Agree says its portfolio of 3.46 million sf in 54 properties in 14 states was 99% leased at the end of the quarter. The company says more than 88% of its lease revenues came from national tenants during the quarter.

Total revenues increased 11.1% to $8.1 million, compared with total rental revenues of $7.3 million in the first quarter of 2004. On January, Agree completed an offering of 1 million shares of common stock at $28.28 per share; in February, the underwriter exercised its over allotment option for an additional 150,000 shares at the same per share price. The net proceeds from the offering of approximately $31.5 million were used to repay amounts outstanding under Agree's existing credit facility.

Agree, which trades on the New York Stock Exchange under the symbol ADC, closed Monday at $27.07, down 19 cents from Friday's close. The stock has been trading in the $22.34 to $31.88 range for the past 52 weeks. The company paid 49 cents per share dividend on April 14.