Agree Realty Corporation
MX ˙ BMV ˙ US0084921008
SecurityMX:ADC / Agree Realty Corporation
InstitutionBlackRock, Inc.
Latest Disclosed Ownership11,689,477 shares
Ownership 10.90%
BlackRock, Inc. ownership in ADC / Agree Realty Corporation

2025-04-28 - BlackRock, Inc. has filed an SCHEDULE 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 11,689,477 shares of Agree Realty Corporation (MX:ADC). This represents 10.9 percent ownership of the company. In their previous filing dated 2024-01-23 , BlackRock, Inc. had reported owning 12,646,666 shares, indicating a decrease of -7.57 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2025-04-28 2025-04-28 13G/A 12,646,666 11,689,477 -7.57 10.90 -13.49
2024-01-23 2024-01-23 13G/A 11,259,734 12,646,666 12.32 12.60 4.13
2023-07-07 2023-07-07 13G/A 17,163,492 11,259,734 -34.40 12.10 -37.63
2023-01-26 2023-01-26 13G/A 17,163,492 17,163,492 0.00 19.40 0.00
2023-01-20 2023-01-20 13G 13,667,653 17,163,492 25.58 19.40 1.04
2022-01-27 2022-01-27 13G/A 13,667,653 13,667,653 0.00 19.20 0.00
2022-01-26 2022-01-26 13G 10,390,100 13,667,653 31.54 19.20 2.13
2021-01-25 2021-01-25 13G 7,334,453 10,390,100 41.66 18.80 16.77
2020-02-04 2020-02-04 13G/A 5,763,879 7,334,453 27.25 16.10 -3.59
2019-01-24 2019-01-24 13G/A 4,281,810 5,763,879 34.61 16.70 13.61
2018-01-19 2018-01-19 13G/A 3,491,689 4,281,810 22.63 14.70 8.89
2017-01-12 2017-01-12 13G/A 2,335,193 3,491,689 49.52 13.50 8.87
2016-01-08 2016-01-08 13G/A 2,335,193 12.40
2015-01-09 2015-01-09 13G/A 1,961,160 11.40
2014-01-10 2014-01-10 13G/A 1,677,286 12.70
2013-08-09 2013-08-09 13G/A 1,471,184 11.11
2013-02-01 2013-02-01 13G/A 941,131 8.23
2012-02-13 2012-02-13 13G/A 778,700 7.90

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-13 2026-03-31 13F AGREE RLTY COM 008492100 17,890,008 1,102,612 6.57 1,348,549 11.52 0.0018
2026-02-12 2025-12-31 13F AGREE RLTY COM 008492100 16,787,396 728,383 4.54 1,209,196 5.99 0.0204
2025-11-12 2025-09-30 13F AGREE RLTY COM 008492100 16,059,013 785,866 5.15 1,140,832 2.24 0.0200
2025-08-12 2025-06-30 13F AGREE RLTY COM 008492100 15,273,147 2,275,716 17.51 1,115,856 11.22 0.0212
2025-05-02 2025-03-31 13F AGREE RLTY COM 008492100 12,997,431 -362,921 -2.72 1,003,272 6.59 0.0211
2025-02-07 2024-12-31 13F AGREE RLTY COM 008492100 13,360,352 179,121 1.36 941,237 -5.21 0.0190
2024-11-13 2024-09-30 13F AGREE RLTY COM 008492100 13,181,231 -135,518 -1.02 992,942 20.38 0.0208
2024-08-13 2024-06-30 13F AGREE RLTY COM 008492100 13,316,749 -192,012 -1.42 824,839 6.90 0.0187
2024-05-10 2024-03-31 13F AGREE RLTY COM 008492100 13,508,761 862,095 6.82 771,620 -3.08 0.0180
2024-02-13 2023-12-31 13F AGREE RLTY COM 008492100 12,646,666 799,763 6.75 796,108 21.65 0.0203
2023-11-13 2023-09-30 13F AGREE RLTY COM 008492100 11,846,903 587,169 5.21 654,423 -11.12 0.0188
2023-08-11 2023-06-30 13F AGREE RLTY COM 008492100 11,259,734 -2,178,327 -16.21 736,274 -20.14 0.0203
2023-05-12 2023-03-31 13F AGREE RLTY COM 008492100 13,438,061 -3,725,431 -21.71 921,985 -24.27 0.0272
2023-02-13 2022-12-31 13F AGREE RLTY COM 008492100 17,163,492 1,814,635 11.82 1,217,406 17.37 0.0381
2022-11-14 2022-09-30 13F AGREE RLTY COM 008492100 15,348,857 992,766 6.92 1,037,276 0.17 0.0353
2022-08-12 2022-06-30 13F AGREE RLTY COM 008492100 14,356,091 435,005 3.12 1,035,507 12.09 0.0332
2022-05-12 2022-03-31 13F AGREE RLTY COM 008492100 13,921,086 253,433 1.85 923,802 -5.28 0.0249
