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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Date of
report (Date of earliest event reported): January 24, 2012</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">_________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>AGREE
REALTY CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">__________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maryland</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>1-12928</B></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>38-3148187</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(State
    or other jurisdiction of incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12pt; tab-stops: -.5in; text-autospace: none; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>31850
Northwestern Highway</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Farmington
Hills, Michigan 48334</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Address
of principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Registrant's
telephone number, including area code: <B>(248) 737-4190</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Not
Applicable</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">(Former
name or former address, if changed since last report)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Wingdings; text-align: justify">q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;Item 7.01 Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Agree Realty Corporation (the &ldquo;<U>Company</U>&rdquo;)
discloses the following recent developments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Credit Facility Refinancing
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On October 26, 2011, the Company
replaced its $55 million and $5 million credit facilities with an $85 million unsecured revolving credit facility that matures
on October 26, 2014. Subject to customary conditions, at the Company&rsquo;s option, the credit facility may be extended for two
one-year terms and the total commitments under the credit facility may be increased up to an aggregate of $135 million. Borrowings
under the credit facility are priced at LIBOR plus 175 to 260 basis points, depending on the Company&rsquo;s leverage ratio, and
were LIBOR plus 185 basis points on January 20, 2012. As of January 20, 2012, the Company had approximately $60.9 million in principal
amount outstanding under the credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Acquisition, Disposition
and Development Activities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Since September 30, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-bottom: 0; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company acquired five properties with a total of approximately 130,000 square feet of gross leasable area for purchase prices aggregating approximately $20.7 million.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company sold a Borders Group, Inc. (&ldquo;Borders&rdquo;) property in Norman, Oklahoma, for approximately $1.6 million.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company conveyed the Borders corporate headquarters property in Ann Arbor, Michigan, which was subject to a non-recourse mortgage loan in default, to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0; font-family: Symbol">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-family: Symbol">&middot;</TD>
    <TD STYLE="padding-bottom: 0">The Company entered into a settlement agreement that provided for the termination of the ground lease on a former Borders property in Ann Arbor, Michigan, and conveyed the retail portion of the property to the ground lessor and retained the office portion of the property.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the ordinary course of business, the
Company continually evaluates properties for acquisition and development. As of January 20, 2012, the Company was party to purchase
and sale agreements, subject to customary closing conditions, for the purchase of three properties with a total of approximately
146,000 square feet of gross leasable area for purchase prices aggregating approximately $17.8 million. In addition, as of January
20, 2012, the Company was party to letters of intent for the purchase of five properties with a total of approximately 58,000 square
feet of gross leasable area for purchase prices aggregating approximately $21.5 million. The Company is in various stages of due
diligence and underwriting as part of its evaluations of these eight potential acquisitions, and each is subject to significant
outstanding conditions and, in the case of the properties subject to letters of intent, the negotiation and execution of definitive
purchase and sale agreements. The Company can make no assurance that it will consummate any particular potential acquisition or,
if it does, what the terms or timing of any contemplated acquisition will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 3, 2011, the Company
announced its purchase of a parcel of land in Southfield, Michigan, which was pre-leased to McDonald&rsquo;s under a 20-year ground
lease. McDonald&rsquo;s is currently constructing a building on the site, which is expected to be completed by the third quarter
of 2012. In addition, as of January 20, 2012, the Company had a pipeline of six potential development projects and one potential
redevelopment project in California, Florida and Michigan with a total of approximately 66,000 square feet of gross leasable area
and anticipated aggregate development costs of approximately $19.4 million. The Company can make no assurance that it will consummate
any particular potential development project or, if it does, what the terms or timing of any proposed development will be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 10.75pt"></P>

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<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>Corporate Activity
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 9, 2012, the Company
issued 93,600 restricted shares of common stock to its officers and employees pursuant to the Company&rsquo;s 2005 Equity Incentive
Plan. The restricted shares of common stock vest in equal installments over a five-year period from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.25in"><B>CAM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Consistent with market practice,
the Company&rsquo;s leases for space in multi-tenant properties generally require the tenants to pay their proportionate share
of operating expenses, such as real estate taxes, insurance, and repairs and maintenance, also referred to as common area maintenance
or &ldquo;CAM&rdquo; charges. The related revenue from tenant billings for CAM charges is recognized as an operating cost reimbursement
