AGREE REALTY CORP

For the period ended Dec 31, 2023. Filed Feb 13, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 13, 2024

ADC$69.88-0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III - Real Estate and Accumulated Depreciation


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Real Estate Held for Investment · · · · · · · ·
Borman Center, MI	—	550,000	562,404	1,087,596	550,000	1,650,000	2,200,000	1,650,000	1977	40 Years
Capital Plaza, KY	—	7,379	2,240,607	8,812,548	7,379	11,053,156	11,060,535	2,272,371	1978	40 Years
Grayling Plaza, MI	—	200,000	1,778,657	143,997	200,000	1,922,654	2,122,654	1,724,964	1984	40 Years
Omaha Store, NE	—	150,000	—	—	150,000	—	150,000	—	1995
Wichita Store, KS	—	1,039,195	1,690,644	451,090	1,139,677	2,041,252	3,180,929	1,145,506	1995	40 Years
Monroeville, PA	—	6,332,158	2,249,724	(2,037,769)	3,153,890	3,390,223	6,544,113	1,650,097	1996	40 Years
Boynton Beach, FL	—	1,534,942	2,043,122	5,286,734	3,103,943	5,760,855	8,864,798	2,610,637	1996	40 Years
Chesterfield Township, MI	—	1,350,590	1,757,830	(46,165)	1,350,590	1,711,666	3,062,256	1,091,769	1998	40 Years
Mt Pleasant Shopping Ctr, MI	—	907,600	8,081,968	11,498,547	1,874,745	18,613,370	20,488,115	6,112,090	1998	40 Years
Rochester, MI	—	2,438,740	2,188,050	23,358	2,438,740	2,211,408	4,650,148	1,343,197	1999	40 Years
Ypsilanti, MI	—	2,050,000	2,222,097	(3,494,709)	777,388	—	777,388	—	1999
Petoskey, MI	—	—	2,332,473	2,020,905	2,015,626	2,337,752	4,353,378	1,380,859	2000	40 Years
Flint, MI	—	1,477,680	2,241,293	99,920	1,477,680	2,341,213	3,818,893	1,300,396	2001	40 Years
New Baltimore, MI	—	1,250,000	2,285,781	9,231	1,250,000	2,295,012	3,545,012	1,271,626	2001	40 Years
Flint, MI	1,435,925	1,729,851	1,798,091	660	1,729,851	1,798,751	3,528,602	976,159	2002	40 Years
Indianapolis, IN	—	180,000	1,117,617	108,551	180,000	1,226,168	1,406,168	655,638	2002	40 Years
Canton Twp, MI	—	1,550,000	2,132,096	23,021	1,550,000	2,155,117	3,705,117	1,081,996	2003	40 Years
Flint, MI	1,664,211	1,537,400	1,961,674	—	1,537,400	1,961,674	3,499,074	972,744	2004	40 Years
Albion, NY	—	1,900,000	3,037,864	—	1,900,000	3,037,864	4,937,864	1,452,484	2004	40 Years
Flint, MI	1,272,314	1,029,000	2,165,463	(6,666)	1,029,000	2,158,797	3,187,797	1,032,131	2004	40 Years
Boynton Beach, FL	—	1,569,000	2,363,524	2,374,403	—	6,306,927	6,306,927	1,805,635	2004	40 Years
Roseville, MI	—	1,771,000	2,327,052	395	1,771,000	2,327,447	4,098,447	1,054,534	2005	40 Years
Mt Pleasant, MI	—	1,075,000	1,432,390	4,787	1,075,000	1,437,177	2,512,177	649,708	2005	40 Years
N Cape May, NJ	—	1,075,000	1,430,092	495	1,075,000	1,430,587	2,505,587	646,740	2005	40 Years
Summit Twp, MI	—	998,460	1,336,357	12,686	998,460	1,349,043	2,347,503	583,592	2006	40 Years
Barnesville, GA	—	932,500	2,091,514	5,490	932,500	2,097,004	3,029,504	849,693	2007	40 Years
East Lansing, MI	—	240,000	54,531	(54,531)	240,000	—	240,000	—	2007
Macomb Township, MI	—	424,222	—	—	424,222	—	424,222	—	2008
Brighton, MI	—	1,365,000	2,802,036	5,615	1,365,000	2,807,651	4,172,651	1,041,093	2009	40 Years
Southfield, MI	1,483,000	1,200,000	125,616	2,063	1,200,000	127,679	1,327,679	45,345	2009	40 Years
Atchison, KS	—	943,750	3,021,672	—	823,170	3,142,252	3,965,422	1,059,002	2010	40 Years
Johnstown, OH	—	485,000	2,799,503	—	485,000	2,799,503	3,284,503	944,833	2010	40 Years
Lake in the Hills, IL	—	2,135,000	3,328,560	—	1,690,000	3,773,560	5,463,560	1,268,016	2010	40 Years
Concord, NC	—	7,676,305	—	—	7,676,305	—	7,676,305	—	2010
Antioch, IL	—	1,087,884	—	—	1,087,884	—	1,087,884	—	2010
Mansfield, CT	—	700,000	1,902,191	13,918	700,000	1,916,109	2,616,109	624,322	2010	40 Years
Spring Grove, IL	2,313,000	1,191,199	—	968	1,192,167	—	1,192,167	—	2010
Tallahassee, FL	1,628,000	—	1,482,461	—	—	1,482,461	1,482,461	483,341	2010	40 Years
Wilmington, NC	2,186,000	1,500,000	1,348,591	—	1,500,000	1,348,591	2,848,591	432,674	2011	40 Years
Marietta, GA	900,000	575,000	696,297	6,359	575,000	702,656	1,277,656	219,503	2011	40 Years
Baltimore, MD	2,534,000	2,610,430	—	27,619	2,638,049	—	2,638,049	—	2011
Dallas, TX	1,844,000	701,320	778,905	1,042,730	701,320	1,821,635	2,522,955	554,603	2011	40 Years
Chandler, AZ	—	332,868	793,898	360	332,868	794,258	1,127,126	243,279	2011	40 Years
New Lenox, IL	—	1,422,488	—	—	1,422,488	—	1,422,488	—	2011
Roseville, CA	4,752,000	2,800,000	3,695,455	(96,364)	2,695,636	3,703,455	6,399,091	1,141,835	2011	40 Years
Fort Walton Beach, FL	1,768,000	542,200	1,958,790	88,778	542,200	2,047,568	2,589,768	612,522	2011	40 Years
Leawood, KS	—	989,622	3,003,541	16,196	989,621	3,019,738	4,009,359	905,919	2011	40 Years
Salt Lake City, UT	—	—	6,810,104	(44,416)	—	6,765,688	6,765,688	2,065,178	2011	40 Years
Macomb Township, MI	1,793,000	1,605,134	—	—	1,605,134	—	1,605,134	—	2012
Madison, AL	1,552,000	675,000	1,317,927	—	675,000	1,317,927	1,992,927	395,377	2012	40 Years
Walker, MI	887,000	219,200	1,024,738	—	219,200	1,024,738	1,243,938	301,016	2012	40 Years
Portland, OR	—	7,969,403	—	161	7,969,564	—	7,969,564	—	2012
Cochran, GA	—	365,714	2,053,726	—	365,714	2,053,726	2,419,440	590,448	2012	40 Years
Baton Rouge, LA	—	—	1,188,322	—	—	1,188,322	1,188,322	344,118	2012	40 Years
Southfield, MI	—	1,178,215	—	—	1,178,215	—	1,178,215	—	2012
Clifton Heights, PA	—	2,543,941	3,038,561	(3,105)	2,543,941	3,035,456	5,579,397	869,534	2012	40 Years
Newark, DE	—	2,117,547	4,777,516	(4,881)	2,117,547	4,772,635	6,890,182	1,367,224	2012	40 Years
Vineland, NJ	—	4,102,710	1,501,854	43,977	4,125,289	1,523,251	5,648,540	433,097	2012	40 Years
Fort Mill, SC	—	750,000	1,187,380	—	750,000	1,187,380	1,937,380	338,897	2012	40 Years
Spartanburg, SC	—	250,000	765,714	4,387	250,000	770,101	1,020,101	220,604	2012	40 Years
Springfield, IL	—	302,520	653,654	49,741	302,520	703,395	1,005,915	199,519	2012	40 Years
Jacksonville, NC	—	676,930	1,482,748	—	676,930	1,482,748	2,159,678	421,986	2012	40 Years
Morrow, GA	—	525,000	1,383,489	(99,850)	525,000	1,283,640	1,808,640	361,649	2012	40 Years
Charlotte, NC	—	1,822,900	3,531,275	(570,844)	1,822,900	2,960,431	4,783,331	828,917	2012	40 Years
Lyons, GA	—	121,627	2,155,635	(103,392)	121,627	2,052,243	2,173,870	585,393	2012	40 Years
Fuquay-Varina, NC	—	2,042,225	1,763,768	(255,778)	2,042,225	1,507,990	3,550,215	418,372	2012	40 Years
Minneapolis, MN	—	1,088,015	345,958	71,142	826,635	678,480	1,505,115	50,886	2012	40 Years
Lake Zurich, IL	—	780,974	7,909,277	46,509	780,974	7,955,786	8,736,760	2,196,232	2012	40 Years
Harlingen, TX	—	430,000	1,614,378	12,854	430,000	1,627,232	2,057,232	447,487	2012	40 Years
Pensacola, FL	—	650,000	1,165,415	23,957	650,000	1,189,372	1,839,372	325,202	2012	40 Years
Venice, FL	—	1,300,196	—	4,892	1,305,088	—	1,305,088	—	2012
St. Joseph, MO	—	377,620	7,639,521	49,219	377,620	7,688,740	8,066,360	2,086,224	2013	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Statham, GA	—	191,919	3,851,073	—	191,919	3,851,073	4,042,992	1,051,020	2013	40 Years
North Las Vegas, NV	—	214,552	717,435	28,999	214,552	746,434	960,986	203,268	2013	40 Years
Memphis, TN	—	322,520	748,890	—	322,520	748,890	1,071,410	202,828	2013	40 Years
Rancho Cordova, CA	—	1,339,612	—	4,463	1,074,612	269,463	1,344,075	269,016	2013	40 Years
Kissimmee, FL	—	1,453,500	971,683	656	1,454,156	971,683	2,425,839	261,141	2013	40 Years
Pinellas Park, FL	—	2,625,000	874,542	4,163	2,625,000	878,705	3,503,705	232,419	2013	40 Years
Manchester, CT	—	397,800	325,705	—	397,800	325,705	723,505	86,856	2013	40 Years
Rapid City, SD	—	1,017,800	2,348,032	1,379	1,017,800	2,349,411	3,367,211	624,086	2013	40 Years
Chicago, IL	—	272,222	649,063	93,052	272,222	742,115	1,014,337	184,110	2013	40 Years
Brooklyn, OH	—	3,643,700	15,079,714	953,195	3,643,700	16,032,909	19,676,609	4,179,748	2013	40 Years
Madisonville, TX	—	96,680	1,087,642	18,200	96,680	1,105,842	1,202,522	290,889	2013	40 Years
Forest, MS	—	—	1,298,176	99,848	—	1,398,024	1,398,024	362,344	2013	40 Years
Sun Valley, NV	—	308,495	1,373,336	(51,008)	253,495	1,377,328	1,630,823	355,739	2013	40 Years
Rochester, NY	—	2,500,000	7,398,639	2,017	2,500,000	7,400,656	9,900,656	1,904,020	2013	40 Years
Allentown, PA	—	2,525,051	7,896,613	672,368	2,525,051	8,568,981	11,094,032	2,210,050	2013	40 Years
Casselberry, FL	—	1,804,000	793,101	(2,906)	1,804,000	790,195	2,594,195	206,210	2013	40 Years
Berwyn, IL	—	186,791	933,959	62,586	186,792	996,544	1,183,336	247,310	2013	40 Years
Grand Forks, ND	—	1,502,609	2,301,337	1,801,028	1,502,609	4,102,365	5,604,974	1,035,180	2013	40 Years
Ann Arbor, MI	—	3,000,000	4,595,757	277,040	3,000,000	4,872,797	7,872,797	1,227,727	2013	40 Years
Joplin, MO	—	1,208,225	1,160,843	—	1,208,225	1,160,843	2,369,068	295,046	2013	40 Years
Red Bay, AL	—	38,981	2,528,437	3,856	38,981	2,532,293	2,571,274	580,303	2014	40 Years
Birmingham, AL	—	230,106	231,313	(297)	230,106	231,016	461,122	52,461	2014	40 Years
Birmingham, AL	—	245,234	251,339	(324)	245,234	251,015	496,249	57,003	2014	40 Years
Birmingham, AL	—	98,271	179,824	—	98,271	179,824	278,095	40,836	2014	40 Years
Birmingham, AL	—	235,641	127,477	(313)	235,641	127,164	362,805	28,878	2014	40 Years
Montgomery, AL	—	325,389	217,850	—	325,389	217,850	543,239	49,471	2014	40 Years
Littleton, CO	4,622,391	819,000	8,756,266	(3,879,591)	819,000	4,876,675	5,695,675	1,716,171	2014	40 Years
St Petersburg, FL	—	1,225,000	1,025,247	6,592	1,225,000	1,031,839	2,256,839	251,233	2014	40 Years
St Augustine, FL	—	200,000	1,523,230	—	200,000	1,523,230	1,723,230	352,247	2014	40 Years
East Palatka, FL	—	730,000	575,236	6,911	730,000	582,147	1,312,147	134,580	2014	40 Years
Pensacola, FL	—	136,365	398,773	—	136,365	398,773	535,138	90,555	2014	40 Years
Fort Oglethorpe, GA	—	1,842,240	2,844,126	20,442	1,842,240	2,864,568	4,706,808	711,569	2014	40 Years
New Lenox, IL	—	2,010,000	6,206,252	107,873	2,010,000	6,314,125	8,324,125	1,450,218	2014	40 Years
Rockford, IL	—	303,395	2,436,873	(15,000)	303,395	2,421,873	2,725,268	561,558	2014	40 Years
Terre Haute, IN	—	103,147	2,477,263	32,376	103,147	2,509,639	2,612,786	563,391	2014	40 Years
Junction City, KS	—	78,271	2,504,294	(30,565)	78,271	2,473,729	2,552,000	563,338	2014	40 Years
Baton Rouge, LA	—	226,919	347,691	—	226,919	347,691	574,610	78,955	2014	40 Years
Lincoln Park, MI	—	543,303	1,408,544	335,350	543,303	1,743,894	2,287,197	386,942	2014	40 Years
Novi, MI	—	1,803,857	1,488,505	22,490	1,803,857	1,510,995	3,314,852	339,939	2014	40 Years
Jackson, MS	—	256,789	172,184	—	256,789	172,184	428,973	39,100	2014	40 Years
Irvington, NJ	—	315,000	1,313,025	—	315,000	1,313,025	1,628,025	320,048	2014	40 Years
Toledo, OH	—	500,000	1,372,363	(12)	500,000	1,372,351	1,872,351	334,510	2014	40 Years
Toledo, OH	—	213,750	754,675	—	213,750	754,675	968,425	177,663	2014	40 Years
Toledo, OH	—	168,750	785,000	16,477	168,750	801,477	970,227	188,510	2014	40 Years
Mansfield, OH	—	306,000	725,600	—	306,000	725,600	1,031,600	170,818	2014	40 Years
Orrville, OH	—	344,250	716,600	—	344,250	716,600	1,060,850	168,699	2014	40 Years
Calcutta, OH	—	208,050	758,750	1,462	208,050	760,212	968,262	178,895	2014	40 Years
Columbus, OH	—	—	1,136,250	1,593,792	1,590,997	1,139,045	2,730,042	265,545	2014	40 Years
Tulsa, OK	—	459,148	640,550	(13,336)	459,148	627,214	1,086,362	154,843	2014	40 Years
Ligonier, PA	—	330,000	5,021,849	(9,500)	330,000	5,012,349	5,342,349	1,180,479	2014	40 Years
Limerick, PA	—	369,000	—	—	369,000	—	369,000	—	2014
Harrisburg, PA	—	124,757	1,446,773	11,175	124,757	1,457,948	1,582,705	327,956	2014	40 Years
Anderson, SC	—	781,200	4,441,535	261,623	775,732	4,708,627	5,484,359	1,190,866	2014	40 Years
Easley, SC	—	332,275	268,612	—	332,275	268,612	600,887	60,998	2014	40 Years
Spartanburg, SC	—	141,307	446,706	—	141,307	446,706	588,013	101,440	2014	40 Years
Spartanburg, SC	—	94,770	261,640	—	94,770	261,640	356,410	59,414	2014	40 Years
Columbia, SC	—	303,932	1,221,964	(13,830)	303,932	1,208,134	1,512,066	274,947	2014	40 Years
Alcoa, TN	—	329,074	270,719	—	329,074	270,719	599,793	61,476	2014	40 Years
Knoxville, TN	—	214,077	286,037	—	214,077	286,037	500,114	64,955	2014	40 Years
Red Bank, TN	—	229,100	302,146	—	229,100	302,146	531,246	68,611	2014	40 Years
New Tazewell, TN	—	91,006	328,561	29,311	91,006	357,872	448,878	76,869	2014	40 Years
Maryville, TN	—	94,682	1,529,621	85,861	94,682	1,615,482	1,710,164	358,860	2014	40 Years
Morristown, TN	—	46,404	801,506	4,990	46,404	806,496	852,900	181,453	2014	40 Years
Clinton, TN	—	69,625	1,177,927	11,564	69,625	1,189,491	1,259,116	267,624	2014	40 Years
Knoxville, TN	—	160,057	2,265,025	226,291	160,057	2,491,316	2,651,373	569,414	2014	40 Years
Sweetwater, TN	—	79,100	1,009,290	6,740	79,100	1,016,030	1,095,130	228,595	2014	40 Years
McKinney, TX	—	2,671,020	6,785,815	100,331	2,671,020	6,886,146	9,557,166	1,648,347	2014	40 Years
Forest Va	—	282,600	956,027	—	282,600	956,027	1,238,627	227,055	2014	40 Years
Colonial Heights, VA	—	547,692	1,059,557	(5,963)	547,692	1,053,594	1,601,286	239,257	2014	40 Years
Glen Allen, VA	—	590,101	1,129,495	(19,367)	577,601	1,122,628	1,700,229	254,934	2014	40 Years
Burlington, WA	—	610,000	3,647,279	(4,602)	610,000	3,642,677	4,252,677	828,580	2014	40 Years
Wausau, WI	—	909,092	1,405,899	86,763	909,092	1,492,662	2,401,754	353,238	2014	40 Years
Foley AL	—	305,332	506,203	9,380	305,332	515,583	820,915	116,504	2015	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Sulligent, AL	—	58,803	1,085,906	(432,709)	58,803	653,197	712,000	191,562	2015	40 Years
Eutaw, AL	—	103,746	1,212,006	(377,526)	103,746	834,480	938,226	226,208	2015	40 Years
Tallassee, AL	—	154,437	850,448	51,460	154,437	901,909	1,056,346	192,136	2015	40 Years
Orange Park, AL	—	649,652	1,775,000	9,664	649,652	1,784,664	2,434,316	371,241	2015	40 Years
Pace, FL	—	37,860	524,400	6,970	37,860	531,370	569,230	118,655	2015	40 Years
Pensacola, FL	—	309,607	775,084	(25)	309,607	775,059	1,084,666	172,584	2015	40 Years
Freeport, FL	—	312,615	1,277,386	—	312,615	1,277,386	1,590,001	271,445	2015	40 Years
Albany, GA	—	47,955	641,123	—	47,955	641,123	689,078	140,165	2015	40 Years
Belvidere, IL	—	184,136	644,492	—	184,136	644,492	828,628	140,870	2015	40 Years
Peru, IL	—	380,254	2,125,498	—	380,254	2,125,498	2,505,752	438,384	2015	40 Years
Davenport, IA	—	776,366	6,623,542	880,195	776,366	7,503,737	8,280,103	1,421,810	2015	40 Years
Buffalo Center, IA	—	159,353	700,460	—	159,353	700,460	859,813	147,389	2015	40 Years
Sheffield, IA	—	131,794	729,543	—	131,794	729,543	861,337	153,508	2015	40 Years
Lenexa, KS	—	303,175	2,186,864	—	303,175	2,186,864	2,490,039	437,373	2015	40 Years
Tompkinsville , KY	—	70,252	1,132,033	(164,520)	70,252	967,513	1,037,765	247,617	2015	40 Years
Hazard, KY	—	8,392,841	13,731,648	(16,857)	8,375,591	13,732,041	22,107,632	2,746,404	2015	40 Years
Portland, MA	—	—	3,831,860	3,172	—	3,835,032	3,835,032	814,905	2015	40 Years
Flint, MI	—	120,078	2,561,015	20,489	120,078	2,581,505	2,701,583	516,301	2015	40 Years
Hutchinson, MN	—	67,914	720,799	—	67,914	720,799	788,713	151,668	2015	40 Years
Lowry City, MO	—	103,202	614,065	—	103,202	614,065	717,267	130,489	2015	40 Years
Branson, MO	—	564,066	940,585	175	564,066	940,760	1,504,826	192,071	2015	40 Years
Branson, MO	—	721,135	717,081	(4,069)	721,135	713,013	1,434,148	146,521	2015	40 Years
Enfield, NH	—	93,628	1,295,320	60,029	93,628	1,355,349	1,448,977	298,831	2015	40 Years
Marietta, OH	—	319,157	1,225,026	—	319,157	1,225,026	1,544,183	267,916	2015	40 Years
Franklin, OH	—	264,153	1,191,777	—	264,153	1,191,777	1,455,930	255,736	2015	40 Years
Elyria, OH	—	82,023	910,404	—	82,023	910,404	992,427	193,461	2015	40 Years
Elyria, OH	—	126,641	695,072	—	126,641	695,072	821,713	147,703	2015	40 Years
Bedford Heights, OH	—	226,920	959,528	21,901	226,920	981,428	1,208,348	207,800	2015	40 Years
Newburgh Heights, OH	—	224,040	959,099	—	224,040	959,099	1,183,139	201,810	2015	40 Years
Warrensville Heights, OH	—	186,209	920,496	4,900	186,209	925,396	1,111,605	197,158	2015	40 Years
Heath, OH	—	325,381	757,994	135	325,381	758,129	1,083,510	154,784	2015	40 Years
Lima, OH	—	335,386	592,154	2,834	335,386	594,987	930,373	119,233	2015	40 Years
Elk City, OK	—	45,212	1,242,220	—	45,212	1,242,220	1,287,432	266,559	2015	40 Years
Salem, OR	—	1,450,000	2,951,167	1,346,640	1,450,000	4,297,807	5,747,807	859,571	2015	40 Years
Westfield, PA	—	47,346	1,117,723	12,109	47,346	1,129,832	1,177,178	251,625	2015	40 Years
Altoona, PA	—	555,903	9,489,791	1,017	555,903	9,490,808	10,046,711	1,957,464	2015	40 Years
Grindstone, PA	—	288,246	500,379	93,063	288,246	593,442	881,688	105,809	2015	40 Years
Liberty, SC	—	27,929	1,222,856	90	27,929	1,222,946	1,250,875	267,431	2015	40 Years
Blacksburg, SC	—	27,547	1,468,101	—	27,547	1,468,101	1,495,648	318,089	2015	40 Years
Easley, SC	—	51,325	1,187,506	—	51,325	1,187,506	1,238,831	254,819	2015	40 Years
Fountain Inn, SC	—	107,633	1,076,633	—	107,633	1,076,633	1,184,266	231,027	2015	40 Years
Walterboro, SC	—	21,414	1,156,820	—	21,414	1,156,820	1,178,234	248,234	2015	40 Years
Jackson, TN	—	277,000	495,103	102,685	277,000	597,788	874,788	112,221	2015	40 Years
Brenham, TX	—	355,486	17,280,895	581	355,486	17,281,476	17,636,962	3,744,281	2015	40 Years
Corpus Christi, TX	—	316,916	2,140,056	13,083	316,916	2,153,139	2,470,055	446,390	2015	40 Years
Harlingen, TX	—	126,102	869,779	12,681	126,102	882,460	1,008,562	182,683	2015	40 Years
Midland, TX	—	194,174	5,005,720	2,000	194,174	5,007,720	5,201,894	1,032,817	2015	40 Years
Rockwall, TX	—	578,225	1,768,930	210	578,225	1,769,140	2,347,365	353,824	2015	40 Years
Princeton, WV	—	111,653	1,029,090	—	111,653	1,029,090	1,140,743	225,051	2015	40 Years
Martinsburg, WV	—	620,892	943,163	16,127	620,892	959,290	1,580,182	189,125	2015	40 Years
Grand Chute, WI	—	2,766,417	7,084,942	997,204	2,766,417	8,082,146	10,848,563	1,631,880	2015	40 Years
New Richmond, WI	—	71,969	648,850	—	71,969	648,850	720,819	137,881	2015	40 Years
Baraboo, WI	—	142,563	653,176	—	142,563	653,176	795,739	137,439	2015	40 Years
Decatur, AL	—	337,738	510,706	—	337,739	510,706	848,445	91,501	2016	40 Years
Greenville, AL	—	203,722	905,780	9,912	203,723	915,691	1,119,414	160,203	2016	40 Years
Bullhead City, AZ	—	177,501	1,364,406	—	177,501	1,364,406	1,541,907	264,341	2016	40 Years
Page, AZ	—	256,983	1,299,283	—	256,983	1,299,283	1,556,266	251,736	2016	40 Years
Safford, AZ	—	349,269	1,196,307	676	349,269	1,196,983	1,546,252	221,734	2016	40 Years
Tucson, AZ	—	3,208,580	4,410,679	(8,268)	3,208,580	4,402,411	7,610,991	826,640	2016	40 Years
Bentonville, AR	—	610,926	897,562	170	610,926	897,732	1,508,658	173,960	2016	40 Years
Sunnyvale, CA	—	7,351,903	4,638,432	193	7,351,903	4,638,626	11,990,529	879,261	2016	40 Years
Whittier, CA	—	4,237,918	7,343,869	—	4,237,918	7,343,869	11,581,787	1,392,275	2016	40 Years
Aurora, CO	—	847,349	834,301	26,405	847,349	860,706	1,708,055	147,609	2016	40 Years
Aurora, CO	—	1,132,676	5,716,367	298,991	1,132,676	6,015,358	7,148,034	1,050,051	2016	40 Years
Evergreen, CO	—	1,998,860	3,827,245	—	1,998,860	3,827,245	5,826,105	725,582	2016	40 Years
Lakeland, FL	—	61,000	1,227,037	—	61,000	1,227,037	1,288,037	219,844	2016	40 Years
Mt Dora, FL	—	1,678,671	3,691,615	639,524	1,678,671	4,331,140	6,009,811	806,411	2016	40 Years
North Miami Beach, FL	—	1,622,742	512,717	11,241	1,622,742	523,957	2,146,699	91,615	2016	40 Years
Orlando, FL	—	903,411	1,627,159	(24,844)	903,411	1,602,316	2,505,727	293,677	2016	40 Years
Port Orange, FL	—	1,493,863	3,114,697	694,235	1,493,863	3,808,932	5,302,795	662,988	2016	40 Years
Royal Palm Beach, FL	—	2,052,463	956,768	36,974	2,052,463	993,743	3,046,206	183,256	2016	40 Years
Sarasota, FL	—	1,769,175	3,587,992	711,294	1,769,175	4,299,285	6,068,460	742,825	2016	40 Years
Venice, FL	—	281,936	1,291,748	124,338	281,936	1,416,086	1,698,022	241,929	2016	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Vero Beach, FL	—	4,469,033	—	—	4,469,033	—	4,469,033	—	2016
Dalton, GA	—	211,362	220,927	—	211,362	220,927	432,289	41,405	2016	40 Years
Crystal Lake, IL	—	2,446,521	7,012,819	409,198	2,446,521	7,422,017	9,868,538	1,298,053	2016	40 Years
Glenwood, IL	—	815,483	970,108	—	815,483	970,108	1,785,591	173,811	2016	40 Years
Morris, IL	—	1,206,749	2,062,495	—	1,206,749	2,062,495	3,269,244	391,015	2016	40 Years
Bicknell, IN	—	215,037	2,381,471	—	215,037	2,381,471	2,596,508	436,515	2016	40 Years
Fort Wayne, IN	—	711,430	1,258,357	(5,562)	711,430	1,252,794	1,964,224	248,233	2016	40 Years
Indianapolis, IN	—	734,434	970,175	126,370	734,434	1,096,546	1,830,980	188,953	2016	40 Years
Des Moines, IA	—	322,797	1,374,153	—	322,797	1,374,153	1,696,950	260,517	2016	40 Years
Frankfort, KY	—	—	514,277	—	514,277	—	514,277	—	2016
DeRidder, LA	—	814,891	2,156,542	10,536	814,891	2,167,078	2,981,969	405,380	2016	40 Years
Lake Charles, LA	—	1,308,418	4,235,719	5,761	1,308,418	4,241,480	5,549,898	750,977	2016	40 Years
Shreveport, LA	—	891,872	2,058,257	—	891,872	2,058,257	2,950,129	385,933	2016	40 Years
Marshall, MI	—	339,813	—	—	339,813	—	339,813	—	2016
Mt Pleasant, MI	—	—	511,282	(254)	511,028	—	511,028	—	2016
Norton Shores, MI	—	495,605	667,982	42,874	495,605	710,856	1,206,461	129,271	2016	40 Years
Stephenson, MI	—	223,152	1,044,947	270	223,152	1,045,217	1,268,369	182,911	2016	40 Years
Sterling, MI	—	127,844	905,607	25,464	127,844	931,071	1,058,915	166,633	2016	40 Years
Eagle Bend, MN	—	96,558	1,165,437	—	96,558	1,165,437	1,261,995	211,187	2016	40 Years
Brandon, MS	—	428,464	969,346	—	428,464	969,346	1,397,810	185,791	2016	40 Years
Clinton, MS	—	370,264	1,057,143	—	370,264	1,057,143	1,427,407	202,619	2016	40 Years
Columbus, MS	—	1,103,458	2,128,089	(2,105)	1,103,458	2,125,984	3,229,442	419,486	2016	40 Years
Holly Springs, MS	—	413,316	952,574	—	413,316	952,574	1,365,890	178,500	2016	40 Years
Jackson, MS	—	242,796	963,188	—	242,796	963,188	1,205,984	184,611	2016	40 Years
Jackson, MS	—	732,944	2,862,813	33,902	732,944	2,896,715	3,629,659	527,212	2016	40 Years
Meridian, MS	—	396,329	1,152,729	—	396,329	1,152,729	1,549,058	220,921	2016	40 Years
Pearl, MS	—	299,839	616,351	7,355	299,839	623,706	923,545	109,099	2016	40 Years
Ridgeland, MS	—	407,041	864,498	—	407,041	864,498	1,271,539	165,696	2016	40 Years
Bowling Green, MO	—	360,201	2,809,170	5,000	360,201	2,814,170	3,174,371	509,438	2016	40 Years
St Robert, MO	—	394,859	1,305,366	24,332	394,859	1,329,699	1,724,558	234,988	2016	40 Years
Beatty, NV	—	198,928	1,265,084	8,051	198,928	1,273,135	1,472,063	230,649	2016	40 Years
Alamogordo, NM	—	654,965	2,716,166	4,436	654,965	2,720,602	3,375,567	493,799	2016	40 Years
Alamogordo, NM	—	524,763	941,615	7,521	524,763	949,137	1,473,900	168,038	2016	40 Years
Alcalde, NM	—	435,486	836,499	—	435,486	836,499	1,271,985	146,387	2016	40 Years
Cimarron, NM	—	345,693	1,236,437	7,613	345,693	1,244,050	1,589,743	220,262	2016	40 Years
La Luz, NM	—	487,401	835,455	—	487,401	835,455	1,322,856	147,945	2016	40 Years
Fayetteville, NC	—	1,267,529	2,527,462	16,898	1,267,529	2,544,359	3,811,888	450,399	2016	40 Years
Gastonia, NC	—	401,119	979,803	1,631	401,119	981,434	1,382,553	173,796	2016	40 Years
Devils Lake, ND	—	323,508	1,133,773	955	323,508	1,134,728	1,458,236	207,639	2016	40 Years
Cambridge, OH	—	168,717	1,113,232	209,761	168,717	1,322,993	1,491,710	219,098	2016	40 Years
Columbus, OH	—	1,109,044	1,291,313	—	1,109,044	1,291,313	2,400,357	242,055	2016	40 Years
Grove City, OH	—	334,032	176,274	—	334,032	176,274	510,306	33,037	2016	40 Years
Lorain, OH	—	808,162	1,390,481	10,000	808,162	1,400,481	2,208,643	273,406	2016	40 Years
Reynoldsburg, OH	—	843,336	1,197,966	—	843,336	1,197,966	2,041,302	224,567	2016	40 Years
Springfield, OH	—	982,451	3,957,512	39,639	982,451	3,997,151	4,979,602	776,325	2016	40 Years
Ardmore, OK	—	571,993	1,590,151	—	571,993	1,590,151	2,162,144	301,467	2016	40 Years
Dillon, SC	—	85,896	1,697,160	—	85,896	1,697,160	1,783,056	335,896	2016	40 Years
Jasper, TN	—	190,582	966,125	6,888	190,582	973,013	1,163,595	170,254	2016	40 Years
Carthage, TX	—	597,995	1,965,290	27,357	597,995	1,992,647	2,590,642	369,784	2016	40 Years
Cedar Park, TX	—	1,386,802	4,656,229	758,023	1,410,827	5,390,227	6,801,054	1,080,380	2016	40 Years
Granbury, TX	—	944,223	2,362,540	—	944,223	2,362,540	3,306,763	442,984	2016	40 Years
Hemphill, TX	—	250,503	1,955,918	321,886	250,503	2,277,804	2,528,307	370,926	2016	40 Years
Lampasas, TX	—	245,312	1,063,701	45,198	245,312	1,108,898	1,354,210	209,409	2016	40 Years
Lubbock, TX	—	1,501,556	2,341,031	—	1,501,556	2,341,031	3,842,587	438,953	2016	40 Years
Odessa, TX	—	921,043	2,434,384	5,614	921,043	2,439,999	3,361,042	457,310	2016	40 Years
Port Arthur, TX	—	1,889,732	8,121,417	503,893	1,889,732	8,625,310	10,515,042	1,535,836	2016	40 Years
Provo, UT	—	1,692,785	5,874,584	43,650	1,692,785	5,918,234	7,611,019	1,106,644	2016	40 Years
Tappahannock, VA	—	1,076,745	14,904	—	1,076,745	14,904	1,091,649	2,767	2016	40 Years
Manitowoc, WI	—	879,237	4,467,960	1,312	879,237	4,469,273	5,348,510	819,035	2016	40 Years
Oak Creek, WI	—	487,277	3,082,180	434,881	487,277	3,517,060	4,004,337	666,839	2016	40 Years
Oxford, AL	—	148,407	641,820	—	148,407	641,820	790,227	106,942	2017	40 Years
Oxford, AL	—	255,786	7,273,871	146,792	255,786	7,420,663	7,676,449	1,229,775	2017	40 Years
Oxford, AL	—	24,875	600,936	(15,612)	24,875	585,324	610,199	98,762	2017	40 Years
Jonesboro, AR	—	3,656,554	3,219,456	11,058	3,656,554	3,230,514	6,887,068	504,225	2017	40 Years
Lowell, AR	—	949,519	1,435,056	10,229	949,519	1,445,285	2,394,804	216,729	2017	40 Years
Southington, CT	—	1,088,181	1,287,837	185,818	1,088,181	1,473,655	2,561,836	229,993	2017	40 Years
Millsboro, DE	—	3,501,109	—	(20,531)	3,480,578	—	3,480,578	—	2017
Jacksonville,FL	—	2,298,885	2,894,565	29,662	2,298,885	2,924,226	5,223,111	445,642	2017	40 Years
Orange Park, FL	—	214,858	2,304,095	—	214,858	2,304,095	2,518,953	374,390	2017	40 Years
Port Richey, FL	—	1,140,182	1,649,773	—	1,140,182	1,649,773	2,789,955	268,077	2017	40 Years
Americus, GA	—	1,318,463	—	—	1,318,463	—	1,318,463	—	2017
Brunswick, GA	—	1,279,688	2,158,863	205	1,279,688	2,159,068	3,438,756	364,185	2017	40 Years
Brunswick, GA	—	126,335	1,626,530	—	126,335	1,626,530	1,752,865	247,368	2017	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Buford, GA	—	341,860	1,023,813	—	341,860	1,023,813	1,365,673	166,338	2017	40 Years
Carrollton, GA	—	597,465	886,644	—	597,465	886,644	1,484,109	142,148	2017	40 Years
Decatur, GA	—	558,859	1,429,106	—	558,859	1,429,106	1,987,965	217,343	2017	40 Years
Metter, GA	—	256,743	766,818	—	256,743	766,818	1,023,561	122,966	2017	40 Years
Villa Rica, GA	—	410,936	1,311,444	—	410,936	1,311,444	1,722,380	215,815	2017	40 Years
Chicago, IL	—	2,899,155	9,822,986	—	2,899,155	9,822,986	12,722,141	1,657,551	2017	40 Years
Chicago, IL	—	2,081,151	5,197,315	11,754	2,081,151	5,209,069	7,290,220	877,026	2017	40 Years
Galesburg, IL	—	214,280	979,108	—	214,280	979,108	1,193,388	159,086	2017	40 Years
Mundelein, IL	—	1,238,743	—	—	1,238,743	—	1,238,743	—	2017
Mundelein, IL	—	1,743,222	—	—	1,743,222	—	1,743,222	—	2017
Mundelein, IL	—	1,803,068	—	—	1,803,068	—	1,803,068	—	2017
Springfield, IL	—	574,805	1,554,786	9,659	574,805	1,564,446	2,139,251	234,003	2017	40 Years
Woodstock, IL	—	683,419	1,002,207	27,984	711,119	1,002,491	1,713,610	152,460	2017	40 Years
Frankfort, IN	—	50,458	2,008,275	—	50,458	2,008,275	2,058,733	334,713	2017	40 Years
Kokomo, IN	—	95,196	1,484,778	(30,615)	95,196	1,454,163	1,549,359	222,940	2017	40 Years
Nashville, IN	—	484,117	2,458,215	—	484,117	2,458,215	2,942,332	399,222	2017	40 Years
Roeland Park, KS	—	7,829,806	—	(1,247,898)	6,581,908	—	6,581,908	—	2017
Georgetown, KY	—	1,996,456	6,315,768	928	1,996,456	6,316,696	8,313,152	1,033,508	2017	40 Years
Hopkinsville, KY	—	413,269	996,619	—	413,269	996,619	1,409,888	161,927	2017	40 Years
Salyersville, KY	—	289,663	906,455	597	289,663	907,051	1,196,714	149,199	2017	40 Years
Amite, LA	—	601,238	1,695,242	—	601,238	1,695,242	2,296,480	278,961	2017	40 Years
Bossier City, LA	—	797,899	2,925,864	147	797,899	2,926,010	3,723,909	444,994	2017	40 Years
Kenner, LA	—	323,188	859,298	(1,001)	323,188	858,298	1,181,486	134,075	2017	40 Years
Mandeville, LA	—	834,891	1,294,812	205	834,891	1,295,017	2,129,908	202,265	2017	40 Years
New Orleans, LA	—	—	6,846,313	121,177	—	6,967,490	6,967,490	1,123,595	2017	40 Years
Baltimore, MD	—	782,819	745,092	7,969	782,819	753,060	1,535,879	115,264	2017	40 Years
Grand Rapids, MI	—	7,015,035	—	2,635,983	1,750,000	7,901,018	9,651,018	1,086,390	2017	40 Years
Bloomington, MN	—	1,491,302	—	619	1,491,921	—	1,491,921	—	2017
Monticello, MN	—	449,025	979,816	9,368	449,025	989,184	1,438,209	170,624	2017	40 Years
Mountain Iron, MN	—	177,918	1,139,849	—	177,918	1,139,849	1,317,767	185,209	2017	40 Years
Gulfport, MS	—	671,824	1,176,505	—	671,824	1,176,505	1,848,329	193,615	2017	40 Years
Jackson, MS	—	802,230	1,434,997	—	802,230	1,434,997	2,237,227	236,154	2017	40 Years
McComb, MS	—	67,026	685,426	—	67,026	685,426	752,452	111,336	2017	40 Years
Kansas City, MO	—	1,390,880	1,588,573	—	1,390,880	1,588,573	2,979,453	283,825	2017	40 Years
Springfield, MO	—	616,344	2,448,360	13,285	616,344	2,461,645	3,077,989	369,164	2017	40 Years
St. Charles, MO	—	736,242	2,122,426	271,734	736,242	2,394,160	3,130,402	427,580	2017	40 Years
St. Peters, MO	—	1,364,670	—	—	1,364,670	—	1,364,670	—	2017
Boulder City, NV	—	566,639	993,399	—	566,639	993,399	1,560,038	161,350	2017	40 Years
Egg Harbor, NJ	—	520,510	1,087,374	—	520,510	1,087,374	1,607,884	183,473	2017	40 Years
Secaucus, NJ	—	19,915,781	17,306,541	92,903	19,915,781	17,399,444	37,315,225	2,610,248	2017	40 Years
Sewell, NJ	—	1,809,771	6,892,134	(100,816)	1,809,771	6,791,318	8,601,089	1,119,230	2017	40 Years
Santa Fe, NM	—	1,072,340	4,013,237	476	1,072,340	4,013,713	5,086,053	702,324	2017	40 Years
Statesville, NC	—	287,467	867,849	—	287,467	867,849	1,155,316	148,253	2017	40 Years
Jacksonville, NC	—	308,321	875,652	31,340	308,321	906,992	1,215,313	152,488	2017	40 Years
Minot, ND	—	928,796	1,619,726	—	928,796	1,619,726	2,548,522	266,522	2017	40 Years
Grandview Heights, OH	—	1,276,870	8,557,690	(20,517)	1,276,870	8,537,172	9,814,042	1,406,417	2017	40 Years
Hilliard, OH	—	1,001,228	—	—	1,001,228	—	1,001,228	—	2017
Edmond, OK	—	1,063,243	3,816,155	9,878	1,063,243	3,826,033	4,889,276	589,970	2017	40 Years
Oklahoma City, OK	—	868,648	1,820,174	7,835	868,648	1,828,009	2,696,657	290,003	2017	40 Years
Erie, PA	—	425,267	1,284,883	—	425,267	1,284,883	1,710,150	203,307	2017	40 Years
Pittsburgh, PA	—	692,454	2,509,358	—	692,454	2,509,358	3,201,812	407,594	2017	40 Years
Sumter, SC	—	132,204	1,095,478	—	132,204	1,095,478	1,227,682	180,271	2017	40 Years
Chattanooga, TN	—	2,089,237	3,595,808	195	2,089,237	3,596,004	5,685,241	546,889	2017	40 Years
Etowah, TN	—	74,057	862,436	78,325	74,057	940,761	1,014,818	157,389	2017	40 Years
Memphis, TN	—	1,661,764	3,874,356	15,301	1,661,764	3,889,657	5,551,421	663,207	2017	40 Years
Alamo, TX	—	104,878	821,355	13,275	104,878	834,630	939,508	125,111	2017	40 Years
Andrews, TX	—	172,373	817,252	(291)	172,373	816,961	989,334	137,867	2017	40 Years
Arlington, TX	—	497,852	1,601,007	1,783	497,852	1,602,791	2,100,643	263,717	2017	40 Years
Canyon Lake, TX	—	382,522	1,026,179	(281)	382,522	1,025,899	1,408,421	153,887	2017	40 Years
Corpus Christi, TX	—	185,375	1,413,299	—	185,375	1,413,299	1,598,674	232,455	2017	40 Years
Fort Stockton, TX	—	185,474	1,186,339	—	185,474	1,186,340	1,371,814	195,222	2017	40 Years
Fort Worth, TX	—	1,016,587	4,622,507	257,308	1,016,587	4,879,816	5,896,403	786,523	2017	40 Years
Lufkin, TX	—	1,497,171	4,948,906	20,434	1,497,171	4,969,340	6,466,511	837,619	2017	40 Years
Newport News, VA	—	2,458,053	5,390,475	758,009	2,458,053	6,148,485	8,606,538	1,129,855	2017	40 Years
Appleton, WI	—	417,249	1,525,582	9,779	417,249	1,535,362	1,952,611	248,704	2017	40 Years
Onalaska, WI	—	821,085	2,651,773	—	821,085	2,651,773	3,472,858	436,383	2017	40 Years
Athens, AL	—	253,858	1,204,570	—	253,858	1,204,570	1,458,428	150,571	2018	40 Years
Birmingham, AL	—	1,635,912	2,739,834	—	1,635,912	2,739,834	4,375,746	393,825	2018	40 Years
Boaz, AL	—	379,197	898,689	—	379,197	898,689	1,277,886	129,103	2018	40 Years
Roanoke, AL	—	110,924	938,451	—	110,924	938,451	1,049,375	123,247	2018	40 Years
Selma, AL	—	206,831	1,790,939	(24,494)	206,831	1,766,445	1,973,276	221,418	2018	40 Years
Maricopa, AZ	—	2,166,955	9,505,724	14,600	2,166,955	9,520,324	11,687,279	1,209,850	2018	40 Years
Parker, AZ	—	322,510	1,159,624	1,163	322,510	1,160,787	1,483,297	161,936	2018	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
										Which
· · · · · · · · · · · · · · · · · · · · · · · · · · · Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
St. Michaels, AZ	—	127,874	1,043,962	12,012	127,874	1,055,974	1,183,848	138,382	2018	40 Years
Little Rock, AR	—	390,921	856,987	—	390,921	856,987	1,247,908	107,123	2018	40 Years
Grand Junction, CO	—	835,792	1,915,976	—	835,792	1,915,976	2,751,768	239,497	2018	40 Years
Brookfield, CT	—	343,489	835,106	—	343,489	835,106	1,178,595	104,388	2018	40 Years
Manchester, CT	—	316,847	558,659	—	316,847	558,659	875,506	69,832	2018	40 Years
Waterbury, CT	—	663,667	607,457	—	663,667	607,457	1,271,124	75,932	2018	40 Years
Apopka, FL	—	587,585	2,363,721	73,672	587,585	2,437,393	3,024,978	304,192	2018	40 Years
Cape Coral, FL	—	554,721	1,009,404	11,500	554,721	1,020,904	1,575,625	126,782	2018	40 Years
Crystal River, FL	—	369,723	1,015,324	—	369,723	1,015,324	1,385,047	150,173	2018	40 Years
DeFuniak Springs, FL	—	226,898	835,016	(18,770)	200,998	842,146	1,043,144	108,703	2018	40 Years
Eustis, FL	—	649,394	1,580,694	—	649,394	1,580,694	2,230,088	197,587	2018	40 Years
Hollywood, FL	—	895,783	947,204	—	895,783	947,204	1,842,987	118,400	2018	40 Years
Homestead, FL	—	650,821	948,265	—	650,821	948,265	1,599,086	118,533	2018	40 Years
Jacksonville, FL	—	827,799	1,554,516	—	827,799	1,554,516	2,382,315	194,314	2018	40 Years
Marianna, FL	—	257,760	886,801	—	257,760	886,801	1,144,561	110,850	2018	40 Years
Melbourne, FL	—	497,607	1,549,974	—	497,607	1,549,974	2,047,581	193,747	2018	40 Years
Merritt Island,FL	—	598,790	988,114	—	598,790	988,114	1,586,904	129,690	2018	40 Years
St. Petersburg, FL	—	958,547	902,502	—	958,547	902,502	1,861,049	122,157	2018	40 Years
Tampa, FL	—	488,002	1,209,902	—	488,002	1,209,902	1,697,904	163,841	2018	40 Years
Tampa, FL	—	703,273	1,283,951	—	703,273	1,283,951	1,987,224	162,065	2018	40 Years
Titusville, FL	—	137,421	1,017,394	12,058	137,421	1,029,453	1,166,874	128,606	2018	40 Years
Winter Haven, FL	—	832,247	1,433,449	—	832,247	1,433,449	2,265,696	179,181	2018	40 Years
Albany, GA	—	448,253	1,462,641	6,023	448,253	1,468,664	1,916,917	183,542	2018	40 Years
Austell, GA	—	1,162,782	7,462,351	—	1,162,782	7,462,351	8,625,133	1,057,167	2018	40 Years
Conyers, GA	—	330,549	941,133	—	330,549	941,133	1,271,682	117,642	2018	40 Years
Covington, GA	—	744,321	1,235,171	64,400	744,321	1,299,571	2,043,892	157,443	2018	40 Years
Doraville, GA	—	1,991,031	291,663	452,309	1,991,031	743,971	2,735,002	59,069	2018	40 Years
Douglasville, GA	—	519,420	1,492,529	—	519,420	1,492,529	2,011,949	186,566	2018	40 Years
Lilburn, GA	—	304,597	1,206,785	—	304,597	1,206,785	1,511,382	150,848	2018	40 Years
Marietta, GA	—	1,257,433	1,563,755	5,501	1,257,433	1,569,255	2,826,688	227,998	2018	40 Years
Marietta, GA	—	447,582	832,782	—	447,582	832,782	1,280,364	104,098	2018	40 Years
Pooler, GA	—	989,819	1,220,271	733	989,819	1,221,005	2,210,824	167,870	2018	40 Years
Riverdale, GA	—	474,072	879,835	(3,750)	470,322	879,835	1,350,157	109,979	2018	40 Years
Savannah, GA	—	944,815	2,997,426	14,050	944,815	3,011,476	3,956,291	376,333	2018	40 Years
Statesboro, GA	—	681,381	1,592,291	1,785	681,381	1,594,077	2,275,458	209,200	2018	40 Years
Union City, GA	—	97,528	1,036,165	—	97,528	1,036,165	1,133,693	129,521	2018	40 Years
Nampa, ID	—	496,676	5,163,257	37,265	496,676	5,200,522	5,697,198	703,525	2018	40 Years
Aurora, IL	—	174,456	862,599	—	174,456	862,599	1,037,055	107,825	2018	40 Years
Bloomington, IL	—	1,408,067	986,931	677	1,408,067	987,609	2,395,676	139,891	2018	40 Years
Carlinville, IL	—	208,519	1,113,537	1,163	208,519	1,114,699	1,323,218	155,502	2018	40 Years
Centralia, IL	—	277,527	351,547	—	277,527	351,547	629,074	43,943	2018	40 Years
Chicago, IL	—	1,569,578	632,848	—	1,569,578	632,848	2,202,426	93,581	2018	40 Years
Flora, IL	—	232,155	1,121,688	4,087	232,155	1,125,775	1,357,930	143,033	2018	40 Years
Gurnee, IL	—	1,341,679	951,320	—	1,341,679	951,320	2,292,999	136,736	2018	40 Years
Lake Zurich, IL	—	290,272	857,467	141,839	290,272	999,306	1,289,578	113,280	2018	40 Years
Macomb, IL	—	85,753	661,375	—	85,753	661,375	747,128	82,672	2018	40 Years
Morris, IL	—	331,622	1,842,994	3,880	331,622	1,846,874	2,178,496	242,354	2018	40 Years
Newton, IL	—	510,192	1,069,075	2,500	510,192	1,071,575	1,581,767	142,840	2018	40 Years
Northlake, IL	—	353,337	564,677	4,343	353,337	569,020	922,357	73,337	2018	40 Years
Rockford, IL	—	270,180	708,041	—	270,180	708,041	978,221	104,723	2018	40 Years
Greenwood, IN	—	1,586,786	1,232,818	1,163	1,586,786	1,233,980	2,820,766	172,152	2018	40 Years
Hammond, IN	—	230,142	—	—	230,142	—	230,142	—	2018
Indianapolis, IN	—	132,291	311,647	—	132,291	311,647	443,938	38,956	2018	40 Years
Mishawaka, IN	—	1,263,680	4,106,900	—	1,263,680	4,106,900	5,370,580	539,031	2018	40 Years
South Bend, IN	—	420,571	2,772,376	—	420,571	2,772,376	3,192,947	410,034	2018	40 Years
Warsaw, IN	—	583,174	1,118,270	58,247	583,174	1,176,516	1,759,690	174,128	2018	40 Years
Ackley, IA	—	202,968	896,444	—	202,968	896,444	1,099,412	130,649	2018	40 Years
Riceville, IA	—	154,294	742,421	—	154,294	742,421	896,715	108,164	2018	40 Years
Riverside, IA	—	579,935	1,594,085	—	579,935	1,594,085	2,174,020	219,187	2018	40 Years
Urbandale, IA	—	68,172	2,938,611	(85,151)	593,022	2,328,611	2,921,633	389,889	2018	40 Years
Overland Park, KS	—	1,053,287	6,141,649	218	1,053,287	6,141,868	7,195,155	806,116	2018	40 Years
Ekron, KY	—	95,655	802,880	—	95,655	802,880	898,535	110,396	2018	40 Years
Florence, KY	—	601,820	1,054,572	—	601,820	1,054,572	1,656,392	131,821	2018	40 Years
Chalmette, LA	—	290,396	1,297,684	—	290,396	1,297,684	1,588,080	162,211	2018	40 Years
Donaldsonville, LA	—	542,118	2,418,183	31,276	542,118	2,449,460	2,991,578	330,984	2018	40 Years
Franklinton, LA	—	193,192	925,598	—	193,192	925,598	1,118,790	121,485	2018	40 Years
Franklinton, LA	—	242,651	2,462,533	—	242,651	2,462,533	2,705,184	333,468	2018	40 Years
Franklinton, LA	—	396,560	1,122,737	—	396,560	1,122,737	1,519,297	147,359	2018	40 Years
Franklinton, LA	—	163,258	747,944	—	163,258	747,944	911,202	98,168	2018	40 Years
Harvey, LA	—	728,822	1,468,688	—	728,822	1,468,688	2,197,510	211,052	2018	40 Years
Jena, LA	—	772,878	2,392,129	2,040	774,918	2,392,129	3,167,047	323,934	2018	40 Years
Jennings, LA	—	128,158	2,329,137	150,190	128,158	2,479,326	2,607,484	337,931	2018	40 Years
New Orleans, LA	—	293,726	—	—	293,726	—	293,726	—	2018

