Agree Realty CEO buys 7,360 shares at $68

Rhea-AI Filing Summary

AGREE REALTY CORP (ADC) reported that its president and CEO, Joey Agree, purchased 7,360 common shares on September 16, 2026 in a purchase in an open market or private transaction at a weighted average price of $68.06 per share, with individual trade prices ranging from $67.97 to $68.13. Following this transaction, he directly held 682,465 common shares and also reported indirect ownership of 3,962 common shares held by his children. No Rule 10b5-1 trading plan is reported for these transactions.

Insider Trade Summary

Net Buyer: 7,360 shares

Net Buy 2 txns

Insider Agree Joey

Role PRESIDENT & CEO

Bought 7,360 shs ($501K)

Type	Security	Shares	Price	Value
Purchase	Common Shares F1	7,360	$68.06	$501K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 682,465 shares (Direct); Common Shares — 3,962 shares (Indirect, By children)

Footnotes (1)

1. F1. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $67.97 to $68.13. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Key Figures

Common shares purchased: 7,360 shares Weighted average purchase price: $68.06 per share Purchase price range: $67.97–$68.13 per share +3 more

6 metrics

Common shares purchased 7,360 shares Purchase by Joey Agree on September 16, 2026

Weighted average purchase price $68.06 per share Average price for 7,360 common shares purchased

Purchase price range $67.97–$68.13 per share Range of prices for multiple transactions in the purchase

Direct holdings after transaction 682,465 common shares Directly held by Joey Agree after the reported purchase

Indirect holdings reported 3,962 common shares Indirectly owned, described as held by children

Net share direction 7,360-share net purchase Net effect of reported buy and sell activity in this filing

Key Terms

weighted average price, open market or private transaction, indirect ownership, Rule 10b5-1 trading plan

4 terms

weighted average price financial

"The reported price in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open market or private transaction financial

"Purchase in open market or private transaction"

indirect ownership financial

"Indirect ownership described as By children for 3,962 common shares."

Rule 10b5-1 trading plan regulatory

"No Rule 10b5-1 trading plan is reported for these transactions."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ADC’s CEO Joey Agree report on this Form 4?

He purchased 7,360 common shares of AGREE REALTY CORP on September 16, 2026 in an open-market or private transaction, increasing his directly held stake to 682,465 common shares, with an additional 3,962 common shares reported as indirectly owned by his children.

At what price did the ADC shares trade in Joey Agree’s purchase?

The filing states a weighted average price of $68.06 per share, with multiple trades executed in a price range from $67.97 to $68.13. The reporting person undertook to provide full details of each separate trade price upon request.

How many AGREE REALTY CORP (ADC) shares does Joey Agree hold after this transaction?

After the reported purchase, Joey Agree directly held 682,465 common shares of AGREE REALTY CORP and reported 3,962 common shares as indirectly owned by his children, in addition to his direct holdings.

Was Joey Agree’s ADC share purchase made under a Rule 10b5-1 trading plan?

No. The filing indicates that no Rule 10b5-1 trading plan is reported for this transaction, meaning the trades were not identified as being made under a pre-arranged trading plan for this purpose.

What type of transaction did Joey Agree report for ADC stock?

He reported a purchase of common shares described as a purchase in open market or private transaction, totaling 7,360 shares on September 16, 2026, at a weighted average price of $68.06 per share.

What indirect ownership in ADC shares is reported for Joey Agree?

The Form 4 reports an indirect holding of 3,962 common shares of AGREE REALTY CORP, described as being held by children, separate from Joey Agree’s directly owned 682,465 common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/17/2026 - 07:00 AM Accepted by SEC EDGAR 09/17/2026 - 07:00 AM Learn about SEC filing dates

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 MICHIGAN 48073

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

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

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

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

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	09/16/2026		P		7,360	A	$68.06(1)	682,465	D
Common Shares								3,962	I	By 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:

1. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $67.97 to $68.13. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	09/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)