in the same period the expense is recorded. In the Company&rsquo;s financial statements for the fiscal year ended December 31,
2011, which will be included in its annual report on Form 10-K for the fiscal year ended December 31, 2011, the Company expects
to record a liability of approximately $200,000 for potential disputes by tenants concerning their proportionate share of CAM charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On January 24, 2012, the Company and Agree
Limited Partnership, for which the Company is the sole general partner, entered into an Underwriting Agreement with Raymond
James &amp; Associates, Inc., as representative of the several underwriters named in Schedule I thereto (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 1,300,000
shares of common stock, par value $0.0001 per share, at a purchase price to the public of $24.75 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The offering closed on January 27,
2012, and the Company issued 1,300,000 shares pursuant to the Company&rsquo;s shelf registration statement on Form S-3 (File No.&nbsp;333-161520),
which was declared effective by the Securities and Exchange Commission on November&nbsp;16, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company received net proceeds
from the offering of approximately $30.5 million, after deducting the underwriting discount and estimated offering expenses payable
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Underwriting Agreement,
the Company granted the underwriters an option to purchase up to 195,000 additional shares of common stock to cover overallotments,
if any. The option may be exercised, in whole or in part, until the 30th day following the date of the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Item 9.01 Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>(d) Exhibits.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-bottom: 12pt; font-weight: bold; text-decoration: underline">Exhibit Number</TD>
    <TD STYLE="width: 85%; padding-bottom: 12pt; font-weight: bold; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">1.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">5.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Opinion of DLA Piper LLP (US) regarding legality of the shares</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">8.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Opinion of DLA Piper LLP (US) regarding tax matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">23.1</TD>
    <TD STYLE="padding-bottom: 12pt; font-weight: normal; text-align: justify">Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">AGREE REALTY CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Dated:&nbsp; January 27, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">BY:&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>/s/ <B>Alan D. Maximiuk</B></U></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Alan D. Maximiuk</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-style: italic; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Vice President, Chief Financial Officer and Secretary</TD></TR>
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INDEX</U></B></FONT></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B><U>Description</U></B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1.1</TD>
    <TD STYLE="font-weight: normal">Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James &amp; Associates, Inc., as representative of the several underwriters</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5.1</TD>
    <TD STYLE="font-weight: normal">Opinion of DLA Piper LLP (US) regarding legality of the shares</TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">8.1</TD>
    <TD STYLE="font-weight: normal">Opinion of DLA Piper LLP (US) regarding tax matters</TD></TR>
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    <TD STYLE="font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">23.1</TD>
    <TD STYLE="font-weight: normal">Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)</TD></TR>
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{"company-data": {"conformed-name": "AGREE REALTY CORP", "cik": "0000917251", "assigned-sic": "6798", "irs-number": "383148187", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12928", "film-number": "12552006"}, "business-address": {"street1": "31850 NORTHWESTERN HGWY", "city": "FARMINGTON HILLS", "state": "MI", "zip": "48334", "phone": "8107374190"}, "mail-address": {"street1": "31850 NORTHWESTERN HIGHWAY", "city": "FARMINGTON HILLS", "state": "MI", "zip": "48334"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported): January 24, 2012
_________________________________
AGREE
REALTY CORPORATION
(Exact
name of registrant as specified in its charter)
__________________________________
Maryland
1-12928
38-3148187
(State
    or other jurisdiction of incorporation or organization)
(Commission File Number)
(IRS Employer Identification No.)
31850
Northwestern Highway
Farmington
Hills, Michigan 48334
(Address
of principal executive offices)
Registrant's
telephone number, including area code:
(248) 737-4190
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
q
Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)
q
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
q
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
q
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
Agree Realty Corporation (the "
Company
")
discloses the following recent developments:
Credit Facility Refinancing
On October 26, 2011, the Company
replaced its $55 million and $5 million credit facilities with an $85 million unsecured revolving credit facility that matures
on October 26, 2014. Subject to customary conditions, at the Company's option, the credit facility may be extended for two
one-year terms and the total commitments under the credit facility may be increased up to an aggregate of $135 million. Borrowings
under the credit facility are priced at LIBOR plus 175 to 260 basis points, depending on the Company's leverage ratio, and
were LIBOR plus 185 basis points on January 20, 2012. As of January 20, 2012, the Company had approximately $60.9 million in principal
amount outstanding under the credit facility.
Acquisition, Disposition
and Development Activities
Since September 30, 2011:
·
The Company acquired five properties with a total of approximately 130,000 square feet of gross leasable area for purchase prices aggregating approximately $20.7 million.
·
The Company sold a Borders Group, Inc. ("Borders") property in Norman, Oklahoma, for approximately $1.6 million.
·
The Company conveyed the Borders corporate headquarters property in Ann Arbor, Michigan, which was subject to a non-recourse mortgage loan in default, to the lender pursuant to a consensual deed-in-lieu-of-foreclosure process that satisfied the loan.
