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Exhibit 21
AGREE REALTY CORPORATION
Subsidiaries of the Registrant as of December 31, 2025






GuarantorJurisdiction of Organization
Agree Limited PartnershipDelaware
1301 N 77 Sunshine LLCIllinois
ADC Express, LLCMichigan
Agree 117 Mission, LLCMichigan
Agree 2016, LLCDelaware
Agree Absecon Urban Renewal, LLCNew Jersey
Agree Beecher, LLCMichigan
Agree Bristol & Fenton Project, LLCMichigan
Agree Central, LLCDelaware
Agree Chapel Hill NC, LLCDelaware
Agree Columbia SC, LLCDelaware
Agree Construction Management, LLCDelaware
Agree Convenience No. 1, LLCDelaware
Agree Corunna, LLCMichigan
Agree CW, LLCDelaware
Agree Dallas Forest Drive, LLCTexas
Agree Development, LLCDelaware
Agree DT Jacksonville NC, LLCDelaware
Agree Farmington NM, LLCDelaware
Agree Fort Walton Beach, LLCFlorida
Agree Grandview Heights OH, LLCDelaware
Agree Greenwich CT, LLCDelaware
Agree Land East, LLCDelaware
Agree Land West, LLCDelaware
Agree Lebanon NH, LLCDelaware
Agree Littleton CO, LLCDelaware
Agree M-59, LLCMichigan
Agree Madison AL, LLCMichigan
Agree Marietta, LLCGeorgia
Agree MCW, LLCDelaware
Agree Mena AR, LLCDelaware
Agree NJ, LLCDelaware
Agree Onaway MI, LLCDelaware
Agree Orange CT, LLCDelaware
Agree Oxford Commons AL, LLCDelaware
Agree Paterson NJ, LLCDelaware
Agree Portfolio, LLCDelaware
Agree Realty Services, LLCDelaware
Agree Realty South-East, LLCMichigan
Agree Roseville CA, LLCCalifornia
Agree SB, LLCDelaware
Agree Secaucus NJ, LLCDelaware
Agree Shelf ES PA, LLCDelaware
Agree Shelf PA, LLCDelaware
Agree Southfield, LLCMichigan
Agree Spring Grove, LLCIllinois
Agree St Petersburg, LLCFlorida
Agree Stores, LLCDelaware



Agree Tallahassee, LLCFlorida
Agree TK, LLCDelaware
Agree Walker, LLCMichigan
Agree Wawa Baltimore, LLCMaryland
Agree Wilmington, LLCNorth Carolina
AR Land CA, LLCDelaware
AR Land Central, LLCDelaware
AR Land East, LLCDelaware
AR Land West, LLCDelaware
AR WTO, LLCDelaware
BB Farmington NM, LLCDelaware
DD 71, LLCDelaware
DD Brownsville, LLCNorth Carolina
DD Hempstead, LLCNorth Carolina
DFP 71, LLCDelaware
GW 64th Cicero, LLC
Illinois
Lunacorp, LLCDelaware
LSDW Derby CT, LLCDelaware
Mt. Pleasant Shopping Center, L.L.C.Michigan
Pachyderm Chattanooga TN, LLCDelaware
Pachyderm Marietta GA, LLCDelaware
Pachyderm Myrtle Beach SC, LLCDelaware
Pachyderm Philadelphia PA, LLCDelaware
Pachyderm Properties II, LLCDelaware
Pachyderm Properties, LLCDelaware
Pachyderm Riverdale GA, LLCDelaware
Pachyderm Waite Park MN, LLCDelaware
Paint PA, LLCDelaware
Pipercorp, LLCDelaware
Safari Properties II, LLCDelaware