UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                 --------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          DATE OF REPORT: July 29, 2005

                            AGREE REALTY CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

            MARYLAND
   (State of other jurisdiction of                  (Commission File Number)
   incorporation or organization)                            1-12928
                                     -------
    31850 Northwestern Highway                              38-3148187
    Farmington Hills, MI  48334                          (I.R.S. Employer
(Address of principal executive offices)                identification No.)

       (Registrant's telephone number, including area code) (248) 737-4190

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instructions A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17CFR
    230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR
    240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2 (b) under the
    Exchange Act (17 CFR 240.14d-2 (b))

[ ] Pre-commencement communications pursuant to Rule 13e-4 (c) under the
    Exchange Act (17 CFR 240.13e-4 (c))



ITEM 9.01.     FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
               EXHIBITS.


(c)            Exhibits

Exhibit 99.1 - Press Release issued by Agree Realty Corporation, dated July 28,
               2005


ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     The information under this caption is furnished by Agree Realty Corporation
(the "Company") in accordance with Securities Exchange Commission Release No.
33-8216. This information shall not be deemed "filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.

     On July 28, 2005, the Company issued a press release describing its results
of operations for the first quarter ended June 30, 2005. A copy of the press
release is attached as Exhibit 99.1 to this report. In the earnings release, the
Company used the non-GAAP financial measure of Funds from Operations ("FFO"). A
reconciliation of FFO to the comparable GAAP financial measure (Net Income) is
contained in the attached earnings release. Disclosure regarding the definition
of FFO used by the Company and why the Company's management believes the
presentation of FFO provides useful information to investors is included in the
Company's annual report on Form 10-K for the fiscal year ended December 31,
2004.


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused the report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                               AGREE REALTY CORPORATION



                                               /s/ Kenneth R. Howe
                                               ---------------------------------
                                               Vice President, Finance, Chief
                                               Financial Officer

DATED: July 29, 2005

                                  EXHIBIT INDEX


EXHIBIT
NO.                                  DESCRIPTION
--------     -------------------------------------------------------------------

99.1         Press Release of Agree Realty Corporation dated July 28, 2005