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Pine Grove, LA	—	238,223	758,573	—	238,223	758,573	996,796	99,563	2018	40 Years
Rayville, LA	—	310,034	2,365,203	17,435	310,034	2,382,638	2,692,672	321,111	2018	40 Years
Roseland, LA	—	307,331	872,252	—	307,331	872,252	1,179,583	114,483	2018	40 Years
Talisheek, LA	—	150,802	1,031,214	41,718	150,802	1,072,931	1,223,733	140,301	2018	40 Years
Baltimore, MD	—	699,157	651,927	—	699,157	651,927	1,351,084	81,491	2018	40 Years
Salisbury, MD	—	305,215	1,193,870	—	305,215	1,193,870	1,499,085	149,234	2018	40 Years
Springfield, MA	—	153,428	826,741	—	153,428	826,741	980,169	103,343	2018	40 Years
Ann Arbor, MI	—	735,859	2,489,707	—	735,859	2,489,707	3,225,566	368,223	2018	40 Years
Belleville, MI	—	598,203	3,970,176	—	598,203	3,970,176	4,568,379	587,163	2018	40 Years
Grand Blanc, MI	—	1,589,886	3,738,477	—	1,589,886	3,738,477	5,328,363	552,905	2018	40 Years
Jackson, MI	—	1,451,971	2,548,436	—	1,451,971	2,548,436	4,000,407	376,898	2018	40 Years
Kentwood, MI	—	939,481	3,438,259	—	939,481	3,438,259	4,377,740	508,512	2018	40 Years
Lake Orion, MI	—	1,172,982	2,349,762	8,277	1,172,982	2,358,038	3,531,020	347,678	2018	40 Years
Onaway, MI	—	17,557	935,308	—	17,557	935,308	952,865	130,553	2018	40 Years
Champlin, MN	—	307,271	1,602,196	18,429	307,271	1,620,625	1,927,896	202,463	2018	40 Years
North Branch, MN	—	533,175	—	205	533,380	—	533,380	—	2018
Richfield, MN	—	2,141,431	613,552	—	2,141,431	613,552	2,754,983	76,694	2018	40 Years
Bay St. Louis, MS	—	547,498	2,080,989	—	547,498	2,080,989	2,628,487	281,801	2018	40 Years
Corinth, MS	—	504,885	4,540,022	129,132	504,885	4,669,154	5,174,039	693,062	2018	40 Years
Forest, MS	—	189,817	1,340,848	—	189,817	1,340,848	1,530,665	181,573	2018	40 Years
Southaven, MS	—	150,931	826,123	—	150,931	826,123	977,054	103,265	2018	40 Years
Waynesboro, MS	—	243,835	1,205,383	—	243,835	1,205,383	1,449,218	163,229	2018	40 Years
Blue Springs, MO	—	431,698	1,704,870	—	431,698	1,704,870	2,136,568	234,417	2018	40 Years
Florissant, MO	—	733,592	1,961,094	(14,149)	733,592	1,946,945	2,680,537	243,456	2018	40 Years
Joplin, MO	—	789,880	384,638	—	789,880	384,638	1,174,518	56,884	2018	40 Years
Liberty, MO	—	308,470	2,750,231	—	308,470	2,750,231	3,058,701	395,237	2018	40 Years
Neosho, MO	—	687,812	1,115,054	—	687,812	1,115,054	1,802,866	153,320	2018	40 Years
Springfield, MO	—	1,311,497	5,462,972	—	1,311,497	5,462,972	6,774,469	819,420	2018	40 Years
St. Peters, MO	—	1,205,257	1,760,658	—	1,205,257	1,760,658	2,965,915	220,082	2018	40 Years
Webb City, MO	—	1,324,146	1,501,744	—	1,324,146	1,501,744	2,825,890	222,122	2018	40 Years
Nashua, NH	—	3,635,953	2,720,644	4,240	3,635,953	2,724,884	6,360,837	403,567	2018	40 Years
Forked River, NJ	—	4,227,966	3,991,690	(95,381)	4,227,966	3,896,309	8,124,275	509,291	2018	40 Years
Forked River, NJ	—	3,505,805	(2,766,838)	3,193,972	3,505,805	427,134	3,932,939	55,141	2018	40 Years
Forked River, NJ	—	1,128,858	1,396,960	—	1,128,858	1,396,960	2,525,818	180,441	2018	40 Years
Forked River, NJ	—	1,682,284	3,527,964	(3,432,691)	1,682,284	95,273	1,777,557	16,625	2018	40 Years
Forked River, NJ	—	682,822	—	—	682,822	—	682,822	—	2018
Woodland Park, NJ	—	7,761,801	3,958,902	—	7,761,801	3,958,902	11,720,703	536,089	2018	40 Years
Bernalillo, NM	—	899,770	2,037,465	(78,875)	820,895	2,037,465	2,858,360	302,657	2018	40 Years
Farmington, NM	—	4,428,998	—	—	4,428,998	—	4,428,998	—	2018
Canandaigua, NY	—	154,996	1,352,174	156	154,996	1,352,330	1,507,326	180,278	2018	40 Years
Catskill, NY	—	80,524	1,097,609	156	80,524	1,097,765	1,178,289	146,336	2018	40 Years
Clifton Park, NY	—	925,613	1,858,613	18,498	925,613	1,877,111	2,802,724	233,854	2018	40 Years
Elmira, NY	—	43,388	947,627	—	43,388	947,627	991,015	118,453	2018	40 Years
Geneseo, NY	—	264,795	1,328,115	156	264,795	1,328,271	1,593,066	177,090	2018	40 Years
Greece, NY	—	182,916	1,254,678	156	182,916	1,254,834	1,437,750	167,279	2018	40 Years
Hamburg, NY	—	520,599	2,039,602	—	520,599	2,039,602	2,560,201	254,950	2018	40 Years
Latham, NY	—	373,318	764,382	—	373,318	764,382	1,137,700	95,548	2018	40 Years
N. Syracuse, NY	—	165,417	452,510	10,034	165,417	462,544	627,961	57,504	2018	40 Years
Niagara Falls, NY	—	392,301	1,022,745	—	392,301	1,022,745	1,415,046	127,843	2018	40 Years
Rochester, NY	—	100,136	895,792	—	100,136	895,792	995,928	119,439	2018	40 Years
Rochester, NY	—	575,463	772,555	—	575,463	772,555	1,348,018	96,569	2018	40 Years
Rochester, NY	—	375,721	881,257	—	375,721	881,257	1,256,978	110,157	2018	40 Years
Schenectady, NY	—	74,387	1,279,967	8,540	74,387	1,288,507	1,362,894	171,646	2018	40 Years
Schenectady, NY	—	453,006	726,404	—	453,006	726,404	1,179,410	90,800	2018	40 Years
Syracuse, NY	—	339,207	918,302	—	339,207	918,302	1,257,509	114,788	2018	40 Years
Syracuse, NY	—	607,053	259,331	—	607,053	259,331	866,384	32,416	2018	40 Years
Tonawanda, NY	—	94,443	727,373	156	94,443	727,530	821,973	96,971	2018	40 Years
Tonawanda, NY	—	131,021	576,915	—	131,021	576,915	707,936	72,114	2018	40 Years
W. Seneca, NY	—	98,194	737,592	—	98,194	737,592	835,786	92,199	2018	40 Years
Williamsville, NY	—	705,842	488,800	—	705,842	488,800	1,194,642	61,100	2018	40 Years
Charlotte, NC	—	287,732	518,005	—	287,732	518,005	805,737	64,751	2018	40 Years
Concord, NC	—	526,102	1,955,989	8,699	526,102	1,964,688	2,490,790	249,607	2018	40 Years
Durham, NC	—	1,787,380	848,986	—	1,787,380	848,986	2,636,366	106,123	2018	40 Years
Fayetteville, NC	—	108,898	1,769,274	—	108,898	1,769,274	1,878,172	221,159	2018	40 Years
Greensboro, NC	—	402,957	1,351,015	—	402,957	1,351,015	1,753,972	168,877	2018	40 Years
Greenville, NC	—	541,233	1,403,441	—	541,233	1,403,441	1,944,674	175,430	2018	40 Years
High Point, NC	—	252,336	1,024,696	—	252,336	1,024,696	1,277,032	128,087	2018	40 Years
Kernersville, NC	—	270,581	966,807	—	270,581	966,807	1,237,388	120,851	2018	40 Years
Pineville, NC	—	1,390,592	6,390,201	—	1,390,592	6,390,201	7,780,793	852,004	2018	40 Years
Rockingham, NC	—	245,976	955,579	—	245,976	955,579	1,201,555	131,392	2018	40 Years
Salisbury, NC	—	572,085	700,288	—	572,085	700,288	1,272,373	87,536	2018	40 Years
Zebulon, NC	—	160,107	1,077	36	161,220	—	161,220	—	2018
Akron, OH	—	445,299	—	—	445,299	—	445,299	—	2018

