Exhibit 22

AGREE REALTY CORPORATION

List of Guarantor Subsidiaries

The 2030 Senior Unsecured Public Notes are fully and unconditionally guaranteed by Agree Realty Corporation and the following wholly owned subsidiaries of the Operating Partnership as of February 18, 2021:


Guarantor		Jurisdiction of Organization
Agree 117 Mission, LLC Agree 2016, LLC Agree Central, LLC Agree Chapel Hill NC, LLC Agree Columbia SC, LLC Agree Convenience No. 1, LLC Agree CW, LLC Agree DT Jacksonville NC, LLC Agree Farmington NM, LLC Agree Grandview Heights OH, LLC Agree Greenwich CT, LLC Agree Mena AR, LLC Agree Onaway MI, LLC Agree Orange CT, LLC Agree Oxford Commons AL, LLC Agree Paterson NJ, LLC Agree SB, LLC Agree Secaucus NJ, LLC Agree Shelf ES PA, LLC Agree Shelf PA, LLC Agree Southfield, LLC Agree St Petersburg, LLC Agree Stores, LLC Agree TK, LLC Pachyderm Chattanooga TN, LLC Pachyderm Marietta GA, LLC Pachyderm Myrtle Beach SC, LLC Pachyderm Philadelphia PA, LLC Pachyderm Properties, LLC Pachyderm Riverdale GA, LLC Pachyderm Waite Park MN, LLC Paint PA, LLC Mt. Pleasant Shopping Center, L.L.C. Agree MCW, LLC Agree Lebanon NH, LLC		Michigan Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Michigan Florida Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Delaware Michigan Delaware Delaware