY CORP common shares. This figure comes from the post-transaction ownership line tied to his open-market purchase of 360 shares on 2025-10-03 at a price of $70.845 per share.

What indirect AGREE REALTY (ADC) holdings are attributed to Craig Erlich?

Craig Erlich is reported with 100 AGREE REALTY CORP common shares held indirectly by his wife and 305 common shares held indirectly by his children. These positions are shown as indirect ownership entries, separate from his much larger direct common share holdings.

What preferred or depositary shares does Craig Erlich hold in AGREE REALTY?

In addition to common stock, Craig Erlich holds 4,898 AGREE REALTY CORP Depositary Shares Series A directly. This holding is disclosed as a separate non-derivative security line, indicating an additional class of equity exposure alongside his common share ownership.

Is Craig Erlich’s AGREE REALTY (ADC) transaction a buy or sell?

The reported AGREE REALTY CORP transaction is a buy. The Form 4 classifies it with transaction code P, described as an open-market purchase, for 360 common shares at a price of $70.845 per share on 2025-10-03.