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Bellevue, OH	—	272,308	1,127,365	62,975	272,308	1,190,340	1,462,648	167,901	2018	40 Years
Canton, OH	—	981,941	1,076,113	—	981,941	1,076,113	2,058,054	134,514	2018	40 Years
Columbus, OH	—	542,161	1,088,316	—	542,161	1,088,316	1,630,477	136,040	2018	40 Years
Fairview Park, OH	—	338,732	400,013	—	338,732	400,013	738,745	50,002	2018	40 Years
Franklin, OH	—	5,405,718	—	—	5,405,718	—	5,405,718	—	2018
Middletown, OH	—	311,389	1,451,469	1,163	311,389	1,452,632	1,764,021	202,656	2018	40 Years
Niles, OH	—	334,783	798,136	—	334,783	798,136	1,132,919	99,767	2018	40 Years
North Olmsted, OH	—	544,903	810,840	34,500	544,903	845,340	1,390,243	121,695	2018	40 Years
Warren, OH	—	208,710	601,092	—	208,710	601,092	809,802	75,137	2018	40 Years
Warrensville Heights, OH	—	735,534	—	627	736,161	—	736,161	—	2018
Youngstown, OH	—	323,983	989,430	—	323,983	989,430	1,313,413	123,679	2018	40 Years
Broken Arrow, OK	—	919,176	1,276,754	1,778	919,176	1,278,532	2,197,708	175,754	2018	40 Years
Chickasha, OK	—	230,000	2,881,525	11,101	230,000	2,892,626	3,122,626	384,261	2018	40 Years
Coweta, OK	—	282,468	803,762	—	282,468	803,762	1,086,230	110,517	2018	40 Years
Midwest City, OK	—	755,192	5,687,280	5,850	755,192	5,693,131	6,448,323	748,393	2018	40 Years
Oklahoma City, OK	—	1,104,085	1,874,359	40,579	1,104,085	1,914,937	3,019,022	240,890	2018	40 Years
Shawnee, OK	—	409,190	957,557	—	409,190	957,557	1,366,747	119,695	2018	40 Years
Wright City, OK	—	38,302	1,010,645	17,948	38,302	1,028,593	1,066,895	132,257	2018	40 Years
Hillsboro, OR	—	4,632,369	7,656,179	—	4,632,369	7,656,179	12,288,548	1,084,625	2018	40 Years
Carlisle, PA	—	340,349	643,498	—	340,349	643,498	983,847	80,437	2018	40 Years
Erie, PA	—	58,279	833,933	—	58,279	833,933	892,212	104,242	2018	40 Years
Johnstown, PA	—	1,030,667	—	8,829	1,039,496	—	1,039,496	—	2018
King of Prussia, PA	—	5,097,320	—	1,201	5,098,522	—	5,098,522	—	2018
Philadelphia, PA	—	155,212	218,083	—	155,212	218,083	373,295	27,260	2018	40 Years
Philadelphia, PA	—	127,690	122,516	—	127,690	122,516	250,206	15,314	2018	40 Years
Pittsburgh, PA	—	927,083	5,126,243	25,348	927,083	5,151,590	6,078,673	663,082	2018	40 Years
Pittsburgh, PA	—	1,397,965	—	1,810	1,399,775	—	1,399,775	—	2018
Upper Darby, PA	—	861,339	85,966	37,671	861,339	123,637	984,976	21,654	2018	40 Years
Wysox, PA	—	1,668,272	1,699,343	31,181	1,668,272	1,730,524	3,398,796	227,274	2018	40 Years
Richmond, RI	—	1,293,932	7,477,281	689,598	1,293,932	8,166,878	9,460,810	1,222,941	2018	40 Years
Warwick, RI	—	687,454	2,108,256	—	687,454	2,108,256	2,795,710	263,532	2018	40 Years
Greenville, SC	—	628,081	1,451,481	—	628,081	1,451,481	2,079,562	181,435	2018	40 Years
Lake City, SC	—	57,911	932,874	28,344	57,911	961,218	1,019,129	119,171	2018	40 Years
Manning, SC	—	245,546	989,236	146	245,546	989,382	1,234,928	131,899	2018	40 Years
Mt. Pleasant, SC	—	555,387	1,042,804	—	555,387	1,042,804	1,598,191	130,351	2018	40 Years
Myrtle Beach, SC	—	254,334	149,107	—	254,334	149,107	403,441	18,638	2018	40 Years
Spartanburg, SC	—	709,338	1,618,382	—	709,338	1,618,382	2,327,720	202,298	2018	40 Years
Sumter, SC	—	521,299	809,466	—	521,299	809,466	1,330,765	101,183	2018	40 Years
Walterboro, SC	—	207,130	827,775	—	207,130	827,775	1,034,905	113,817	2018	40 Years
Chattanooga, TN	—	1,179,566	1,236,591	—	1,179,566	1,236,591	2,416,157	154,574	2018	40 Years
Johnson City, TN	—	181,117	1,232,151	—	181,117	1,232,151	1,413,268	154,019	2018	40 Years
Beaumont, TX	—	936,389	2,725,502	21,661	936,389	2,747,164	3,683,553	343,260	2018	40 Years
Donna, TX	—	962,302	1,620,925	—	962,302	1,620,925	2,583,227	216,089	2018	40 Years
Fairfield, TX	—	125,098	970,816	—	125,098	970,816	1,095,914	125,397	2018	40 Years
Groves, TX	—	596,586	2,250,794	—	596,586	2,250,794	2,847,380	281,349	2018	40 Years
Humble, TX	—	173,885	867,347	—	173,885	867,347	1,041,232	108,418	2018	40 Years
Jacksboro, TX	—	119,147	1,036,482	—	119,147	1,036,482	1,155,629	133,879	2018	40 Years
Kemah, TX	—	2,324,774	2,835,597	(44,661)	2,324,774	2,790,936	5,115,710	367,682	2018	40 Years
Lamesa, TX	—	66,019	1,493,146	—	66,019	1,493,146	1,559,165	211,523	2018	40 Years
Live Oak, TX	—	371,174	1,880,746	—	371,174	1,880,746	2,251,920	258,601	2018	40 Years
Lufkin, TX	—	382,643	1,054,911	—	382,643	1,054,911	1,437,554	131,864	2018	40 Years
Plano, TX	—	452,721	822,683	—	452,721	822,683	1,275,404	102,835	2018	40 Years
Port Arthur, TX	—	512,094	721,936	—	512,094	721,936	1,234,030	90,242	2018	40 Years
Porter, TX	—	524,532	1,683,767	566	524,532	1,684,333	2,208,865	221,062	2018	40 Years
Tomball, TX	—	1,336,029	1,849,554	—	1,336,029	1,849,554	3,185,583	254,310	2018	40 Years
Universal City, TX	—	380,788	1,496,318	—	380,788	1,496,318	1,877,106	187,040	2018	40 Years
Waxahachie, TX	—	388,138	792,125	—	388,138	792,125	1,180,263	99,016	2018	40 Years
Willis, TX	—	406,466	925,047	7,287	406,466	932,334	1,338,800	122,275	2018	40 Years
Logan, UT	—	914,515	2,774,985	—	914,515	2,774,985	3,689,500	369,998	2018	40 Years
Christiansburg, VA	—	520,538	661,780	—	520,538	661,780	1,182,318	82,723	2018	40 Years
Fredericksburg, VA	—	452,911	1,076,589	—	452,911	1,076,589	1,529,500	134,574	2018	40 Years
Glen Allen, VA	—	1,112,948	837,542	108,465	1,112,948	946,007	2,058,955	124,844	2018	40 Years
Hampton, VA	—	353,242	514,898	—	353,242	514,898	868,140	64,362	2018	40 Years
Louisa, VA	—	538,246	2,179,541	—	538,246	2,179,541	2,717,787	288,419	2018	40 Years
Manassas, VA	—	1,454,278	—	—	1,454,278	—	1,454,278	—	2018
Virginia Beach, VA	—	2,142,002	1,154,585	—	2,142,002	1,154,585	3,296,587	144,323	2018	40 Years
Virginia Beach, VA	—	271,176	3,308,434	—	271,176	3,308,434	3,579,610	413,554	2018	40 Years
Everett, WA	—	414,899	811,710	—	414,899	811,710	1,226,609	101,464	2018	40 Years
Bluefield, WV	—	287,740	947,287	12,403	287,740	959,691	1,247,431	140,972	2018	40 Years
Green Bay, WI	—	817,143	1,383,440	—	817,143	1,383,440	2,200,583	172,930	2018	40 Years
La Crosse, WI	—	175,551	1,145,438	—	175,551	1,145,438	1,320,989	143,180	2018	40 Years
Madison, WI	—	2,475,815	4,249,537	(30,001)	2,475,814	4,219,537	6,695,351	548,752	2018	40 Years
Mt. Pleasant, WI	—	208,806	1,173,275	(601)	208,205	1,173,275	1,381,480	146,659	2018	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Schofield, WI	—	533,503	1,071,930	—	533,502	1,071,930	1,605,432	133,991	2018	40 Years
Sheboygan, WI	—	331,691	929,093	—	331,691	929,093	1,260,784	116,137	2018	40 Years
Athens, AL	—	338,789	1,119,459	(2,717)	338,789	1,116,742	1,455,531	123,386	2019	40 Years
Attalla, AL	—	289,473	928,717	—	289,473	928,717	1,218,190	102,546	2019	40 Years
Birmingham, AL	—	1,400,530	859,880	236,711	1,400,530	1,096,591	2,497,121	91,129	2019	40 Years
Blountsville, AL	—	262,412	816,070	22,398	262,412	838,468	1,100,880	90,679	2019	40 Years
Coffeeville, AL	—	129,263	864,122	—	129,263	864,122	993,385	95,413	2019	40 Years
Phenix, AL	—	292,234	1,280,705	—	292,234	1,280,705	1,572,939	154,752	2019	40 Years
Silas, AL	—	383,742	1,351,195	—	383,742	1,351,195	1,734,937	149,185	2019	40 Years
Tuba City, AZ	—	138,006	1,253,376	531	138,006	1,253,907	1,391,913	133,137	2019	40 Years
Searcy, AR	—	851,561	5,582,069	75,885	851,561	5,657,953	6,509,514	684,834	2019	40 Years
Sheridan, AR	—	124,667	1,070,754	—	124,667	1,070,754	1,195,421	118,096	2019	40 Years
Trumann, AR	—	170,957	1,064,039	—	170,957	1,064,039	1,234,996	117,354	2019	40 Years
Visalia, CA	—	2,552,353	6,994,518	283	2,552,353	6,994,802	9,547,155	801,479	2019	40 Years
Lakewood, CO	—	3,021,260	6,125,185	57,272	3,021,260	6,182,457	9,203,717	617,391	2019	40 Years
Rifle, CO	—	4,427,019	1,599,591	—	4,427,019	1,599,591	6,026,610	183,178	2019	40 Years
Danbury, CT	—	1,095,933	—	—	1,095,933	—	1,095,933	—	2019
Greenwich, CT	—	16,350,193	3,076,568	6,540	16,350,193	3,083,108	19,433,301	361,748	2019	40 Years
Orange, CT	—	6,881,022	10,519,218	38,849	6,881,022	10,558,067	17,439,089	1,121,202	2019	40 Years
Torrington, CT	—	195,171	1,541,214	26,976	195,171	1,568,190	1,763,361	159,972	2019	40 Years
Bear, DE	—	743,604	—	657	744,261	—	744,261	—	2019
Wilmington, DE	—	2,501,623	2,784,576	—	2,501,623	2,784,576	5,286,199	330,504	2019	40 Years
Apopka, FL	—	646,629	1,215,458	10,730	646,629	1,226,188	1,872,817	153,721	2019	40 Years
Clearwater, FL	—	497,216	1,027,192	—	497,216	1,027,192	1,524,408	121,812	2019	40 Years
Cocoa, FL	—	2,174,730	—	—	2,174,730	—	2,174,730	—	2019
Lake Placid, FL	—	255,339	1,059,913	—	255,339	1,059,913	1,315,252	110,408	2019	40 Years
Merritt Island, FL	—	746,846	1,805,756	—	746,846	1,805,756	2,552,602	195,624	2019	40 Years
Orlando, FL	—	751,265	2,089,523	—	751,265	2,089,523	2,840,788	246,716	2019	40 Years
Poinciana, FL	—	608,450	1,073,714	—	608,450	1,073,714	1,682,164	111,845	2019	40 Years
Sanford, FL	—	2,791,684	4,763,063	20,322	2,791,684	4,783,386	7,575,070	517,769	2019	40 Years
Tavares, FL	—	736,113	1,849,694	—	736,113	1,849,694	2,585,807	219,656	2019	40 Years
Wauchula, FL	—	333,236	1,156,806	—	333,236	1,156,806	1,490,042	144,601	2019	40 Years
West Palm Beach, FL	—	2,484,935	2,344,077	—	2,484,935	2,344,077	4,829,012	253,870	2019	40 Years
Brunswick, GA	—	186,767	1,615,510	1,900	186,767	1,617,410	1,804,177	191,728	2019	40 Years
Columbus, GA	—	336,125	2,497,365	32,240	336,125	2,529,605	2,865,730	263,165	2019	40 Years
Conyers, GA	—	714,666	2,137,506	—	714,666	2,137,506	2,852,172	240,355	2019	40 Years
Dacula, GA	—	1,280,484	1,716,312	—	1,280,484	1,716,312	2,996,796	207,328	2019	40 Years
Marietta, GA	—	390,416	1,441,936	—	390,416	1,441,936	1,832,352	171,053	2019	40 Years
Tucker, GA	—	374,268	1,652,522	—	374,268	1,652,522	2,026,790	199,620	2019	40 Years
Chubbuck, ID	—	1,067,983	5,880,828	—	1,067,983	5,880,828	6,948,811	722,849	2019	40 Years
Chubbuck, ID	—	185,310	—	—	185,310	—	185,310	—	2019
Chubbuck, ID	—	873,334	1,653,886	—	873,334	1,653,886	2,527,220	203,290	2019	40 Years
Edwardsville, IL	—	449,741	1,202,041	—	449,741	1,202,041	1,651,782	142,614	2019	40 Years
Elk Grove Village, IL	—	394,567	1,395,659	22,896	394,567	1,418,555	1,813,122	153,194	2019	40 Years
Evergreen Park, IL	—	5,687,045	18,880,969	—	5,687,045	18,880,969	24,568,014	2,045,167	2019	40 Years
Freeport, IL	—	92,295	1,537,120	—	92,295	1,537,120	1,629,415	163,252	2019	40 Years
Geneva, IL	—	644,434	1,213,859	—	644,434	1,213,859	1,858,293	141,617	2019	40 Years
Greenville, IL	—	135,642	1,026,006	—	135,642	1,026,006	1,161,648	104,738	2019	40 Years
Murphysboro, IL	—	176,281	988,808	—	176,281	988,808	1,165,089	111,098	2019	40 Years
Rockford, IL	—	814,666	1,719,410	—	814,666	1,719,410	2,534,076	182,620	2019	40 Years
Round Lake, IL	—	325,722	2,669,132	5,756	325,722	2,674,888	3,000,610	269,153	2019	40 Years
Fishers, IN	—	429,857	621,742	25,550	429,857	647,292	1,077,149	76,312	2019	40 Years
Gas City, IN	—	504,378	1,341,890	—	504,378	1,341,890	1,846,268	164,941	2019	40 Years
Hammond, IN	—	149,230	1,002,706	—	149,230	1,002,706	1,151,936	110,715	2019	40 Years
Kokomo, IN	—	716,631	1,143,537	—	716,631	1,143,537	1,860,168	135,687	2019	40 Years
Marion, IN	—	140,507	898,097	27,530	140,507	925,627	1,066,134	92,539	2019	40 Years
Westfield, IN	—	594,597	1,260,563	43,497	594,597	1,304,060	1,898,657	155,547	2019	40 Years
Waterloo, IA	—	369,497	1,265,450	—	369,497	1,265,450	1,634,947	137,018	2019	40 Years
Concordia, KS	—	150,440	1,144,639	26,864	150,440	1,171,503	1,321,943	116,904	2019	40 Years
Parsons, KS	—	203,953	1,073,554	—	203,953	1,073,554	1,277,507	129,600	2019	40 Years
Pratt, KS	—	245,375	1,293,871	—	245,375	1,293,871	1,539,246	140,169	2019	40 Years
Wellington, KS	—	95,197	1,090,333	—	95,197	1,090,333	1,185,530	115,782	2019	40 Years
Wichita, KS	—	1,257,608	5,700,299	355	1,257,608	5,700,654	6,958,262	664,933	2019	40 Years
Crestwood, KY	—	670,021	1,096,031	9,668	670,021	1,105,699	1,775,720	110,510	2019	40 Years
Georgetown, KY	—	257,839	3,025,734	266,479	257,839	3,292,213	3,550,052	344,257	2019	40 Years
Grayson, KY	—	241,857	1,155,603	—	241,857	1,155,603	1,397,460	125,190	2019	40 Years
Henderson, KY	—	146,676	958,794	—	146,676	958,794	1,105,470	97,877	2019	40 Years
Leitchfield, KY	—	303,830	1,062,711	—	303,830	1,062,711	1,366,541	106,271	2019	40 Years
Kentwood, LA	—	327,392	638,214	20,612	327,392	658,826	986,218	81,882	2019	40 Years
Lake Charles, LA	—	565,778	890,034	(110,745)	750,569	594,498	1,345,067	41,427	2019	40 Years
Bowie, MD	—	2,840,009	4,474,364	—	2,840,009	4,474,364	7,314,373	503,255	2019	40 Years
Eldersburg, MD	—	563,227	1,855,987	519	563,227	1,856,507	2,419,734	197,151	2019	40 Years
Brockton, MA	—	3,254,807	8,504,236	105,278	3,254,807	8,609,514	11,864,321	860,708	2019	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Ipswich, MA	—	467,109	967,282	—	467,109	967,282	1,434,391	108,724	2019	40 Years
Ispwich, MA	—	2,606,990	3,414,474	6,230	2,606,990	3,420,704	6,027,694	384,376	2019	40 Years
Adrian, MI	—	459,814	1,562,895	38,711	459,814	1,601,605	2,061,419	187,499	2019	40 Years
Allegan, MI	—	184,466	1,239,762	—	184,466	1,239,762	1,424,228	139,473	2019	40 Years
Caro, MI	—	183,318	1,328,630	—	183,318	1,328,630	1,511,948	141,120	2019	40 Years
Clare, MI	—	153,379	1,412,383	11,126	153,379	1,423,510	1,576,889	145,217	2019	40 Years
Cooks, MI	—	304,340	1,109,838	9,630	304,340	1,119,468	1,423,808	111,887	2019	40 Years
Crystal Falls, MI	—	62,462	757,276	—	62,462	757,276	819,738	83,616	2019	40 Years
Harrison, MI	—	59,984	900,901	(25,895)	59,984	875,006	934,990	87,671	2019	40 Years
Jackson, MI	—	524,446	1,265,119	—	524,446	1,265,119	1,789,565	131,783	2019	40 Years
Monroe, MI	—	501,688	2,651,440	—	501,688	2,651,440	3,153,128	314,660	2019	40 Years
Plymouth, MI	—	580,459	1,043,474	47,200	580,459	1,090,674	1,671,133	130,992	2019	40 Years
Spalding, MI	—	86,973	842,434	—	86,973	842,434	929,407	93,019	2019	40 Years
Walker, MI	—	4,821,073	15,814,475	17,091	4,821,073	15,831,566	20,652,639	1,648,931	2019	40 Years
Lakeville, MN	—	1,774,051	6,386,118	114,634	1,774,051	6,500,752	8,274,803	738,126	2019	40 Years
Longville, MN	—	30,748	836,277	—	30,748	836,277	867,025	92,339	2019	40 Years
Waite Park, MN	—	142,863	1,064,736	—	142,863	1,064,736	1,207,599	126,150	2019	40 Years
Bolton, MS	—	172,890	831,005	—	172,890	831,005	1,003,895	91,757	2019	40 Years
Bruce, MS	—	189,929	896,080	—	189,929	896,080	1,086,009	106,349	2019	40 Years
Columbus, MS	—	123,385	898,226	—	123,385	898,226	1,021,611	106,604	2019	40 Years
Flowood, MS	—	638,891	1,308,566	—	638,891	1,308,566	1,947,457	138,978	2019	40 Years
Houston, MS	—	170,449	913,763	—	170,449	913,763	1,084,212	108,449	2019	40 Years
Jackson, MS	—	393,954	1,169,374	—	393,954	1,169,374	1,563,328	124,193	2019	40 Years
Michigan City, MS	—	336,323	963,447	—	336,323	963,447	1,299,770	114,349	2019	40 Years
Pontotoc, MS	—	174,112	924,043	—	174,112	924,043	1,098,155	105,880	2019	40 Years
Tutwiler, MS	—	152,108	844,300	—	152,108	844,300	996,408	93,225	2019	40 Years
Fair Play, MO	—	56,563	642,856	—	56,563	642,856	699,419	70,982	2019	40 Years
Florissant, MO	—	1,394,072	2,210,514	—	1,394,072	2,210,514	3,604,586	262,435	2019	40 Years
Florissant, MO	—	1,647,163	2,256,716	—	1,647,163	2,256,716	3,903,879	263,284	2019	40 Years
Grovespring, MO	—	207,974	823,419	—	207,974	823,419	1,031,393	90,919	2019	40 Years
Hermitage, MO	—	98,531	833,177	2,600	98,531	835,777	934,308	92,241	2019	40 Years
Madison, MO	—	199,972	844,901	—	199,972	844,901	1,044,873	93,291	2019	40 Years
Oak Grove, MO	—	275,293	1,000,150	—	275,293	1,000,150	1,275,443	112,517	2019	40 Years
Salem, MO	—	153,713	1,085,494	—	153,713	1,085,494	1,239,207	115,268	2019	40 Years
South Fork, MO	—	345,053	1,087,384	—	345,053	1,087,384	1,432,437	120,065	2019	40 Years
St. Louis, MO	—	743,673	3,387,981	—	743,673	3,387,981	4,131,654	345,856	2019	40 Years
Manchester, HN	—	1,486,550	2,419,269	314,378	1,486,550	2,733,647	4,220,197	254,958	2019	40 Years
Nashua, NH	—	808,886	2,020,221	279	808,886	2,020,499	2,829,385	210,466	2019	40 Years
Lanoka Harbor, NJ	—	1,355,335	1,052,415	—	1,355,335	1,052,415	2,407,750	111,692	2019	40 Years
Paramus, NJ	—	—	6,224,221	609,273	—	6,833,494	6,833,494	830,272	2019	40 Years
San Ysidro, NM	—	316,770	956,983	—	316,770	956,983	1,273,753	105,667	2019	40 Years
Hinsdale, NY	—	353,602	905,350	—	353,602	905,350	1,258,952	99,966	2019	40 Years
Liverpool, NY	—	1,697,114	3,355,641	50,698	1,697,114	3,406,339	5,103,453	338,943	2019	40 Years
Malone, NY	—	413,667	1,035,771	—	413,667	1,035,771	1,449,438	122,821	2019	40 Years
Vestal, NY	—	3,540,906	5,610,529	145,000	3,540,906	5,755,529	9,296,435	617,840	2019	40 Years
Columbus, NC	—	423,026	1,070,992	—	423,026	1,070,992	1,494,018	113,719	2019	40 Years
Fayetteville, NC	—	505,574	1,544,177	—	505,574	1,544,177	2,049,751	160,852	2019	40 Years
Hope Mills, NC	—	1,522,142	7,906,676	—	1,522,142	7,906,676	9,428,818	856,431	2019	40 Years
Sylva, NC	—	450,055	1,351,631	19,487	450,055	1,371,118	1,821,173	136,990	2019	40 Years
Edgeley, ND	—	193,509	944,881	—	193,509	944,881	1,138,390	106,299	2019	40 Years
Grand Forks, ND	—	1,187,389	2,052,184	—	1,187,389	2,052,184	3,239,573	226,577	2019	40 Years
Williston, ND	—	515,210	1,584,865	—	515,210	1,584,865	2,100,075	174,995	2019	40 Years
Batavia, OH	—	601,071	1,125,756	(7,364)	595,681	1,123,783	1,719,464	129,046	2019	40 Years
Bellevue, OH	—	186,215	1,343,783	8,491	186,215	1,352,274	1,538,489	135,174	2019	40 Years
Columbus, OH	—	357,767	1,423,046	—	357,767	1,423,046	1,780,813	168,810	2019	40 Years
Conneaut, OH	—	200,915	1,363,715	7,983	200,915	1,371,698	1,572,613	142,802	2019	40 Years
Hamilton, OH	—	335,677	1,066,581	—	335,677	1,066,581	1,402,258	124,291	2019	40 Years
Heath, OH	—	657,358	3,259,449	314,817	657,358	3,574,266	4,231,624	402,224	2019	40 Years
Kenton, OH	—	191,968	1,290,534	7,724	191,968	1,298,257	1,490,225	132,466	2019	40 Years
Maumee, OH	—	1,498,739	815,222	4,677	1,498,739	819,899	2,318,638	100,320	2019	40 Years
Oxford, OH	—	912,241	2,566,991	25,001	912,241	2,591,993	3,504,234	312,004	2019	40 Years
West Chester, OH	—	796,035	814,730	660	796,035	815,390	1,611,425	100,206	2019	40 Years
West Chester, OH	—	395,924	1,173,848	—	395,924	1,173,848	1,569,772	141,723	2019	40 Years
Ada, OK	—	336,304	1,234,870	—	336,304	1,234,870	1,571,174	128,632	2019	40 Years
Bartlesville, OK	—	451,582	1,249,112	—	451,582	1,249,112	1,700,694	140,353	2019	40 Years
Bokoshe, OK	—	47,725	797,175	—	47,725	797,175	844,900	89,392	2019	40 Years
Lawton, OK	—	230,834	612,256	—	230,834	612,256	843,090	68,707	2019	40 Years
Whitefield, OK	—	144,932	863,327	—	144,932	863,327	1,008,259	97,124	2019	40 Years
Cranberry Township, PA	—	2,066,679	2,049,310	—	2,066,679	2,049,310	4,115,989	247,565	2019	40 Years
Ebensburg, PA	—	551,162	2,023,064	5,690	551,162	2,028,754	2,579,916	240,641	2019	40 Years
Flourtown, PA	—	1,342,409	2,229,147	—	1,342,409	2,229,147	3,571,556	273,984	2019	40 Years
Monaca, PA	—	449,116	842,901	—	449,116	842,901	1,292,017	101,791	2019	40 Years
Natrona Heights, PA	—	1,412,247	1,719,447	—	1,412,247	1,719,447	3,131,694	211,349	2019	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
North Huntingdon, PA	—	428,166	1,508,044	—	428,166	1,508,044	1,936,210	182,162	2019	40 Years
Oakdale, PA	—	708,623	987,577	95,078	708,623	1,082,654	1,791,277	110,768	2019	40 Years
Philadelphia, PA	—	1,891,985	20,799,223	211,964	1,891,985	21,011,187	22,903,172	2,468,591	2019	40 Years
Pittsburgh, PA	—	1,251,674	3,842,592	—	1,251,674	3,842,592	5,094,266	408,176	2019	40 Years
Robinson Township, PA	—	1,630,648	2,703,381	—	1,630,648	2,703,381	4,334,029	304,046	2019	40 Years
Titusville, PA	—	877,651	2,568,060	—	877,651	2,568,060	3,445,711	294,200	2019	40 Years
West View, PA	—	120,349	1,347,706	—	120,349	1,347,706	1,468,055	145,917	2019	40 Years
York, PA	—	3,331,496	6,690,968	9,190	3,331,496	6,700,158	10,031,654	766,833	2019	40 Years
Columbia, SC	—	2,783,934	13,228,453	—	2,783,934	13,228,453	16,012,387	1,598,311	2019	40 Years
Hampton, SC	—	215,462	1,050,367	—	215,462	1,050,367	1,265,829	131,296	2019	40 Years
Myrtle Beach, SC	—	1,371,226	2,752,440	503,611	1,371,226	3,256,051	4,627,277	405,123	2019	40 Years
Orangeburg, SC	—	316,428	1,116,664	—	316,428	1,116,664	1,433,092	127,873	2019	40 Years
Kadoka, SD	—	134,528	926,523	—	134,528	926,523	1,061,051	104,234	2019	40 Years
Thorn Hill, TN	—	115,367	974,925	—	115,367	974,925	1,090,292	115,677	2019	40 Years
Woodbury, TN	—	154,043	1,092,958	—	154,043	1,092,958	1,247,001	129,789	2019	40 Years
Burleson, TX	—	1,396,753	3,312,794	13,863	1,396,753	3,326,658	4,723,411	332,579	2019	40 Years
Carrizo Springs, TX	—	337,070	812,963	5,087	337,070	818,050	1,155,120	91,910	2019	40 Years
Garland, TX	—	773,385	2,587,011	—	773,385	2,587,011	3,360,396	301,818	2019	40 Years
Kenedy, TX	—	325,159	954,774	11,254	325,159	966,029	1,291,188	96,533	2019	40 Years
Laredo, TX	—	1,117,403	2,152,573	48,118	1,117,403	2,200,690	3,318,093	251,366	2019	40 Years
Lewisville, TX	—	2,347,993	5,271,935	4,154	2,347,993	5,276,089	7,624,082	648,118	2019	40 Years
Lubbock, TX	—	1,420,820	1,858,395	—	1,420,820	1,858,395	3,279,215	228,428	2019	40 Years
Wichita Falls, TX	—	585,664	1,952,988	—	585,664	1,952,988	2,538,652	219,711	2019	40 Years
Wylie, TX	—	686,154	1,623,684	—	686,154	1,623,684	2,309,838	196,135	2019	40 Years
Draper, UT	—	1,344,025	3,321,208	23,553	1,344,025	3,344,761	4,688,786	334,329	2019	40 Years
Bristol, VA	—	996,915	1,374,467	—	996,915	1,374,467	2,371,382	148,901	2019	40 Years
Gloucester, VA	—	458,785	1,994,093	—	458,785	1,994,093	2,452,878	215,982	2019	40 Years
Hampton, VA	—	3,549,928	6,096,218	107	3,549,928	6,096,325	9,646,253	647,485	2019	40 Years
Hampton, VA	—	429,613	1,081,015	—	429,613	1,081,015	1,510,628	117,110	2019	40 Years
Hampton, VA	—	744,520	1,249,355	—	744,520	1,249,355	1,993,875	135,347	2019	40 Years
Hampton, VA	—	561,596	1,545,002	—	561,596	1,545,002	2,106,598	167,375	2019	40 Years
Newport News, VA	—	12,618,320	—	—	12,618,320	—	12,618,320	—	2019
Newport News, VA	—	855,793	1,754,228	—	855,793	1,754,228	2,610,021	190,041	2019	40 Years
Poquoson, VA	—	330,867	848,105	2,156	330,867	850,261	1,181,128	92,080	2019	40 Years
South Boston, VA	—	490,590	2,637,385	15,414	490,590	2,652,799	3,143,389	276,173	2019	40 Years
Surry, VA	—	685,233	994,788	—	685,233	994,788	1,680,021	107,769	2019	40 Years
Williamsburg, VA	—	1,574,769	2,001,920	(9,200)	1,565,569	2,001,920	3,567,489	216,875	2019	40 Years
Williamsburg, VA	—	675,861	1,098,464	—	675,861	1,098,464	1,774,325	119,000	2019	40 Years
Wytheville, VA	—	206,660	1,248,178	—	206,660	1,248,178	1,454,838	124,818	2019	40 Years
Ephrata, WA	—	368,492	4,821,470	18,383	368,492	4,839,852	5,208,344	493,857	2019	40 Years
Charleston, WV	—	561,767	—	—	561,767	—	561,767	—	2019
Ripley, WV	—	1,042,204	—	20,422	1,062,626	—	1,062,626	—	2019
Black River Falls, WI	—	278,472	1,141,572	9,517	278,472	1,151,090	1,429,562	117,428	2019	40 Years
Lake Geneva, WI	—	7,078,726	—	—	7,078,726	—	7,078,726	—	2019
Menomonee Falls, WI	—	3,518,493	12,020,248	12,918	3,518,494	12,033,165	15,551,659	1,378,153	2019	40 Years
Sun Prairie, WI	—	2,864,563	7,215,614	—	2,864,564	7,215,613	10,080,177	766,461	2019	40 Years
West Milwaukee, WI	—	783,260	3,055,907	16,402	783,261	3,072,308	3,855,569	313,346	2019	40 Years
Adger, AL	—	189,119	1,222,891	—	189,119	1,222,891	1,412,010	109,551	2020	40 Years
Dothan, AL	—	792,626	3,017,431	(31,788)	778,553	2,999,716	3,778,269	218,057	2020	40 Years
Enterprise, AL	—	728,934	2,504,283	15,377	728,934	2,519,660	3,248,594	247,261	2020	40 Years
Lanett, AL	—	597,615	2,264,102	128	597,615	2,264,230	2,861,845	188,662	2020	40 Years
Saraland, AL	—	838,216	2,709,602	1,276	838,216	2,710,877	3,549,093	265,173	2020	40 Years
Sylacauga, AL	—	2,181,806	9,940,930	4,330	2,181,806	9,945,260	12,127,066	890,689	2020	40 Years
Theodore, AL	—	743,751	2,667,802	—	743,751	2,667,802	3,411,553	255,576	2020	40 Years
Altheimer, AR	—	202,235	1,151,471	—	202,235	1,151,471	1,353,706	105,163	2020	40 Years
Benton, AR	—	561,085	2,141,511	249,809	561,085	2,391,320	2,952,405	186,705	2020	40 Years
Benton, AR	—	2,271,157	1,324,716	39,069	2,271,157	1,363,785	3,634,942	101,069	2020	40 Years
Bismarck, AR	—	129,139	876,127	—	129,139	876,127	1,005,266	74,716	2020	40 Years
Centerton, AR	—	502,391	2,152,058	249,808	502,391	2,401,866	2,904,257	192,024	2020	40 Years
Elaine, AR	—	51,248	802,757	—	51,248	802,757	854,005	73,287	2020	40 Years
Jonesboro, AR	—	477,565	942,703	—	477,565	942,703	1,420,268	76,541	2020	40 Years
Little Rock, AR	—	136,550	638,605	—	136,550	638,605	775,155	58,482	2020	40 Years
Mayflower, AR	—	708,465	448,741	80,702	708,465	529,443	1,237,908	39,860	2020	40 Years
Mena, AR	—	1,459,039	—	—	1,459,039	—	1,459,039	—	2020
Pine Bluff, AR	—	195,689	1,102,338	3,251	195,689	1,105,588	1,301,277	103,675	2020	40 Years
Pine Bluff, AR	—	279,293	1,290,094	7,250	279,293	1,297,344	1,576,637	118,154	2020	40 Years
Searcy, AR	—	548,495	5,834,876	—	548,495	5,834,876	6,383,371	498,144	2020	40 Years
Sparkman, AR	—	80,956	720,376	—	80,956	720,376	801,332	59,971	2020	40 Years
West Helena, AR	—	93,907	885,680	21,923	93,907	907,603	1,001,510	81,758	2020	40 Years
Coolidge, AZ	—	252,228	1,164,641	11,720	252,228	1,176,361	1,428,589	102,946	2020	40 Years
Maricopa, AZ	—	761,177	1,600,925	11,257	761,177	1,612,182	2,373,359	124,168	2020	40 Years
Phoenix, AZ	—	11,641,459	7,261,072	—	11,641,459	7,261,072	18,902,531	620,082	2020	40 Years
Tucson, AZ	—	3,267,761	6,624,814	383,141	3,267,761	7,007,955	10,275,716	539,618	2020	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Yuma, AZ	—	840,427	5,489,179	577	840,427	5,489,756	6,330,183	480,204	2020	40 Years
Yuma, AZ	—	—	5,052,648	29,919	—	5,082,567	5,082,567	381,006	2020	40 Years
Antioch, CA	—	3,369,667	6,952,571	—	3,369,667	6,952,571	10,322,238	579,282	2020	40 Years
Calexico, CA	—	937,091	22,274	—	959,365	—	959,365	—	2020
Hawthorne, CA	—	7,297,568	5,841,964	1,750	7,297,568	5,843,714	13,141,282	474,637	2020	40 Years
Napa, CA	—	5,287,831	13,608,836	651	5,287,831	13,609,486	18,897,317	1,190,629	2020	40 Years
Palmdale, CA	—	2,159,541	6,648,091	486	2,159,541	6,648,577	8,808,118	623,131	2020	40 Years
Quincy, CA	—	315,559	1,597,973	—	315,559	1,597,973	1,913,532	149,560	2020	40 Years
Quincy, CA	—	605,988	4,898,500	—	605,988	4,898,500	5,504,488	438,751	2020	40 Years
Rancho Cordova, CA	—	10,668,451	—	27,033	10,695,484	—	10,695,484	—	2020
San Francisco, CA	—	7,234,677	748,185	19,917	7,234,677	768,103	8,002,780	59,023	2020	40 Years
Signal Hill, CA	—	8,490,622	6,714,882	—	8,490,622	6,714,882	15,205,504	657,499	2020	40 Years
Stockton, CA	—	961,910	3,310,275	16,202	961,910	3,326,478	4,288,388	249,382	2020	40 Years
Broomfield, CO	—	708,881	965,675	7,993	708,881	973,668	1,682,549	72,975	2020	40 Years
Cortez, CO	—	177,422	1,594,274	9,852	177,422	1,604,126	1,781,548	120,248	2020	40 Years
La Junta, CO	—	187,988	823,735	—	187,988	823,735	1,011,723	76,975	2020	40 Years
Pueblo, CO	—	235,805	1,568,540	—	235,805	1,568,540	1,804,345	137,247	2020	40 Years
Newington, CT	—	403,932	1,915,897	51,469	403,932	1,967,366	2,371,298	185,165	2020	40 Years
Old Saybrook, CT	—	443,801	3,497,920	75	443,801	3,497,994	3,941,795	284,063	2020	40 Years
Stafford Springs, CT	—	1,230,939	7,075,776	—	1,230,939	7,075,776	8,306,715	574,907	2020	40 Years
Davenport, FL	—	721,966	1,435,651	—	721,966	1,435,651	2,157,617	143,565	2020	40 Years
Deerfield Beach, FL	—	1,963,542	514,491	—	1,963,542	514,491	2,478,033	43,845	2020	40 Years
Labelle, FL	—	489,345	2,754,977	—	489,345	2,754,977	3,244,322	235,220	2020	40 Years
Lake Placid, FL	—	2,060,445	—	15,405	2,075,850	—	2,075,850	—	2020
Leesburg, FL	—	708,698	541,993	7,993	708,698	549,986	1,258,684	41,199	2020	40 Years
Madison, FL	—	171,150	619,660	6,567	171,150	626,228	797,378	57,491	2020	40 Years
Orlando, FL	—	4,558,262	7,261,682	—	4,558,262	7,261,682	11,819,944	665,524	2020	40 Years
Panama City, FL	—	830,080	856,243	—	830,080	856,243	1,686,323	85,617	2020	40 Years
Pensacola, FL	—	379,154	969,254	203,144	379,154	1,172,398	1,551,552	78,942	2020	40 Years
Port St. Lucie, FL	—	670,030	1,664,571	—	670,030	1,664,571	2,334,601	159,397	2020	40 Years
Punta Gorda, FL	—	615,829	1,921,751	—	615,829	1,921,751	2,537,580	188,172	2020	40 Years
Sebring, FL	—	1,986,013	—	15,406	2,001,419	—	2,001,419	—	2020
Venice, FL	—	1,301,719	1,233,030	—	1,301,719	1,233,030	2,534,749	123,303	2020	40 Years
Vero Beach, FL	—	1,241,406	1,356,081	19	1,241,406	1,356,101	2,597,507	132,784	2020	40 Years
Albany, GA	—	311,920	1,278,107	—	311,920	1,278,107	1,590,027	117,096	2020	40 Years
Albany, GA	—	248,888	1,445,530	—	248,888	1,445,530	1,694,418	132,448	2020	40 Years
Albany, GA	—	898,015	5,713,749	—	898,015	5,713,749	6,611,764	514,818	2020	40 Years
Americus, GA	—	238,633	968,812	13,125	238,633	981,937	1,220,570	88,838	2020	40 Years
Cairo, GA	—	237,315	1,040,643	—	237,315	1,040,643	1,277,958	104,064	2020	40 Years
Dallas, GA	—	235,642	1,134,202	14,690	235,642	1,148,892	1,384,534	86,396	2020	40 Years
Doraville, GA	—	533,512	1,709,449	—	533,512	1,709,449	2,242,961	135,331	2020	40 Years
Flowery Branch, GA	—	1,253,091	—	(2,000)	1,251,091	—	1,251,091	—	2020
Jesup, GA	—	155,604	864,415	—	155,604	864,415	1,020,019	79,159	2020	40 Years
Lawrenceville, GA	—	852,136	1,633,580	—	852,136	1,633,580	2,485,716	159,955	2020	40 Years
Lithia Springs, GA	—	3,789,145	7,881,640	—	3,789,145	7,881,640	11,670,785	689,539	2020	40 Years
Moultrie, GA	—	150,752	868,415	—	150,752	868,415	1,019,167	79,526	2020	40 Years
Quitman, GA	—	407,661	1,125,845	117,691	407,661	1,243,536	1,651,197	112,585	2020	40 Years
Savannah, GA	—	749,834	1,802,814	3,236	749,834	1,806,050	2,555,884	153,978	2020	40 Years
Savannah, GA	—	3,502,278	4,132,018	429,779	3,502,278	4,561,797	8,064,075	394,128	2020	40 Years
George, IA	—	283,785	942,785	—	283,785	942,785	1,226,570	94,277	2020	40 Years
Graettinger, IA	—	154,261	933,746	—	154,261	933,746	1,088,007	93,373	2020	40 Years
Alexis, IL	—	425,656	1,237,404	—	425,656	1,237,404	1,663,060	121,161	2020	40 Years
Chicago, IL	—	2,780,722	2,305,569	—	2,780,722	2,305,569	5,086,291	187,201	2020	40 Years
Chicago, IL	—	424,932	4,223,123	—	424,932	4,223,123	4,648,055	343,007	2020	40 Years
Chicago, IL	—	596,808	1,415,648	—	596,808	1,415,648	2,012,456	114,901	2020	40 Years
Chicago, IL	—	932,560	2,553,809	7,273	932,560	2,561,082	3,493,642	192,028	2020	40 Years
East Alton, IL	—	113,457	1,422,573	—	113,457	1,422,573	1,536,030	124,377	2020	40 Years
Fairfield, IL	—	198,833	1,180,242	30,243	198,833	1,210,486	1,409,319	92,299	2020	40 Years
Grayslake, IL	—	478,307	1,131,061	—	478,307	1,131,061	1,609,368	101,199	2020	40 Years
Homewood, IL	—	1,224,131	10,005,811	24,941	1,224,131	10,030,752	11,254,883	918,227	2020	40 Years
Kankakee, IL	—	107,139	1,185,653	—	107,139	1,185,653	1,292,792	93,784	2020	40 Years
Manteno, IL	—	71,681	1,213,963	37,938	71,681	1,251,901	1,323,582	93,653	2020	40 Years
Oswego, IL	—	373,727	2,715,101	16,091	373,727	2,731,193	3,104,920	204,738	2020	40 Years
Rockton, IL	—	367,154	1,526,399	—	367,154	1,526,399	1,893,553	114,480	2020	40 Years
Elkhart, IN	—	173,631	972,629	7,992	173,631	980,621	1,154,252	73,497	2020	40 Years
Franklin, IN	—	979,332	1,548,523	26,567	979,332	1,575,090	2,554,422	118,546	2020	40 Years
Indianapolis, IN	—	251,149	1,550,984	—	251,149	1,550,984	1,802,133	119,538	2020	40 Years
Noblesville, IN	—	259,582	1,611,431	—	259,582	1,611,431	1,871,013	157,786	2020	40 Years
Peru, IN	—	202,110	1,501,247	—	202,110	1,501,247	1,703,357	131,359	2020	40 Years
Rockville, IN	—	436,457	1,601,972	(75,085)	436,457	1,526,887	1,963,344	114,961	2020	40 Years
Derby, KS	—	440,419	2,367,428	—	440,419	2,367,428	2,807,847	197,148	2020	40 Years
Independence, KS	—	200,329	1,426,975	(75,085)	200,329	1,351,890	1,552,219	101,836	2020	40 Years
Shwanee, KS	—	2,594,271	2,766,524	—	2,594,271	2,766,524	5,360,795	241,973	2020	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Wichita, KS	—	834,377	2,338,612	—	834,377	2,338,612	3,172,989	204,531	2020	40 Years
Wichita, KS	—	2,031,526	1,974,595	—	2,031,526	1,974,595	4,006,121	172,679	2020	40 Years
Wichita, KS	—	1,194,939	2,062,020	—	1,194,939	2,062,020	3,256,959	180,329	2020	40 Years
Wichita, KS	—	2,171,260	2,235,093	—	2,171,260	2,235,093	4,406,353	195,571	2020	40 Years
Louisa, KY	—	242,391	1,177,975	549	242,391	1,178,524	1,420,915	93,702	2020	40 Years
Louisville, KY	—	2,185,678	3,081,512	11,400	2,185,678	3,092,912	5,278,590	308,655	2020	40 Years
Louisville, KY	—	208,346	621,820	—	208,346	621,820	830,166	53,054	2020	40 Years
Amite City, LA	—	264,208	930,655	7,080	264,208	937,735	1,201,943	77,906	2020	40 Years
Baton Rouge, LA	—	377,270	1,225,020	—	377,270	1,225,020	1,602,290	119,774	2020	40 Years
Denham Springs, LA	—	398,006	1,484,613	—	398,006	1,484,613	1,882,619	123,693	2020	40 Years
Dequincy, LA	—	288,426	969,725	—	288,426	969,725	1,258,151	82,831	2020	40 Years
Gibson, LA	—	414,855	1,252,765	4,509	414,855	1,257,274	1,672,129	112,417	2020	40 Years
Gonzales, LA	—	688,032	2,457,035	249,808	688,032	2,706,843	3,394,875	211,619	2020	40 Years
Hammond, LA	—	367,215	2,243,382	249,809	367,215	2,493,191	2,860,406	185,423	2020	40 Years
Laplace, LA	—	1,971,887	8,537,415	—	1,971,887	8,537,415	10,509,302	782,459	2020	40 Years
Springhill, LA	—	438,507	2,335,035	14,125	438,507	2,349,160	2,787,667	176,699	2020	40 Years
Dorchester, MA	—	4,815,990	923,841	13,041	4,815,990	936,882	5,752,872	72,086	2020	40 Years
East Wareham, MA	—	590,052	1,525,359	8,779	590,052	1,534,139	2,124,191	118,097	2020	40 Years
Pittsfield, MA	—	4,127,428	—	—	4,127,428	—	4,127,428	—	2020
Pittsfield, MA	—	5,087,945	—	—	5,087,945	—	5,087,945	—	2020
Taunton, MA	—	1,005,673	8,352,646	—	1,005,673	8,352,646	9,358,319	835,265	2020	40 Years
Aberdeen, MD	—	758,616	1,712,723	—	758,616	1,712,723	2,471,339	171,272	2020	40 Years
Baltimore, MD	—	3,031,879	—	36,709	3,068,588	—	3,068,588	—	2020
Cockeysville, MD	—	2,209,572	—	20,283	2,229,855	—	2,229,855	—	2020
Hagerstown, MD	—	1,009,779	1,285,162	—	1,009,779	1,285,162	2,294,941	125,839	2020	40 Years
Owings Mills, MD	—	2,154,954	3,017,368	25,391	2,154,954	3,042,759	5,197,713	247,498	2020	40 Years
Augusta, ME	—	1,627,817	—	—	1,627,817	—	1,627,817	—	2020
Benton Harbor, MI	—	385,355	1,090,802	7,992	385,355	1,098,794	1,484,149	82,360	2020	40 Years
Cedar Springs, MI	—	346,310	1,907,232	—	346,310	1,907,232	2,253,542	143,042	2020	40 Years
Grayling, MI	—	277,355	521,492	925	277,355	522,417	799,772	45,548	2020	40 Years
Hart, MI	—	1,336,141	1,294,095	—	1,336,141	1,294,095	2,630,236	121,061	2020	40 Years
Holland, MI	—	108,733	1,773,459	—	108,733	1,773,459	1,882,192	177,346	2020	40 Years
Howell, MI	—	601,610	1,491,797	300	601,610	1,492,097	2,093,707	133,505	2020	40 Years
Jonesville, MI	—	1,171,853	8,871,307	—	1,171,853	8,871,307	10,043,160	813,069	2020	40 Years
Monroe, MI	—	1,315,043	9,131,436	1,000	1,315,043	9,132,436	10,447,479	741,730	2020	40 Years
Omer, MI	—	165,126	828,778	—	165,126	828,778	993,904	81,150	2020	40 Years
Owosso, MI	—	299,521	2,240,764	—	299,521	2,240,764	2,540,285	224,076	2020	40 Years
Taylor, MI	—	338,092	1,017,043	—	338,092	1,017,043	1,355,135	82,469	2020	40 Years
Traverse City, MI	—	337,556	3,980,018	(48,115)	337,556	3,931,903	4,269,459	311,276	2020	40 Years
Apple Valley, MN	—	814,086	2,665,167	—	814,086	2,665,167	3,479,253	210,922	2020	40 Years
Blaine, MN	—	497,750	2,998,249	7,993	497,750	3,006,242	3,503,992	225,418	2020	40 Years
Chanhassen, MN	—	1,664,359	11,222	—	1,675,581	—	1,675,581	—	2020
Glyndon, MN	—	131,845	853,575	—	131,845	853,575	985,420	85,357	2020	40 Years
Hill City, MN	—	66,391	996,428	—	66,391	996,428	1,062,819	99,642	2020	40 Years
Holdingford, MN	—	276,722	1,078,003	—	276,722	1,078,003	1,354,725	107,799	2020	40 Years
Ottertail, MN	—	209,929	897,043	(1,000)	208,929	897,043	1,105,972	89,703	2020	40 Years
Arnold, MO	—	846,894	2,392,044	7,994	846,894	2,400,037	3,246,931	179,953	2020	40 Years
Leeton, MO	—	192,069	1,109,261	—	192,069	1,109,261	1,301,330	99,371	2020	40 Years
Liberty, MO	—	367,591	4,348,251	—	367,591	4,348,251	4,715,842	371,161	2020	40 Years
Northmoor, MO	—	551,491	1,723,994	—	551,491	1,723,994	2,275,485	147,168	2020	40 Years
Platte City, MO	—	766,613	2,501,154	21,646	766,613	2,522,801	3,289,414	188,936	2020	40 Years
Richmond Heights, MO	—	3,305,260	2,531,065	—	3,305,260	2,531,065	5,836,325	221,468	2020	40 Years
Sheldon, MO	—	168,799	1,017,992	—	168,799	1,017,992	1,186,791	91,195	2020	40 Years
Thayer, MO	—	685,788	1,968,043	29,506	685,788	1,997,549	2,683,337	181,599	2020	40 Years
Union, MO	—	270,233	1,041,690	—	270,233	1,041,690	1,311,923	88,914	2020	40 Years
Brandon, MS	—	526,657	1,575,241	—	526,657	1,575,241	2,101,898	127,874	2020	40 Years
Flowood, MS	—	1,625,494	6,417,821	7,430	1,625,494	6,425,251	8,050,745	575,930	2020	40 Years
Flowood, MS	—	759,912	2,383,348	—	759,912	2,383,348	3,143,260	193,559	2020	40 Years
Gore Springs, MS	—	188,141	951,645	48,114	188,141	999,760	1,187,901	90,457	2020	40 Years
Greenwood, MS	—	150,855	903,459	—	150,855	903,459	1,054,314	82,429	2020	40 Years
Greenwood, MS	—	137,312	1,154,001	—	137,312	1,154,001	1,291,313	100,812	2020	40 Years
Grenada, MS	—	187,855	947,888	—	187,855	947,888	1,135,743	86,501	2020	40 Years
Gulfport, MS	—	597,617	2,692,177	10,753	597,617	2,702,930	3,300,547	263,515	2020	40 Years
Madison, MS	—	1,437,048	6,194,546	—	1,437,048	6,194,546	7,631,594	503,240	2020	40 Years
Oxford, MS	—	547,606	993,807	7,992	547,606	1,001,799	1,549,405	75,085	2020	40 Years
Southaven, MS	—	259,300	864,055	21,464	259,300	885,519	1,144,819	74,802	2020	40 Years
Wiggins, MS	—	639,466	2,563,263	128	639,466	2,563,391	3,202,857	213,592	2020	40 Years
Asheville, NC	—	5,132,913	—	17,171	5,150,084	—	5,150,084	—	2020
Atlantic Beach, NC	—	261,338	1,156,375	—	261,338	1,156,375	1,417,713	96,272	2020	40 Years
Beaufort, NC	—	375,437	1,417,587	—	375,437	1,417,587	1,793,024	118,039	2020	40 Years
Boone, NC	—	4,795,569	9,543,185	31,452	4,795,569	9,574,638	14,370,207	935,506	2020	40 Years
Buxton, NC	—	209,947	1,186,030	—	209,947	1,186,030	1,395,977	98,743	2020	40 Years
Cary, NC	—	253,081	1,018,159	—	253,081	1,018,159	1,271,240	85,799	2020	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Chapel Hill, NC	—	22,437,345	—	(776,409)	21,657,946	2,990	21,660,936	3	2020
Charlotte, NC	—	978,304	1,328,283	—	978,304	1,328,283	2,306,587	124,414	2020	40 Years
Concord, NC	—	952,393	1,398,319	—	952,393	1,398,319	2,350,712	134,006	2020	40 Years
Dallas, NC	—	309,847	1,008,936	—	309,847	1,008,936	1,318,783	88,196	2020	40 Years
Durham, NC	—	229,232	1,169,836	—	229,232	1,169,836	1,399,068	97,394	2020	40 Years
Elkin, NC	—	292,234	1,884,674	10,255	292,234	1,894,929	2,187,163	142,056	2020	40 Years
Elm City, NC	—	447,081	1,401,379	—	447,081	1,401,379	1,848,460	116,689	2020	40 Years
Emerald Isle, NC	—	316,187	1,125,842	—	316,187	1,125,842	1,442,029	93,727	2020	40 Years
Fuquay-Varina, NC	—	4,398,922	10,142,102	30,452	4,398,922	10,172,554	14,571,476	994,223	2020	40 Years
Garner, NC	—	216,566	1,170,660	—	216,566	1,170,660	1,387,226	97,462	2020	40 Years
Goldsboro, NC	—	246,160	1,227,984	—	246,160	1,227,984	1,474,144	102,239	2020	40 Years
Goldsboro, NC	—	243,355	1,135,304	—	243,355	1,135,304	1,378,659	94,516	2020	40 Years
Greensboro, NC	—	272,962	1,126,017	—	272,962	1,126,017	1,398,979	93,742	2020	40 Years
Greenville, NC	—	161,533	1,095,964	—	161,533	1,095,964	1,257,497	91,238	2020	40 Years
Harkers Island, NC	—	964,627	2,109,360	—	964,627	2,109,360	3,073,987	175,780	2020	40 Years
Jacksonville, NC	—	405,135	1,122,908	21,750	405,135	1,144,659	1,549,794	94,142	2020	40 Years
Jacksonville, NC	—	3,213,710	10,021,579	89,947	3,213,710	10,111,526	13,325,236	814,356	2020	40 Years
Jacksonville, NC	—	295,296	1,426,015	22,196	295,296	1,448,211	1,743,507	108,162	2020	40 Years
Kinston, NC	—	358,915	1,016,305	—	358,915	1,016,305	1,375,220	84,692	2020	40 Years
Knotts Island, NC	—	129,285	1,232,265	—	129,285	1,232,265	1,361,550	102,689	2020	40 Years
Morehead City, NC	—	201,436	934,453	—	201,436	934,453	1,135,889	77,871	2020	40 Years
Randleman, NC	—	1,368,987	8,954,905	30,453	1,368,987	8,985,357	10,354,344	877,976	2020	40 Years
Randleman, NC	—	1,834,106	—	19,174	1,853,280	—	1,853,280	—	2020
Rocky Mount, NC	—	305,766	1,114,117	—	305,766	1,114,117	1,419,883	92,843	2020	40 Years
Rocky Mount, NC	—	206,675	960,873	—	206,675	960,873	1,167,548	80,073	2020	40 Years
Salisbury, NC	—	990,303	1,019,025	7,993	990,303	1,027,018	2,017,321	76,976	2020	40 Years
Salter Path, NC	—	245,172	1,012,413	—	245,172	1,012,413	1,257,585	84,368	2020	40 Years
Smithfield, NC	—	270,560	1,201,146	—	270,560	1,201,146	1,471,706	100,096	2020	40 Years
Sylva, NC	—	1,776,968	12,026,284	6,068	1,776,968	12,032,353	13,809,321	1,128,002	2020	40 Years
Waves, NC	—	320,928	1,092,703	—	320,928	1,092,703	1,413,631	91,058	2020	40 Years
Waxhaw, NC	—	679,943	2,377,641	430	679,943	2,378,071	3,058,014	188,175	2020	40 Years
Winston Salem, NC	—	232,299	1,069,191	—	232,299	1,069,191	1,301,490	89,099	2020	40 Years
Winston-Salem, NC	—	282,142	1,316,279	12,095	282,142	1,328,374	1,610,516	99,553	2020	40 Years
Winterville, NC	—	312,123	1,271,222	—	312,123	1,271,222	1,583,345	105,935	2020	40 Years
Stanley, ND	—	346,030	3,299,205	11,401	346,030	3,310,605	3,656,635	309,816	2020	40 Years
Lebanon, NH	—	694,609	3,892,685	61,494	694,609	3,954,179	4,648,788	360,303	2020	40 Years
Budd Lake, NJ	—	2,771,964	—	20,750	2,792,714	—	2,792,714	—	2020
Fairfield, NJ	—	2,358,323	—	24,454	2,382,777	—	2,382,777	—	2020
Paterson, NJ	—	—	—	663	663	—	663	—	2020
Clovis, NM	—	74,256	943,641	11,850	74,256	955,492	1,029,748	73,533	2020	40 Years
Albany, NY	—	539,308	1,123,766	—	539,308	1,123,766	1,663,074	93,538	2020	40 Years
Bemus Point, NY	—	49,293	980,218	(53,366)	49,293	926,851	976,144	82,723	2020	40 Years
Candor, NY	—	271,132	1,012,522	(53,366)	271,132	959,155	1,230,287	85,582	2020	40 Years
Conklin, NY	—	247,429	939,529	(53,367)	247,429	886,162	1,133,591	79,195	2020	40 Years
Greene, NY	—	449,997	1,173,666	—	449,997	1,173,666	1,623,663	102,684	2020	40 Years
Hamburg, NY	—	526,596	561,841	4,891	526,596	566,732	1,093,328	42,474	2020	40 Years
Masonville, NY	—	222,228	1,059,364	—	222,228	1,059,364	1,281,592	92,683	2020	40 Years
Medford, NY	—	1,211,908	3,751,279	74	1,211,908	3,751,353	4,963,261	304,648	2020	40 Years
Mount Upton, NY	—	152,379	918,162	—	152,379	918,162	1,070,541	80,339	2020	40 Years
Olean, NY	—	1,224,360	12,197,768	181,275	1,224,360	12,379,043	13,603,403	1,167,421	2020	40 Years
Pompey, NY	—	774,544	1,437,312	—	774,544	1,437,312	2,211,856	125,765	2020	40 Years
Ripley, NY	—	110,279	756,748	—	110,279	756,748	867,027	66,215	2020	40 Years
Rochester, NY	—	2,391,104	13,146,442	560	2,391,104	13,147,003	15,538,107	1,067,971	2020	40 Years
Syracuse, NY	—	1,432,858	6,115,247	—	1,432,858	6,115,247	7,548,105	573,090	2020	40 Years
Wainscott, NY	—	4,544,060	4,084,794	—	4,544,060	4,084,794	8,628,854	382,816	2020	40 Years
Watertown, NY	—	523,013	1,323,771	17,365	523,013	1,341,136	1,864,149	108,690	2020	40 Years
Boardman, OH	—	483,754	1,817,047	—	483,754	1,817,047	2,300,801	155,147	2020	40 Years
Carrollton, OH	—	251,046	1,593,367	—	251,046	1,593,367	1,844,413	149,133	2020	40 Years
Chillicothe, OH	—	760,959	10,507,546	—	760,959	10,507,546	11,268,505	984,911	2020	40 Years
Cincinnati, OH	—	381,550	1,651,643	—	381,550	1,651,643	2,033,193	141,018	2020	40 Years
Columbus, OH	—	1,689,259	6,937,214	7,998	1,689,259	6,945,212	8,634,471	676,375	2020	40 Years
Defiance, OH	—	127,517	1,407,734	(63,631)	127,517	1,344,103	1,471,620	100,425	2020	40 Years
Dunkirk, OH	—	230,958	1,069,772	4,509	230,958	1,074,280	1,305,238	96,070	2020	40 Years
Hudson, OH	—	548,279	763,934	4,891	548,279	768,825	1,317,104	57,631	2020	40 Years
Mason, OH	—	4,470,714	11,479,943	7,630	4,470,714	11,487,573	15,958,287	957,019	2020	40 Years
Massillon, OH	—	118,153	1,177,205	7,993	118,153	1,185,197	1,303,350	88,840	2020	40 Years
Mayfield Heights, OH	—	696,965	987,268	4,891	696,965	992,159	1,689,124	74,381	2020	40 Years
Oregon, OH	—	4,915,676	11,980,299	—	4,915,676	11,980,299	16,895,975	948,299	2020	40 Years
Parma, OH	—	1,301,846	—	—	1,301,846	—	1,301,846	—	2020
Toledo, OH	—	8,645,091	30,638	(1,550)	8,674,179	—	8,674,179	—	2020
Toledo, OH	—	4,950,900	8,979,618	—	4,950,900	8,979,618	13,930,518	710,824	2020	40 Years
Westerville, OH	—	946,988	1,786,197	4,891	946,988	1,791,088	2,738,076	134,301	2020	40 Years
Westerville, OH	—	690,653	1,402,190	832,471	690,653	2,234,661	2,925,314	160,934	2020	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Checotah, OK	—	151,906	862,730	40,850	151,906	903,580	1,055,486	82,415	2020	40 Years
Elk City, OK	—	507,204	3,969,937	—	507,204	3,969,937	4,477,141	347,238	2020	40 Years
Moore, OK	—	1,649,938	1,480,239	7,993	1,649,938	1,488,232	3,138,170	111,567	2020	40 Years
Oklahoma City, OK	—	356,795	1,349,469	—	356,795	1,349,469	1,706,264	115,208	2020	40 Years
Eugene, OR	—	4,253,602	7,543,456	—	4,253,602	7,543,456	11,797,058	612,812	2020	40 Years
Seaside, OR	—	376,612	5,093,532	2,614	376,612	5,096,147	5,472,759	445,705	2020	40 Years
Bristol, PA	—	1,201,361	9,382	—	1,210,743	—	1,210,743	—	2020
Lawrence Township, PA	—	225,955	1,552,979	16,801	225,955	1,569,779	1,795,734	141,361	2020	40 Years
Nescopeck, PA	—	428,452	1,362,404	—	428,452	1,362,404	1,790,856	116,372	2020	40 Years
New Milford, PA	—	206,824	1,139,407	4,509	206,824	1,143,916	1,350,740	102,308	2020	40 Years
Orangeville, PA	—	201,441	1,065,583	—	201,441	1,065,583	1,267,024	86,579	2020	40 Years
Port Trevorton, PA	—	143,540	955,027	4,508	143,540	959,535	1,103,075	85,791	2020	40 Years
Tobyhanna, PA	—	181,003	1,066,380	4,508	181,003	1,070,889	1,251,892	95,766	2020	40 Years
Wellsboro, PA	—	165,062	1,091,790	—	165,062	1,091,790	1,256,852	81,884	2020	40 Years
Whitehall, PA	—	1,139,318	2,964,839	697,122	1,139,318	3,661,960	4,801,278	374,768	2020	40 Years
Chapin, SC	—	237,432	1,540,336	—	237,432	1,540,336	1,777,768	131,440	2020	40 Years
Clemson, SC	—	501,288	1,898,545	6,845	501,288	1,905,390	2,406,678	174,397	2020	40 Years
Columbia, SC	—	1,233,052	5,532,637	—	1,233,052	5,532,637	6,765,689	518,445	2020	40 Years
Columbia, SC	—	354,953	1,670,857	—	354,953	1,670,857	2,025,810	135,684	2020	40 Years
Greer, SC	—	426,062	1,800,058	29,426	426,062	1,829,484	2,255,546	177,445	2020	40 Years
Irmo, SC	—	274,327	729,177	—	274,327	729,177	1,003,504	59,246	2020	40 Years
Myrtle Beach, SC	—	858,941	1,377,893	—	858,941	1,377,893	2,236,834	134,919	2020	40 Years
Myrtle Beach, SC	—	389,784	915,150	7,993	389,784	923,143	1,312,927	69,186	2020	40 Years
Pageland, SC	—	305,018	2,185,114	24,897	305,018	2,210,011	2,515,029	169,998	2020	40 Years
Vermillion, SD	—	182,981	1,352,667	209,679	182,981	1,562,346	1,745,327	147,468	2020	40 Years
Yankton, SD	—	197,328	985,756	7,993	197,328	993,749	1,191,077	74,481	2020	40 Years
Cleveland, TN	—	1,060,966	1,508,917	(4,999)	1,055,966	1,508,917	2,564,883	147,748	2020	40 Years
Henderson, TN	—	109,252	705,187	—	109,252	705,187	814,439	57,242	2020	40 Years
Kimball, TN	—	1,509,366	11,782,512	—	1,509,366	11,782,512	13,291,878	1,030,756	2020	40 Years
Knoxville, TN	—	4,110,394	12,554,772	864	4,110,394	12,555,636	16,666,030	1,098,439	2020	40 Years
Knoxville, TN	—	210,544	1,396,261	—	210,544	1,396,261	1,606,805	113,328	2020	40 Years
Lakeland, TN	—	237,682	795,446	—	237,682	795,446	1,033,128	64,576	2020	40 Years
Nashville, TN	—	556,406	980,902	(980,902)	556,406	—	556,406	—	2020	40 Years
Nashville, TN	—	355,577	1,331,745	177,020	355,577	1,508,765	1,864,342	113,940	2020	40 Years
Seymour, TN	—	187,929	1,302,250	—	187,929	1,302,250	1,490,179	111,154	2020	40 Years
Tullahoma, TN	—	1,206,870	9,840,853	12,759	1,206,870	9,853,611	11,060,481	759,427	2020	40 Years
Belton, TX	—	587,479	2,228,889	—	587,479	2,228,889	2,816,368	176,380	2020	40 Years
Comanche, TX	—	93,935	1,213,190	—	93,935	1,213,190	1,307,125	121,319	2020	40 Years
Conroe, TX	—	1,227,703	—	4,880	1,232,583	—	1,232,583	—	2020
Converse, TX	—	1,425,000	471,349	—	1,425,000	471,349	1,896,349	40,091	2020	40 Years
Converse, TX	—	200,802	1,642,854	8,674	200,802	1,651,528	1,852,330	127,084	2020	40 Years
Cuero, TX	—	361,553	2,937,261	—	361,553	2,937,261	3,298,814	238,597	2020	40 Years
Dayton, TX	—	167,367	1,222,272	11,342	167,367	1,233,614	1,400,981	92,357	2020	40 Years
Devine, TX	—	307,379	1,194,057	—	307,379	1,194,057	1,501,436	97,017	2020	40 Years
El Paso, TX	—	5,085,368	9,188,052	33,706	5,085,368	9,221,758	14,307,126	843,785	2020	40 Years
Euless, TX	—	802,881	1,599,698	—	802,881	1,599,698	2,402,579	139,973	2020	40 Years
Gonzales, TX	—	382,828	2,667,952	—	382,828	2,667,952	3,050,780	216,711	2020	40 Years
Harker Heights, TX	—	659,665	863,417	—	659,665	863,417	1,523,082	70,153	2020	40 Years
Harker Heights, TX	—	1,564,673	806,551	12,204	1,564,673	818,755	2,383,428	61,673	2020	40 Years
Harlingen, TX	—	231,002	2,423,937	197,853	231,002	2,621,790	2,852,792	210,141	2020	40 Years
Houston, TX	—	5,229,809	6,223,821	22,180	5,229,809	6,246,000	11,475,809	532,283	2020	40 Years
Houston, TX	—	812,409	2,365,951	—	812,409	2,365,951	3,178,360	192,170	2020	40 Years
Houston, TX	—	835,464	5,596	17,094	858,154	—	858,154	—	2020
Humble, TX	—	595,712	2,044,118	(83,862)	511,850	2,044,118	2,555,968	183,019	2020	40 Years
La Feria, TX	—	44,473	1,170,246	6,975	44,473	1,177,221	1,221,694	93,124	2020	40 Years
Lake Jackson, TX	—	898,275	1,791,093	7,992	898,275	1,799,085	2,697,360	134,881	2020	40 Years
Lewisville, TX	—	1,033,074	1,746,113	—	1,033,074	1,746,113	2,779,187	152,785	2020	40 Years
Lubbock, TX	—	332,773	933,072	4,891	332,773	937,963	1,270,736	70,317	2020	40 Years
Lubbock, TX	—	1,884,836	5,897,417	38,387	1,884,836	5,935,804	7,820,640	444,898	2020	40 Years
Mansfield, TX	—	1,116,200	1,554,255	7,992	1,116,200	1,562,247	2,678,447	117,119	2020	40 Years
Mckinney, TX	—	2,304,155	1,862,729	7,993	2,304,155	1,870,722	4,174,877	140,254	2020	40 Years
Rhome, TX	—	477,504	2,267,040	43,781	477,504	2,310,821	2,788,325	172,175	2020	40 Years
Saginaw, TX	—	318,799	734,538	1,020	318,799	735,558	1,054,357	59,654	2020	40 Years
San Antonio, TX	—	947,884	884,952	7,993	947,884	892,945	1,840,829	66,921	2020	40 Years
Terrell, TX	—	1,065,186	3,244,273	—	1,065,186	3,244,273	4,309,459	324,427	2020	40 Years
Tomball, TX	—	789,415	1,258,695	7,993	789,415	1,266,687	2,056,102	94,952	2020	40 Years
Weslaco, TX	—	921,078	2,179,132	(36,040)	921,078	2,143,092	3,064,170	162,751	2020	40 Years
Chester, VA	—	389,357	—	37,083	426,440	—	426,440	—	2020
Galax, VA	—	160,074	1,185,312	32,976	160,074	1,218,288	1,378,362	93,733	2020	40 Years
Henrico, VA	—	439,174	1,681,279	36,356	439,174	1,717,635	2,156,809	131,031	2020	40 Years
Lynchburg, VA	—	241,396	890,833	12,097	241,396	902,930	1,144,326	67,644	2020	40 Years
Burlington, WI	—	1,121,515	3,220,272	7,994	1,121,515	3,228,266	4,349,781	242,070	2020	40 Years
Germantown, WI	—	617,945	1,199,846	7,994	617,945	1,207,840	1,825,785	90,538	2020	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Minocqua, WI	—	226,898	2,866,258	680	226,898	2,866,939	3,093,837	226,828	2020	40 Years
Mt. Pleasant, WI	—	1,705,035	14,386,316	—	1,705,035	14,386,316	16,091,351	1,168,742	2020	40 Years
Portage, WI	—	800,764	3,052,566	17,061	800,764	3,069,627	3,870,391	255,083	2020	40 Years
Vienna, WV	—	141,299	1,283,342	—	141,298	1,283,343	1,424,641	128,334	2020	40 Years
Cheyenne, WY	—	884,988	2,104,537	210,757	884,987	2,315,295	3,200,282	177,401	2020	40 Years
Gadsden, AL	—	1,516,549	—	18,095	1,534,644	—	1,534,644	—	2021
Jasper, AL	—	733,824	5,508,628	—	733,824	5,508,628	6,242,452	309,791	2021	40 Years
Pelham, AL	—	919,330	2,327,831	—	919,330	2,327,831	3,247,161	169,738	2021	40 Years
Theodore, AL	—	121,550	1,211,283	14,504	121,550	1,225,787	1,347,337	61,199	2021	40 Years
Bentonville, AR	—	2,278,930	1,199,562	—	2,278,930	1,199,562	3,478,492	82,455	2021	40 Years
Jonesboro, AR	—	345,738	1,279,134	9,749	345,738	1,288,883	1,634,621	64,383	2021	40 Years
Little Rock, AR	—	2,050,887	1,527,796	—	2,050,887	1,527,796	3,578,683	95,348	2021	40 Years
Springdale, AR	—	1,331,671	1,696,714	—	1,331,671	1,696,714	3,028,385	98,959	2021	40 Years
Avondale, AZ	—	399,574	2,237,087	12,740	399,574	2,249,828	2,649,402	112,412	2021	40 Years
Winslow, AZ	—	375,135	999,436	—	375,135	999,436	1,374,571	62,366	2021	40 Years
Colton, CA	—	2,917,244	6,274,140	214	2,917,244	6,274,355	9,191,599	457,463	2021	40 Years
Colton, CA	—	904,398	—	214	904,612	—	904,612	—	2021
Elk Grove, CA	—	1,692,244	3,387,901	—	1,692,244	3,387,901	5,080,145	247,034	2021	40 Years
Pleasant Hill, CA	—	17,618,136	—	—	17,618,136	—	17,618,136	—	2021
Sacramento, CA	—	2,962,751	14,367,331	4,194	2,962,751	14,371,525	17,334,276	748,371	2021	40 Years
Van Nuys, CA	—	10,821,454	6,196,785	123,312	10,821,454	6,320,098	17,141,552	321,825	2021	40 Years
Silverthorne, CO	—	4,368,862	6,781,801	440,130	4,368,862	7,221,931	11,590,793	349,017	2021	40 Years
Colchester, CT	—	503,706	5,280,982	—	503,706	5,280,982	5,784,688	352,066	2021	40 Years
Orange, CT	—	2,155,182	2,723,325	3,000	2,155,182	2,726,325	4,881,507	167,539	2021	40 Years
Stratford, CT	—	993,610	6,285,488	—	993,610	6,285,488	7,279,098	353,508	2021	40 Years
Wallingford, CT	—	4,598,776	19,587,021	2,205	4,598,776	19,589,226	24,188,002	1,183,334	2021	40 Years
Wallingford, CT	—	13,491,385	4,628,672	1,939	13,491,385	4,630,612	18,121,997	242,921	2021	40 Years
Bridgeville, DE	—	2,496,605	—	—	2,496,605	—	2,496,605	—	2021
Daytona Beach, FL	—	3,248,529	—	—	3,248,529	—	3,248,529	—	2021
Daytona Beach, FL	—	2,949,873	7,123,762	1,834	2,949,873	7,125,597	10,075,470	385,801	2021	40 Years
Fort Walton Beach, FL	—	691,891	1,034,268	18,145	691,891	1,052,413	1,744,304	81,057	2021	40 Years
Hialeah, FL	—	4,971,380	—	5,191	4,976,571	—	4,976,571	—	2021
Hollywood, FL	—	804,622	3,907,841	285	804,622	3,908,126	4,712,748	244,071	2021	40 Years
Homestead, FL	—	545,581	1,461,745	—	545,581	1,461,745	2,007,326	109,416	2021	40 Years
Jacksonville, FL	—	1,072,558	756,285	—	1,072,558	756,285	1,828,843	51,872	2021	40 Years
Merritt Island, FL	—	422,211	2,372,216	—	422,211	2,372,216	2,794,427	133,377	2021	40 Years
Naples, FL	—	1,453,431	—	—	1,453,431	—	1,453,431	—	2021
Naples, FL	—	1,190,857	—	—	1,190,857	—	1,190,857	—	2021
Naples, FL	—	8,035,701	10,505,521	36,672	8,041,301	10,536,593	18,577,894	591,672	2021	40 Years
Orlando, FL	—	1,039,722	—	—	1,039,722	—	1,039,722	—	2021
Pembroke Pines, FL	—	2,285,774	—	—	2,285,774	—	2,285,774	—	2021
Sarasota, FL	—	1,178,923	922,936	—	1,178,923	922,936	2,101,859	53,822	2021	40 Years
Tampa, FL	—	439,430	—	44,294	483,724	—	483,724	—	2021
Vero Beach, FL	—	1,046,780	—	—	1,046,780	—	1,046,780	—	2021
Yulee, FL	—	2,262,371	7,246,236	—	2,262,371	7,246,236	9,508,607	452,317	2021	40 Years
Athens, GA	—	68,943	6,048,020	28,018	68,943	6,076,038	6,144,981	392,980	2021	40 Years
Buford, GA	—	933,105	1,460,129	136	933,105	1,460,265	2,393,370	90,643	2021	40 Years
Conyers, GA	—	347,441	2,622,249	12,604	347,441	2,634,853	2,982,294	131,664	2021	40 Years
Dublin, GA	—	217,337	605,199	44,294	217,337	649,493	866,830	34,919	2021	40 Years
Gray, GA	—	148,268	1,074,924	—	148,268	1,074,924	1,223,192	71,634	2021	40 Years
Jefferson, GA	—	527,074	931,010	1,836	527,074	932,845	1,459,919	50,414	2021	40 Years
Jonesboro, GA	—	344,270	1,576,064	11,550	344,270	1,587,614	1,931,884	82,540	2021	40 Years
Kingsland, GA	—	185,047	2,599,400	—	185,047	2,599,400	2,784,447	151,558	2021	40 Years
Marietta, GA	—	1,177,865	1,833,593	10,875	1,177,865	1,844,468	3,022,333	133,971	2021	40 Years
Rome, GA	—	1,380,532	—	25,716	1,406,248	—	1,406,248	—	2021
Stockbridge, GA	—	278,080	1,479,158	46,794	278,080	1,525,952	1,804,032	74,944	2021	40 Years
Thomson, GA	—	257,455	1,291,280	14,423	257,455	1,305,703	1,563,158	65,195	2021	40 Years
Centerville, IA	—	182,203	2,115,086	—	182,203	2,115,086	2,297,289	136,426	2021	40 Years
Des Moines, IA	—	902,749	—	44,294	947,043	—	947,043	—	2021
Mason City, IA	—	869,564	3,270,795	62,237	869,564	3,333,032	4,202,596	225,199	2021	40 Years
Nampa, ID	—	229,425	1,558,507	—	229,425	1,558,507	1,787,932	94,140	2021	40 Years
Bloomingdale, IL	—	5,377,240	9,661,090	48,794	5,377,240	9,709,883	15,087,123	664,905	2021	40 Years
Bloomington, IL	—	239,089	1,826,238	—	239,089	1,826,238	2,065,327	110,315	2021	40 Years
Bourbonnais, IL	—	1,593,823	1,525,782	1,836	1,593,823	1,527,618	3,121,441	79,512	2021	40 Years
Carbondale, IL	—	496,342	1,025,021	8,125	496,342	1,033,146	1,529,488	60,477	2021	40 Years
Champaign, IL	—	3,112,523	4,504,390	—	3,112,523	4,504,390	7,616,913	253,120	2021	40 Years
Charleston, IL	—	2,650,341	—	25,533	2,675,874	—	2,675,874	—	2021
Chicago, IL	—	698,854	1,412,178	—	698,854	1,412,178	2,111,032	102,832	2021	40 Years
Coal City, IL	—	453,744	1,080,622	—	453,744	1,080,622	1,534,366	74,120	2021	40 Years
East Dundee, IL	—	1,567,806	—	—	1,567,806	—	1,567,806	—	2021
East Peoria, IL	—	2,404,155	—	25,533	2,429,688	—	2,429,688	—	2021
Hampshire, IL	—	3,866,229	—	1,836	3,868,065	—	3,868,065	—	2021
Huntley, IL	—	2,089,500	—	1,835	2,091,335	—	2,091,335	—	2021

