FOR IMMEDIATE RELEASE

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

AGREE REALTY CORPORATION DECLARES QUARTERLY CASH DIVIDEND

FARMINGTON HILLS, Michigan (September 10, 2007) - Agree Realty Corporation (NYSE: ADC) today announced that its Board of Directors has declared its third quarter 2007 dividend for the Company’s common stock.

• Third quarter 2007 dividend of $0.49 per share
• The declared third quarter 2007 dividend when annualized equals $1.96 per share.
• The third quarter 2007 common share dividend is payable October 11, 2007 to shareholders of record at the close of business on September 28, 2007.
  

Agree Realty Corporation 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 61 properties containing approximately 3.4 million square feet of gross leasable area, located in 15 states. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol ADC.