EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Kenneth R. Howe, certify that:

      1. I have reviewed this quarterly report on Form 10-Q of Agree Realty
      Corporation;

      2. Based on my knowledge, this quarterly report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this quarterly report;

      3. Based on my knowledge, the financial statements, and other financial
      information included in this quarterly report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the registrant as of, and for, the periods presented in this
      quarterly report;

      4. The registrant's other certifying officers and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
      control over financial reporting (as defined in Exchange Act Rules
      13a-15(f) and 15d-15(f)) for the registrant and we have:

            a) designed such disclosure controls and procedures, or caused such
            disclosure controls and procedures to be designed under our
            supervision to ensure that material information relating to the
            registrant, including its consolidated subsidiaries, is made known
            to us by others within those entities, particularly during the
            period in which this annual report is being prepared;

            b) designed such internal control over financial reporting, or
            caused such internal control over financial reporting to be designed
            under our supervision, to provide reasonable assurance regarding the
            reliability of financial reporting and the preparation of financial
            statements for external purposes in accordance with generally
            acceptable accounting principles;

            c) evaluated the effectiveness of the registrant's disclosure
            controls and procedures as of the end of the period covered by this
            quarterly report (the "Evaluation Date"); and

            d) disclosed in this quarterly report any change in the registrant's
            internal control over financial reporting that occurred during the
            registrant's most recent fiscal quarter that has materially
            affected, or is reasonably likely to materially affect, the
            registrant's internal control over financial reporting.

      5. The registrant's other certifying officers and I have disclosed, based
      on our most recent evaluation of internal controls over financial
      reporting, to the registrant's independent auditors and the audit
      committee of registrant's board of directors (or persons performing the
      equivalent function):

            a) all significant deficiencies and material weakness in the design
            or operation of internal controls over financial reporting which are
            reasonable likely to adversely affect the registrant's ability to
            record, process, summarize and report financial information; and

            b) any fraud, whether or not material, that involves management or
            other employees who have a significant role in the registrant's
            internal controls over financial reporting.

Date: May 5, 2006             /s/ Kenneth R. Howe
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                              Name:  Kenneth R. Howe
                              Title:  Vice President and Chief Financial Officer