[Form 4] Agree Realty Corporation Insider Trading Activity

Rhea-AI Filing Summary

Agree Realty Corp (ADC) Form 4: The reporting person, listed as "Agree Joey" and identified as President & CEO and a Director, made an open-market acquisition on 08/14/2025. The filing reports a purchase of 2,100 common shares at a weighted-average price of $72.08 (individual trade prices ranged from $72.03 to $72.10). After the purchase, the reporting person beneficially owned 635,160 shares directly and 2,934 shares indirectly (by children). The Form 4 was signed by an attorney-in-fact, Donald J. Kunz, on 08/18/2025. The filer notes the weighted-average price and offers to provide trade-by-trade details upon request.

Positive

• Insider acquisition reported: Purchase of 2,100 common shares disclosed on Form 4
• Transparent pricing detail: Weighted-average price $72.08 with range $72.03–$72.10 and offer to provide per-trade breakdown
• Complete post-transaction holdings: 635,160 shares directly and 2,934 shares indirectly reported

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider open-market purchase of 2,100 ADC shares at a $72.08 weighted average; modest change in holdings.

The filing documents a straightforward purchase transaction executed on 08/14/2025 for 2,100 common shares at a weighted-average price of $72.08, with the total direct beneficial ownership afterward reported as 635,160 shares and 2,934 shares held indirectly. The report was executed by an attorney-in-fact and includes a footnote clarifying the price range ($72.03–$72.10) and availability of breakdown by trade. There are no derivative or disposition entries, and no additional economic terms or plan disclosures included in the filing.

Corporate Governance Expert

TL;DR: Disclosure shows officer/director purchased shares and properly filed Form 4; documentation appears complete for this transaction.

The Form 4 identifies the reporting person as both an officer (President & CEO) and a director and reports an acquisition of 2,100 common shares. The report includes the required post-transaction beneficial ownership totals and a signature by an attorney-in-fact dated 08/18/2025. The filing contains the explanatory footnote about the weighted-average price and offers to provide per-trade details, satisfying routine disclosure requirements for a single open-market purchase. No amendments or derivative holdings are reported 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 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)
08/14/2025

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	08/14/2025		P		2,100	A	$72.08(1)	635,160	D
Common Shares								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 $72.03 to $72.10. 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	08/18/2025
	** 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 did Agree Realty (ADC) insider purchase on 08/14/2025?

The reporting person purchased 2,100 common shares of ADC on 08/14/2025.

At what price were the ADC shares purchased in the Form 4?

The purchase was at a weighted-average price of $72.08, with individual trades ranging from $72.03 to $72.10.

How many ADC shares does the reporting person beneficially own after the transaction?

After the reported purchase the person beneficially owned 635,160 shares directly and 2,934 shares indirectly (held by children).

Who signed the Form 4 for the reporting person?

The Form 4 was signed by Donald J. Kunz, Attorney-in-Fact, on 08/18/2025.

Does the filing report any derivative transactions or dispositions?

No. The filing lists only a non-derivative acquisition of common shares and shows no derivative or disposition entries.