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Joliet, IL	—	536,897	3,011,274	—	536,897	3,011,274	3,548,171	212,929	2021	40 Years
Lakemoor, IL	—	987,967	—	—	987,967	—	987,967	—	2021
Lombard, IL	—	5,480,904	—	1,836	5,482,740	—	5,482,740	—	2021
Mount Prospect, IL	—	885,540	—	934	886,474	—	886,474	—	2021
Naperville, IL	—	3,973,788	12,799,047	(403,423)	3,973,788	12,395,624	16,369,412	716,938	2021	40 Years
Rockford, IL	—	563,262	1,471,698	—	563,262	1,471,698	2,034,960	100,946	2021	40 Years
Romeoville, IL	—	4,835,683	—	48,960	4,884,643	—	4,884,643	—	2021
Schiller Park, IL	—	2,585,445	—	21,801	2,607,246	—	2,607,246	—	2021
Sheffield, IL	—	217,455	998,824	2,249	217,455	1,001,073	1,218,528	52,093	2021	40 Years
South Chicago Heights, IL	—	205,849	1,452,724	24,942	205,849	1,477,667	1,683,516	88,218	2021	40 Years
South Elgin, IL	—	648,899	3,916,025	2,359	648,899	3,918,384	4,567,283	203,981	2021	40 Years
South Elgin, IL	—	985,408	2,746,744	499,999	985,408	3,246,744	4,232,152	201,404	2021	40 Years
Streator, IL	—	203,924	1,040,180	2,249	203,924	1,042,429	1,246,353	54,247	2021	40 Years
Westchester, IL	—	296,452	1,252,538	—	296,452	1,252,538	1,548,990	73,065	2021	40 Years
Westmont, IL	—	2,284,013	8,912,960	—	2,284,013	8,912,960	11,196,973	630,974	2021	40 Years
Bedford, IN	—	239,065	956,272	2,249	239,065	958,521	1,197,586	49,877	2021	40 Years
Brownsburg, IN	—	329,868	3,033,286	—	329,868	3,033,286	3,363,154	221,177	2021	40 Years
Fort Wayne, IN	—	329,123	1,521,763	10,772	329,123	1,532,535	1,861,658	79,703	2021	40 Years
Granger, IN	—	406,211	1,459,388	—	406,211	1,459,388	1,865,599	97,292	2021	40 Years
Indianapolis, IN	—	362,907	2,710,927	—	362,907	2,710,927	3,073,834	163,765	2021	40 Years
Atchison, KS	—	298,258	1,193,243	12,752	298,258	1,205,996	1,504,254	62,672	2021	40 Years
Kiowa, KS	—	20,642	1,469,150	19,726	20,642	1,488,876	1,509,518	80,713	2021	40 Years
Liberal, KS	—	418,695	6,919,579	—	418,695	6,919,579	7,338,274	418,038	2021	40 Years
Manhattan, KS	—	1,419,099	—	1,835	1,420,934	—	1,420,934	—	2021
Merriam, KS	—	1,688,893	6,844,926	—	1,688,893	6,844,926	8,533,819	470,442	2021	40 Years
Louisville, KY	—	1,716,439	10,797,925	25,114	1,716,439	10,823,039	12,539,478	540,995	2021	40 Years
Bossier City, LA	—	695,883	1,918,101	339	695,883	1,918,440	2,614,323	135,593	2021	40 Years
Chalmette, LA	—	1,041,287	1,521,346	—	1,041,287	1,521,346	2,562,633	85,460	2021	40 Years
Clinton, LA	—	164,982	1,057,099	—	164,982	1,057,099	1,222,081	77,080	2021	40 Years
Independence, LA	—	273,598	1,022,901	19,305	273,598	1,042,207	1,315,805	51,990	2021	40 Years
Lake Charles, LA	—	976,288	2,744,759	—	976,288	2,744,759	3,721,047	194,255	2021	40 Years
Pineville, LA	—	136,853	1,307,116	—	136,853	1,307,116	1,443,969	96,123	2021	40 Years
Walker, LA	—	90,393	1,383,507	—	90,393	1,383,507	1,473,900	86,389	2021	40 Years
Abington, MA	—	8,465,529	—	—	8,465,529	—	8,465,529	—	2021
Fall River, MA	—	721,506	5,380,883	—	721,506	5,380,883	6,102,389	358,479	2021	40 Years
Pittsfield, MA	—	1,514,648	16,947,554	—	1,514,648	16,947,554	18,462,202	988,591	2021	40 Years
Springfield, MA	—	4,451,982	—	—	4,451,982	—	4,451,982	—	2021
Baltimore, MD	—	1,393,361	2,819,672	12,398	1,393,361	2,832,070	4,225,431	147,390	2021	40 Years
Baltimore (Gwynn Oak), MD	—	1,225,061	—	—	1,225,061	—	1,225,061	—	2021
Bel Air, MD	—	499,309	—	—	499,309	—	499,309	—	2021
Dundalk, MD	—	746,235	1,564,948	—	746,235	1,564,948	2,311,183	117,157	2021	40 Years
Battle Creek, MI	—	101,794	1,083,512	—	101,794	1,083,512	1,185,306	67,491	2021	40 Years
Battle Creek, MI	—	271,928	1,143,856	1,836	271,928	1,145,692	1,417,620	59,635	2021	40 Years
Grand Rapids, MI	—	925,205	5,848,684	28,275	925,205	5,876,959	6,802,164	382,739	2021	40 Years
Lansing, MI	—	7,204,001	—	409	7,204,410	—	7,204,410	—	2021
Lansing, MI	—	4,285,184	—	822	4,286,006	—	4,286,006	—	2021
Okemos, MI	—	4,607,749	5,825,877	—	4,607,749	5,825,877	10,433,626	376,121	2021	40 Years
Saginaw, MI	—	285,004	896,731	8,898	285,004	905,629	1,190,633	45,226	2021	40 Years
Saginaw, MI	—	1,859,019	—	—	1,859,019	—	1,859,019	—	2021
Saginaw, MI	—	855,000	1,267,920	353,203	855,000	1,621,123	2,476,123	76,287	2021	40 Years
Sterling Heights, MI	—	484,463	2,991,098	148,901	484,463	3,140,000	3,624,463	205,468	2021	40 Years
Taylor, MI	—	403,176	1,862,968	—	403,176	1,862,968	2,266,144	116,339	2021	40 Years
Brooklyn Park, MN	—	2,386,951	2,002,599	—	2,386,951	2,002,599	4,389,550	141,851	2021	40 Years
Burnsville, MN	—	588,062	1,977,978	19,419	588,062	1,997,397	2,585,459	99,749	2021	40 Years
Fridley, MN	—	4,775,640	—	12,102	4,787,742	—	4,787,742	—	2021
Lakeville, MN	—	1,566,580	2,730,817	—	1,566,580	2,730,817	4,297,397	193,351	2021	40 Years
Oakdale, MN	—	4,800,338	12,814,387	—	4,800,338	12,814,387	17,614,725	880,738	2021	40 Years
Savage, MN	—	1,470,298	1,283,392	—	1,470,298	1,283,392	2,753,690	90,825	2021	40 Years
California, MO	—	62,996	1,479,867	—	62,996	1,479,867	1,542,863	98,589	2021	40 Years
Marshfield, MO	—	795,252	4,724,969	—	795,252	4,724,969	5,520,221	314,782	2021	40 Years
Pevely, MO	—	724,554	1,130,540	—	724,554	1,130,540	1,855,094	80,032	2021	40 Years
Sugar Creek, MO	—	488,219	1,038,408	—	488,219	1,038,408	1,526,627	69,159	2021	40 Years
Byhalia, MS	—	150,179	1,417,039	4,402	150,179	1,421,441	1,571,620	73,956	2021	40 Years
Byram, MS	—	5,279,846	10,832,879	—	5,279,846	10,832,879	16,112,725	699,490	2021	40 Years
Vicksburg, MS	—	705,202	825,075	—	705,202	825,075	1,530,277	46,315	2021	40 Years
Sidney, MT	—	190,517	3,935,720	—	190,517	3,935,720	4,126,237	221,315	2021	40 Years
Cary, NC	—	1,972,755	—	—	1,972,755	—	1,972,755	—	2021
Cary, NC	—	810,927	—	—	810,927	—	810,927	—	2021
Charlotte, NC	—	1,344,585	—	—	1,344,585	—	1,344,585	—	2021
Denver, NC	—	199,637	1,323,072	—	199,637	1,323,072	1,522,709	85,424	2021	40 Years
Denver, NC	—	188,155	702,254	—	188,155	702,254	890,409	45,330	2021	40 Years
Garner, NC	—	545,483	2,714,833	—	545,483	2,714,833	3,260,316	197,957	2021	40 Years
Gastonia, NC	—	261,641	1,033,980	73,894	261,641	1,107,875	1,369,516	84,938	2021	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Hickory, NC	—	417,127	1,548,699	5,836	417,127	1,554,535	1,971,662	84,005	2021	40 Years
High Point, NC	—	367,561	1,427,032	69,492	367,561	1,496,524	1,864,085	114,437	2021	40 Years
Holly Springs, NC	—	1,298,760	—	—	1,298,760	—	1,298,760	—	2021
Holly Springs, NC	—	996,275	—	—	996,275	—	996,275	—	2021
Holly Springs, NC	—	1,200,518	—	—	1,200,518	—	1,200,518	—	2021
Holly Springs, NC	—	1,024,340	—	—	1,024,340	—	1,024,340	—	2021
Holly Springs, NC	—	1,405,020	—	—	1,405,020	—	1,405,020	—	2021
Holly Springs, NC	—	1,611,871	—	—	1,611,871	—	1,611,871	—	2021
Mt. Airy, NC	—	188,167	1,318,013	116,056	188,167	1,434,069	1,622,236	81,711	2021	40 Years
Statesville, NC	—	1,073,746	6,186,151	6,965	1,073,746	6,193,116	7,266,862	464,266	2021	40 Years
Statesville, NC	—	742,521	1,547,361	44,293	742,521	1,591,655	2,334,176	87,916	2021	40 Years
Wilmington, NC	—	1,387,879	—	—	1,387,879	—	1,387,879	—	2021
Bottineau, ND	—	680,781	2,851,784	22,314	680,781	2,874,097	3,554,878	149,500	2021	40 Years
Blair, NE	—	65,927	1,171,950	—	65,927	1,171,950	1,237,877	68,261	2021	40 Years
Crete, NE	—	283,765	4,583,875	1,835	283,765	4,585,710	4,869,475	248,278	2021	40 Years
Valentine, NE	—	30,526	1,276,252	2,500	30,526	1,278,752	1,309,278	66,550	2021	40 Years
Wayne, NE	—	24,660	1,211,103	—	24,660	1,211,103	1,235,763	70,545	2021	40 Years
Hooksett, NH	—	2,474,821	—	—	2,474,821	—	2,474,821	—	2021
Hooksett, NH	—	3,660,471	—	—	3,660,471	—	3,660,471	—	2021
Bellmawr, NJ	—	3,517,630	—	—	3,517,630	—	3,517,630	—	2021
East Hanover, NJ	—	2,424,060	—	153	2,424,213	—	2,424,213	—	2021
East Hanover, NJ	—	6,185,969	6,748,014	153	6,185,969	6,748,167	12,934,136	484,688	2021	40 Years
Eatontown, NJ	—	4,073,886	—	—	4,073,886	—	4,073,886	—	2021
Elizabeth, NJ	—	1,389,441	—	—	1,389,441	—	1,389,441	—	2021
Hammonton, NJ	—	4,231,954	—	—	4,231,954	—	4,231,954	—	2021
Lawrenceville, NJ	—	19,909	—	—	19,909	—	19,909	—	2021
Lawrenceville, NJ	—	12,118	—	(88,104)	(75,986)	—	(75,986)	—	2021
Lawrenceville, NJ	—	—	1,111,855	—	—	1,111,855	1,111,855	78,562	2021	40 Years
Lawrenceville, NJ	—	19,909	—	—	19,909	—	19,909	—	2021
Lawrenceville, NJ	—	19,909	—	—	19,909	—	19,909	—	2021
North Plainfield, NJ	—	1,189,310	1,655,062	—	1,189,310	1,655,062	2,844,372	113,697	2021	40 Years
Parsippany, NJ	—	4,683,017	—	—	4,683,017	—	4,683,017	—	2021
Parsippany, NJ	—	896,104	1,977,903	—	896,104	1,977,903	2,874,007	123,619	2021	40 Years
Parsippany, NJ	—	20,901,499	—	11,676	20,901,499	11,676	20,913,175	1,168	2021	40 Years
Pennsauken, NJ	—	3,731,685	—	(74,044)	3,657,641	—	3,657,641	—	2021
Randolph, NJ	—	3,550,608	—	—	3,550,608	—	3,550,608	—	2021
Upper Deerfield, NJ	—	194,607	1,729,659	12,085	194,607	1,741,743	1,936,350	101,408	2021	40 Years
Whippany, NJ	—	3,557,958	—	—	3,557,958	—	3,557,958	—	2021
Woodbine, NJ	—	354,591	1,545,735	—	354,591	1,545,735	1,900,326	115,716	2021	40 Years
Woodbridge, NJ	—	737,212	2,644,765	—	737,212	2,644,765	3,381,977	182,854	2021	40 Years
Albuquerque, NM	—	2,812,052	—	—	2,812,052	—	2,812,052	—	2021
Albuquerque, NM	—	433,221	1,163,623	—	433,221	1,163,623	1,596,844	72,591	2021	40 Years
Albuquerque, NM	—	698,506	3,183,377	22,723	698,506	3,206,100	3,904,606	166,794	2021	40 Years
Espanola, NM	—	5,630,895	—	1,835	5,632,730	—	5,632,730	—	2021
Kingston, NY	—	515,184	3,795,511	81,585	515,184	3,877,096	4,392,280	223,076	2021	40 Years
New Rochelle, NY	—	14,519,339	21,244,741	(175)	14,519,339	21,244,566	35,763,905	1,375,941	2021	40 Years
Niagara Falls, NY	—	353,653	6,062,345	—	353,653	6,062,345	6,415,998	416,600	2021	40 Years
North Babylon, NY	—	2,090,724	—	14,709	2,105,433	—	2,105,433	(3)	2021
Plattsburgh, NY	—	161,089	2,240,530	9,796	161,089	2,250,327	2,411,416	126,458	2021	40 Years
Rochester, NY	—	1,097,316	7,362,973	—	1,097,316	7,362,973	8,460,289	505,847	2021	40 Years
Scarsdale, NY	—	886,492	1,108,577	—	886,492	1,108,577	1,995,069	62,277	2021	40 Years
Wappingers Falls, NY	—	595,962	3,792,944	—	595,962	3,792,944	4,388,906	252,863	2021	40 Years
Bedford, OH	—	222,469	1,643,801	—	222,469	1,643,801	1,866,270	95,709	2021	40 Years
Canton, OH	—	289,416	1,625,007	4,401	289,416	1,629,409	1,918,825	84,788	2021	40 Years
Chesapeake, OH	—	314,084	2,102,730	96,500	314,084	2,199,230	2,513,314	162,872	2021	40 Years
Columbus, OH	—	1,009,008	—	—	1,009,008	—	1,009,008	—	2021
Dayton, OH	—	168,736	1,738,910	—	168,736	1,738,910	1,907,646	97,697	2021	40 Years
Fairview Park, OH	—	1,445,514	5,043,700	144,115	1,445,514	5,187,814	6,633,328	263,890	2021	40 Years
Gallipolis, OH	—	818,390	2,159,967	—	818,390	2,159,967	2,978,357	157,395	2021	40 Years
Geneva, OH	—	193,381	1,317,460	—	193,381	1,317,460	1,510,841	76,726	2021	40 Years
Groveport, OH	—	386,687	1,166,510	668	386,687	1,167,178	1,553,865	77,652	2021	40 Years
Hilliard, OH	—	1,030,560	—	—	1,030,560	—	1,030,560	—	2021
Hilliard, OH	—	1,152,478	—	—	1,152,478	—	1,152,478	—	2021
Hilliard, OH	—	1,041,080	—	—	1,041,080	—	1,041,080	—	2021
Hilliard, OH	—	707,910	—	(68)	707,842	—	707,842	—	2021
Hilliard, OH	—	1,428,428	—	—	1,428,428	—	1,428,428	—	2021
Mentor, OH	—	484,808	2,222,441	10,946	484,808	2,233,387	2,718,195	111,601	2021	40 Years
Milford Center, OH	—	193,215	924,186	12,483	193,215	936,670	1,129,885	46,756	2021	40 Years
New Lexington, OH	—	670,811	2,171,553	—	670,811	2,171,553	2,842,364	158,240	2021	40 Years
Octa, OH	—	3,303,590	—	1,835	3,305,425	—	3,305,425	—	2021
Pataskala, OH	—	626,985	1,071,479	—	626,985	1,071,479	1,698,464	62,411	2021	40 Years
Reynoldsburg, OH	—	1,986,486	—	5,881	1,992,367	—	1,992,367	—	2021
Rocky River, OH	—	4,045,087	—	—	4,045,087	—	4,045,087	—	2021

