Agree Realty Corporation
MX ˙ BMV ˙ US0084921008
SecurityMX:ADC / Agree Realty Corporation
InstitutionGeode Capital Management, Llc
Latest Disclosed Ownership2,698,758 shares
Latest Disclosed Value $ 203,474,604
Geode Capital Management, Llc reports 7.52% increase in ownership of ADC / Agree Realty Corporation

On May 15, 2026 - Geode Capital Management, Llc filed a 13F-HR form disclosing ownership of 2,698,758 shares of Agree Realty Corporation (MX:ADC) valued at $203,474,604 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 9, 2026 disclosing 2,509,922 shares of Agree Realty Corporation. This represents a change in shares of 7.52% during the quarter.

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)
2026-05-15 2026-03-31 13F AGREE REALTY COM 008492100 2,698,758 188,836 7.52 203,475 12.53 0.0068
2026-02-09 2025-12-31 13F AGREE REALTY COM 008492100 2,509,922 117,346 4.90 180,823 6.37 0.0112
2025-11-12 2025-09-30 13F AGREE REALTY COM 008492100 2,392,576 -287,841 -10.74 169,993 -17.27 0.0108
2025-08-08 2025-06-30 13F AGREE REALTY COM 008492100 2,680,417 170,827 6.81 205,489 1.20 0.0144
2025-05-13 2025-03-31 13F AGREE REALTY COM 008492100 2,509,590 377,338 17.70 203,056 35.14 0.0160
2025-02-12 2024-12-31 13F AGREE REALTY COM 008492100 2,132,252 57,492 2.77 150,255 -3.88 0.0116
2024-11-12 2024-09-30 13F AGREE REALTY COM 008492100 2,074,760 30,377 1.49 156,327 23.42 0.0127
2024-08-09 2024-06-30 13F AGREE REALTY COM 008492100 2,044,383 54,355 2.73 126,657 11.41 0.0111
2024-05-13 2024-03-31 13F AGREE REALTY COM 008492100 1,990,028 102,085 5.41 113,689 -4.35 0.0105
2024-02-13 2023-12-31 13F AGREE REALTY COM 008492100 1,887,943 146,081 8.39 118,862 23.51 0.0124
2023-11-13 2023-09-30 13F AGREE REALTY COM 008492100 1,741,862 60,710 3.61 96,234 -12.93 0.0115
2023-08-11 2023-06-30 13F AGREE REALTY COM 008492100 1,681,152 -326,773 -16.27 110,525 -20.24 0.0130
2023-05-15 2023-03-31 13F AGREE REALTY COM 008492100 2,007,925 126,470 6.72 138,577 104,093.23 0.0180
2023-02-13 2022-12-31 13F AGREE REALTY COM 008492100 1,881,455 225,157 13.59 133 -99.88 0.0187
2022-11-14 2022-09-30 13F AGREE REALTY COM 008492100 1,656,298 72,141 4.55 111,932 -2.04 0.0170
2022-08-12 2022-06-30 13F AGREE REALTY COM 008492100 1,584,157 70,892 4.68 114,265 13.79 0.0167
2022-05-13 2022-03-31 13F AGREE REALTY COM 008492100 1,513,265 -46,629 -2.99 100,420 -9.79 0.0125
2022-02-11 2021-12-31 13F AGREE REALTY COM 008492100 1,559,894 95,179 6.50 111,314 14.75 0.0134
2021-11-12 2021-09-30 13F AGREE REALTY COM 008492100 1,464,715 20,940 1.45 97,008 -4.68 0.0131
2021-08-13 2021-06-30 13F AGREE REALTY COM 008492100 1,443,775 174,408 13.74 101,771 19.11 0.0140
2021-05-12 2021-03-31 13F AGREE REALTY COM 008492100 1,269,367 218,487 20.79 85,441 22.12 0.0131
2021-02-12 2020-12-31 13F AGREE REALTY COM 008492100 1,050,880 -17,455 -1.63 69,967 2.91 0.0117
2020-11-13 2020-09-30 13F AGREE REALTY COM 008492100 1,068,335 35,226 3.41 67,988 0.15 0.0133
