• First quarter 2009 cash dividend of $0.50 per share.
• The declared first quarter 2009 dividend when annualized equals $2.00 per share.
• The first quarter 2009 common share dividend is payable April 14, 2009 to shareholders of record at the close of business on March 31, 2009.

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 70 properties containing approximately 3.4 million square feet of gross leasable area, located in 16 states. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol ADC.