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Rocky River, OH	—	2,151,951	—	20,215	2,172,166	—	2,172,166	—	2021
Rocky River, OH	—	1,372,577	—	20,215	1,392,792	—	1,392,792	—	2021
Sidney, OH	—	45,594	1,562,442	—	45,594	1,562,442	1,608,036	91,051	2021	40 Years
Streetsboro, OH	—	199,026	975,438	10,947	199,026	986,385	1,185,411	49,251	2021	40 Years
Toledo, OH	—	4,839,262	6,842,158	—	4,839,262	6,842,158	11,681,420	441,756	2021	40 Years
Urbana, OH	—	4,690,277	6,963,348	—	4,690,277	6,963,348	11,653,625	449,582	2021	40 Years
Winchester, OH	—	259,544	1,236,805	4,402	259,544	1,241,207	1,500,751	64,569	2021	40 Years
Atoka, OK	—	335,303	3,504,781	—	335,303	3,504,781	3,840,084	197,074	2021	40 Years
Stillwater, OK	—	501,114	3,252,177	—	501,114	3,252,177	3,753,291	182,850	2021	40 Years
Tillamook, OR	—	1,491,707	5,261,299	—	1,491,707	5,261,299	6,753,006	328,761	2021	40 Years
Cranberry, PA	—	1,677,064	—	—	1,677,064	—	1,677,064	—	2021
Dunmore, PA	—	2,386,896	—	—	2,386,896	—	2,386,896	—	2021
Erie, PA	—	1,545,236	20,023,873	8,447	1,545,236	20,032,320	21,577,556	1,084,981	2021	40 Years
Greenville, PA	—	1,117,096	10,381,185	25,171	1,117,096	10,406,356	11,523,452	520,161	2021	40 Years
Harrisburg, PA	—	1,276,788	—	48,225	1,325,013	—	1,325,013	—	2021
Philadelphia, PA	—	547,237	1,503,662	—	547,237	1,503,662	2,050,899	103,299	2021	40 Years
Quakertown, PA	—	1,763,324	—	30,834	1,794,158	—	1,794,158	—	2021
West Mifflin, PA	—	1,275,400	—	—	1,275,400	—	1,275,400	—	2021
Anderson, SC	—	1,327,346	5,564,166	331,189	1,327,346	5,895,355	7,222,701	345,082	2021	40 Years
Bluffton, SC	—	473,900	3,740,291	—	473,900	3,740,291	4,214,191	210,281	2021	40 Years
Columbia, SC	—	307,888	2,411,359	—	307,888	2,411,359	2,719,247	135,568	2021	40 Years
Fort Mill, SC	—	1,675,276	5,987,483	29,821	1,675,276	6,017,305	7,692,581	325,627	2021	40 Years
Lancaster, SC	—	187,595	991,659	52,829	187,595	1,044,489	1,232,084	60,997	2021	40 Years
Olanta, SC	—	81,182	820,443	—	81,182	820,443	901,625	46,083	2021	40 Years
Sumter, SC	—	305,903	571,538	68,009	305,903	639,547	945,450	39,200	2021	40 Years
Pierre, SD	—	181,579	2,071,921	—	181,579	2,071,921	2,253,500	129,414	2021	40 Years
Watertown, SD	—	561,618	1,596,716	8,458	561,618	1,605,174	2,166,792	80,206	2021	40 Years
Antioch, TN	—	935,614	—	—	935,614	—	935,614	—	2021
Clarksville, TN	—	238,147	1,331,623	8,200	238,147	1,339,823	1,577,970	97,485	2021	40 Years
Crossville, TN	—	691,538	2,633,769	21,858	691,538	2,655,627	3,347,165	141,249	2021	40 Years
Hendersonville, TN	—	1,724,979	—	—	1,724,979	—	1,724,979	—	2021
Hermitage, TN	—	722,734	—	—	722,734	—	722,734	—	2021
Jackson, TN	—	1,730,483	3,100,154	2,500	1,730,483	3,102,654	4,833,137	174,305	2021	40 Years
Knoxville, TN	—	1,762,166	3,753,566	—	1,762,166	3,753,566	5,515,732	234,575	2021	40 Years
Lakesite, TN	—	834,052	999,412	—	834,052	999,412	1,833,464	68,637	2021	40 Years
Madison, TN	—	797,234	—	—	797,234	—	797,234	—	2021
Murfreesboro, TN	—	1,191,176	—	—	1,191,176	—	1,191,176	—	2021
Nashville, TN	—	669,035	—	—	669,035	—	669,035	—	2021
Smyrna, TN	—	2,059,771	—	—	2,059,771	—	2,059,771	—	2021
Amarillo, TX	—	1,479,874	3,920,015	30,414	1,479,874	3,950,429	5,430,303	213,434	2021	40 Years
Baytown, TX	—	5,245,019	13,452,319	—	5,245,019	13,452,319	18,697,338	868,662	2021	40 Years
Burleson, TX	—	1,899,691	1,955,961	—	1,899,691	1,955,961	3,855,652	130,370	2021	40 Years
Cypress, TX	—	621,351	—	—	621,351	—	621,351	—	2021
El Paso, TX	—	1,290,305	4,701,339	—	1,290,305	4,701,339	5,991,644	332,825	2021	40 Years
El Paso, TX	—	4,640,263	—	—	4,640,263	—	4,640,263	—	2021
Kerrville, TX	—	629,024	2,862,560	27,659	629,024	2,890,219	3,519,243	178,910	2021	40 Years
Midland, TX	—	3,506,179	1,938,388	—	3,506,179	1,938,388	5,444,567	121,125	2021	40 Years
Monahans, TX	—	783,242	2,930,495	2,500	783,242	2,932,995	3,716,237	146,634	2021	40 Years
Odessa, TX	—	2,378,043	1,905,793	—	2,378,043	1,905,793	4,283,836	119,088	2021	40 Years
Odessa, TX	—	2,256,629	1,689,906	—	2,256,629	1,689,906	3,946,535	105,595	2021	40 Years
Odessa, TX	—	2,365,571	1,566,637	—	2,365,571	1,566,637	3,932,208	97,891	2021	40 Years
Richmond, TX	—	478,530	2,624,852	—	478,530	2,624,852	3,103,382	158,565	2021	40 Years
Shenandoah, TX	—	2,293,709	—	—	2,293,709	—	2,293,709	—	2021
Spring, TX	—	1,886,748	1,930,279	—	1,886,748	1,930,279	3,817,027	112,600	2021	40 Years
Texarkana, TX	—	1,312,692	2,124,343	12,218	1,312,692	2,136,561	3,449,253	145,720	2021	40 Years
White Oak, TX	—	120,160	1,224,831	468	120,160	1,225,299	1,345,459	76,321	2021	40 Years
Orem, UT	—	764,062	2,054,014	—	764,062	2,054,014	2,818,076	149,772	2021	40 Years
Charlottesville, VA	—	1,364,219	—	—	1,364,219	—	1,364,219	—	2021
Chester, VA	—	646,751	4,938,519	—	646,751	4,938,519	5,585,270	339,441	2021	40 Years
Lynchburg, VA	—	2,102,839	6,892,262	—	2,102,839	6,892,262	8,995,101	472,681	2021	40 Years
Manassas, VA	—	3,659,187	3,746,418	—	3,659,187	3,746,418	7,405,605	249,761	2021	40 Years
Newport News, VA	—	287,461	2,086,888	11,460	287,461	2,098,348	2,385,809	104,846	2021	40 Years
Wytheville, VA	—	450,045	—	—	450,045	—	450,045	—	2021
Lakewood, WA	—	788,705	2,937,767	—	788,705	2,937,767	3,726,472	184,243	2021	40 Years
Port Angeles, WA	—	476,652	5,940,135	—	476,652	5,940,135	6,416,787	364,127	2021	40 Years
Puyallup, WA	—	1,626,445	2,757,598	—	1,626,445	2,757,598	4,384,043	172,225	2021	40 Years
Roy, WA	—	327,278	1,862,388	—	327,278	1,862,388	2,189,666	116,348	2021	40 Years
Antigo, WI	—	150,406	907,287	1,835	150,406	909,122	1,059,528	49,124	2021	40 Years
Brown Deer, WI	—	413,053	2,893,299	25,988	413,053	2,919,287	3,332,340	145,802	2021	40 Years
Eau Claire, WI	—	2,897,122	6,600,361	—	2,897,122	6,600,361	9,497,483	454,708	2021	40 Years
Milwaukee, WI	—	63,728	1,834,352	—	63,728	1,834,352	1,898,080	110,768	2021	40 Years
Sheboygan, WI	—	373,040	3,470,250	8,476	373,040	3,478,726	3,851,766	188,278	2021	40 Years
Athens, WV	—	416,517	1,472,494	—	416,517	1,472,494	1,889,011	107,267	2021	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Beckley, WV	—	663,138	2,263,526	—	663,138	2,263,526	2,926,664	167,814	2021	40 Years
Buckhannon, WV	—	469,129	1,853,528	151,900	469,129	2,005,428	2,474,557	150,241	2021	40 Years
Elkins, WV	—	397,225	1,832,516	—	397,225	1,832,516	2,229,741	133,518	2021	40 Years
Huntington, WV	—	447,207	1,851,268	—	447,207	1,851,268	2,298,475	137,143	2021	40 Years
Huntington, WV	—	572,162	1,386,007	—	572,162	1,386,007	1,958,169	103,633	2021	40 Years
Princeton, WV	—	778,229	2,357,830	—	778,229	2,357,830	3,136,059	171,823	2021	40 Years
Princeton, WV	—	233,205	1,245,497	—	233,205	1,245,497	1,478,702	75,229	2021	40 Years
Bessemer, AL	—	319,436	1,007,258	—	319,436	1,007,258	1,326,694	44,067	2022	40 Years
Blountsville, AL	—	231,165	1,316,448	—	231,165	1,316,448	1,547,613	46,117	2022	40 Years
Clayton, AL	—	305,323	1,199,107	3,009	305,323	1,202,116	1,507,439	42,614	2022	40 Years
Foley, AL	—	876,745	1,662,760	—	876,745	1,662,760	2,539,505	63,445	2022	40 Years
Grant, AL	—	77,433	1,188,768	—	77,433	1,188,768	1,266,201	43,339	2022	40 Years
Hoover, AL	—	1,548,554	1,351,397	—	1,548,554	1,351,397	2,899,951	38,743	2022	40 Years
Madison, AL	—	1,317,052	1,381,193	—	1,317,052	1,381,193	2,698,245	42,407	2022	40 Years
Mobile, AL	—	81,304	1,526,990	—	81,304	1,526,990	1,608,294	66,914	2022	40 Years
Talladega, AL	—	903,998	2,044,842	35,677	907,712	2,076,805	2,984,517	58,025	2022	40 Years
Springdale, AR	—	568,164	3,133,875	—	568,164	3,133,875	3,702,039	137,107	2022	40 Years
Coal Hill, AR	—	134,620	1,378,371	7,300	134,620	1,385,671	1,520,291	57,992	2022	40 Years
Conway, AR	—	357,768	2,955,854	—	357,768	2,955,854	3,313,622	106,922	2022	40 Years
Fort Smith, AR	—	50,300	2,378,776	26,235	50,300	2,405,011	2,455,311	89,363	2022	40 Years
Lincoln, AR	—	318,811	1,269,472	—	318,811	1,269,472	1,588,283	40,978	2022	40 Years
Little Rock, AR	—	369,985	4,260,606	12,795	369,985	4,273,401	4,643,386	159,808	2022	40 Years
Pine Bluff, AR	—	216,373	391,093	—	216,373	391,093	607,466	14,666	2022	40 Years
Russellville, AR	—	176,925	481,057	15	176,925	481,072	657,997	17,957	2022	40 Years
Springdale, AR	—	1,333,032	2,929,959	15,074	1,333,032	2,945,032	4,278,064	109,929	2022	40 Years
Glendale, AZ	—	3,552,730	3,229,514	8,381	3,552,730	3,237,895	6,790,625	109,929	2022	40 Years
Phoenix, AZ	—	1,393,147	3,822,282	48,359	1,393,147	3,870,640	5,263,787	143,698	2022	40 Years
Tolleson, AZ	—	2,091,545	4,359,819	21,687	2,091,545	4,381,506	6,473,051	137,595	2022	40 Years
Bakersfield, CA	—	1,205,283	3,010,596	12,716	1,205,283	3,023,312	4,228,595	97,569	2022	40 Years
La Cañada, CA	—	1,921,417	457,495	15	1,921,417	457,509	2,378,926	17,073	2022	40 Years
Ontario, CA	—	3,173,695	2,567,059	15	3,173,695	2,567,074	5,740,769	96,182	2022	40 Years
Riverside, CA	—	3,081,078	14,365,552	34,500	3,081,078	14,400,052	17,481,130	600,036	2022	40 Years
Stockton, CA	—	1,275,187	945,420	—	1,275,187	945,420	2,220,607	43,553	2022	40 Years
Turlock, CA	—	487,463	2,212,222	—	487,463	2,212,222	2,699,685	71,041	2022	40 Years
Turlock, CA	—	1,200,474	4,510,849	—	1,200,474	4,510,849	5,711,323	137,441	2022	40 Years
Turlock, CA	—	1,086,480	5,124,804	—	1,086,480	5,124,804	6,211,284	193,536	2022	40 Years
Vallejo, CA	—	2,769,671	2,513,905	—	2,769,671	2,513,905	5,283,576	112,361	2022	40 Years
Windsor Hill, CA	—	3,332,206	2,100,596	—	3,332,206	2,100,596	5,432,802	102,777	2022	40 Years
Middletown, CT	—	2,143,995	2,943,499	—	2,143,995	2,943,499	5,087,494	140,730	2022	40 Years
Waterbury, CT	—	972,505	2,058,031	—	972,505	2,058,031	3,030,536	80,321	2022	40 Years
West Hartford, CT	—	852,020	5,066,206	234,600	852,020	5,300,806	6,152,826	225,799	2022	40 Years
West Hartford, CT	—	4,044,465	14,245,446	4,996	4,044,465	14,250,442	18,294,907	600,959	2022	40 Years
Wethersfield, CT	—	553,394	1,132,300	—	553,394	1,132,300	1,685,694	42,461	2022	40 Years
Wethersfield, CT	—	933,446	1,502,866	30	933,446	1,502,895	2,436,341	56,192	2022	40 Years
Millsboro, DE	—	6,857,716	—	—	6,857,716	—	6,857,716	—	2022
Ocala, FL	—	204,589	1,703,533	—	204,589	1,703,533	1,908,122	74,529	2022	40 Years
Palm Coast, FL	—	479,504	984,850	—	479,504	984,850	1,464,354	47,118	2022	40 Years
Panama City, FL	—	1,998,986	1,409,662	—	1,998,986	1,409,662	3,408,648	61,673	2022	40 Years
Sanford, FL	—	3,590,819	2,515,568	—	3,590,819	2,515,568	6,106,387	110,056	2022	40 Years
Trenton, FL	—	430,460	2,288,147	15,700	430,460	2,303,847	2,734,307	100,412	2022	40 Years
Chiefland, FL	—	489,309	1,306,132	225,812	489,309	1,531,945	2,021,254	72,880	2022	40 Years
Coral Gables, FL	—	3,127,647	272,255	15	3,127,647	272,270	3,399,917	10,127	2022	40 Years
Crestview, FL	—	961,109	1,044,147	—	961,109	1,044,147	2,005,256	38,323	2022	40 Years
Destin, FL	—	1,830,319	780,173	—	1,830,319	780,173	2,610,492	24,172	2022	40 Years
Gainesville, FL	—	1,173,553	517,450	15	1,173,553	517,465	1,691,018	19,322	2022	40 Years
Gainesville, FL	—	2,544,415	5,881,080	16,562	2,544,415	5,897,642	8,442,057	186,425	2022	40 Years
Hollywood, FL	—	927,500	1,351,709	15	927,500	1,351,724	2,279,224	50,607	2022	40 Years
Homestead, FL	—	1,021,155	735,752	15	1,021,155	735,767	1,756,922	27,508	2022	40 Years
Jacksonville Beach, FL	—	1,130,336	991,755	15	1,130,336	991,770	2,122,106	37,108	2022	40 Years
Jacksonville, FL	—	1,057,416	1,007,440	—	1,057,416	1,007,440	2,064,856	37,779	2022	40 Years
Jacksonville, FL	—	1,185,978	1,025,426	—	1,185,978	1,025,426	2,211,404	38,453	2022	40 Years
Jacksonville, FL	—	235,155	3,784,135	151,789	235,155	3,935,924	4,171,079	143,302	2022	40 Years
Jacksonville, FL	—	216,803	1,400,601	—	216,803	1,400,601	1,617,404	54,799	2022	40 Years
Jacksonville, FL	—	415,780	1,668,994	—	415,780	1,668,994	2,084,774	60,329	2022	40 Years
Lake Butler, FL	—	503,163	1,360,333	—	503,163	1,360,333	1,863,496	52,508	2022	40 Years
Marco Island, FL	—	1,350,573	504,251	23,968	1,350,573	528,219	1,878,792	18,467	2022	40 Years
Melbourne, FL	—	653,912	961,132	—	653,912	961,132	1,615,044	34,673	2022	40 Years
Miami, FL	—	2,700,553	1,142,400	15	2,700,553	1,142,414	3,842,967	42,757	2022	40 Years
North Palm Beach, FL	—	662,025	950,514	15	662,025	950,529	1,612,554	35,562	2022	40 Years
Pensacola, FL	—	536,059	1,628,848	—	536,059	1,628,848	2,164,907	54,165	2022	40 Years
Tallahassee, FL	—	336,533	2,677,778	3,740	336,533	2,681,517	3,018,050	69,793	2022	40 Years
Vero Beach, FL	—	1,037,380	1,397,227	15	1,037,380	1,397,242	2,434,622	52,313	2022	40 Years
West Palm Beach, FL	—	2,925,553	264,350	15	2,925,553	264,364	3,189,917	9,830	2022	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Winter Springs, FL	—	1,606,141	873,427	15	1,606,141	873,441	2,479,582	32,671	2022	40 Years
New Port Richey, FL	—	791,096	2,857,431	(645,627)	145,469	2,857,431	3,002,900	92,259	2022	40 Years
Calhoun, GA	—	370,237	1,896,447	—	370,237	1,896,447	2,266,684	90,781	2022	40 Years
Chula, GA	—	316,673	949,483	—	316,673	949,483	1,266,156	45,405	2022	40 Years
Perry, GA	—	567,281	11,880,078	—	567,281	11,880,078	12,447,359	519,465	2022	40 Years
Surrency, GA	—	399,599	853,287	—	399,599	853,287	1,252,886	40,809	2022	40 Years
Swainsboro, GA	—	113,339	2,874,987	15,400	113,339	2,890,387	3,003,726	125,909	2022	40 Years
Augusta, GA	—	72,851	1,604,212	15	72,851	1,604,226	1,677,077	60,075	2022	40 Years
Augusta, GA	—	199,100	1,794,406	—	199,100	1,794,406	1,993,506	64,957	2022	40 Years
Bremen, GA	—	203,102	5,264,118	—	203,102	5,264,118	5,467,220	182,475	2022	40 Years
Canton, GA	—	3,078,088	6,862,199	—	3,078,088	6,862,199	9,940,287	235,694	2022	40 Years
Dawsonville, GA	—	264,759	1,005,563	—	264,759	1,005,563	1,270,322	32,400	2022	40 Years
Edison, GA	—	397,493	1,253,203	3,009	397,493	1,256,213	1,653,706	40,410	2022	40 Years
Hephzibah, GA	—	109,510	1,460,599	—	109,510	1,460,599	1,570,109	57,281	2022	40 Years
Newman, GA	—	1,619,186	5,272,513	—	1,619,186	5,272,513	6,891,699	190,733	2022	40 Years
Pooler, GA	—	736,451	2,777,892	—	736,451	2,777,892	3,514,343	108,845	2022	40 Years
Statesboro, GA	—	723,713	1,146,114	—	723,713	1,146,114	1,869,827	42,001	2022	40 Years
Bettendorf, IA	—	1,314,298	3,229,705	3,734	1,318,012	3,229,725	4,547,737	107,752	2022	40 Years
Bettendorf, IA	—	280,575	1,114,056	3,734	284,289	1,114,076	1,398,365	30,940	2022	40 Years
Bettendorf, IA	—	248,576	—	3,734	252,311	—	252,311	—	2022
Corning, IA	—	30,145	1,365,946	2,204	30,145	1,368,151	1,398,296	49,938	2022	40 Years
Fredericksburg, IA	—	30,004	1,280,340	2,204	30,004	1,282,544	1,312,548	46,411	2022	40 Years
Weiser, ID	—	76,942	1,488,028	—	76,942	1,488,028	1,564,970	46,672	2022	40 Years
Hainesville, IL	—	3,130,195	1,216,373	5,000	3,130,195	1,221,373	4,351,568	60,777	2022	40 Years
O'Fallon, IL	—	893,771	2,322,875	—	893,771	2,322,875	3,216,646	111,184	2022	40 Years
Plainfield, IL	—	634,629	959,057	—	634,629	959,057	1,593,686	41,907	2022	40 Years
Bellwood, IL	—	1,441,254	—	—	1,441,254	—	1,441,254	—	2022
Calumet City, IL	—	434,232	939,480	23,400	434,232	962,880	1,397,112	28,074	2022	40 Years
Chicago, IL	—	673,631	950,418	—	673,631	950,418	1,624,049	32,093	2022	40 Years
Cicero, IL	—	371,928	1,410,440	—	371,928	1,410,440	1,782,368	49,709	2022	40 Years
Elgin, IL	—	860,328	1,964,892	—	860,328	1,964,892	2,825,220	62,115	2022	40 Years
Franklin Park, IL	—	444,444	1,411,881	—	444,444	1,411,881	1,856,325	45,194	2022	40 Years
Hoffman Estates, IL	—	529,309	3,946,239	67,180	529,309	4,013,419	4,542,728	134,694	2022	40 Years
Lansing, IL	—	200,857	2,082,566	450	200,857	2,083,016	2,283,873	71,453	2022	40 Years
Lynwood, IL	—	97,956	1,148,587	1,119	97,956	1,149,706	1,247,662	33,951	2022	40 Years
Markham, IL	—	2,638,402	—	—	2,638,402	—	2,638,402	—	2022
Naperville, IL	—	3,749,690	—	—	3,749,690	—	3,749,690	—	2022
Pecatonica, IL	—	187,658	1,302,630	1,119	187,658	1,303,749	1,491,407	38,571	2022	40 Years
Romeoville, IL	—	3,564,144	3,088,724	—	3,564,144	3,088,724	6,652,868	103,205	2022	40 Years
Round Lake Beach, IL	—	625,866	2,657,522	9,542	625,866	2,667,064	3,292,930	90,728	2022	40 Years
Roxana, IL	—	391,797	1,575,658	26,996	391,797	1,602,654	1,994,451	41,569	2022	40 Years
South Elgin, IL	—	618,840	2,908,118	2,233,033	650,936	5,109,054	5,759,990	107,722	2022	40 Years
Tinley Park, IL	—	408,954	1,262,396	47,005	408,954	1,309,401	1,718,355	82,745	2022	40 Years
Waukegan, IL	—	883,882	1,323,127	9,917	883,882	1,333,044	2,216,926	36,807	2022	40 Years
Greenfield, IN	—	366,213	651,652	—	366,213	651,652	1,017,865	28,376	2022	40 Years
Winchester, IN	—	91,925	2,351,576	155,700	91,925	2,507,276	2,599,201	121,937	2022	40 Years
Attica, IN	—	475,447	1,730,232	12,165	475,447	1,742,397	2,217,844	49,157	2022	40 Years
Boswell, IN	—	78,218	1,268,380	2,364	78,218	1,270,744	1,348,962	46,296	2022	40 Years
DeMotte, IN	—	421,240	1,318,829	—	421,240	1,318,829	1,740,069	55,762	2022	40 Years
Evansville, IN	—	140,334	810,428	—	140,334	810,428	950,762	42,324	2022	40 Years
Indianapolis, IN	—	432,264	3,657,559	270,809	435,978	3,924,654	4,360,632	115,116	2022	40 Years
Kentland, IN	—	60,638	1,336,242	—	60,638	1,336,242	1,396,880	42,622	2022	40 Years
Merrillville, IN	—	202,967	1,406,373	—	202,967	1,406,373	1,609,340	46,198	2022	40 Years
Switz City, IN	—	78,568	1,355,225	2,364	78,568	1,357,589	1,436,157	49,416	2022	40 Years
Lansing, KS	—	626,782	2,546,877	—	626,782	2,546,877	3,173,659	116,657	2022	40 Years
Goddard, KS	—	590,138	3,000,737	90,458	590,138	3,091,194	3,681,332	105,245	2022	40 Years
Kansas City, KS	—	175,008	624,234	84,823	175,008	709,057	884,065	24,107	2022	40 Years
Lawrence, KS	—	1,205,052	1,279,300	—	1,205,052	1,279,300	2,484,352	60,735	2022	40 Years
Topeka, KS	—	1,434,423	—	—	1,434,423	—	1,434,423	—	2022
Wichita, KS	—	419,468	1,034,134	7,812	419,468	1,041,945	1,461,413	31,765	2022	40 Years
Edmonton, KY	—	298,674	2,629,815	—	298,674	2,629,815	2,928,489	114,999	2022	40 Years
Brandenburg, KY	—	729,975	1,751,191	—	729,975	1,751,191	2,481,166	90,681	2022	40 Years
Coldiron, KY	—	318,829	1,298,446	3,009	318,829	1,301,455	1,620,284	41,896	2022	40 Years
Louisville, KY	—	356,816	1,154,276	11,555	356,816	1,165,830	1,522,646	32,465	2022	40 Years
Morganfield, KY	—	85,769	1,298,550	—	85,769	1,298,550	1,384,319	52,172	2022	40 Years
Baton Rouge, LA	—	1,198,858	3,163,251	—	1,198,858	3,163,251	4,362,109	144,894	2022	40 Years
Donaldsonville, LA	—	1,007,428	2,228,224	—	1,007,428	2,228,224	3,235,652	97,485	2022	40 Years
Gretna, LA	—	636,981	3,081,276	—	636,981	3,081,276	3,718,257	135,545	2022	40 Years
Plain Dealing, LA	—	120,709	1,234,522	7,300	120,709	1,241,822	1,362,531	53,792	2022	40 Years
Bogalusa, LA	—	2,009,203	2,772,165	—	2,009,203	2,772,165	4,781,368	121,282	2022	40 Years
Campti, LA	—	146,784	1,068,283	—	146,784	1,068,283	1,215,067	47,605	2022	40 Years
Center Point, LA	—	9,988	991,058	—	9,988	991,058	1,001,046	44,837	2022	40 Years
Denham Springs, LA	—	261,591	1,084,538	21,212	261,591	1,105,750	1,367,341	33,349	2022	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Erwinville, LA	—	146,236	575,669	25,582	146,236	601,251	747,487	23,913	2022	40 Years
Lafayette/Scott, LA	—	350,159	1,102,175	1,119	350,159	1,103,294	1,453,453	36,194	2022	40 Years
Livingston, LA	—	362,592	952,241	21,212	362,592	973,453	1,336,045	29,279	2022	40 Years
Minden, LA	—	126,902	969,983	8,750	126,902	978,733	1,105,635	42,825	2022	40 Years
Montegut, LA	—	479,549	913,248	21,212	479,549	934,460	1,414,009	28,297	2022	40 Years
Morganza, LA	—	213,888	1,108,087	1,119	213,888	1,109,206	1,323,094	33,443	2022	40 Years
New Iberia, LA	—	314,985	1,072,523	1,119	314,985	1,073,642	1,388,627	32,892	2022	40 Years
St. Martinville, LA	—	415,223	1,056,403	1,119	415,223	1,057,522	1,472,745	34,578	2022	40 Years
Danvers, MA	—	6,043,876	—	6,538	6,050,413	—	6,050,413	—	2022
Leominster, MA	—	1,975,829	5,144,054	11,300	1,975,829	5,155,354	7,131,183	210,905	2022	40 Years
Saugus, MA	—	3,927,594	1,374,841	13,021	3,927,594	1,387,862	5,315,456	49,477	2022	40 Years
Worcester, MA	—	7,944,877	—	(105)	7,944,772	—	7,944,772	—	2022
Boonsboro, MD	—	689,063	1,248,800	—	689,063	1,248,800	1,937,863	54,635	2022	40 Years
Cumberland, MD	—	485,641	1,377,264	—	485,641	1,377,264	1,862,905	60,255	2022	40 Years
Germantown, MD	—	4,341,903	1,717,868	—	4,341,903	1,717,868	6,059,771	82,224	2022	40 Years
Hagerstown, MD	—	599,602	1,224,097	—	599,602	1,224,097	1,823,699	53,517	2022	40 Years
Joppa, MD	—	1,911,100	2,626,946	—	1,911,100	2,626,946	4,538,046	137,442	2022	40 Years
Lonaconing, MD	—	440,782	1,388,381	—	440,782	1,388,381	1,829,163	60,742	2022	40 Years
Rockville, MD	—	4,685,563	1,554,020	—	4,685,563	1,554,020	6,239,583	74,373	2022	40 Years
Westover, MD	—	167,135	1,304,045	—	167,135	1,304,045	1,471,180	62,395	2022	40 Years
Glen Burnie, MD	—	1,090,535	—	3,726	1,094,261	—	1,094,261	—	2022
Glen Burnie, MD	—	1,709,572	—	—	1,709,572	—	1,709,572	—	2022
Timonium, MD	—	5,253,016	9,838,428	—	5,253,016	9,838,428	15,091,444	476,200	2022	40 Years
Van Buren, ME	—	82,988	1,175,321	1,600	82,988	1,176,921	1,259,909	68,434	2022	40 Years
DeWitt, MI	—	440,264	1,732,240	13,521	440,264	1,745,761	2,186,025	75,817	2022	40 Years
Whitmore Lake, MI	—	2,197,350	—	—	2,197,350	—	2,197,350	—	2022
Lenox, MI	—	107,860	1,244,579	—	107,860	1,244,579	1,352,439	57,000	2022	40 Years
St. Helen, MI	—	70,353	1,396,479	—	70,353	1,396,479	1,466,832	64,005	2022	40 Years
Boyne City, MI	—	486,215	3,184,228	5,600	486,215	3,189,828	3,676,043	113,937	2022	40 Years
Brimley, MI	—	62,229	820,252	—	62,229	820,252	882,481	39,021	2022	40 Years
Clawson, MI	—	860,422	1,382,251	—	860,422	1,382,251	2,242,673	47,859	2022	40 Years
Davisburg, MI	—	120,838	1,515,277	287	120,838	1,515,564	1,636,402	53,685	2022	40 Years
East China, MI	—	59,309	1,577,989	159	59,309	1,578,148	1,637,457	56,741	2022	40 Years
Grandville, MI	—	706,193	7,506,131	24,174	706,193	7,530,305	8,236,498	235,875	2022	40 Years
Grandville, MI	—	3,938,089	4,173,417	11,644	3,941,803	4,181,346	8,123,149	108,855	2022	40 Years
Grayling, MI	—	101,381	1,355,174	2,204	101,381	1,357,378	1,458,759	49,803	2022	40 Years
Kingsford Heights, MI	—	201,983	1,408,945	287	201,983	1,409,232	1,611,215	51,268	2022	40 Years
Lake Orion, MI	—	508,462	1,373,650	59,658	508,462	1,433,308	1,941,770	49,179	2022	40 Years
Lansing, MI	—	908,568	793,444	44,294	908,568	837,738	1,746,306	37,381	2022	40 Years
Lincoln Park, MI	—	335,839	1,255,710	28,726	335,839	1,284,435	1,620,274	35,273	2022	40 Years
Marquette, MI	—	209,677	2,188,590	7,600	209,677	2,196,190	2,405,867	66,501	2022	40 Years
Midland, MI	—	71,784	1,569,727	287	71,784	1,570,014	1,641,798	56,682	2022	40 Years
Montrose, MI	—	97,689	1,934,430	158,790	97,689	2,093,220	2,190,909	69,485	2022	40 Years
Novi, MI	—	2,090,447	18,266,009	83,999	2,090,447	18,350,008	20,440,455	733,185	2022	40 Years
Otter Lake, MI	—	154,390	1,405,532	159	154,390	1,405,692	1,560,082	51,443	2022	40 Years
Sault Ste Marie, MI	—	239,906	1,007,077	—	239,906	1,007,077	1,246,983	48,499	2022	40 Years
Sebewaing, MI	—	60,259	1,452,542	—	60,259	1,452,542	1,512,801	73,486	2022	40 Years
Walker, MI	—	2,527,449	3,983,896	11,644	2,531,164	3,991,826	6,522,990	103,920	2022	40 Years
Weidman, MI	—	67,968	1,400,386	7,317	67,968	1,407,703	1,475,671	44,634	2022	40 Years
Wyoming, MI	—	3,194,618	4,816,878	11,644	3,198,332	4,824,808	8,023,140	125,612	2022	40 Years
Eagan, MN	—	1,297,596	2,033,325	—	1,297,596	2,033,325	3,330,921	88,898	2022	40 Years
Maple Grove, MN	—	760,163	9,863,462	54,822	760,163	9,918,284	10,678,447	290,860	2022	40 Years
Mora, MN	—	19,524	1,272,308	2,204	19,524	1,274,513	1,294,037	46,025	2022	40 Years
Winona, MN	—	1,562,225	6,867,512	9,517	1,562,225	6,877,029	8,439,254	257,536	2022	40 Years
Farmington, MO	—	314,078	2,423,544	—	314,078	2,423,544	2,737,622	110,978	2022	40 Years
Excelsior Springs, MO	—	78,699	1,265,762	1,119	78,699	1,266,881	1,345,580	40,729	2022	40 Years
Freeburg, MO	—	72,490	1,213,203	2,364	72,490	1,215,567	1,288,057	45,176	2022	40 Years
Helena, MO	—	67,324	1,237,062	1,119	67,324	1,238,181	1,305,505	39,690	2022	40 Years
Jefferson City, MO	—	1,195,039	3,759,032	12,818	1,195,039	3,771,850	4,966,889	140,074	2022	40 Years
Joplin, MO	—	441,710	2,041,893	27,157	441,710	2,069,049	2,510,759	76,738	2022	40 Years
Joplin, MO	—	108,268	1,980,280	—	108,268	1,980,280	2,088,548	60,820	2022	40 Years
Lake Lafayette, MO	—	106,627	1,178,416	1,119	106,627	1,179,535	1,286,162	38,148	2022	40 Years
Lincoln, MO	—	138,746	1,413,644	5,214	138,746	1,418,858	1,557,604	57,254	2022	40 Years
Springfield, MO	—	1,001,257	5,420,536	15	1,001,257	5,420,550	6,421,807	203,187	2022	40 Years
Clarksdale, MS	—	111,726	1,299,141	—	111,726	1,299,141	1,410,867	62,160	2022	40 Years
De Kalb, MS	—	111,394	981,026	8,650	111,394	989,676	1,101,070	42,796	2022	40 Years
Tupelo, MS	—	443,321	3,834,665	—	443,321	3,834,665	4,277,986	167,766	2022	40 Years
Ashland, MS	—	38,697	1,427,252	—	38,697	1,427,252	1,465,949	71,945	2022	40 Years
Baldwyn, MS	—	29,404	908,970	—	29,404	908,970	938,374	57,886	2022	40 Years
Belzoni, MS	—	67,668	1,137,472	—	67,668	1,137,472	1,205,140	70,828	2022	40 Years
Cleveland, MS	—	—	5,635,242	—	—	5,635,242	5,635,242	181,971	2022	40 Years
Dora, MS	—	77,349	1,277,800	—	77,349	1,277,800	1,355,149	40,807	2022	40 Years
Edinburg - Carthage, MS	—	114,642	1,291,451	—	114,642	1,291,451	1,406,093	52,500	2022	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Ellisville, MS	—	313,192	1,053,746	21,212	313,192	1,074,958	1,388,150	32,267	2022	40 Years
Greenville, MS	—	193,378	1,282,104	12,165	193,378	1,294,269	1,487,647	39,062	2022	40 Years
Richland, MS	—	851,944	8,905,221	943	851,944	8,906,164	9,758,108	287,567	2022	40 Years
Sardis, MS	—	362,033	816,187	—	362,033	816,187	1,178,220	38,809	2022	40 Years
Silver Creek, MS	—	307,453	1,045,870	21,212	307,453	1,067,083	1,374,536	32,092	2022	40 Years
Southaven, MS	—	212,377	1,962,757	—	212,377	1,962,757	2,175,134	63,352	2022	40 Years
Aulander, NC	—	195,098	984,103	—	195,098	984,103	1,179,201	47,064	2022	40 Years
Fayetteville, NC	—	1,605,366	2,566,208	—	1,605,366	2,566,208	4,171,574	133,155	2022	40 Years
Garner, NC	—	2,718,172	2,763,915	—	2,718,172	2,763,915	5,482,087	132,347	2022	40 Years
Garner, NC	—	874,423	1,550,116	—	874,423	1,550,116	2,424,539	73,804	2022	40 Years
Greenville, NC	—	243,002	2,160,494	—	243,002	2,160,494	2,403,496	103,433	2022	40 Years
Kings Mountain, NC	—	509,102	2,258,512	—	509,102	2,258,512	2,767,614	112,623	2022	40 Years
Roxboro, NC	—	256,768	1,218,469	—	256,768	1,218,469	1,475,237	58,294	2022	40 Years
Southern Pines, NC	—	805,577	1,231,351	—	805,577	1,231,351	2,036,928	53,872	2022	40 Years
Angier, NC	—	672,850	1,349,207	—	672,850	1,349,207	2,022,057	47,641	2022	40 Years
Asheboro, NC	—	1,562,706	17,355,572	—	1,562,706	17,355,572	18,918,278	771,481	2022	40 Years
Castalia, NC	—	139,549	1,366,925	—	139,549	1,366,925	1,506,474	47,696	2022	40 Years
Concord, NC	—	1,289,337	15,972,978	—	1,289,337	15,972,978	17,262,315	716,340	2022	40 Years
Flat Rock, NC	—	150,439	846,253	—	150,439	846,253	996,692	30,247	2022	40 Years
North Wilkesboro, NC	—	148,134	1,013,906	3,383	148,134	1,017,289	1,165,423	34,788	2022	40 Years
Salisbury, NC	—	571,426	3,687,049	38,221	571,426	3,725,270	4,296,696	138,533	2022	40 Years
Statesville, NC	—	1,159,344	2,580,515	2,296	1,159,344	2,582,811	3,742,155	99,074	2022	40 Years
Tabor City, NC	—	20,939	1,495,256	9,665	20,939	1,504,921	1,525,860	47,606	2022	40 Years
Wilkesboro, NC	—	509,859	2,478,770	—	509,859	2,478,770	2,988,629	144,556	2022	40 Years
Windsor, NC	—	175,633	1,346,774	—	175,633	1,346,774	1,522,407	53,353	2022	40 Years
Winton - Salem, NC	—	1,772,410	6,666,783	—	1,772,410	6,666,783	8,439,193	310,031	2022	40 Years
West Fargo, ND	—	722,425	776,925	—	722,425	776,924	1,499,349	33,919	2022	40 Years
Lincoln, NE	—	2,350,709	11,189,814	—	2,350,709	11,189,814	13,540,523	489,555	2022	40 Years
Chappell, NE	—	228,961	1,027,400	7,470	228,961	1,034,870	1,263,831	31,216	2022	40 Years
Juniata, NE	—	90,602	1,127,483	7,470	90,602	1,134,953	1,225,555	34,409	2022	40 Years
Pleasantville, NJ	—	872,737	4,130,042	—	872,737	4,130,042	5,002,779	183,646	2022	40 Years
Wrightstown, NJ	—	5,051,058	—	—	5,051,058	—	5,051,058	—	2022
Deptford, NJ	—	4,637,926	10,426,984	—	4,637,926	10,426,984	15,064,910	463,621	2022	40 Years
Galloway, NJ	—	258,312	1,774,767	1,119	258,312	1,775,886	2,034,198	51,240	2022	40 Years
Mullica Hill, NJ	—	648,435	1,265,179	1,119	648,435	1,266,298	1,914,733	36,871	2022	40 Years
Newfield, NJ	—	278,914	1,624,710	1,119	278,914	1,625,829	1,904,743	46,563	2022	40 Years
Toms River, NJ	—	1,785,123	835,695	15,740	1,785,123	851,436	2,636,559	23,858	2022	40 Years
Vineland, NJ	—	833,473	—	—	833,473	—	833,473	—	2022
Wayne, NJ	—	3,162,613	3,288,907	6,400	3,162,613	3,295,307	6,457,920	145,565	2022	40 Years
Turnersville, NJ	—	1,795,330	2,978,086	406,651	1,796,052	3,384,014	5,180,066	96,888	2022	40 Years
Santa Fe, NM	—	835,775	1,151,399	—	835,775	1,151,399	1,987,174	52,725	2022	40 Years
Las Cruces, NM	—	598,909	4,180,398	4,200	598,909	4,184,598	4,783,507	188,224	2022	40 Years
Tse Bonito, NM	—	126,882	1,633,674	11,889	126,882	1,645,562	1,772,444	53,211	2022	40 Years
South Corning, NY	—	120,453	1,623,218	600	120,453	1,623,818	1,744,271	75,737	2022	40 Years
Schenectady, NY	—	393,418	2,018,314	—	393,418	2,018,314	2,411,732	88,011	2022	40 Years
Bergen, NY	—	92,953	916,917	—	92,953	916,917	1,009,870	49,038	2022	40 Years
Buffalo, NY	—	927,338	403,208	15	927,338	403,223	1,330,561	15,038	2022	40 Years
Canandaigua, NY	—	91,579	1,470,852	—	91,579	1,470,852	1,562,431	75,523	2022	40 Years
Canastota, NY	—	108,348	1,371,590	1,119	108,348	1,372,709	1,481,057	40,400	2022	40 Years
Elmira, NY	—	41,281	915,575	15	41,281	915,590	956,871	34,251	2022	40 Years
Frankfort, NY	—	317,533	1,167,754	1,119	317,533	1,168,873	1,486,406	34,938	2022	40 Years
Friendship, NY	—	97,367	1,295,401	—	97,367	1,295,401	1,392,768	45,083	2022	40 Years
Hastings, NY	—	68,941	1,285,557	1,119	68,941	1,286,676	1,355,617	38,304	2022	40 Years
Liverpool, NY	—	527,708	1,268,846	—	527,708	1,268,846	1,796,554	56,606	2022	40 Years
Medford, NY	—	695,815	2,164,666	—	695,815	2,164,666	2,860,481	95,999	2022	40 Years
Newport, NY	—	108,474	1,359,693	—	108,474	1,359,693	1,468,167	40,077	2022	40 Years
North Rose, NY	—	86,206	1,320,796	1,119	86,206	1,321,915	1,408,121	41,552	2022	40 Years
Red Creek, NY	—	39,875	1,347,504	1,119	39,875	1,348,623	1,388,498	39,913	2022	40 Years
Riverhead, NY	—	538,226	1,569,184	—	538,226	1,569,184	2,107,410	68,616	2022	40 Years
Rochester, NY	—	455,606	1,080,523	—	455,606	1,080,523	1,536,129	62,944	2022	40 Years
Rochester, NY	—	182,135	1,927,563	—	182,135	1,927,563	2,109,698	108,550	2022	40 Years
Sennett, NY	—	2,400,380	6,427,546	—	2,400,380	6,427,546	8,827,926	193,165	2022	40 Years
Star Lake, NY	—	195,082	1,238,915	1,119	195,082	1,240,034	1,435,116	37,051	2022	40 Years
West Henrietta, NY	—	436,838	1,631,322	—	436,838	1,631,322	2,068,160	92,564	2022	40 Years
West Seneca, NY	—	614,219	17,967,840	—	614,219	17,967,840	18,582,059	769,580	2022	40 Years
Yonkers, NY	—	3,911,416	4,262,152	(8,258)	3,911,416	4,253,894	8,165,310	146,257	2022	40 Years
Holland, OH	—	86,884	4,996,831	—	86,884	4,996,831	5,083,715	221,320	2022	40 Years
McArthur, OH	—	210,094	1,836,031	7,017	210,094	1,843,048	2,053,142	80,435	2022	40 Years
Strongsville, OH	—	412,105	6,461,470	—	412,105	6,461,470	6,873,575	309,299	2022	40 Years
Zanesville, OH	—	336,258	1,136,178	—	336,258	1,136,178	1,472,436	49,666	2022	40 Years
Apple Creek, OH	—	335,713	1,081,077	1,119	335,713	1,082,196	1,417,909	32,686	2022	40 Years
Austinburg, OH	—	105,423	1,141,236	—	105,423	1,141,236	1,246,659	45,580	2022	40 Years
Bellefontaine, OH	—	1,348,236	—	—	1,348,236	—	1,348,236	—	2022