2020-08-13 2020-06-30 13F AGREE REALTY COM 008492100 1,033,109 401,688 63.62 67,885 73.69 0.0145
2020-05-14 2020-03-31 13F AGREE REALTY COM 008492100 631,421 43,162 7.34 39,084 -5.32 0.0102
2020-02-20 2019-12-31 13F/A-1 AGREE REALTY COM 008492100 588,259 64,060 12.22 41,278 7.65 0.0086
2020-02-13 2019-12-31 13F AGREE REALTY COM 008492100 588,259 64,060 41,278 5,260.5192
2019-11-12 2019-09-30 13F AGREE REALTY COM 008492100 524,199 50,444 10.65 38,345 26.37 0.0089
2019-08-14 2019-06-30 13F AGREE REALTY COM 008492100 473,755 67,722 16.68 30,344 7.78 0.0073
2019-05-14 2019-03-31 13F AGREE REALTY COM 008492100 406,033 50,078 14.07 28,154 33.79 0.0073
2019-03-06 2018-12-31 13F/A-1 AGREE REALTY COM 008492100 355,955 44,639 14.34 21,044 27.26 0.0065
2019-02-13 2018-12-31 13F AGREE REALTY COM 008492100 355,955 44,639 21,044
2018-11-13 2018-09-30 13F AGREE REALTY COM 008492100 311,316 20,862 7.18 16,536 7.89 0.0047
2018-08-14 2018-06-30 13F AGREE REALTY COM 008492100 290,454 40,410 16.16 15,327 27.60 0.0047
2018-05-15 2018-03-31 13F AGREE REALTY COM 008492100 250,044 15,413 6.57 12,012 -0.47 0.0039
2018-02-13 2017-12-31 13F AGREE REALTY COM 008492100 234,631 3,353 1.45 12,069 6.33 0.0041
2017-11-14 2017-09-30 13F AGREE REALTY COM 008492100 231,278 15,089 6.98 11,351 14.47 0.0042
2017-08-14 2017-06-30 13F AGREE REALTY COM 008492100 216,189 4,638 2.19 9,916 -2.26 0.0039
2017-06-21 2017-03-31 13F/A-1 AGREE REALTY COM 008492100 211,551 5,549 2.69 10,145 6.95 0.0042
2017-05-12 2017-03-31 13F AGREE REALTY COM 008492100 211,551 10,145
2017-02-14 2016-12-31 13F AGREE REALTY COM 008492100 206,002 25,906 14.38 9,486 6.55 0.0044
2016-11-10 2016-09-30 13F AGREE REALTY COM 008492100 180,096 22,963 14.61 8,903 17.45 0.0045
2016-08-12 2016-06-30 13F AGREE REALTY COM 008492100 157,133 24,343 18.33 7,580 48.39 0.0041
2016-05-13 2016-03-31 13F AGREE REALTY COM 008492100 132,790 9,890 8.05 5,108 22.29 0.0027
2016-02-12 2015-12-31 13F AGREE REALTY COM 008492100 122,900 2,345 1.95 4,177 16.12 0.0024
2015-11-13 2015-09-30 13F AGREE REALTY COM 008492100 120,555 -202 -0.17 3,597 2.16 0.0022
2015-08-14 2015-06-30 13F AGREE REALTY COM 008492100 120,757 16,662 16.01 3,521 2.62 0.0020
2015-05-14 2015-03-31 13F AGREE REALTY COM 008492100 104,095 -2,362 -2.22 3,431 3.69 0.0020
2015-02-12 2014-12-31 13F AGREE REALTY COM 008492100 106,457 2,902 2.80 3,309 16.72 0.0020
2014-11-14 2014-09-30 13F AGREE REALTY COM 008492100 103,555 8,638 9.10 2,835 -1.19 0.0018
2014-08-13 2014-06-30 13F AGREE REALTY COM 008492100 94,917 216 0.23 2,869 -0.35 0.0019
2014-05-14 2014-03-31 13F AGREE REALTY COM 008492100 94,701 4,086 4.51 2,879 9.51 0.0019
2014-02-14 2013-12-31 13F AGREE REALTY COM 008492100 90,615 28,735 46.44 2,629 40.74 0.0018
2013-11-14 2013-09-30 13F AGREE REALTY COM 008492100 61,880 1,788 2.98 1,868 5.30 0.0015
2013-08-14 2013-06-30 13F AGREE REALTY COM 008492100 60,092 60,092 1,774 0.0016
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.