FOR IMMEDIATE RELEASE

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

FARMINGTON HILLS, Michigan (July 19, 2007) - Agree Realty Corporation (NYSE:  ADC) today announced that it would develop for retail use a property located in East Lansing, Michigan.

The Company’s budgeted cost for phase one of the project is approximately $2.5 million.  Phase one is pre-leased and is expected to be completed during the first quarter of 2008.

“We are pleased to add another quality project to our growing 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 net leased properties or neighborhood community shopping centers, leased to major retail tenants.

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.