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

SECOND Quarter 2009 Highlights:

• 2nd quarter FFO increases 9% year-over-year
• Year-to-date FFO increases 9.6% year-over-year
• $0.50 per share quarterly dividend paid July 14, 2009
  

Agree Realty Corporation (NYSE: ADC) today announced results for the quarter ended June 30, 2009. Second quarter funds from operations ("FFO") increased 9.0% to $5,910,000 compared with FFO in the second quarter of 2008 of $5,420,000. FFO per diluted share was $0.70 compared with $0.65 for the second quarter of 2008. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net income was $4,240,000, or $0.54 per diluted share, compared with net income for the second quarter of 2008 of $3,766,000 or $0.49 per share. Total revenues increased 3.8% to $9,123,000, compared with total revenues of $8,789,000 in the second quarter of 2008.

For the six months ended June 30, 2009, FFO increased 9.6% to $11,605,000 compared with FFO for the six months ended June 30, 2008 of $10,586,000. FFO per diluted share was $1.38 compared with $1.27 for the six months ended June 30, 2008. Net income was $8,250,000, or $1.05 per diluted share, compared with net income for the comparable period last year of $7,345,000, or $0.96 per diluted share. Total revenues increased 4.6% to $18,363,000 compared with total revenues of $17,557,000 for the comparable period last year.

"Despite challenging economic conditions, we are extremely pleased to deliver strong operating results for the quarter," said Richard Agree, Chief Executive Officer. "We will continue to employ proven development strategies while taking a conservative approach to the deployment of our capital."

Dividend

The Company paid a cash dividend of $0.50 per share on July 14, 2009 to shareholders of record on June 30, 2009. The dividend is equivalent to an annualized dividend of $2.00 per share and represents a payout ratio of 72.2% of FFO for the quarter.

Portfolio

At June 30, 2009, the Company's total assets were $259,925,000 and its portfolio consisted of 71 properties located in 16 states and totaling 3,491,204 square feet. The portfolio was 98.2% leased at the end of the quarter.