FOR IMMEDIATE RELEASE

(248) 737-4190

FARMINGTON HILLS, Michigan (June 8, 2009) - Agree Realty Corporation (NYSE: ADC) today announced that its Board of Directors has declared its second quarter 2009 dividend for the Company’s common stock.

• Second quarter 2009 cash dividend of $0.50 per share.

• The declared second quarter 2009 dividend when annualized equals $2.00 per share.

• The second quarter 2009 common share dividend is payable July 14, 2009 to shareholders of record at the close of business on June 30, 2009.

Agree Realty is engaged in the ownership, management and development of properties, which are primarily single tenant net leased properties and neighborhood community shopping centers, leased to retail tenants.  The Company owns and operates a portfolio of 71 properties containing approximately 3.5 million square feet of gross leasable area, located in 16 states.  The common stock of Agree Realty is listed on the New York Stock Exchange under the symbol ADC.

For additional information, visit the Company’s home page on the Internet at http://www.agreerealty.com