·
The Company entered into a settlement agreement that provided for the termination of the ground lease on a former Borders property in Ann Arbor, Michigan, and conveyed the retail portion of the property to the ground lessor and retained the office portion of the property.
In the ordinary course of business, the
Company continually evaluates properties for acquisition and development. As of January 20, 2012, the Company was party to purchase
and sale agreements, subject to customary closing conditions, for the purchase of three properties with a total of approximately
146,000 square feet of gross leasable area for purchase prices aggregating approximately $17.8 million. In addition, as of January
20, 2012, the Company was party to letters of intent for the purchase of five properties with a total of approximately 58,000 square
feet of gross leasable area for purchase prices aggregating approximately $21.5 million. The Company is in various stages of due
diligence and underwriting as part of its evaluations of these eight potential acquisitions, and each is subject to significant
outstanding conditions and, in the case of the properties subject to letters of intent, the negotiation and execution of definitive
purchase and sale agreements. The Company can make no assurance that it will consummate any particular potential acquisition or,
if it does, what the terms or timing of any contemplated acquisition will be.
On November 3, 2011, the Company
announced its purchase of a parcel of land in Southfield, Michigan, which was pre-leased to McDonald's under a 20-year ground
lease. McDonald's is currently constructing a building on the site, which is expected to be completed by the third quarter
of 2012. In addition, as of January 20, 2012, the Company had a pipeline of six potential development projects and one potential
redevelopment project in California, Florida and Michigan with a total of approximately 66,000 square feet of gross leasable area
and anticipated aggregate development costs of approximately $19.4 million. The Company can make no assurance that it will consummate
any particular potential development project or, if it does, what the terms or timing of any proposed development will be.
Corporate Activity
On January 9, 2012, the Company
issued 93,600 restricted shares of common stock to its officers and employees pursuant to the Company's 2005 Equity Incentive
Plan. The restricted shares of common stock vest in equal installments over a five-year period from the date of grant.
CAM
Consistent with market practice,
the Company's leases for space in multi-tenant properties generally require the tenants to pay their proportionate share
of operating expenses, such as real estate taxes, insurance, and repairs and maintenance, also referred to as common area maintenance
or "CAM" charges. The related revenue from tenant billings for CAM charges is recognized as an operating cost reimbursement
in the same period the expense is recorded. In the Company's financial statements for the fiscal year ended December 31,
2011, which will be included in its annual report on Form 10-K for the fiscal year ended December 31, 2011, the Company expects
to record a liability of approximately $200,000 for potential disputes by tenants concerning their proportionate share of CAM charges.
Item 8.01 Other Events.
On January 24, 2012, the Company and Agree
Limited Partnership, for which the Company is the sole general partner, entered into an Underwriting Agreement with Raymond
James & Associates, Inc., as representative of the several underwriters named in Schedule I thereto (the "
Underwriting
Agreement
"). Pursuant to the terms and conditions of the Underwriting Agreement, the Company agreed to sell 1,300,000
shares of common stock, par value $0.0001 per share, at a purchase price to the public of $24.75 per share.
The offering closed on January 27,
2012, and the Company issued 1,300,000 shares pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-161520),
which was declared effective by the Securities and Exchange Commission on November 16, 2009.
The Company received net proceeds
from the offering of approximately $30.5 million, after deducting the underwriting discount and estimated offering expenses payable
by the Company.
Pursuant to the Underwriting Agreement,
the Company granted the underwriters an option to purchase up to 195,000 additional shares of common stock to cover overallotments,
if any. The option may be exercised, in whole or in part, until the 30th day following the date of the Underwriting Agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Description
1.1
Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James & Associates, Inc., as representative of the several underwriters
5.1
Opinion of DLA Piper LLP (US) regarding legality of the shares
8.1
Opinion of DLA Piper LLP (US) regarding tax matters
23.1
Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
AGREE REALTY CORPORATION
Dated:  January 27, 2012
BY:
/s/
Alan D. Maximiuk
Alan D. Maximiuk
Vice President, Chief Financial Officer and Secretary
EXHIBIT
INDEX
Exhibit Number
Description
1.1
Underwriting Agreement, dated as of January 24, 2012, among the Agree Realty Corporation, Agree Limited Partnership and Raymond James & Associates, Inc., as representative of the several underwriters
5.1
Opinion of DLA Piper LLP (US) regarding legality of the shares
8.1
Opinion of DLA Piper LLP (US) regarding tax matters
23.1
Consent of DLA Piper LLP (US) (included in Exhibit 5.1 and Exhibit 8.1)