Fourth Quarter & Year-End 2008 Highlights:
- 4th Quarter diluted FFO per share year over year growth of 4.2% to $0.66
- Year-end diluted FFO per share year over year growth of 4.3% to $2.58
- $0.50 per share quarterly dividend paid January 6, 2009
FARMINGTON HILLS, Mich., Feb. 26 /PRNewswire-FirstCall/ -- Agree Realty
Corporation (NYSE: ADC) today announced results for the quarter and the twelve
months ended December 31, 2008. Fourth quarter Funds from Operations (FFO) was
$5,480,000 compared with FFO in the fourth quarter of 2007 of $5,266,000. FFO
per diluted share was $0.66 compared with $0.63 for the fourth quarter of
2007. A reconciliation of net income to FFO is included in the financial
tables accompanying this press release. Net income was $3,823,000, or $0.49
per diluted share, compared with net income for the fourth quarter of 2007 of
$4,661,000, or $0.60 per diluted share.
For the year ended December 31, 2008, FFO was $21,598,000 compared with
FFO for the year ended December 31, 2007 of $20,739,000. FFO per diluted
share was $2.58 compared with $2.47 for the year ended December 31, 2007. Net
income was $15,017,000, or $1.95 per diluted share, compared with net income
for the year ended 2007 of $15,482,000, or $2.01 per diluted share. Total
revenues increased 3.4% to $35,654,000 compared with total revenues of
$34,468,000 for the year ended 2007.
'We are pleased with the operating results for the quarter, as well as the
year and expect continued growth as our projects in Silver Springs Shores,
Florida, Port St. John, Florida, Brighton, Michigan and Lowell, Michigan are
completed,' said Richard Agree, President and Chief Executive Officer. 'We
are taking a conservative approach to our development pipeline, focusing on
opportunistic uses of capital while maintaining significant liquidity.'
Dividend
The Company paid a cash dividend of $0.50 per share on January 6, 2009 to
shareholders of record on December 22, 2008. The dividend is equivalent to an
annualized dividend of $2.00 per share and represents a payout ratio of 76.4%
of FFO for the quarter
Liquidity
The Company has exercised its option to extend the maturity date of its
$55,000,000 line of credit from November, 2009 to November, 2011. All other
terms of the agreement remain unchanged and the company can continue to elect
to pay interest at a rate of 100 basis points over LIBOR or at the Prime Rate.
Excluding this facility, the company has no debt expirations before 2015.
Portfolio
At December 31, 2008, the Company's total assets were $256,897,000 and its
portfolio consisted of 68 properties located in 16 states and totaling
3,447,554 square feet.
