CONSENT OF INDEPENDENT REGISTERED PUBLIC
We have issued our reports dated February
22, 2018, with respect to the consolidated financial statements, schedule, and internal control over financial reporting included
in the Annual Report of Agree Realty Corporation on Form 10-K for the year ended December 31, 2017. We consent to the incorporation
by reference of said reports in the Registration Statements of Agree Realty Corporation on Form S-3 (File Nos. 333-218476 and 333-201420)
and on Forms S-8 (File Nos. 333-197096, 333-141471 and 333-121491).
|/s/ Grant Thornton LLP
|February 22, 2018