Net income increased to $3.9 million Agree says its portfolio of morethan 1.3 million sf of leasable space, mostly in single-store shopping locations in 14 states, was 99% leased at the end of the quarter.
During the quarter Agree:
* Sold a single-tenant property located in Perrysburg, OH to a private investor for approximately $2.1 million.
* Entered into a land lease with a restaurant operator for a property in Lansing, MI.
* Terminated the interest of a joint venture partner in two joint venture properties located in Ann Arbor, and Boynton Beach, FL.
* Announced plans to develop a retail property in Midland, MI.
For the nine months ended Sept. 30, FFO increased 26% to $13.5 million compared with FFO for the nine months ended Sept. 30, 2003 of $10.5 million.
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