Agree Realty

FOR IMMEDIATE RELEASE

Contact: Kenneth R. Howe
Chief Financial Officer
(248) 737-4190

AGREE REALTY CORPORATION DECLARES QUARTERLY CASH DIVIDEND

FARMINGTON HILLS, Michigan (June 4, 2007) - Agree Realty Corporation (NYSE: ADC) today announced that its Board of Directors has declared its second quarter 2007 dividend for the Company’s common stock.

Second quarter 2007 dividend of $0.49 per share

The declared second quarter 2007 dividend when annualized equals $1.96 per share.

The second quarter 2007 common share dividend is payable July 12, 2007 to shareholders of record at the close of business on June 29, 2007

Agree Realty Corporation is engaged in the ownership, management and development of properties, which are primarily single tenant net leased properties and neighborhood community shopping centers, leased to retail tenants. The Company owns and operates a portfolio of 60 properties containing approximately 3.4 million square feet of gross leasable area, located in 15 states. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol ADC.