FARMINGTON HILLS, Mich., April 30 /PRNewswire-FirstCall/ --

FIRST Quarter 2009 Highlights:

• 1st Quarter diluted FFO per share year over year growth of 9.1% to $0.67
• $0.50 per share quarterly dividend paid April 14, 2009

Agree Realty Corporation (NYSE: ADC) today announced results for the quarter ended March 31, 2009. First quarter funds from operations (FFO) increased 10.2% to $5,694,000 compared with FFO in the first quarter of 2008 of $5,166,000. FFO per diluted share was $0.67 compared with $0.62 for the first quarter of 2008. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net income was $4,011,000, or $0.51 per diluted share, compared with net income for the first quarter of 2008 of $3,579,000, or $0.47 per share. Total revenues increased 5.4% to $9,241,000, compared with total revenues of $8,768,000 in the first quarter of 2008.

'We are pleased with our operating results for the quarter,' said Richard Agree, President and Chief Executive Officer. 'Our current projects in Port St. John, Florida and Lowell, Michigan are expected to be completed during the second and third quarters of 2009, respectively. We will continue to take a conservative approach to our development pipeline and the deployment of our capital, while maintaining sufficient liquidity.'

Dividend

The Company paid a cash dividend of $0.50 per share on April 14, 2009 to shareholders of record on March 31, 2009. The dividend is equivalent to an annualized dividend of $2.00 per share and represents a payout ratio of 74.1% of FFO for the quarter

Portfolio

At March 31, 2009, the Company's total assets were $257,022,000 and its portfolio consisted of 70 properties located in 16 states and totaling 3,476,654 square feet. The portfolio was 98.2% leased at the end of the quarter.