Agree Realty (ADC) director reports 750-share purchase; DRIP adds 309.701 shares

Rhea-AI Filing Summary

Greg Lehmkuhl, a director of Agree Realty Corporation (ADC), reported a small open-market purchase of common shares. The Form 4 discloses a purchase of 750 common shares at $72.84 per share, increasing his beneficial ownership to 27,683.644 shares. The filing notes that 309.701 of those shares were acquired under the company’s dividend reinvestment plan since his last Form 4. The report was filed as a single reporting person Form 4 and includes an attached power of attorney.

Positive

• Director purchase of 750 shares at $72.84 shows continued insider ownership
• 309.701 shares acquired via dividend reinvestment plan indicates ongoing participation in company programs
• Beneficial ownership total disclosed as 27,683.644 shares, providing transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Director added a modest number of ADC shares at $72.84, bringing total beneficial ownership to 27,683.644 shares.

The transaction is a routine insider purchase recorded on Form 4 showing alignment with the company via continued ownership and use of the dividend reinvestment plan. The acquisition size (750 shares) is small relative to the total reported holding, and the explicit inclusion of 309.701 shares from the dividend reinvestment plan clarifies the source of part of the change in ownership. There are no derivative transactions or dispositions reported.

Corporate Governance Expert

TL;DR: A director’s open-market buy and DRIP participation reflect routine insider ownership maintenance, not a material governance event.

This Form 4 documents a straightforward increase in common share holdings by a director and confirms participation in the dividend reinvestment plan. The filing includes Exhibit 24 (power of attorney), indicating an authorized filing process. The disclosure does not show any changes in role, related-party transactions, or derivative activity that would raise governance concerns.

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
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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^*

Lehmkuhl Greg

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/05/2025

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	09/05/2025		P		750	A	$72.84	27,683.644(1)	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:

1. Includes 309.701 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by Reporting Person.

Remarks:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	09/08/2025
	** 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 transaction did Greg Lehmkuhl report on the Form 4 for ADC?

The Form 4 reports a purchase of 750 common shares at $72.84 per share by Greg Lehmkuhl.

How many ADC shares does Greg Lehmkuhl beneficially own after the reported transaction?

He beneficially owns 27,683.644 shares following the reported transaction.

Did any of the reported shares come from a dividend reinvestment plan (DRIP)?

Yes. The filing states 309.701 shares were acquired under the company’s dividend reinvestment plan since the last Form 4.

Was any derivative or option activity reported by the insider on this Form 4?

No. The filing shows only a non-derivative purchase of common shares and no derivative securities activity.

What is the reporting person’s relationship to ADC?

Greg Lehmkuhl is reported as a Director of Agree Realty Corporation (ADC).