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This presentation contains certain statements that are the Company’s and Management’s hopes, intentions, beliefs, expectations, or projections of the future and might be considered forward-looking statements under Federal Securities laws. Prospective investors are cautioned that any such forward- looking statements are not guarantees of future performance and involve risks and uncertainties. The Company’s actual future results may differ significantly from the matters discussed in these forward- looking statements and we may not release revisions to these forward-looking statements to reflect changes after we’ve made the statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company’s filings with the SEC including, but not limited to, the Company’s report on Form 10-K, as well as Company press releases.

1 Agree Realty Corporation (NYSE: ADC) Retail net lease growth company focused on the acquisition and development of high-quality retail properties

Our Company . $1.0 billion retail net lease REIT headquartered in Bloomfield Hills, MI and listed on the NYSE under ticker ADC . 279 retail properties totaling approximately 5.2 million square feet in 41 states . 51.4% investment grade tenants and 11.4 years average remaining lease term

Our History . Founded in 1971 as developer, owner and manager of retail properties . IPO in 1994 to continue and expand business of predecessor company . Formally launched an acquisition platform in 2010 and Joint Venture Capital Solutions (“JVCS”) business in 2012

Our Business Plan . Opportunistically expand and diversify our high-quality retail net lease portfolio through a refined and disciplined investment strategy . Generate consistent and sustainable earnings growth . Provide a reliable dividends per stream of income through a growing dividend . Maintain a conservative and flexible capital structure

As of January 13, 2016. 2 Recent Highlights Enhancing our portfolio and creating shareholder value through consistent execution

Acquired 73 assets for an aggregate purchase price of $220 million in 2015 . Weighted-average cap rate of 8.0% and weighted-average remaining lease term of 12.2 years . Leading brands and retailers operating in e-commerce resistant and experiential retail sectors . Provided 2016 acquisition guidance of $175 - $200 million of retail net lease properties

Commenced three development/Joint Venture Capital projects . Cash & Carry Smart Food Service - Salem, Oregon . Wawa - Orlando, Florida . Hobby Lobby - Springfield, Ohio . Announced Joint Venture Partnership with leading Burger King operator for up to 10 store

Strategically disposed of eight assets for gross proceeds of $29.0 million in 2015 . Including North Lakeland Plaza, Ferris Commons, and Marshall Plaza

Increased Q3 FFO per share by 10.9% and AFFO per share by 7.1%

Expanded access to capital markets . Completed inaugural debt private placement in May 2015 – $100 million, 11-year term, 4.21% interest rate . Launched first at-the-market (ATM) equity offering program in May 2015 – $100 million

As of January 13, 2016. 3 Portfolio Summary Accelerating Growth Established real estate capabilities and growing market presence driving increased investment opportunities

# of Properties Annualized Base Rent (“ABR”) $ millions 280 $75.0 279 $72.4

240 $65.0

200 209

$55.0 $56.5

160

$45.0 $45.1 130 120

109 $38.1 $35.0 $36.4 80 87 81 $34.3 $34.0 73

40 $25.0 2009 2010 2011 2012 2013 2014 2015 2009 2010 2011 2012 2013 2014 Current

As of January 13, 2016. 5 Active Asset Management Focus on real estate fundamentals guides non-core asset sales and capital recycling Total Dispositions 2010-2015: $87.0M

$15.9M $12.9M $29.0M Chippewa Commons North Lakeland Plaza

Columbus, OH Chippewa Falls, WI Lakeland, FL $14.4M $8.3M Plymouth Commons Petoskey Town Center Ferris Commons

Santa Barbara, CA Tulsa, OK Columbus, OH Petoskey, MI Big Rapids, MI

Shawano Plaza Marshall Plaza

Marion Oaks, FL Norman, OK East Lansing, MI Marshall, MI Shawano, WI $5.5M Charlevoix Commons Ironwood Commons

Aventura, FL Ann Arbor, MI Charlevoix, MI Ypsilanti, MI Ironwood, MI Waynesboro, VA 2010 2011 2012 2013 2014 2015

