Cohen & Steers (ADC major holder) discloses 13.71% Agree Realty stake

Rhea-AI Filing Summary

Cohen & Steers entities report beneficial ownership of 16,465,990 shares of Agree Realty Corporation common stock, representing 13.71% of the outstanding class. Cohen & Steers, Inc., a Delaware corporation, is the parent of several investment adviser subsidiaries that hold these shares for client accounts.

The group has sole voting power over 12,772,552 shares and sole dispositive power over all 16,465,990 shares, with no shared voting or dispositive power. The underlying account holders of Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Asia Ltd., and Cohen & Steers Ireland Ltd. are entitled to receive dividends and sale proceeds from the securities held on their behalf.

Key Figures

Shares beneficially owned: 16,465,990 shares Percent of class: 13.71% Sole voting power: 12,772,552 shares +4 more

7 metrics

Shares beneficially owned 16,465,990 shares Beneficial ownership of Agree Realty common stock reported by Cohen & Steers, Inc.

Percent of class 13.71% Portion of Agree Realty common stock class beneficially owned by Cohen & Steers, Inc.

Sole voting power 12,772,552 shares Shares of Agree Realty over which Cohen & Steers, Inc. has sole voting power

Sole dispositive power 16,465,990 shares Shares of Agree Realty over which Cohen & Steers, Inc. has sole dispositive power

CS Capital Mgmt sole dispositive power 16,075,815 shares Agree Realty shares over which Cohen & Steers Capital Management, Inc. has sole dispositive power

CS UK sole dispositive power 333,199 shares Agree Realty shares over which Cohen & Steers UK Limited has sole dispositive power

CS Ireland sole dispositive power 56,976 shares Agree Realty shares over which Cohen & Steers Ireland Limited has sole dispositive power

Key Terms

beneficially owned, sole voting power, sole dispositive power, Investment Advisers Act, +1 more

5 terms

beneficially owned financial

"Ownership (a) | Amount beneficially owned: 16,465,990"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole power to vote or to direct the vote: 12,772,552"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole power to dispose or to direct the disposition of: 16,465,990"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Advisers Act regulatory

"investment advisors registered under Section 203 of the Investment Advisers Act"

non-US institution regulatory

"Cohen & Steers Ireland Ltd. (a non-US institution)"

FAQ

How many ADC shares does Cohen & Steers report owning in this Schedule 13G/A?

Cohen & Steers reports beneficial ownership of 16,465,990 shares of Agree Realty Corporation (ADC) common stock, which the filing states represents 13.71% of the class outstanding.

What percentage of Agree Realty (ADC) is held by Cohen & Steers according to this filing?

The filing states that Cohen & Steers entities beneficially own 13.71% of Agree Realty Corporation’s common stock, corresponding to 16,465,990 shares with sole dispositive power over that full amount.

What voting power does Cohen & Steers have over ADC shares?

Cohen & Steers reports sole voting power over 12,772,552 shares of Agree Realty Corporation (ADC) and no shared voting power, meaning voting authority is concentrated in the reporting group for those shares.

Which Cohen & Steers subsidiary holds most of the ADC shares?

Cohen & Steers Capital Management, Inc. reports sole voting power over 12,528,438 shares and sole dispositive power over 16,075,815 shares of Agree Realty Corporation (ADC), making it the primary holding subsidiary in the group.

Who ultimately benefits from the ADC shares held by Cohen & Steers entities?

The filing explains that Cohen & Steers Capital Management, UK, Asia, and Ireland entities hold ADC securities for the benefit of their respective account holders, who have rights to dividends and sale proceeds from those shares.

Is Cohen & Steers a control person of Agree Realty (ADC) based on this ownership?

Cohen & Steers reports beneficial ownership of 13.71% of ADC, with shares held for clients as investment advisers. The document describes them as holding securities on behalf of account holders, not as an operating control of the issuer.

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

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Available on EDGAR 08/14/2026 - 09:01 AM Accepted by SEC EDGAR 08/14/2026 - 09:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Agree Realty Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

008492100

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 008492100

1

Names of Reporting Persons

Cohen & Steers, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,772,552.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,465,990.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,465,990.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.71 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s): 008492100

1

Names of Reporting Persons

Cohen & Steers Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,528,438.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,075,815.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,075,815.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.39 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 008492100

1

Names of Reporting Persons

Cohen & Steers UK Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 187,138.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 333,199.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

333,199.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.28 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 008492100

1

Names of Reporting Persons

Cohen & Steers Asia Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

HONG KONG

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.00 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s): 008492100

1

Names of Reporting Persons

Cohen & Steers Ireland Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

IRELAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,178.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 56,976.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

56,976.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.05 %

12

Type of Reporting Person (See Instructions)

FI, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Agree Realty Corporation
(b)	Address of issuer's principal executive offices: 32301 Woodward Avenue, Royal Oak, Michigan 48073
Item 2.
(a)	Name of person filing: Cohen & Steers, Inc. Cohen & Steers Capital Management, Inc. Cohen & Steers UK Ltd Cohen & Steers Asia Ltd Cohen & Steers Ireland Ltd
(b)	Address or principal business office or, if none, residence: Address of Principal Business Office or, if none, Residence: The principal address for Cohen & Steers, Inc. and Cohen & Steers Capital Management, Inc. is: 1166 Avenue of the Americas, 30th Floor New York, NY 10036 The principal address for Cohen & Steers UK Ltd. is: The Burlian, 2nd floor, 3 Dering Street, London W1S 1AA United Kingdom The principal address for Cohen & Steers Asia Ltd. is: 3301B, 33rd Floor, The Henderson 2 Murray Road Central, Hong Kong The principal address for Cohen & Steers Ireland Ltd. is: Suite G01 81 Merrion Square South Dublin 2 D02 NR12 Ireland
(c)	Citizenship: Cohen & Steers, Inc: Delaware corporation Cohen & Steers Capital Management, Inc: New York corporation Cohen & Steers UK Ltd: United Kingdom Private Limited Company Cohen & Steers Asia Ltd: Asia Private Limited Company Cohen & Steers Ireland Ltd: Ireland Private Limited Company
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 008492100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Corporation
Item 4.	Ownership
(a)	Amount beneficially owned: 16,465,990
(b)	Percent of class: 13.71 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12,772,552
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 16,465,990
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Each of Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Asia Ltd. and Cohen & Steers Ireland Ltd. holds the securities of the Issuer to which this statement relates for the benefit of their respective account holders. Such account holders have the right to receive or the power to direct the receipt of dividends from, or proceeds from the sale of, the securities of the Issuer that are held on their behalf.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Cohen & Steers, Inc. holds a 100% interest in Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Asia Ltd. (investment advisors registered under Section 203 of the Investment Advisers Act) and Cohen & Steers Ireland Ltd. (a non-US institution).
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Cohen & Steers, Inc.

Signature:	/s/ Nargis Hilal
Name/Title:	SVP, Global Chief Compliance Officer & Associate General Counsel
Date:	08/14/2026

Cohen & Steers Capital Management, Inc.

Signature:	/s/ Nargis Hilal
Name/Title:	SVP, Global Chief Compliance Officer & Associate General Counsel
Date:	08/14/2026

Cohen & Steers UK Limited

Signature:	/s/ Natalie Okorie
Name/Title:	VP, Compliance Officer
Date:	08/14/2026

Cohen & Steers Asia Limited

Signature:	/s/ Catherine Cheng
Name/Title:	VP, Compliance Officer
Date:	08/14/2026

Cohen & Steers Ireland Limited

Signature:	/s/ Alan Cooper
Name/Title:	VP, Compliance Officer
Date:	08/14/2026