Cohen & Steers filed an amendment to a Schedule 13G reporting beneficial ownership of 17,918,363 shares of Agree Realty Corporation common stock, representing 14.93% of the class. The filing shows sole voting power over 14,028,144 shares and sole dispositive power over 17,918,363 shares.
The filing lists Cohen & Steers affiliates (including Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Ireland Ltd., and Cohen & Steers Asia Ltd.) and states these entities hold the shares for the benefit of their respective account holders. Signatures by compliance officers appear on the amendment.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by an investment manager.
The amendment reports 17,918,363 shares and 14.93% ownership in Agree Realty Corporation, indicating a sizable position for an investment adviser group. The numbers show sole voting and dispositive control concentrated in named Cohen & Steers entities.
Dependencies include account-level ownership and client direction: the filing states the securities are held for account holders. Subsequent filings could disclose changes in position or voting instructions; timing not provided here.
Filing clarifies recordkeeping and beneficial-owner relationships.
The amendment identifies multiple affiliate filers and notes that each affiliate holds securities for the benefit of its account holders, consistent with adviser reporting practices under the Investment Advisers Act. The filing includes subsidiary relationships and compliance signatures.
Investors reading this should note the filing documents reporting structure and control powers rather than a change in company operations.
Key Figures
Beneficial ownership:17,918,363 sharesPercent of class:14.93%Sole voting power:14,028,144 shares+3 more
Percent of class14.93%Percent of common stock reported
Sole voting power14,028,144 sharesShares with sole power to vote
Sole dispositive power17,918,363 sharesShares with sole power to dispose
Cohen & Steers Capital Mgmt holding17,646,009 sharesAmount listed under affiliate holdings
CUSIP008492100Agree Realty Corporation common stock
Key Terms
beneficially owned, sole dispositive power, Investment Advisers Act, Schedule 13G/A
4 terms
beneficially ownedregulatory
"Amount beneficially owned: 17,918,363"
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 dispositive powerregulatory
"Sole power to dispose or to direct the disposition of: 17,918,363"
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 Actregulatory
"investment advisors registered under Section 203 of the Investment Advisers Act"
Schedule 13G/Aregulatory
"Amendment to a Schedule 13G reporting beneficial ownership"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Agree Realty Corporation
(Name of Issuer)
Common Stock
(Title of Class of Securities)
008492100
(CUSIP Number)
03/31/2026
(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
14,028,144.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,918,363.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,918,363.00
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)
14.93 %
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
13,884,537.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,646,009.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,646,009.00
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)
14.70 %
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
126,340.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
255,087.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
255,087.00
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)
0.21 %
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
17,267.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
17,267.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
17,267.00
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)
0.01 %
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:
17,918,363
(b)
Percent of class:
14.93 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
14,028,144
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
17,918,363
(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:
05/15/2026
Cohen & Steers Capital Management, Inc.
Signature:
/s/ Nargis Hilal
Name/Title:
SVP, Global Chief Compliance Officer & Associate General Counsel
Date:
05/15/2026
Cohen & Steers UK Limited
Signature:
/s/ Nargis Hilal
Name/Title:
SVP, Global Chief Compliance Officer & Associate General Counsel
What stake does Cohen & Steers report in Agree Realty Corporation (ADC)?
Cohen & Steers reports beneficial ownership of 17,918,363 shares, representing 14.93% of common stock. The filing states sole voting power for 14,028,144 shares and sole dispositive power for 17,918,363 shares.
Which Cohen & Steers entities are named in the Schedule 13G/A for ADC?
The filing names Cohen & Steers, Inc., Cohen & Steers Capital Management, Inc., Cohen & Steers UK Ltd., Cohen & Steers Asia Ltd., and Cohen & Steers Ireland Ltd. as the reporting entities for the disclosed shares.
Do the Cohen & Steers filers claim ownership for their own accounts or client accounts?
The filing states the securities are held for the benefit of respective account holders. It explains that account holders have the right to receive dividends or proceeds from sale for positions held on their behalf.
Who signed the Schedule 13G/A amendment for ADC and when?
The amendment is signed by compliance officers including Nargis Hilal (SVP, Global Chief Compliance Officer) and others, with signature dates listed as 05/15/2026 on the filing's signature blocks.
