Agree Realty (ADC) chair-linked trust purchases 24,000 shares near $70

Rhea-AI Filing Summary

Agree Realty Corp executive chairman Richard Agree, through a trust for his children, reported purchasing 24,000 common shares of ADC on January 9, 2026 at a weighted average price of $70.67 per share. The filing notes that these shares were bought in multiple trades at prices ranging from $70.40 to $70.82.

Following this purchase, the trust for his children held 159,855 shares indirectly attributed to him. He also reported 414,708 common shares held directly and an additional 85,512 common shares held indirectly through his wife.

Insights

Insider transactions analyst

Executive chairman-linked trust bought 24,000 ADC shares at about $70.67.

Richard Agree, executive chairman of Agree Realty Corp, reported that a trust for his children purchased 24,000 common shares on January 9, 2026. The weighted average purchase price was $70.67 per share, with individual trades occurring between $70.40 and $70.82. The transaction is classified as an indirect purchase because the shares are held "by trust - children."

After this activity, the trust held 159,855 shares attributed indirectly to him, alongside 414,708 shares held directly and 85,512 shares held indirectly through his wife. The filing also states that detailed trade-level pricing within the reported range is available upon request to the company, any security holder, or SEC staff, which is standard for weighted-average reporting.

This type of Form 4 reflects ownership and transaction detail rather than commenting on motives or future expectations. Any market interpretation would depend on how investors view insider-associated purchases of this size relative to the company’s overall share base, which is not detailed here.

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)
01/09/2026

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	01/09/2026		P		24,000	A	$70.67(1)	159,855	I	By trust - children
Common Shares								414,708	D
Common Shares								85,512	I	By wife

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 $70.40 to $70.82. 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	01/12/2026
	** 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.

FAQ

What insider transaction did ADC report for Richard Agree on January 9, 2026?

The filing reports that a trust for Richard Agree's children purchased 24,000 shares of Agree Realty Corp (ADC) common stock on January 9, 2026, reported as an indirect purchase.

At what price were the 24,000 ADC shares purchased in the Form 4 filing?

The 24,000 shares were bought at a weighted average price of $70.67 per share, with individual trades executed between $70.40 and $70.82.

How many ADC shares does the children’s trust hold after this transaction?

Following the reported purchase, the trust for the children held 159,855 ADC common shares attributed as indirect ownership for Richard Agree.

What are Richard Agree’s total reported direct and indirect ADC share holdings?

He reported 414,708 ADC common shares held directly, 159,855 shares held indirectly by a trust for his children, and 85,512 shares held indirectly through his wife.

Who is the insider involved in this ADC Form 4 and what is his role?

The insider is Richard Agree, who serves as Executive Chairman of the Board and a Director of Agree Realty Corp (ADC).

How were the multiple ADC trade prices disclosed in the Form 4 footnote?

The footnote explains that the reported $70.67 is a weighted average and that the shares were purchased in multiple transactions between $70.40 and $70.82, with full trade-level details available upon request.