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Cincinnati, OH	—	1,070,525	270,651	15	1,070,525	270,666	1,341,191	10,067	2022	40 Years
Columbus, OH	—	2,559,388	8,602,145	28,112	2,563,103	8,626,542	11,189,645	272,417	2022	40 Years
Columbus, OH	—	1,176,215	2,934,082	17,430	1,179,930	2,947,798	4,127,728	76,704	2022	40 Years
Conneaut, OH	—	69,163	1,516,980	167	69,163	1,517,147	1,586,310	54,889	2022	40 Years
Dayton, OH	—	431,934	1,507,682	208,851	431,934	1,716,534	2,148,468	49,913	2022	40 Years
Grovepoint, OH	—	3,851,484	—	—	3,851,484	—	3,851,484	—	2022
Heppner, OH	—	135,937	1,433,459	159	135,937	1,433,618	1,569,555	51,281	2022	40 Years
Louisville, OH	—	208,868	1,182,011	1,119	208,868	1,183,130	1,391,998	35,274	2022	40 Years
New Philadelphia, OH	—	176,310	1,170,154	1,119	176,310	1,171,273	1,347,583	38,252	2022	40 Years
North Olmsted, OH	—	1,791,441	2,654,170	—	1,791,441	2,654,170	4,445,611	78,230	2022	40 Years
Otway, OH	—	351,675	1,147,001	—	351,675	1,147,001	1,498,676	41,793	2022	40 Years
Port Washington, OH	—	419,686	879,455	1,119	419,686	880,573	1,300,259	28,928	2022	40 Years
Republic, OH	—	141,246	1,497,976	159	141,246	1,498,136	1,639,382	53,383	2022	40 Years
Rock Creek, OH	—	126,770	1,505,669	151	126,770	1,505,820	1,632,590	54,324	2022	40 Years
Shelby, OH	—	92,254	1,101,734	—	92,254	1,101,734	1,193,988	46,462	2022	40 Years
Sinking Spring, OH	—	49,881	1,278,876	10,135	49,881	1,289,010	1,338,891	45,202	2022	40 Years
Springfield, OH	—	216,253	1,352,319	306,855	216,253	1,659,174	1,875,427	60,140	2022	40 Years
Thornville, OH	—	110,395	1,314,956	9,809	110,395	1,324,765	1,435,160	60,561	2022	40 Years
Tiffin, OH	—	119,687	1,501,037	25,600	119,687	1,526,637	1,646,324	77,234	2022	40 Years
Toledo, OH	—	119,897	1,403,558	—	119,897	1,403,558	1,523,455	43,031	2022	40 Years
Valley City, OH	—	128,015	1,486,157	159	128,015	1,486,316	1,614,331	53,905	2022	40 Years
Zanesville, OH	—	234,595	1,177,014	1,119	234,595	1,178,133	1,412,728	35,253	2022	40 Years
Lawton, OK	—	1,828,658	2,152,285	—	1,828,658	2,152,285	3,980,943	103,130	2022	40 Years
Moore, OK	—	901,884	7,979,738	—	901,884	7,979,738	8,881,622	348,955	2022	40 Years
Chickasha, OK	—	98,335	1,291,170	—	98,335	1,291,170	1,389,505	52,711	2022	40 Years
Langley, OK	—	30,156	1,646,990	—	30,156	1,646,990	1,677,146	80,539	2022	40 Years
Maud, OK	—	202,967	1,281,551	3,009	202,967	1,284,561	1,487,528	42,005	2022	40 Years
Pauls Valley, OK	—	245,017	1,360,881	47,048	245,017	1,407,928	1,652,945	47,865	2022	40 Years
Talihina, OK	—	70,366	1,610,311	—	70,366	1,610,311	1,680,677	81,261	2022	40 Years
Tulsa, OK	—	1,402,904	2,835,532	18,053	1,402,904	2,853,584	4,256,488	100,270	2022	40 Years
Wagoner, OK	—	332,347	1,912,388	—	332,347	1,912,388	2,244,735	118,656	2022	40 Years
Warner, OK	—	243,393	1,248,350	3,009	243,393	1,251,359	1,494,752	44,586	2022	40 Years
Pilot Rock, OR	—	158,987	1,405,393	287	158,987	1,405,679	1,564,666	51,241	2022	40 Years
Salem, OR	—	522,007	1,371,132	24,473	522,007	1,395,605	1,917,612	56,046	2022	40 Years
Breezewood, PA	—	193,091	1,408,906	—	193,091	1,408,906	1,601,997	67,420	2022	40 Years
Dover, PA	—	2,754,584	2,385,674	377	2,754,584	2,386,051	5,140,635	104,170	2022	40 Years
Latrobe, PA	—	255,918	2,193,454	—	255,918	2,193,454	2,449,372	105,008	2022	40 Years
McConnellsburg, PA	—	581,054	2,956,295	—	581,054	2,956,295	3,537,349	141,565	2022	40 Years
Natrona Heights, PA	—	550,226	3,327,228	9,615	550,226	3,336,843	3,887,069	150,218	2022	40 Years
Pine Grove, PA	—	1,079,176	3,194,973	—	1,079,176	3,194,973	4,274,149	153,002	2022	40 Years
Red Lion, PA	—	1,018,707	3,289,563	—	1,018,707	3,289,563	4,308,270	157,534	2022	40 Years
Allentown, PA	—	1,365,945	3,258,839	17,430	1,369,660	3,272,555	4,642,215	85,161	2022	40 Years
Bath, PA	—	1,719,426	663,133	—	1,719,426	663,133	2,382,559	32,655	2022	40 Years
Bethel Park, PA	—	681,235	8,979,837	—	681,235	8,979,837	9,661,072	388,014	2022	40 Years
Easton, PA	—	540,714	2,112,447	—	540,714	2,112,447	2,653,161	89,067	2022	40 Years
Brookville, PA	—	311,983	1,431,919	—	311,983	1,431,919	1,743,902	61,527	2022	40 Years
Burnham, PA	—	694,983	2,879,011	12,165	694,983	2,891,176	3,586,159	80,016	2022	40 Years
Chambersburg, PA	—	99,647	1,405,127	1,119	99,647	1,406,245	1,505,892	41,313	2022	40 Years
Cranberry, PA	—	348,328	12,833,619	—	348,328	12,833,619	13,181,947	579,035	2022	40 Years
Fogelsville, PA	—	1,611,621	2,617,623	—	1,611,621	2,617,623	4,229,244	111,993	2022	40 Years
Glassport, PA	—	130,234	2,810,530	—	130,234	2,810,530	2,940,764	116,006	2022	40 Years
Lancaster, PA	—	1,541,745	—	(695)	1,541,745	(695)	1,541,050	(8)	2022
Lancaster, PA	—	5,553,054	2,222,786	(1,380)	5,553,054	2,221,406	7,774,460	74,308	2022	40 Years
Meadville, PA	—	867,819	2,147,667	—	867,819	2,147,667	3,015,486	76,535	2022	40 Years
Pen Argyl, PA	—	504,828	705,552	—	504,828	705,552	1,210,380	29,884	2022	40 Years
Pittsburgh, PA	—	567,111	1,534,029	14,317	570,826	1,544,632	2,115,458	44,435	2022	40 Years
Pittsburgh, PA	—	885,493	478,181	14,317	889,207	488,783	1,377,990	16,687	2022	40 Years
Pittsburgh, PA	—	145,180	1,858,387	—	145,180	1,858,387	2,003,567	75,800	2022	40 Years
Wyomissing, PA	—	2,302,182	6,811,158	—	2,302,182	6,811,158	9,113,340	306,816	2022	40 Years
Cheraw, SC	—	82,917	1,425,081	—	82,917	1,425,081	1,507,998	68,194	2022	40 Years
Conway, SC	—	487,563	1,301,332	—	487,563	1,301,332	1,788,895	56,933	2022	40 Years
Greer, SC	—	461,522	3,143,208	67,442	461,522	3,210,651	3,672,173	144,251	2022	40 Years
Hardeeville, SC	—	338,184	993,814	—	338,184	993,814	1,331,998	43,479	2022	40 Years
York, SC	—	779,888	11,701,659	—	779,888	11,701,659	12,481,547	511,944	2022	40 Years
Blackville, SC	—	88,814	1,342,142	—	88,814	1,342,142	1,430,956	56,652	2022	40 Years
Bowman, SC	—	150,034	1,324,966	5,850	150,034	1,330,816	1,480,850	56,433	2022	40 Years
Green Sea, SC	—	30,158	1,540,522	12,663	30,158	1,553,185	1,583,343	48,663	2022	40 Years
Greenville, SC	—	1,472,814	8,002,345	(22,944)	1,472,814	7,979,401	9,452,215	378,533	2022	40 Years
Johnston, SC	—	207,425	1,305,786	—	207,425	1,305,786	1,513,211	52,366	2022	40 Years
Lake View, SC	—	19,682	1,486,376	7,010	19,682	1,493,386	1,513,068	46,742	2022	40 Years
Lancaster, SC	—	239,276	1,688,550	20,484	239,276	1,709,034	1,948,310	61,482	2022	40 Years
Spartanburg, SC	—	1,153,766	10,959,443	—	1,153,766	10,959,443	12,113,209	394,460	2022	40 Years
Spartansburg, SC	—	227,760	1,695,984	94,609	227,760	1,790,593	2,018,353	52,838	2022	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Reliance, SD	—	240,024	1,130,606	7,996	240,024	1,138,602	1,378,626	54,450	2022	40 Years
Hendersonville, TN	—	383,715	2,561,679	—	383,715	2,561,679	2,945,394	117,200	2022	40 Years
Red Boiling Springs, TN	—	156,751	1,010,884	—	156,751	1,010,884	1,167,635	48,347	2022	40 Years
Smyrna, TN	—	1,354,350	1,329,642	27,531	1,354,350	1,357,173	2,711,523	63,698	2022	40 Years
Waverly, TN	—	150,519	2,865,694	—	150,519	2,865,694	3,016,213	125,374	2022	40 Years
Camden, TN	—	100,415	920,173	1,800	100,415	921,973	1,022,388	53,187	2022	40 Years
Morrison, TN	—	62,277	1,354,709	—	62,277	1,354,709	1,416,986	47,740	2022	40 Years
Abilene, TX	—	2,776,008	1,460,146	—	2,776,008	1,460,146	4,236,154	72,827	2022	40 Years
El Paso, TX	—	1,233,238	2,142,229	—	1,233,238	2,142,229	3,375,467	103,106	2022	40 Years
Fort Worth, TX	—	1,974,780	3,140,537	—	1,974,780	3,140,537	5,115,317	158,276	2022	40 Years
Fort Worth, TX	—	1,537,608	3,897,778	—	1,537,608	3,897,778	5,435,386	170,462	2022	40 Years
Hallettsville, TX	—	1,698,504	2,489,154	—	1,698,504	2,489,154	4,187,658	119,181	2022	40 Years
Midland, TX	—	775,334	1,537,915	—	775,334	1,537,915	2,313,249	73,601	2022	40 Years
Atascocita, TX	—	265,212	3,238,853	—	265,212	3,238,853	3,504,065	103,945	2022	40 Years
Baytown, TX	—	852,215	4,184,162	—	852,215	4,184,162	5,036,377	187,652	2022	40 Years
Beaumont, TX	—	252,810	1,793,672	15	252,810	1,793,687	2,046,497	67,180	2022	40 Years
Beaumont, TX	—	866,155	3,558,993	12,165	866,155	3,571,158	4,437,313	100,425	2022	40 Years
Brenham, TX	—	1,436,571	16,209,074	4,017	1,436,571	16,213,091	17,649,662	643,949	2022	40 Years
Brownsville, TX	—	474,602	686,668	—	474,602	686,668	1,161,270	19,415	2022	40 Years
Daisetta, TX	—	264,096	1,251,335	16,609	264,096	1,267,943	1,532,039	41,372	2022	40 Years
Dallas, TX	—	2,702,569	2,780,002	11,231	2,702,569	2,791,232	5,493,801	104,271	2022	40 Years
Dallas, TX	—	1,603,859	7,908,697	10,236	1,603,859	7,918,934	9,522,793	301,264	2022	40 Years
Ennis, TX	—	117,760	1,294,827	—	117,760	1,294,827	1,412,587	47,455	2022	40 Years
Hempstead, TX	—	517,067	1,138,654	17,045	517,067	1,155,699	1,672,766	35,305	2022	40 Years
Killeen, TX	—	1,057,720	3,009,308	428,502	1,057,720	3,437,810	4,495,530	130,423	2022	40 Years
League City, TX	—	233,323	1,056,145	15	233,323	1,056,160	1,289,483	39,523	2022	40 Years
Livingston, TX	—	291,190	1,955,276	—	291,190	1,955,276	2,246,466	138,979	2022	40 Years
Sachse, TX	—	1,486,211	3,133,939	124	1,486,211	3,134,063	4,620,274	107,998	2022	40 Years
San Antonio, TX	—	1,844,251	1,600,804	6,038	1,844,251	1,606,842	3,451,093	59,920	2022	40 Years
San Antonio, TX	—	456,278	4,092,103	—	456,278	4,092,103	4,548,381	153,454	2022	40 Years
San Antonio, TX	—	8,225,612	—	—	8,225,612	—	8,225,612	—	2022
Whitehouse, TX	—	249,151	2,378,143	2,506	249,151	2,380,649	2,629,800	94,812	2022	40 Years
West Jordan, UT	—	4,852,556	5,290,602	820	4,852,556	5,291,421	10,143,977	170,842	2022	40 Years
Abington, VA	—	120,721	1,269,056	—	120,721	1,269,056	1,389,777	60,718	2022	40 Years
Danville, VA	—	1,487,674	2,911,596	—	1,487,674	2,911,596	4,399,270	127,382	2022	40 Years
Dinwiddie, VA	—	285,046	3,478,289	11,150	285,046	3,489,439	3,774,485	152,640	2022	40 Years
Farnham, VA	—	117,517	1,356,942	—	117,517	1,356,942	1,474,459	64,930	2022	40 Years
Fredericksburg, VA	—	619,961	1,100,715	7,161	619,961	1,107,876	1,727,837	48,193	2022	40 Years
Fredericksburg, VA	—	703,119	—	7,162	710,280	—	710,280	—	2022
Pulaski, VA	—	100,420	1,518,702	—	100,420	1,518,702	1,619,122	72,665	2022	40 Years
Stuart, VA	—	797,955	2,698,524	—	797,955	2,698,524	3,496,479	129,214	2022	40 Years
Suffolk, VA	—	265,887	3,462,367	—	265,887	3,462,367	3,728,254	151,478	2022	40 Years
Warrenton, VA	—	3,395,581	2,914,723	—	3,395,581	2,914,723	6,310,304	127,519	2022	40 Years
Amissville, VA	—	3,431,638	593,963	16,654	3,431,638	610,616	4,042,254	16,550	2022	40 Years
Blackstone, VA	—	89,165	960,237	13,893	89,165	974,130	1,063,295	33,333	2022	40 Years
Clintwood, VA	—	113,165	1,129,975	—	113,165	1,129,975	1,243,140	46,601	2022	40 Years
Drakes Branch, VA	—	289,986	857,204	—	289,986	857,204	1,147,190	39,318	2022	40 Years
Elkton, VA	—	77,727	918,853	—	77,727	918,853	996,580	31,733	2022	40 Years
Front Royal, VA	—	521,787	955,502	—	521,787	955,502	1,477,289	32,921	2022	40 Years
Harrisonburg, VA	—	268,145	901,845	—	268,145	901,845	1,169,990	31,100	2022	40 Years
Portsmouth, VA	—	245,186	945,199	1,800	245,186	946,999	1,192,185	50,401	2022	40 Years
Richlands, VA	—	168,804	1,139,417	—	168,804	1,139,417	1,308,221	50,223	2022	40 Years
Roanoke, VA	—	1,674,947	3,365,215	17,430	1,678,661	3,378,931	5,057,592	87,931	2022	40 Years
Timberville, VA	—	246,509	1,088,525	—	246,509	1,088,525	1,335,034	37,635	2022	40 Years
Bradford, VT	—	428,378	3,997,371	—	428,378	3,997,371	4,425,749	135,062	2022	40 Years
Manchester, VT	—	455,477	2,064,534	—	455,477	2,064,534	2,520,011	89,263	2022	40 Years
Longview, WA	—	782,602	2,480,990	9,050	782,602	2,490,040	3,272,642	113,876	2022	40 Years
Springdale, WA	—	147,170	1,641,471	—	147,170	1,641,471	1,788,641	51,131	2022	40 Years
Yakima, WA	—	883,736	2,466,259	—	883,736	2,466,259	3,349,995	101,709	2022	40 Years
Janesville, WI	—	796,925	1,191,970	9,791	803,521	1,195,165	1,998,686	39,951	2022	40 Years
Appleton, WI	—	340,803	1,904,812	—	340,803	1,904,812	2,245,615	83,254	2022	40 Years
Cumberland, WI	—	270,296	1,144,054	—	270,296	1,144,054	1,414,350	54,802	2022	40 Years
Winter, WI	—	170,499	1,270,767	—	170,499	1,270,767	1,441,266	60,770	2022	40 Years
Kimberly, WI	—	1,312,245	2,811,473	(19,305)	1,319,003	2,785,410	4,104,413	75,068	2022	40 Years
Menomonee Falls, WI	—	976,214	4,312,547	—	976,214	4,312,547	5,288,761	179,617	2022	40 Years
Menomonee Falls, WI	—	988,153	—	—	988,153	—	988,153	—	2022
New Lisbon, WI	—	76,725	1,227,288	1,119	76,725	1,228,407	1,305,132	36,493	2022	40 Years
Plover, WI	—	67,127	1,770,000	11,889	67,127	1,781,889	1,849,016	49,416	2022	40 Years
West Bend, WI	—	286,709	1,696,761	—	286,709	1,696,761	1,983,470	90,039	2022	40 Years
Whitewater, WI	—	822,920	3,021,878	28,112	826,634	3,046,276	3,872,910	103,674	2022	40 Years
Charleston, WV	—	144,019	858,224	36,642	144,019	894,866	1,038,885	47,051	2022	40 Years
Morgantown, WV	—	563,100	1,952,862	—	563,100	1,952,862	2,515,962	89,272	2022	40 Years
Ranson, WV	—	800,605	—	—	800,605	—	800,605	—	2022

