Agree Reports 2Q FFO, Revenue Increases

FARMINGTON HILLS, MI-Agree Realty Corp. reports second-quarter funds from operations were up 6.1% to $3,198,000 while revenues increased 5.4% to $6,119,000. Net income was $2,014,000, or $0.46 per share on a diluted basis, up from $0.40 per share.

For the six months ended June 30, 2001, funds from operations were up 5.4% to $6,330,000. Total revenues increased 5.89% to $12,301,000 for the comparable period last year.

The company paid a cash dividend of $0.46 per share on July 12 to shareholders of record on June 29. The dividend is equivalent to an annualized dividend of $1.84 per share and represents a payout ratio of 73% of funds from operations for the quarter.

Agree Realty owns, manages and develops neighborhood community shopping centers and single tenant properties in 13 states and leased to major retail tenants.