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Agree Realty FFO Increases 17.6% in Q2

FARMINGTON HILLS, MI-Agree Realty reports a 99% occupancy rate at the end of the second quarter, with only 1% of its 3.5-million-sf portfolio coming up for renewal this year.

By Dan Heaton | Updated on August 02, 2004

FARMINGTON HILLS, MI-Agree Realty Corp. says funds from operations increased 17.6% to $4,451,000 in the second quarter, representing $0.62 per share. Farmington Hills-based Agree says total rental revenues increased 6.6% to $7,354,000, compared with total rental revenues of $6,896,000 in the second quarter of 2003.

Agree says at the end of the second quarter, its 52 properties totaling 3,522,931 sf in 14 states was 99% leased. Also during the quarter, Agree began construction on a single-tenant property located in Flint Township, MI, with a budgeted cost of $3.5 million. Completion is expected in the fourth quarter of this year.

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