Agree Realty Corp. (ADC)

Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and management of retail properties leased to national tenants in the United States. As of March 31, 2008, its portfolio consisted of 65 properties, including 53 freestanding net leased properties and 12 community shopping centers located in 16 states containing approximately 3.4 million square feet of gross leasable area. The company has elected to be treated as a REIT under the Internal Revenue Code. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its stockholders. Agree Realty Corporation was founded in 1971 and is headquartered in Farmington Hills, Michigan.

For the nine months ended 30 September 2006, Agree Realty Corporation's revenues rose 6% to $24.6M. Net income from cont. ops. rose 4% to $10.3M. Revenues reflect increased minimum rents and an increase in other revenue. Net income also was partially offset by an increase in real estate taxes, higher general and administrative expense, an increase in depreication & amortization expense, higher interest expense and an increase in minority expense.