As of January 13, 2016. 6 Portfolio Transformation Disciplined strategy has led to increased portfolio diversification and improved quality of rental income

Property Type (% ABR) Top 3 Tenant Concentration (% ABR)

6% Tenant 80.0% Ground Leases Retail Retail Net Lease Net Lease 70.0% 60.0% 71% 98%

Shopping 40.0% Centers 29% 2% 20.0% 25.8%

Shopping 9% Tenant Centers Ground Leases 0.0% 1/1/2010 Current 1/1/2010 Current (73 properties) (279 properties) (Walgreens, Borders, Kmart) (Walgreens, Wal-Mart, Wawa)

Geographic Diversification Retail Sector Exposure 1/1/2010 Current

 Pharmacy  Pharmacy  Auto Parts  Bookstores  QSRs  Financial Services  General Merchandise  Health & Fitness  Auto Service  Casual Dining  Grocery Stores  Healthcare  Financial Services  Sporting Goods  Crafts & Novelties  Auto Parts  Warehouse Clubs  Dollar Stores  Apparel  Pet Supplies  Convenience Stores  General Merchandise  Casual Dining  Discount Stores  Specialty Retail  Home Furnishings  Home Improvement  Consumer Electronics  Theater  Entertainment Retail

1/1/2010 Current + (16 states) (41 states)

As of January 13, 2016. 7 Leading, Pure-Play Retail Net Lease REIT Diversified portfolio of high-quality retail properties occupied by superior credit tenants under long term leases

Retail % of Total Portfolio Investment Grade Tenants

100.0% 55.0% 100.0% 100.0% 91.7%

75.0% 79.2% 50.0% 51.4%

61.4% 50.0% 58.5% 45.0%

44.0% 43.5% 25.0% 40.0%

0.0% 35.0% Undisclosed Undisclosed Undisclosed ADC NNN SRC(1) O VEREIT(2) STOR(3) ADC O VEREIT NNN SRC STOR

Occupancy Weighted-Average Lease Term

15.0 100.0% 13.0 yrs

99.8% 99.5% 99.0% 12.0 yrs 99.1% 99.0%

98.5% 11.5 11.4 98.0% 98.3% 11.0 yrs 11.1 10.8

97.0% 10.0 yrs 10.1

96.0% 9.0 yrs STOR ADC NNN O SRC VEREIT STOR NNN ADC VEREIT SRC O

Peer data from third quarter supplemental or company SEC filings. (1) Excludes Medical/Other Office, Education and Manufacturing, as disclosed. (2) Excludes Office and Industrial and Distribution, as disclosed. (3) Excludes Industrial, Early Childhood Education Centers, Colleges and Professional Schools and All Other Service Industries, as disclosed. 8 Investment Strategy Unique Real Estate Investment Strategy Leverage real estate acumen and naturally overlapping investment platforms to identify best risk-adjusted retail net lease opportunities

ADC’s three investment platforms adhere to the same principles while pursuing opportunities along the full spectrum of net lease asset origination . Bottoms-up underwriting => real estate and residuals matter . 100% retail properties => superior real estate + longer term leases . National and super-regional retailers => superior real estate + credit enhancement . Emphasis on tenant real estate solutions => long-term relationships and repeat business

ADC Joint Venture Capital

 “Inorganic” development  Partner with private developers  Provide capital and development expertise ADC Development ADC Acquisitions

 “Organic” development  Acquire stabilized assets  40 year track record  Sale-leasebacks and third  Preferred developer status party sellers

Site Land Land Entitlements ConstructionDelivery Sale selection negotiation purchase

Retail Net Lease Real Estate “Lifecycle”

10 National and Super-Regional Retailers Industry leading brands and retailers operating in e-commerce resistant sectors

Retail Tenant Type (% ABR)

National 77% z

Super-Regional Franchise 13% 10%

z z

As of January 13, 2016. 11 Emphasis on Tenant Real Estate Solutions Unique, dual capabilities drive opportunistic value-add partnerships with retailers nationwide