2022-02-10 2021-12-31 13F AGREE RLTY COM 008492100 13,667,653 615,858 4.72 975,322 12.83 0.0248
2021-11-09 2021-09-30 13F AGREE RLTY COM 008492100 13,051,795 -75,245 -0.57 864,420 -6.58 0.0242
2021-08-11 2021-06-30 13F AGREE RLTY COM 008492100 13,127,040 896,061 7.33 925,326 12.40 0.0258
2021-05-07 2021-03-31 13F AGREE REALTY COM 008492100 12,230,979 1,840,879 17.72 823,266 19.01 0.0242
2021-02-05 2020-12-31 13F AGREE REALTY COM 008492100 10,390,100 1,174,390 12.74 691,772 17.95 0.0221
2020-11-06 2020-09-30 13F AGREE REALTY COM 008492100 9,215,710 -14,391 -0.16 586,486 -3.30 0.0216
2020-08-14 2020-06-30 13F AGREE REALTY COM 008492100 9,230,101 1,841,630 24.93 606,510 32.62 0.0242
2020-05-01 2020-03-31 13F AGREE REALTY COM 008492100 7,388,471 54,018 0.74 457,346 -11.14 0.0224
2020-02-13 2019-12-31 13F AGREE REALTY COM 008492100 7,334,453 406,824 5.87 514,657 1.56 0.0197
2019-11-08 2019-09-30 13F AGREE REALTY COM 008492100 6,927,629 554,221 8.70 506,755 24.14 0.0213
2019-08-22 2019-06-30 13F/A-1 AGREE REALTY COM 008492100 6,373,408 311,257 5.13 408,217 -2.89 0.0175
2019-08-13 2019-06-30 13F AGREE REALTY COM 008492100 6,373,408 311,257 408,217
2019-05-09 2019-03-31 13F AGREE REALTY COM 008492100 6,062,151 298,272 5.17 420,349 23.35 0.0188
2019-02-08 2018-12-31 13F AGREE REALTY COM 008492100 5,763,879 568,426 10.94 340,764 23.47 0.0172
2018-11-09 2018-09-30 13F AGREE REALTY COM 008492100 5,195,453 204,091 4.09 275,983 4.78 0.0119
2018-08-09 2018-06-30 13F AGREE REALTY COM 008492100 4,991,362 506,520 11.29 263,394 22.25 0.0121
2018-05-09 2018-03-31 13F AGREE REALTY COM 008492100 4,484,842 203,032 4.74 215,452 -2.18 0.0103
2018-02-09 2017-12-31 13F AGREE REALTY COM 008492100 4,281,810 216,896 5.34 220,256 10.40 0.0105
2017-11-14 2017-09-30 13F AGREE REALTY COM 008492100 4,064,914 221,449 5.76 199,504 13.16 0.0101
2017-08-10 2017-06-30 13F AGREE REALTY COM 008492100 3,843,465 129,983 3.50 176,299 -1.01 0.0093
2017-05-12 2017-03-31 13F AGREE REALTY COM 008492100 3,713,482 3,637,882 4,812.01 178,099 5,016.32 0.0098
2017-02-10 2016-12-31 13F AGREE REALTY COM 008492100 75,600 44,429 142.53 3,481 125.89 0.0049
2016-11-08 2016-09-30 13F AGREE REALTY COM 008492100 31,171 3,680 13.39 1,541 16.21 0.0022
2016-08-10 2016-06-30 13F AGREE REALTY COM 008492100 27,491 7,070 34.62 1,326 68.70 0.0020
2016-05-10 2016-03-31 13F AGREE REALTY COM 008492100 20,421 3,338 19.54 786 35.28 0.0013
2016-02-11 2015-12-31 13F AGREE REALTY COM 008492100 17,083 2,492 17.08 581 33.56 0.0009
2015-11-13 2015-09-30 13F AGREE REALTY COM 008492100 14,591 0 0.00 435 2.11 0.0007
2015-08-07 2015-06-30 13F AGREE REALTY COM 008492100 14,591 -154 -1.04 426 -12.35 0.0006
2015-05-13 2015-03-31 13F AGREE REALTY COM 008492100 14,745 1,640 12.51 486 19.41 0.0007
2015-02-09 2014-12-31 13F AGREE REALTY COM 008492100 13,105 590 4.71 407 18.66 0.0006
2014-10-29 2014-09-30 13F AGREE REALTY COM 008492100 12,515 1,182 10.43 343 0.00 0.0005
2014-08-06 2014-06-30 13F AGREE REALTY COM 008492100 11,333 385 3.52 343 3.00 0.0005
2014-05-02 2014-03-31 13F AGREE REALTY COM 008492100 10,948 0 0.00 333 4.72 0.0005
2014-02-12 2013-12-31 13F AGREE REALTY COM 008492100 10,948 2,563 30.57 318 25.69 0.0005
2013-11-12 2013-09-30 13F AGREE REALTY COM 008492100 8,385 651 8.42 253 10.48 0.0005
2013-08-13 2013-06-30 13F AGREE REALTY COM 008492100 7,734 7,734 229 0.0005
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.