Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On June 8, 2009, Richard Agree resigned as President of Agree Realty Corporation (the "Company"), although he will continue to serve as the Company's Chief Executive Officer, Chairman of the Board of Directors and a director.

(c)/(d) On June 8, 2009, the Board appointed Joey Agree to the position of President and Chief Operating Officer of the Company. In addition, the Board approved the expansion of the Board to seven members and Joey Agree was appointed to fill the Board's new vacancy. He will also serve on the Executive Committee of the Board.

Joey Agree, 30, has been Executive Vice President of the Company since January 2006. Prior to being appointed to this position, Mr. Agree supervised the Company's development and acquisition activities. Prior to joining the Company in March 2005, Mr. Agree was employed by Grand/Sakwa Properties, one of the largest private developers in the Midwest, as a director of land acquisitions. He is a member of the State Bar of Michigan and the International Council of Shopping Centers. He holds a J.D. from Wayne State University Law School and a B.A. in Political Science from the University of Michigan. Joey Agree is the son of Richard Agree.

The Company announced the foregoing in a press release on June 8, 2009, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Description

99.1 Press release, dated June 8, 2009

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