FOR IMMEDIATE RELEASE

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

FARMINGTON HILLS, Michigan (July 14, 2008) - Agree Realty Corporation (NYSE:  ADC) today announced it had obtained a $24.8 million term loan secured by seven of the Company’s retail properties. The loan has an original term of five years, bears interest at 150 basis points over LIBOR and can be extended by the Company for an additional two year period. The loan was jointly arranged by LaSalle Bank Midwest National Association and Raymond James Bank.

“The proceeds from this term loan will be applied against amounts outstanding on our unsecured  $55 million Credit Facility,” said Richard Agree, President and Chief Executive Officer of Agree Realty Corporation. “The completion of this transaction provides the Company additional funds for future projects.” 

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 67 properties, located in 16 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.