Exhibit 22
AGREE REALTY CORPORATION
List of Guarantor Subsidiaries
The 2028, 2030 and 2033 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 August 2, 2022:
| Guarantor | Jurisdiction of Organization | |
| 20639 Center Ridge Road | Delaware | |
| Agree 117 Mission, LLC | Michigan | |
| Agree 2016, LLC | Delaware | |
| Agree Central, LLC | Delaware | |
| Agree Chapel Hill NC, LLC | Delaware | |
| Agree Columbia SC, LLC | Delaware | |
| Agree Convenience No. 1, LLC | Delaware | |
| Agree CW, LLC | Delaware | |
| Agree DT Jacksonville NC, LLC | Delaware | |
| Agree Eastern, LLC | Delaware | |
| Agree Farmington NM, LLC | Delaware | |
| Agree Grandview Heights OH, LLC | Delaware | |
| Agree Greenwich CT, LLC | Delaware | |
| Agree Lebanon NH, LLC | Delaware | |
| Agree MCW, LLC | Delaware | |
| Agree Mena AR, LLC | Delaware | |
| Agree NJ, LLC | Delaware | |
| Agree Onaway MI, LLC | Delaware | |
| Agree Orange CT, LLC | Delaware | |
| Agree Oxford Commons AL, LLC | Delaware | |
| Agree Paterson NJ, LLC | Delaware | |
| Agree SB, LLC | Delaware | |
| Agree Secaucus NJ, LLC | Delaware | |
| Agree Shelf ES PA, LLC | Delaware | |
| Agree Shelf PA, LLC | Delaware | |
| Agree Southfield, LLC | Michigan | |
| Agree St Petersburg, LLC | Florida | |
| Agree Stores, LLC | Delaware | |
| Agree Western, LLC | Delaware | |
| Agree TK, LLC | Delaware | |
| Agree Van Nuys CA, LLC | Delaware | |
| Mt. Pleasant Shopping Center, L.L.C. | Michigan | |
| Pachyderm Chattanooga TN, LLC | Delaware | |
| Pachyderm Marietta GA, LLC | Delaware | |
| Pachyderm Myrtle Beach SC, LLC | Delaware | |
| Pachyderm Philadelphia PA, LLC | Delaware | |
| Pachyderm Properties, LLC | Delaware | |
| Pachyderm Riverdale GA, LLC | Delaware | |
| Pachyderm Waite Park MN, LLC | Delaware | |
| Paint PA, LLC | Delaware | |
| Safari Properties, LLC | Delaware | |
| Safari Properties II, LLC | Delaware |