[Form 4] Agree Realty Corporation Insider Trading Activity

Rhea-AI Filing Summary

Joey Agree, President & CEO and a director of Agree Realty Corporation (ADC), purchased common shares on 08/13/2025. He acquired 4,108 shares directly at a weighted average price of $72.15, bringing his direct holdings to 633,060 shares. Separately, 742 shares were recorded as acquired for his children (indirect), increasing indirect holdings to 2,934.

The reported price is a weighted average for multiple trades executed in a range of $72.02 to $72.19. The Form 4 shows these are non-derivative common share purchases reported pursuant to Section 16.

Insights

Financial Analyst

Insider purchases by the CEO increase his direct stake and can be viewed as a positive signal.

The CEO purchased 4,108 shares directly at a weighted average of $72.15, raising direct holdings to 633,060. These are open-market, non-derivative purchases recorded on Form 4 and executed across a price range of $72.02–$72.19. For investors, the purchase increases insider skin in the game and modestly raises the CEO's absolute ownership; the size relative to total outstanding shares is not provided in this filing.

Corporate Governance Expert

Reported purchases by a CEO who is also a director reflect routine insider activity with governance transparency.

The filing discloses both direct purchases (4,108 shares) and indirect holdings for family (742 shares), with the reporting person identified as President & CEO. The footnote clarifies the reported price is a weighted average across multiple executions. The disclosure meets Section 16 reporting requirements and includes an attorney-in-fact signature, indicating procedural compliance.

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)
08/13/2025

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	08/13/2025		P		4,108	A	$72.15(1)	633,060	D
Common Shares	08/13/2025		P		742	A	$72.15(1)	2,934	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 $72.02 to $72.19. 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.

	/s/ Donald J. Kunz, Attorney-in-Fact	08/14/2025
	** 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 activity did Agree Realty (ADC) report on Form 4?

The CEO and director Joey Agree reported direct purchases of 4,108 common shares and indirect acquisitions of 742 shares for his children.

At what price were the ADC shares purchased by the reporting person?

The shares were purchased at a weighted average price of $72.15, with execution prices ranging from $72.02 to $72.19.

How many ADC shares does the CEO hold after the reported transactions?

Following the reported transactions, the CEO’s direct holdings are 633,060 shares and indirect holdings attributed to his children total 2,934 shares.

Were these transactions purchases or dispositions?

These were purchases of non-derivative common shares (transaction code P) reported on Form 4.

Does the filing explain the reported price?

Yes. A footnote states the reported price is a weighted average; the trades occurred at prices between $72.02 and $72.19.