The company paid a cash dividend of $0.46 per share on April 12 to shareholders of record on March 30. The dividend is equivalent to an annualized dividend of $1.84 per share and represents a payout ratio of 74% of funds from operations for the quarter, down from 78% forthe first quarter of 2000.
Agree Realty is a real estate investment trust that owns more than 40 retail properties in more than a dozen states, mostly in Michigan. Kmart leases nearly 40% of Agree Realty's 3.5 million sf.
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