UPDATE: Agree Realty Names Joey Agree CEO

Agree Realty Corporation

today announced the appointment of Joey Agree as Chief Executive Officer.  In addition, Joey Agree will continue to serve as the Company's President and as a member of the Company's Board of Directors. "We are extremely pleased to name Joey Agree as our Chief Executive Officer of the Company," said Richard Agree, Chairman of the Board.  "Joey's leadership has proven essential as the Company continues to grow and execute on its strategy.  Under his leadership as President and Chief Operating Officer, the Company launched its successful acquisition platform and expanded its development capabilities while maintaining a conservative balance sheet that is well-positioned for the future.  Both the Board of Directors as well as the management team look forward to a seamless transition and welcome Joey as our new Chief Executive Officer." "It is an honor to lead Agree Realty into the next phase of the Company's operating strategy," said Joey Agree.  "While we have made significant achievements and are poised for the future, we have ambitious goals of growing and diversifying our single tenant net lease portfolio. I would like to thank the Board of Directors, management and all of our stakeholders for their strong and continued support." Joey Agree succeeded Richard Agree as Chief Executive Officer, a position Richard Agree had served since before the Company's initial public offering in April 1994.  Richard Agree will continue to serve as Executive Chairman of the Board. "On behalf of the Board of Directors, we want to thank Richard Agree for his leadership and his many years of service as Chief Executive Officer.  His experience and knowledge have contributed greatly to the growth of the Company.  His foresight in recognizing the need for an orderly succession plan was essential to the success of this transition," said Michael Rotchford, Chairman of the Nominating and Governance Committee.  "We are very pleased that he will continue to serve as Executive Chairman of the Board."