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Westover, WV	—	2,902,457	3,819,875	—	2,902,457	3,819,875	6,722,332	167,119	2022	40 Years
Williamstown, WV	—	328,040	1,293,550	—	328,040	1,293,550	1,621,590	56,537	2022	40 Years
Barboursville, WV	—	703,425	3,654,262	29,238	703,425	3,683,500	4,386,925	131,913	2022	40 Years
Morgantown, WV	—	2,162,116	—	81,892	2,188,023	55,985	2,244,008	292	2022
Morgantown, WV	—	816,836	—	—	816,836	—	816,836	—	2022
Morgantown, WV	—	862,215	1,187,338	—	862,215	1,187,338	2,049,553	51,908	2022	40 Years
Weirton, WV	—	295,802	1,389,355	19,140	295,802	1,408,496	1,704,298	39,945	2022	40 Years
Casper, WY	—	860,483	986,975	15	860,483	986,990	1,847,473	36,929	2022	40 Years
Eagle River, AK	—	1,496,010	1,038,294	—	1,496,010	1,038,294	2,534,304	14,933	2023	40 Years
Atmore, AL	—	71,526	841,253	—	71,526	841,253	912,779	19,022	2023	40 Years
Bessemer, AL	—	653,431	564,626	—	653,431	564,626	1,218,057	12,386	2023	40 Years
Cherokee, AL	—	74,238	1,375,131	—	74,238	1,375,131	1,449,369	33,954	2023	40 Years
Creola, AL	—	558,482	1,985,719	—	558,482	1,985,719	2,544,201	34,430	2023	40 Years
Florence, AL	—	156,040	1,168,090	—	156,040	1,168,090	1,324,130	29,196	2023	40 Years
Fort Mitchell, AL	—	70,408	1,506,853	—	70,408	1,506,853	1,577,261	5,713	2023	40 Years
Glencoe, AL	—	199,230	1,252,206	—	199,230	1,252,206	1,451,436	10,080	2023	40 Years
Montgomery, AL	—	720,048	575,608	—	720,048	575,608	1,295,656	18,233	2023	40 Years
Prattville, AL	—	585,717	136,254	—	585,717	136,254	721,971	1,245	2023	40 Years
Sylacauga, AL	—	2,301,743	—	—	2,301,743	—	2,301,743	—	2023
Tuscumbia, AL	—	244,809	1,944,563	—	244,809	1,944,563	2,189,372	45,961	2023	40 Years
Dover, AR	—	117,697	1,356,901	—	117,697	1,356,901	1,474,598	33,071	2023	40 Years
Rogers, AR	—	1,801,475	5,718,794	—	1,801,475	5,718,794	7,520,269	53,591	2023	40 Years
Searcy, AR	—	104,246	2,277,293	—	104,246	2,277,293	2,381,539	27,753	2023	40 Years
Kingman, AZ	—	546,717	3,279,531	—	546,717	3,279,531	3,826,248	49,054	2023	40 Years
Show Low, AZ	—	288,314	1,668,984	—	288,314	1,668,984	1,957,298	30,992	2023	40 Years
Yuma, AZ	—	379,684	893,425	—	379,684	893,425	1,273,109	2,953	2023
Fontana, CA	—	1,337,717	1,012,730	—	1,337,717	1,012,730	2,350,447	20,121	2023	40 Years
Murrieta, CA	—	1,546,553	1,350,113	—	1,546,553	1,350,113	2,896,666	30,441	2023	40 Years
Paradise, CA	—	386,926	1,049,431	—	386,926	1,049,431	1,436,357	7,942	2023	40 Years
Pleasant Hill, CA	—	8,366,775	—	—	8,366,775	—	8,366,775	—	2023	40 Years
Vacaville, CA	—	641,411	1,586,489	—	641,411	1,586,489	2,227,900	29,049	2023	40 Years
Vacaville, CA	—	1,009,383	2,952,663	—	1,009,383	2,952,663	3,962,046	35,121	2023	40 Years
Delta, CO	—	816,826	3,802,927	—	816,826	3,802,927	4,619,753	35,608	2023	40 Years
Rifle, CO	—	1,454,956	2,182,762	—	1,454,956	2,182,762	3,637,718	6,959	2023	40 Years
Meriden, CT	—	213,799	1,946,087	—	213,799	1,946,087	2,159,886	27,532	2023	40 Years
Brooksville, FL	—	371,478	2,171,428	—	371,478	2,171,428	2,542,906	50,911	2023	40 Years
Florida City, FL	—	734,330	781,628	—	734,330	781,628	1,515,958	15,761	2023	40 Years
Fort Lauderdale, FL	—	1,419,090	1,359,401	—	1,419,090	1,359,401	2,778,491	21,110	2023	40 Years
High Springs, FL	—	571,750	3,362,328	—	571,750	3,362,328	3,934,078	47,434	2023	40 Years
Jacksonville, FL	—	827,034	1,417,515	—	827,034	1,417,515	2,244,549	20,788	2023	40 Years
Jacksonville, FL	—	6,666,982	12,592,838	—	6,666,982	12,592,838	19,259,820	185,906	2023	40 Years
Jonesville, FL	—	1,993,989	2,233,481	—	1,993,989	2,233,481	4,227,470	32,361	2023	40 Years
Kissimmee, FL	—	907,575	1,637,075	—	907,575	1,637,075	2,544,650	13,020	2023	40 Years
Labelle, FL	—	149,091	959,309	—	149,091	959,309	1,108,400	20,985	2023	40 Years
Lake Park, FL	—	1,123,321	1,336,168	—	1,123,321	1,336,168	2,459,489	9,779	2023	40 Years
Land O'Lakes, FL	—	1,544,181	1,290,714	—	1,544,181	1,290,714	2,834,895	27,979	2023	40 Years
Live Oak, FL	—	1,994,802	3,028,612	—	1,994,802	3,028,612	5,023,414	28,349	2023	40 Years
Naples, FL	—	610,067	1,674,205	—	610,067	1,674,205	2,284,272	23,998	2023	40 Years
Ocala, FL	—	1,011,142	1,401,019	—	1,011,142	1,401,019	2,412,161	54,409	2023	40 Years
Palm Harbor, FL	—	2,435,739	8,235,223	—	2,435,739	8,235,223	10,670,962	10,090	2023	40 Years
Panama City, FL	—	1,328,041	14,823,857	—	1,328,041	14,823,857	16,151,898	168,071	2023	40 Years
Pensacola, FL	—	616,285	965,620	—	616,285	965,620	1,581,905	22,549	2023	40 Years
Port St. Joe, FL	—	1,678,568	2,246,346	—	1,678,568	2,246,346	3,924,914	17,943	2023	40 Years
St. Augustine, FL	—	1,015,143	567,058	—	1,015,143	567,058	1,582,201	11,919	2023	40 Years
Tarpon Springs, FL	—	1,490,471	3,155,387	—	1,490,471	3,155,387	4,645,858	71,585	2023	40 Years
Venice, FL	—	1,491,079	2,326,845	—	1,491,079	2,326,845	3,817,924	45,990	2023	40 Years
Albany, GA	—	149,753	1,245,539	—	149,753	1,245,539	1,395,292	19,294	2023	40 Years
Chatsworth, GA	—	1,153,708	4,535,359	—	1,153,708	4,535,359	5,689,067	14,172	2023	40 Years
Commerce, GA	—	727,292	2,034,999	—	727,292	2,034,999	2,762,291	66,204	2023	40 Years
Douglas, GA	—	166,295	6,583,588	—	166,295	6,583,588	6,749,883	160,442	2023	40 Years
Douglas, GA	—	177,643	2,347,052	—	177,643	2,347,052	2,524,695	8,790	2023	40 Years
Douglasville, GA	—	556,078	4,410,887	—	556,078	4,410,887	4,966,965	97,167	2023	40 Years
Fort Gaines, GA	—	29,308	1,600,808	—	29,308	1,600,808	1,630,116	5,962	2023	40 Years
Glennville, GA	—	200,641	1,381,501	—	200,641	1,381,501	1,582,142	33,580	2023	40 Years
LaGrange, GA	—	192,840	1,476,001	—	192,840	1,476,001	1,668,841	22,689	2023	40 Years
LaGrange, GA	—	211,020	1,277,849	—	211,020	1,277,849	1,488,869	20,000	2023	40 Years
Lawrenceville, GA	—	405,255	1,152,039	—	405,255	1,152,039	1,557,294	19,316	2023	40 Years
Lilburn, GA	—	1,184,610	1,181,635	—	1,184,610	1,181,635	2,366,245	6,548	2023	40 Years
Lumpkin, GA	—	39,403	1,438,663	—	39,403	1,438,663	1,478,066	5,473	2023	40 Years
Morrow, GA	—	797,482	1,231,217	—	797,482	1,231,217	2,028,699	25,128	2023	40 Years
Perry, GA	—	301,806	1,202,858	—	301,806	1,202,858	1,504,664	26,315	2023	40 Years
Pooler, GA	—	381,482	2,646,073	—	381,482	2,646,073	3,027,555	22,210	2023	40 Years
Reidsville, GA	—	120,421	1,321,925	—	120,421	1,321,925	1,442,346	20,325	2023	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Riceboro, GA	—	86,062	1,309,280	—	86,062	1,309,280	1,395,342	20,050	2023	40 Years
Rome, GA	—	379,158	541,671	—	379,158	541,671	920,829	12,338	2023	40 Years
Sharpsburg, GA	—	538,166	1,483,569	—	538,166	1,483,569	2,021,735	29,260	2023	40 Years
Thomaston, GA	—	110,892	1,343,781	—	110,892	1,343,781	1,454,673	20,662	2023	40 Years
Thomasville, GA	—	229,300	1,210,294	—	229,300	1,210,294	1,439,594	18,727	2023	40 Years
Vidalia, GA	—	283,117	2,002,472	—	283,117	2,002,472	2,285,589	29,295	2023	40 Years
Warner Robins, GA	—	1,599,751	1,518,417	—	1,599,751	1,518,417	3,118,168	1,582	2023	40 Years
Fairfield, IA	—	433,650	1,861,993	—	433,650	1,861,993	2,295,643	42,292	2023	40 Years
Iowa City, IA	—	497,431	928,323	—	497,431	928,323	1,425,754	14,420	2023	40 Years
Lime Springs, IA	—	69,547	1,523,213	—	69,547	1,523,213	1,592,760	1,772	2023	40 Years
Washington, IA	—	320,353	1,254,387	—	320,353	1,254,387	1,574,740	41,560	2023	40 Years
Aurora, IL	—	505,175	1,045,666	—	505,175	1,045,666	1,550,841	22,727	2023	40 Years
Bridgeview, IL	—	1,665,640	—	—	1,665,640	—	1,665,640	—	2023	40 Years
Champaign, IL	—	247,591	968,124	—	247,591	968,124	1,215,715	19,071	2023	40 Years
Chicago, IL	—	501,240	1,100,889	—	501,240	1,100,889	1,602,129	25,290	2023	40 Years
Chicago, IL	—	486,636	1,052,415	—	486,636	1,052,415	1,539,051	16,314	2023	40 Years
Chicago, IL	—	771,442	1,503,279	—	771,442	1,503,279	2,274,721	4,961	2023	40 Years
Chicago, IL	—	1,673,732	—	—	1,673,732	—	1,673,732	—	2023	40 Years
Creve Coeur, IL	—	210,394	1,591,118	—	210,394	1,591,118	1,801,512	1,869	2023	40 Years
Geneva, IL	—	2,610,458	—	—	2,610,458	—	2,610,458	—	2023	40 Years
Huntley, IL	—	611,482	2,905,566	—	611,482	2,905,566	3,517,048	22,208	2023	40 Years
Lisle, IL	—	640,978	1,148,863	—	640,978	1,148,863	1,789,841	26,604	2023	40 Years
Lockport, IL	—	2,824,591	—	—	2,824,591	—	2,824,591	—	2023	40 Years
Lombard, IL	—	2,946,768	—	—	2,946,768	—	2,946,768	—	2023	40 Years
Orland Park, IL	—	3,843,576	12,469,586	—	3,843,576	12,469,586	16,313,162	107,200	2023	40 Years
Riverside, IL	—	1,133,763	794,728	—	1,133,763	794,728	1,928,491	6,528	2023	40 Years
Rochelle, IL	—	427,051	1,099,148	—	427,051	1,099,148	1,526,199	21,884	2023	40 Years
Woodridge, IL	—	2,846,291	—	—	2,846,291	—	2,846,291	—	2023	40 Years
Woodstock, IL	—	799,371	1,361,043	—	799,371	1,361,043	2,160,414	15,213	2023	40 Years
Brookston, IN	—	77,375	1,217,616	—	77,375	1,217,616	1,294,991	30,451	2023	40 Years
Fort Wayne, IN	—	769,226	1,602,780	—	769,226	1,602,780	2,372,006	12,470	2023	40 Years
Greenwood, IN	—	465,241	1,685,402	—	465,241	1,685,402	2,150,643	40,830	2023	40 Years
Greenwood, IN	—	1,419,024	678,671	—	1,419,024	678,671	2,097,695	778	2023	40 Years
Greenwood, IN	—	909,561	—	—	909,561	—	909,561	—	2023	40 Years
Knox, IN	—	261,831	1,042,120	—	261,831	1,042,120	1,303,951	22,616	2023	40 Years
Kokomo, IN	—	133,015	1,286,615	—	133,015	1,286,615	1,419,630	10,176	2023	40 Years
Muncie, IN	—	293,266	2,258,466	—	293,266	2,258,466	2,551,732	52,854	2023	40 Years
Valparaiso, IN	—	3,372,667	4,043,020	—	3,372,667	4,043,020	7,415,687	37,859	2023	40 Years
Vincennes, IN	—	612,871	6,569,716	—	612,871	6,569,716	7,182,587	109,948	2023	40 Years
Emporia, KS	—	176,561	1,382,256	—	176,561	1,382,256	1,558,817	43,632	2023	40 Years
Emporia, KS	—	122,695	926,287	—	122,695	926,287	1,048,982	24,686	2023	40 Years
Emporia, KS	—	62,320	12,050,193	—	62,320	12,050,193	12,112,513	20,153	2023	40 Years
Emporia, KS	—	114,625	(9,123,955)	—	114,625	(9,123,955)	(9,009,330)	33,498	2023	40 Years
Emporia, KS	—	108,807	2,289,291	—	108,807	2,289,291	2,398,098	39,192	2023	40 Years
Emporia, KS	—	234,462	4,204,694	—	234,462	4,204,694	4,439,156	72,359	2023	40 Years
Hutchinson, KS	—	407,556	4,716,475	—	407,556	4,716,475	5,124,031	142,086	2023	40 Years
Kansas City, KS	—	897,693	9,394,357	—	897,693	9,394,357	10,292,050	72,758	2023	40 Years
Olathe, KS	—	5,056,272	16,769,196	—	5,056,272	16,769,196	21,825,468	331,866	2023	40 Years
Olathe, KS	—	1,664,774	6,889,116	—	1,664,774	6,889,116	8,553,890	62,407	2023	40 Years
Salina, KS	—	936,164	4,758,269	—	936,164	4,758,269	5,694,433	6,213	2023	40 Years
Wichita, KS	—	421,521	6,354,013	—	421,521	6,354,013	6,775,534	125,742	2023
Frankfort, KY	—	2,524,753	2,469,364	—	2,524,753	2,469,364	4,994,117	23,106	2023	40 Years
Irvington, KY	—	152,562	1,064,042	—	152,562	1,064,042	1,216,604	1,306	2023	40 Years
Louisville, KY	—	549,357	1,033,316	—	549,357	1,033,316	1,582,673	1,236	2023
Madisonville, KY	—	85,619	1,253,974	—	85,619	1,253,974	1,339,593	1,490	2023	40 Years
Princeton, KY	—	168,644	1,202,504	—	168,644	1,202,504	1,371,148	1,457	2023	40 Years
Richmond, KY	—	226,350	1,729,049	—	226,350	1,729,049	1,955,399	47,664	2023	40 Years
Shelbyville, KY	—	1,622,962	4,714,584	—	1,622,962	4,714,584	6,337,546	14,732	2023	40 Years
Basile, LA	—	136,575	1,282,322	—	136,575	1,282,322	1,418,897	31,817	2023	40 Years
Baton Rouge, LA	—	240,880	743,644	—	240,880	743,644	984,524	12,839	2023	40 Years
Crowley, LA	—	1,058,442	3,005,302	—	1,058,442	3,005,302	4,063,744	28,131	2023
Donaldsonville, LA	—	591,985	1,223,694	—	591,985	1,223,694	1,815,679	13,992	2023	40 Years
Lake Charles, LA	—	305,882	1,344,712	—	305,882	1,344,712	1,650,594	19,796	2023	40 Years
Lake Charles, LA	—	1,738,223	6,843,220	—	1,738,223	6,843,220	8,581,443	106,502	2023	40 Years
Lake Charles, LA	—	565,276	1,445,880	—	565,276	1,445,880	2,011,156	22,222	2023	40 Years
Metairie, LA	—	4,284,004	7,310,189	—	4,284,004	7,310,189	11,594,193	61,604	2023	40 Years
Opelousas, LA	—	2,183,038	2,933,100	—	2,183,038	2,933,100	5,116,138	9,165	2023	40 Years
Ponchatoula, LA	—	719,750	959,034	—	719,750	959,034	1,678,784	7,835	2023	40 Years
Zachary, LA	—	3,998,332	2,589,899	—	3,998,332	2,589,899	6,588,231	24,236	2023	40 Years
Centerville, MA	—	1,927,046	2,830,876	—	1,927,046	2,830,876	4,757,922	39,732	2023	40 Years
Framingham, MA	—	11,790,877	13,167,251	—	11,790,877	13,167,251	24,958,128	103,413	2023	40 Years
Baltimore, MD	—	3,958,684	—	—	3,958,684	—	3,958,684	—	2023	40 Years
Lexington Park, MD	—	2,058,580	2,796,986	—	2,058,580	2,796,986	4,855,566	32,817	2023	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Silver Springs, MD	—	7,519,250	4,312,715	—	7,519,250	4,312,715	11,831,965	5,386	2023	40 Years
Westbrook, ME	—	510,631	1,300,481	—	510,631	1,300,481	1,811,112	1,467	2023	40 Years
Battle Creek, MI	—	257,967	930,126	—	257,967	930,126	1,188,093	25,424	2023	40 Years
Battle Creek, MI	—	164,067	1,124,956	—	164,067	1,124,956	1,289,023	1,326	2023	40 Years
Commerce Township, MI	—	677,204	2,146,040	—	677,204	2,146,040	2,823,244	17,420	2023	40 Years
Escanaba, MI	—	910,022	1,977,597	—	910,022	1,977,597	2,887,619	45,057	2023	40 Years
Gaylord, MI	—	155,528	1,244,487	—	155,528	1,244,487	1,400,015	28,244	2023	40 Years
Gladwin, MI	—	80,254	1,663,490	—	80,254	1,663,490	1,743,744	13,556	2023	40 Years
Grandville, MI	—	1,789,008	6,428,846	—	1,789,008	6,428,846	8,217,854	60,248	2023	40 Years
Holland, MI	—	530,631	885,312	—	530,631	885,312	1,415,943	13,304	2023	40 Years
Midland, MI	—	138,007	1,501,849	—	138,007	1,501,849	1,639,856	25,836	2023	40 Years
Monroe, MI	—	187,241	506,925	—	187,241	506,925	694,166	7,791	2023	40 Years
Muskegon, MI	—	374,687	3,254,233	—	374,687	3,254,233	3,628,920	2,750	2023	40 Years
Royal Oak, MI	—	944,796	855,063	—	944,796	855,063	1,799,859	13,895	2023	40 Years
Royal Oak, MI	—	3,316,620	23,293,901	—	3,316,620	23,293,901	26,610,521	262,259	2023	40 Years
Whitmore Lake, MI	—	1,365,345	3,007,861	—	1,365,345	3,007,861	4,373,206	67,223	2023	40 Years
Baxter, MN	—	446,629	8,424,170	—	446,629	8,424,170	8,870,799	146,170	2023	40 Years
Coon Rapids, MN	—	2,268,163	3,381,734	—	2,268,163	3,381,734	5,649,897	32,209	2023	40 Years
Eagan, MN	—	894,229	4,057,578	—	894,229	4,057,578	4,951,807	57,131	2023	40 Years
Lakeville, MN	—	2,167,767	3,428,543	—	2,167,767	3,428,543	5,596,310	32,646	2023	40 Years
Maplewood, MN	—	1,228,008	—	—	1,228,008	—	1,228,008	—	2023	40 Years
Oakdale, MN	—	1,999,873	3,372,396	—	1,999,873	3,372,396	5,372,269	32,126	2023	40 Years
Willmar, MN	—	879,088	3,298,249	—	879,088	3,298,249	4,177,337	51,663	2023	40 Years
Willmar, MN	—	563,842	3,466,631	—	563,842	3,466,631	4,030,473	30,573	2023	40 Years
Woodbury, MN	—	2,761,790	3,570,604	—	2,761,790	3,570,604	6,332,394	33,995	2023	40 Years
Aurora, MO	—	1,522,425	5,995,297	—	1,522,425	5,995,297	7,517,722	56,183	2023	40 Years
Gladstone, MO	—	2,593,334	18,004,544	—	2,593,334	18,004,544	20,597,878	356,291	2023	40 Years
Jefferson City, MO	—	568,949	5,535,918	—	568,949	5,535,918	6,104,867	109,551	2023	40 Years
Joplin, MO	—	942,416	1,848,833	—	942,416	1,848,833	2,791,249	15,760	2023	40 Years
Mansfield, MO	—	118,819	1,223,028	—	118,819	1,223,028	1,341,847	30,230	2023	40 Years
Springfield, MO	—	2,274,742	(2,256,157)	—	2,274,742	(2,256,157)	18,585	53,818	2023	40 Years
Springfield, MO	—	38,540	3,140,073	—	38,540	3,140,073	3,178,613	3,271	2023	40 Years
St. Louis, MO	—	924,702	1,939,919	—	924,702	1,939,919	2,864,621	24,857	2023	40 Years
Unionville, MO	—	69,653	1,213,776	—	69,653	1,213,776	1,283,429	30,448	2023	40 Years
Wentzville, MO	—	670,822	4,857,142	—	670,822	4,857,142	5,527,964	34,146	2023	40 Years
Booneville, MS	—	253,319	1,286,243	—	253,319	1,286,243	1,539,562	10,775	2023	40 Years
Bruce, MS	—	245,529	1,339,545	—	245,529	1,339,545	1,585,074	11,116	2023	—
Ecru, MS	—	518,873	1,189,128	—	518,873	1,189,128	1,708,001	9,945	2023	40 Years
Jackson, MS	—	388,057	661,883	—	388,057	661,883	1,049,940	13,683	2023	40 Years
McComb, MS	—	1,685,118	3,619,152	—	1,685,118	3,619,152	5,304,270	33,886	2023	40 Years
Pontotoc, MS	—	137,504	1,212,925	—	137,504	1,212,925	1,350,429	10,150	2023	40 Years
Richland, MS	—	532,562	3,029,916	—	532,562	3,029,916	3,562,478	62,259	2023	40 Years
Sledge, MS	—	212,071	1,208,619	—	212,071	1,208,619	1,420,690	12,985	2023	40 Years
Thyatira, MS	—	141,335	1,183,130	—	141,335	1,183,130	1,324,465	12,765	2023	40 Years
Burlington, NC	—	1,426,614	2,241,537	—	1,426,614	2,241,537	3,668,151	17,053	2023	40 Years
Charlotte, NC	—	712,025	820,195	—	712,025	820,195	1,532,220	17,060	2023	40 Years
Charlotte, NC	—	3,176,091	2,229,215	—	3,176,091	2,229,215	5,405,306	30,961	2023	40 Years
Charlotte, NC	—	2,577,766	2,289,630	—	2,577,766	2,289,630	4,867,396	32,323	2023	40 Years
Charlotte, NC	—	1,597,777	1,840,583	—	1,597,777	1,840,583	3,438,360	25,703	2023	40 Years
Charlotte, NC	—	1,365,528	2,144,775	—	1,365,528	2,144,775	3,510,303	29,855	2023	—
Charlotte, NC	—	1,848,911	1,335,958	—	1,848,911	1,335,958	3,184,869	18,653	2023	—
Charlotte, NC	—	1,604,085	1,598,677	—	1,604,085	1,598,677	3,202,762	15,745	2023	40 Years
Charlotte, NC	—	1,249,515	1,891,157	—	1,249,515	1,891,157	3,140,672	18,514	2023	40 Years
Charlotte, NC	—	1,052,922	852,414	—	1,052,922	852,414	1,905,336	8,403	2023	40 Years
Charlotte, NC	—	666,753	4,597,681	—	666,753	4,597,681	5,264,434	5,143	2023	40 Years
Clemmons, NC	—	1,889,699	9,638,522	—	1,889,699	9,638,522	11,528,221	12,432	2023	40 Years
Denver, NC	—	3,259,088	3,327,835	—	3,259,088	3,327,835	6,586,923	31,154	2023	40 Years
Granite Falls, NC	—	561,420	1,388,647	—	561,420	1,388,647	1,950,067	11,112	2023
Lexington, NC	—	160,671	1,289,244	—	160,671	1,289,244	1,449,915	19,923	2023
Matthews, NC	—	962,409	1,924,570	—	962,409	1,924,570	2,886,979	26,769	2023	40 Years
Mount Airy, NC	—	119,892	1,306,260	—	119,892	1,306,260	1,426,152	20,142	2023	40 Years
Peachland, NC	—	138,576	1,319,115	—	138,576	1,319,115	1,457,691	20,283	2023	40 Years
Pine Hall, NC	—	76,013	1,216,748	—	76,013	1,216,748	1,292,761	18,738	2023	40 Years
Rocky Mount, NC	—	195,852	1,117,316	—	195,852	1,117,316	1,313,168	18,131	2023	40 Years
Statesville, NC	—	366,289	1,203,067	—	366,289	1,203,067	1,569,356	18,821	2023	40 Years
Statesville, NC	—	1,430,555	2,249,392	—	1,430,555	2,249,392	3,679,947	33,178	2023	40 Years
Winterville, NC	—	485,409	2,700,424	—	485,409	2,700,424	3,185,833	38,022	2023	40 Years
Fremont, NE	—	431,520	1,320,260	—	431,520	1,320,260	1,751,780	4,917	2023	40 Years
Tilton, NH	—	183,534	3,832,627	—	183,534	3,832,627	4,016,161	4,496	2023	40 Years
Absecon, NJ	—	1,374,061	1,631,228	—	1,374,061	1,631,228	3,005,289	27,159	2023	40 Years
Sicklerville, NJ	—	1,692,765	—	—	1,692,765	—	1,692,765	—	2023	40 Years
Toms River, NJ	—	3,850,142	3,082,035	—	3,850,142	3,082,035	6,932,177	32,122	2023	40 Years
El Prado, NM	—	2,480,000	3,100,561	—	2,480,000	3,100,561	5,580,561	23,096	2023	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · COLUMN G · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
										Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Albany, NY	—	105,489	815,749	—	105,489	815,749	921,238	12,616	2023	40 Years
Albion, NY	—	100,313	720,599	—	100,313	720,599	820,912	5,254	2023	40 Years
Depew, NY	—	721,883	831,547	—	721,883	831,547	1,553,430	16,868	2023	40 Years
Gates, NY	—	532,363	665,024	—	532,363	665,024	1,197,387	2,293	2023	40 Years
Hamburg, NY	—	1,691,131	4,396,424	—	1,691,131	4,396,424	6,087,555	41,172	2023	40 Years
Johnson City, NY	—	174,807	2,072,196	—	174,807	2,072,196	2,247,003	49,733	2023	40 Years
Johnson City, NY	—	9,439,030	—	—	9,439,030	—	9,439,030	—	2023	40 Years
N Syracuse, NY	—	380,662	2,604,672	—	380,662	2,604,672	2,985,334	56,556	2023	40 Years
Stamford, NY	—	124,923	3,368,082	—	124,923	3,368,082	3,493,005	65,261	2023
Bucyrus, OH	—	195,999	5,077,644	—	195,999	5,077,644	5,273,643	100,481	2023	40 Years
Defiance, OH	—	541,262	3,571,710	—	541,262	3,571,710	4,112,972	70,676	2023	40 Years
Franklin, OH	—	1,034,113	1,940,797	—	1,034,113	1,940,797	2,974,910	27,519	2023	40 Years
Hilliard, OH	—	769,622	1,426,246	—	769,622	1,426,246	2,195,868	20,513	2023	40 Years
Hillsboro, OH	—	996,059	2,785,718	—	996,059	2,785,718	3,781,777	8,705	2023	40 Years
Lima, OH	—	1,140,068	3,248,907	—	1,140,068	3,248,907	4,388,975	87,138	2023	40 Years
Lima, OH	—	508,542	1,534,969	—	508,542	1,534,969	2,043,511	11,999	2023	40 Years
Monroe, OH	—	245,925	1,496,706	—	245,925	1,496,706	1,742,631	11,828	2023
Sharonville, OH	—	1,453,858	4,179,350	—	1,453,858	4,179,350	5,633,208	4,910	2023	40 Years
Toledo, OH	—	606,513	2,602,791	—	606,513	2,602,791	3,209,304	22,048	2023	40 Years
Wakeman, OH	—	91,669	1,215,754	—	91,669	1,215,754	1,307,423	24,001	2023	40 Years
Allen, OK	—	62,626	1,225,838	—	62,626	1,225,838	1,288,464	1,632	2023	40 Years
Blackwell, OK	—	93,533	1,019,298	—	93,533	1,019,298	1,112,831	1,359	2023	40 Years
Broken Arrow, OK	—	2,100,860	5,418,091	—	2,100,860	5,418,091	7,518,951	50,772	2023	40 Years
Chickasha, OK	—	1,130,176	—	—	1,130,176	—	1,130,176	—	2023	40 Years
Lawton, OK	—	1,924,571	3,356,356	—	1,924,571	3,356,356	5,280,927	25,340	2023	40 Years
Oklahoma, OK	—	2,037,061	3,712,975	—	2,037,061	3,712,975	5,750,036	38,341	2023	40 Years
Owasso, OK	—	384,877	1,339,624	—	384,877	1,339,624	1,724,501	19,323	2023	40 Years
Pauls Valley, OK	—	195,652	1,561,153	—	195,652	1,561,153	1,756,805	18,632	2023	40 Years
Purcell, OK	—	382,358	1,513,311	—	382,358	1,513,311	1,895,669	17,954	2023	40 Years
Yukon, OK	—	518,955	5,023,556	—	518,955	5,023,556	5,542,511	79,151	2023	40 Years
Carlisle, PA	—	1,748,925	2,596,167	—	1,748,925	2,596,167	4,345,092	19,422	2023	40 Years
Chester Springs, PA	—	1,585,049	4,074,926	—	1,585,049	4,074,926	5,659,975	31,634	2023	40 Years
Forks, PA	—	1,045,325	1,385,755	—	1,045,325	1,385,755	2,431,080	10,474	2023	40 Years
Lebanon, PA	—	212,037	1,527,874	—	212,037	1,527,874	1,739,911	5,034	2023	40 Years
Mechanicsburg, PA	—	4,005,779	4,735,107	—	4,005,779	4,735,107	8,740,886	79,643	2023	40 Years
New Castle, PA	—	727,785	1,855,089	—	727,785	1,855,089	2,582,874	3,249	2023	40 Years
Palmyra, PA	—	422,549	1,613,655	—	422,549	1,613,655	2,036,204	5,297	2023	40 Years
Plymouth Meeting, PA	—	7,087,849	17,423,078	—	7,087,849	17,423,078	24,510,927	430,197	2023	40 Years
Bristol, RI	—	4,129,728	17,456,072	—	4,129,728	17,456,072	21,585,800	97,531	2023	40 Years
North Providence, RI	—	7,557,758	—	—	7,557,758	—	7,557,758	—	2023	40 Years
Barnwell, SC	—	760,049	6,362,704	—	760,049	6,362,704	7,122,753	104,553	2023	40 Years
Bennettsville, SC	—	280,266	1,799,382	—	280,266	1,799,382	2,079,648	26,697	2023	40 Years
Effingham, SC	—	57,620	1,360,392	—	57,620	1,360,392	1,418,012	32,879	2023	40 Years
Fort Mill, SC	—	2,971,923	1,575,674	—	2,971,923	1,575,674	4,547,597	21,939	2023	40 Years
Wagener, SC	—	40,799	1,407,005	—	40,799	1,407,005	1,447,804	5,343	2023	40 Years
Milbank, SD	—	96,069	1,603,473	—	96,069	1,603,473	1,699,542	53,733	2023	40 Years
Redfield, SD	—	239,453	1,313,238	—	239,453	1,313,238	1,552,691	21,840	2023	40 Years
Sioux Falls, SD	—	222,895	1,340,772	—	222,895	1,340,772	1,563,667	19,350	2023	40 Years
Columbia, TN	—	1,005,897	3,490,295	—	1,005,897	3,490,295	4,496,192	12,673	2023	40 Years
Crump, TN	—	49,423	1,051,000	—	49,423	1,051,000	1,100,423	1,290	2023	40 Years
Harriman, TN	—	538,425	1,183,084	—	538,425	1,183,084	1,721,509	17,579	2023	40 Years
Johnson City, TN	—	797,083	1,655,340	—	797,083	1,655,340	2,452,423	24,242	2023	40 Years
Lexington, TN	—	69,699	1,034,888	—	69,699	1,034,888	1,104,587	1,267	2023	40 Years
Mountain City, TN	—	303,224	1,303,211	—	303,224	1,303,211	1,606,435	22,172	2023	40 Years
Nashville, TN	—	2,510,007	693,564	—	2,510,007	693,564	3,203,571	16,631	2023	40 Years
Spring Hill, TN	—	511,449	2,129,701	—	511,449	2,129,701	2,641,150	2,461	2023	40 Years
Austin, TX	—	752,403	271,887	—	752,403	271,887	1,024,290	3,584	2023	40 Years
Baytown, TX	—	347,353	3,342,203	—	347,353	3,342,203	3,689,556	75,788	2023	40 Years
Brenham, TX	—	149,300	5,282,327	—	149,300	5,282,327	5,431,627	6,105	2023	40 Years
Buna, TX	—	206,332	1,267,829	—	206,332	1,267,829	1,474,161	18,797	2023	40 Years
Crosby, TX	—	2,392,756	3,893,594	—	2,392,756	3,893,594	6,286,350	36,458	2023	40 Years
Eagle Pass, TX	—	275,989	3,545,249	—	275,989	3,545,249	3,821,238	80,149	2023	40 Years
El Paso, TX	—	1,149,820	2,436,863	—	1,149,820	2,436,863	3,586,683	3,812	2023	40 Years
Houston, TX	—	2,089,325	4,926,489	—	2,089,325	4,926,489	7,015,814	107,764	2023	40 Years
Houston, TX	—	1,211,812	3,345,728	—	1,211,812	3,345,728	4,557,540	53,553	2023	40 Years
League City, TX	—	1,762,616	5,624,013	—	1,762,616	5,624,013	7,386,629	123,023	2023	40 Years
Longview, TX	—	641,613	2,710,240	—	641,613	2,710,240	3,351,853	53,640	2023	40 Years
Lubbock, TX	—	838,994	3,278,938	—	838,994	3,278,938	4,117,932	59,229	2023	40 Years
Mercedes, TX	—	721,575	1,359,169	—	721,575	1,359,169	2,080,744	10,374	2023	40 Years
Normangee, TX	—	123,404	1,242,768	—	123,404	1,242,768	1,366,172	30,873	2023	40 Years
Pearsall, TX	—	168,396	1,047,514	—	168,396	1,047,514	1,215,910	22,497	2023	40 Years
Richardson, TX	—	5,317,097	5,142,081	—	5,317,097	5,142,081	10,459,178	6,796	2023	40 Years
Richardson, TX	—	1,610,028	—	—	1,610,028	—	1,610,028	—	2023	40 Years