DEVELOPMENT SALE-LEASEBACK  Spearheading retailer  Track record of execution expansion programs for over as acquirer and real estate 3 decades partner • In-house expertise • Ability to close quickly • Superior access to capital • Focus on core • Transparency & credibility competencies • Side-by-side growth

12 Track Record of Execution Since 2010, ADC has invested over $677.1 million in high quality retail net lease properties

Investment Activity

$ millions $250.0

$15.0

$220.0 $200.0

$17.7 $150.0 $147.5

$100.0 $28.4

$81.5 $73.3

$50.0 $14.1

$36.8 $38.6

$0.0 2010 2011 2012 2013 2014 2015

Acquisitions Development / JVCS

As of January 13, 2016. 13 Financial Overview Demonstrated Access to Capital Expanding relationships and new sources of capital support portfolio growth objectives

Capital Markets Activity Revolving Line of Credit $ millions $ millions # Lenders $200.0 $275.0 7

$92.5 $180.0 $250.0 $100.0 $100.0 6 $225.0 $160.0 $95.8 $200.0 $140.0 $76.8 5

$175.0 $120.0 4 $150.0 $100.0 $150.0 $150.0 $32.2 $100.0 $125.0 $50.0 $50.0 $50.0 3 $80.0 $100.0 $65.0 $60.0 $66.8 2 $35.0 $75.0 $85.0 $85.0 $85.0

$40.0 $50.0 $55.0 1 $28.6 $20.0 $25.0 $25.0

$0.0 $5.6 $0.0 0 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015

Secured Debt (1)Unsecured Debt Common Equity (2) Capacity Accordion Lenders

As of January 13, 2016

(1) Includes mortgage debt assumed in connection with certain property acquisitions. (2) Includes common equity raised through the Company’s At-the-Market (“ATM”) offering through January 13, 2016. 15 Capital Structure, Financial Ratios

Debt Maturities $ millions Weighted Average Debt Maturity: 7.1 years $75.0 $65.0 $60.0 $52.0 $50.0 $50.0 $45.0 $45.0

$30.0 $29.1 $20.9 $15.0 $8.6 $8.6 $0.0 $0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 (1)

Pro Forma Financial Ratios

Equity Market Capitalization $670M 68% Common Equity Total Capitalization $1.0B

Total Debt to Total Market Capitalization 32%

Secured Interest Coverage 4.4x Debt Unsecured Debt 10% Net Debt / Adjusted EBITDA 4.8x 22%

As of September 30, 2015, except where applicable in pro forma financial ratios, which are pro forma to reflect the Company’s December 2015 common equity issuance. (1) Mortgage note payable may be extended, at the Company’s election, for two years to May 2019, subject to certain conditions. 16 Consistent Performance Management is focused on delivering consistent earnings and dividend growth

FFO per Share AFFO per Share

$2.40 $2.40 $2.39 $2.38 $2.30 $2.30

$2.20 $2.20 $2.22 $2.18 $2.10 $2.10 $2.13 $2.10 $2.09 $2.00 $2.04 $2.00

$1.90 $1.90 2012 2013 2014 2015E(1) 2012 2013 2014 2015E (1)

Dividends per Share G&A % of Total Revenue

$1.92 18.0%

$1.85 15.5% $1.80 15.9%

$1.74 $1.68 13.0% 13.7%

$1.64 12.3% $1.56 $1.60 10.5% 10.5%

$1.44 8.0% (2) 2012 2013 2014 2015 2012 2013 2014 2015

(1) Consensus earnings estimates per SNL Financial. (2) Company estimate. 17 Attractive Relative Value ADC offers a well covered dividend and valuation opportunity

Current Dividend Yield 2015E AFFO Payout Ratio

7.25% 85.0%

6.75% 7.0% 84.0% 83.0%

6.25% 81.0% 5.75% 5.7% 79.0% 79.2% 5.25% 78.8%

4.75% 77.0%

4.6% 4.25% 75.0% (1) NNN · O · STOR(1) All ADC NNN · O · STOR All ADC Net Lease Net Lease

