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Agree Realty FFO Up Nearly 13%

FARMINGTON HILLS, MI-Agree Realty, which primarily owns single-tenant retail sites, says it has $8.6 million worth of projects in the pipeline and reports a 12.7% increase in FFO to $5 million during the second quarter of 2005.

By Dan Heaton | Updated on August 01, 2005

FARMINGTON HILLS, MI-Agree Realty Corp. reported funds from operations increased 12.7% to $5 million in the second quarter of 2005, up from FFO of $4.45 million during the same time period of 2004.

The REIT, which primarily owns single-tenant retail sites in 14 states, said net income increased to $3.5 million in the second quarter of 2005, up from $3 million in 2004. The company also said its FFO for the first six months of 2005 increased 14.6% to $9.8 million compared to the same period in 2004.

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