AGREE REALTY CORP

Ticker: ADC CUSIP: 008492100 Class: COM

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
BlackRock, Inc.16,787,396$1,209,196
VANGUARD GROUP INC15,731,141$1,133,114
COHEN & STEERS, INC.14,094,952$1,015
STATE STREET CORP5,884,291$425,350
PRINCIPAL FINANCIAL GROUP INC4,293,556$309,266
CENTERSQUARE INVESTMENT MANAGEMENT LLC3,299,172$237,639
JPMORGAN CHASE & CO2,843,441$204,813
GEODE CAPITAL MANAGEMENT, LLC2,509,922$180,823
Daiwa Securities Group Inc.2,262,991$163
TWO SIGMA ADVISERS, LP2,258,287$162,664
DEUTSCHE BANK AG\2,175,773$156,721
CHARLES SCHWAB INVESTMENT MANAGEMENT INC1,955,974$140,889
PRUDENTIAL FINANCIAL INC1,793,978$129,220
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.1,779,224$128,157
TWO SIGMA INVESTMENTS, LP1,690,448$121,763
DIMENSIONAL FUND ADVISORS LP1,682,009$121,158
NORGES BANK1,612,027$116,114
MILLENNIUM MANAGEMENT LLC1,433,553$103,259
MORGAN STANLEY1,307,232$94,160
RAYMOND JAMES FINANCIAL INC1,263,936$91,164
JANUS HENDERSON GROUP PLC1,252,677$90,228
Nuveen, LLC1,220,295$87,898
Engineers Gate Manager LP1,182,229$85,156
NORTHERN TRUST CORP1,116,199$80,400
PGGM Investments1,027,100$74
CITADEL ADVISORS LLC991,678$71,431
DUFF & PHELPS INVESTMENT MANAGEMENT CO957,943$69,001
Russell Investments Group, Ltd.947,882$68,276
Bank of New York Mellon Corp928,905$66,909
BANK OF AMERICA CORP /DE/923,081$66,490
GW&K Investment Management, LLC906,544$65
SEI INVESTMENTS CO826,316$59,519
FRONTIER CAPITAL MANAGEMENT CO LLC806,232$58,073
CINCINNATI INSURANCE CO789,500$56,868
AMERICAN CENTURY COMPANIES INC788,390$56,788
Sumitomo Mitsui Trust Holdings, Inc.727,114$52,374
UBS ASSET MANAGEMENT AMERICAS INC710,056$51,145
Legal & General Group Plc707,930$50,992
LASALLE INVESTMENT MANAGEMENT SECURITIES LLC674,524$48,586
Freestone Grove Partners LP635,736$45,792
BALYASNY ASSET MANAGEMENT L.P.633,227$45,611
VOLORIDGE INVESTMENT MANAGEMENT, LLC624,943$45,015
BAHL & GAYNOR INC598,399$43,103
Alyeska Investment Group, L.P.586,091$42,216
Universal- Beteiligungs- und Servicegesellschaft mbH508,574$36,785
Invesco Ltd.468,934$33,777
GOLDMAN SACHS GROUP INC451,139$32,496
Adelante Capital Management LLC438,415$31,579
Leeward Investments, LLC - MA404,859$29,162
FORT WASHINGTON INVESTMENT ADVISORS INC /OH/388,843$28,008
Holocene Advisors, LP387,093$27,882
Gotham Asset Management, LLC364,533$26,257
Thrivent Financial for Lutherans354,570$26
WELLS FARGO & COMPANY/MN353,367$25,453
Heitman Real Estate Securities LLC352,980$25,425
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC352,710$25,406
NEUBERGER BERMAN GROUP LLC335,483$24,165
SYSTEMATIC FINANCIAL MANAGEMENT LP325,747$23,464
AQR CAPITAL MANAGEMENT LLC325,082$23,416
RHUMBLINE ADVISERS324,480$23,372
HRT FINANCIAL LP323,065$23
Allspring Global Investments Holdings, LLC320,172$23,091
LOOMIS SAYLES & CO L P316,106$22,769
ENVESTNET ASSET MANAGEMENT INC306,328$22,065
APG Asset Management US Inc.302,697$21,803
UBS Group AG302,257$21,772
Sophron Capital Management L.P.301,782$21,737
State of New Jersey Common Pension Fund D301,132$21,691
Lighthouse Investment Partners, LLC300,470$21,643
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM300,308$21,631
Apollo Management Holdings, L.P.298,880$21,528
HSBC HOLDINGS PLC295,693$21,299
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO265,134$19,098
LMR Partners LLP261,995$18,872
GREAT WEST LIFE ASSURANCE CO /CAN/250,203$18
STRS OHIO234,613$16,899
Aristotle Capital Boston, LLC221,606$15,962
AMERIPRISE FINANCIAL INC221,199$15,935
Cander Asset Management LP218,620$15,747
Swiss National Bank218,282$15,723
BARCLAYS PLC213,289$15,363
Asset Management One Co., Ltd.210,099$15,245
STATE OF WISCONSIN INVESTMENT BOARD202,315$14,573
Impax Asset Management Group plc200,000$14,406
ALLIANCEBERNSTEIN L.P.176,734$12,730
Hazelview Securities Inc.175,224$12,637
VIRGINIA RETIREMENT SYSTEMS ET AL172,678$12,438
Ceredex Value Advisors LLC172,500$12,425
NOMURA ASSET MANAGEMENT CO LTD171,500$12,353
Creative Planning166,458$11,990
BNP Paribas Investment Partners S.A.162,975$12
Clearbridge Investments, LLC159,515$11,490
Connor, Clark & Lunn Investment Management Ltd.153,667$11,069
BNP PARIBAS ARBITRAGE, SA151,476$10,911
D. E. Shaw & Co., Inc.151,241$10,894
Point72 Asset Management, L.P.149,183$10,746
Susquehanna Portfolio Strategies, LLC148,832$10,720
ROYAL BANK OF CANADA146,909$10,581
CITIGROUP INC141,808$10,214
FRANKLIN RESOURCES INC138,462$9,973
387 other institutions7,228,138$462,522
Total (487 institutions)129,512,648$7,877,927