2016E FFO Multiple 2016E AFFO Multiple 16.0x 20.0x

18.8x 15.1x 18.0x 14.0x 14.0x 16.0x

12.8x 14.0x 12.0x 13.8x 13.1x 11.5x 12.0x 11.7x 10.0x 10.0x (1) Shopping NNN · O · STOR All ADC Shopping NNN · O · STOR(1) All ADC Centers Net Lease Centers Net Lease

Per KeyBanc Capital Markets “The Leaderboard” as of January 8, 2016. Data is based on consensus earnings estimates per SNL Financial. (1) Includes National Retail Properties, Realty Income and STORE Capital. 18 Investment Summary Highlights

 Pure-play retail net lease REIT

 Unique real estate investment strategy

 Proven external growth platforms

 Fortress balance sheet

 Consistent earnings and dividend growth

 Attractive relative valuation

19 Appendix

20 Portfolio Snapshot

Overview Lease Expirations $ millions Properties 279 $40.4 $40.0 Gross Leasable Area 5.2M SF

Occupancy 99.5% $30.0

States 41 $20.0 Tenants 120

Retail Sectors 25+ $10.0 $6.3 $5.2 $4.3 $4.2 $2.7 $3.3 $1.7 $1.4 $2.6 Investment Grade % (1) 51.4% $0.3 $0.0 Weighted-Average Lease Term (1) 11.4 years

Tenants Retail Sectors

($ in thousands) Annualized % of ($ in thousands) Annualized % of (1) Tenant / Concept Base Rent Total Tenant Sector Base Rent(1) Total Walgreens $12,310 17.0% Pharmacy $16,659 23.0% Wal-Mart 3,924 5.4% Wawa 2,465 3.4% Restaurants - Quick Service 5,643 7.8% CVS 2,463 3.4% General Merchandise 3,956 5.5% Academy Sports 1,982 2.7% Apparel 3,903 5.4% Rite Aid 1,886 2.6% Grocery Stores 3,843 5.3% Lowe’s 1,846 2.5% Warehouse Clubs 3,749 5.2% Dollar General 1,795 2.5% Health & Fitness 3,562 4.9% 24 Hour Fitness 1,759 2.4% BJ’s Wholesale 1,709 2.4% Sporting Goods 3,149 4.3% LA Fitness 1,694 2.3% Specialty Retail 3,147 4.3% Charter Foods North 1,537 2.1% Convenience Stores 2,599 3.6% Dollar Tree 1,427 2.0% Restaurants - Casual Dining 2,388 3.3% Meridian Restaurants 1,241 1.7% Dollar Stores 2,280 3.1% Kohl’s 1,180 1.6% Auto Parts 2,267 3.1% AutoZone 1,163 1.6% Dick’s Sporting Goods 1,089 1.5% Home Improvement 1,846 2.5% Other 30,960 43% Other 13,437 18.6% Total $72,431 100.0% Total $72,431 100.0%

As of January 13, 2016 (1) Based on GAAP annualized base rent. 21 Representative Acquisitions

Single Tenant Net Lease

IHOP KeyBank H-E-B AutoZone Portfolio (14) Elyria, OH Elyria, OH Brenham, TX 6 states

Multi-Tenant Net Lease

Bed Bath & Beyond / Academy Sports + Outdoors / Michaels / PetSmart Michaels / Dollar Tree / PetSense Old Navy / Dress Barn Jo-Ann Fabrics / Orscheln Anderson, SC Fort Oglethorpe, GA Grand Chute, WI Topeka, KS

Franchise Restaurants

Taco Bell Portfolio (4) Wendy’s Portfolio (3) Golden Corral Burger King Portfolio (11) Ohio, Virginia & West Virginia Georgia & South Carolina Springfield, IL North Dakota & Minnesota

22 Recent Development and JVCS Projects

Cash & Carry Smart Foodservice Hobby Lobby Wawa Salem, OR Springfield, OH Orlando, FL

T.J. Maxx / Ross Dress For Less / Petco New Lenox, IL

Cash & Carry Smart Foodservice Buffalo Wild Wings McDonald’s Wawa Burlington, WA St. Augustine, FL East Palatka, FL St. Petersburg, FL

23 DEVELOP | ACQUIRE | PARTNER