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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BizFl0t12APpOXawblnVUTM6SWylEissYPbGUo6X2IBZU/D8KsRFH6zEzSExNqSq
 E2cese7wPHQPRB9SSoh6vg==

<SEC-DOCUMENT>0001209191-04-001587.txt : 20040106
<SEC-HEADER>0001209191-04-001587.hdr.sgml : 20040106
<ACCEPTANCE-DATETIME>20040106161546
ACCESSION NUMBER:		0001209191-04-001587
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040105
FILED AS OF DATE:		20040106

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHAEFER BRUCE J
		CENTRAL INDEX KEY:			0001275220

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		04510408

	BUSINESS ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HIGHWAY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
		BUSINESS PHONE:		2487374190

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HGWY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HIGHWAY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bde81833_bde1bs.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2004-01-05</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000917251</issuerCik><issuerName>AGREE REALTY CORP</issuerName>        <issuerTradingSymbol>ADC</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001275220</rptOwnerCik><rptOwnerName>SCHAEFER BRUCE J</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>31850 NORTHWESTERN HIGHWAY</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>FARMINGTON HILLS</rptOwnerCity><rptOwnerState>MI</rptOwnerState><rptOwnerZipCode>48334</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Vice President Leasing</officerTitle></reportingOwnerRelationship></reporti
ngOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock $.0001 Par Value</value></securityTitle><transactionDate><value>2004-01-05</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2500</value></transactionShares><transactionPricePerShare><value>28.28</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>22675</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><ownerSignature><signatureName>\s\ Bruce J. Schaefer</signatureName><signatureDate>2004-01-06</signatureDate></ownerSignature></
ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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