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Agree Posts Solid Numbers

FARMINGTON HILLS, MI-Income, FFO and revenues all rose for Agree Realty Corp., a suburban real estate investment trust.

By Dan Heaton | Updated on April 26, 2005

FARMINGTON HILLS, MI-Agree Realty Corp. says funds from operations increased 11.9% in the first quarter of 2005.The Farmington Hills-based REIT, says FFO rose to $4.78 million in the first quarter of 2005, which ended March 31, compared $4.27 million in the first quarter of 2004. The company’s profits for the quarter also rose, to $3.3 million from $2.9 million in thesame quarter of 2004.

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.

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