Agree Realty Corporation
Schedule III – Real Estate and Accumulated Depreciation	December 31, 2023


COLUMN A · COLUMN B · · COLUMN C · · COLUMN D · · COLUMN E · · COLUMN F · · COLUMN G · · COLUMN H
· · · · · · · · · · · · · · · · · · · · · · · · · · · Life on
· · · · · · · · · · · · · · · · · · · · · · · · · · · Which
												Depreciation in
· · · · · · · · · · · · · · · · · · · · · · · · · · · Latest
· · · · · · · · · · · Costs · · Gross Amount at Which Carried at · · · · · · · Income
· · · · · Initial Cost · · Capitalized · · · · · Close of Period · · · · · · · · · Statement is
· · · · · · · · Building and · · Subsequent to · · · · · Building and · · · · Accumulated · · Date of · · Computed
Description · Encumbrance · Land · Improvements · Acquisition · Land · Improvements · Total · Depreciation · Acquisition · (in years)
Stafford, TX	—	677,550	729,300	—	677,550	729,300		1,406,850		14,802	2023	40 Years
Temple, TX	—	1,795,552	4,242,556	—	1,795,552	4,242,556		6,038,108		13,257	2023	40 Years
Warren, TX	—	152,485	1,245,867	—	152,485	1,245,867		1,398,352		31,036	2023	40 Years
Danville, VA	—	425,025	948,705	—	425,025	948,705		1,373,730		15,851	2023	40 Years
Fredericksburg, VA	—	1,764,786	—	—	1,764,786	—		1,764,786		—	2023	40 Years
Midlothian, VA	—	317,313	1,207,183	—	317,313	1,207,183		1,524,496		23,347	2023	40 Years
Portsmouth, VA	—	260,183	1,718,446	—	260,183	1,718,446		1,978,629		40,837	2023	40 Years
Stafford, VA	—	796,500	2,175,477	—	796,500	2,175,477		2,971,977		23,540	2023	40 Years
Puyallup, WA	—	674,340	796,624	—	674,340	796,624		1,470,964		17,412	2023	40 Years
Tacoma, WA	—	749,693	1,002,374	—	749,693	1,002,374		1,752,067		5,523	2023	40 Years
Vancouver, WA	—	663,929	884,896	—	663,929	884,896		1,548,825		18,132	2023	40 Years
Ashwaubenon, WI	—	3,545,375	26,018,158	—	3,545,375	26,018,158		29,563,533		514,918	2023	40 Years
Manitowoc, WI	—	547,959	7,964,601	—	547,959	7,964,601		8,512,560		186,497	2023	40 Years
Milwaukee, WI	—	3,209,988	—	—	3,209,988	—		3,209,988		—	2023	40 Years
Onalaska, WI	—	4,908,249	12,193,217	—	4,908,249	12,193,217		17,101,466		73,893	2023	40 Years
Sparta, WI	—	484,147	1,090,863	—	484,147	1,090,863		1,575,010		10,847	2023	40 Years
Charleston, WV	—	708,781	4,431,128	—	708,781	4,431,128		5,139,909		96,928	2023	40 Years
Pennsboro, WV	—	1,976,641	722,606	—	1,976,641	722,606		2,699,247		13,159	2023	40 Years
Ripley, WV	—	1,257,822	6,166,075	—	1,257,820	6,166,061		7,423,881		134,875	2023	40 Years

Subtotal	32,634,841	2,288,976,437	4,793,822,802	61,246,776	2,282,353,521	4,861,692,489	0	7,144,046,010	0	433,957,769
Property Under Development
Various	—	—	33,232,168	—	—	33,232,168		33,232,168		—
Sub Total	—	—	33,232,168	—	—	33,232,168		33,232,168		—
Total	$32,634,841	$2,288,976,437	$4,827,054,970	$61,246,776	$2,282,353,521	$4,894,924,657		$7,177,278,178		$433,957,769

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023.


· 2023 · 2022 · 2021
Balance at January 1	$6,062,209,367	$4,605,458,035	$3,478,088,144
Construction, acquisition and other costs	1,135,848,799	1,499,979,100	1,172,183,773
Impairment charge	(9,555,945)	(1,165,524)	(2,905,125)
Disposition of real estate	(11,224,043)	(42,062,244)	(41,908,757)
Balance at December 31	$7,177,278,178	$6,062,209,367	$4,605,458,035

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2021 to December 31, 2023.


· 2023 · 2022 · 2021
Balance at January 1	$321,141,833	$233,861,792	$172,698,378
Current year depreciation expense	115,969,605	88,892,382	67,019,106
Impairment charge	(2,425,088)	(150,523)	(986,221)
Disposition of real estate	(728,581)	(1,461,818)	(4,869,471)
Balance at December 31	$433,957,769	$321,141,833	$233,861,792

3. Tax Basis

The aggregate cost of our real estate assets for federal income tax purposes is approximately$8.28 billion at December 31, 2023.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.