FOR IMMEDIATE RELEASE

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

FARMINGTON HILLS, Michigan (April 16, 2007) - Agree Realty Corporation (NYSE:  ADC) today announced that it would develop, for retail use, a property located in Macomb Township, Michigan.

Phase One of the project will consist of a leader in the U.S. chain drugstore industry as well as a JP Morgan Chase Bank branch.  Tenants for Phase Two are yet to be announced.  The development will be conveniently located at the intersection of 21 Mile Road and Card Road in Macomb Township, Michigan.

“This project, with two high-quality national tenants, is a development that is expected to enhance shareholder value. We are thrilled to add a quality tenant such as JP Morgan Chase to our portfolio,” said Richard Agree, President and Chairman of Agree Realty Corporation

Agree Realty Corporation is engaged in the ownership, management and development of properties, which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers.  Agree Realty owns and operates a portfolio of 60 properties, located in 15 states and containing 3.4 million square feet of leasable space.

Agree Realty Corporation considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Exchange Act of 1934, both as amended, with respect to the Company’s expectation for future periods.  Such statements are, by their nature, subject to certain risks and uncertainties.  The Company cautions that, as a result of a number of factors, actual results could differ materially from those set forth in this presentation.  Other risks, uncertainties and factors that could cause actual results to differ materially than those projected are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K.