Agree Realty Reports Operating Results for the Third Quarter 2009

Thursday, October 29, 2009 8:31 AM

Oct. 29, 2009 (PR Newswire) -- FARMINGTON HILLS, Mich., Oct. 29 /PRNewswire-FirstCall/ --

THIRD Quarter 2009 Highlights:


--  3rd quarter FFO increases 8.8% year-over-year
--  Year-to-date FFO increases 9.3% year-over-year

--  $0.51 per share quarterly dividend paid October 15, 2009

Agree Realty Corporation (NYSE: ADC) today announced results for the quarter ended September 30, 2009. Third quarter funds from operations ("FFO") increased 8.8% to $6,017,000 compared with FFO in the third quarter of 2008 of $5,532,000. FFO per diluted share was $0.72 compared with $0.66 for the third quarter of 2008. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net income was $4,607,000, or $0.55 per diluted share, compared with net income for the third quarter of 2008 of $4,182,000 or $0.50 per share. Total revenues increased 1.9% to $9,202,000, compared with total revenues of $9,029,000 in the third quarter of 2008.

For the nine months ended September 30, 2009, FFO increased 9.3% to $17,621,000 compared with FFO for the nine months ended September 30, 2008 of $16,118,000. FFO per diluted share was $2.10 compared with $1.93 for the nine months ended September 30, 2008. Net income was $13,431,000, or $1.60 per diluted share, compared with net income for the comparable period last year of $12,161,000, or $1.46 per diluted share. Total revenues increased 3.7% to $27,565,000 compared with total revenues of $26,586,000 for the comparable period last year.

"We are extremely pleased to deliver another strong quarter of operating results" said Richard Agree, Chief Executive Officer. "Our balance sheet remains strong and our portfolio is performing well as we maintain a high occupancy rate of 98.1% in a difficult retail environment."

Dividend

The Company increased its quarterly dividend on September 14, 2009 from $0.50 per share to $0.51 per share. The $0.51 per share dividend was paid on October 15, 2009 to shareholders of record on September 30, 2009. The dividend is equivalent to an annualized dividend of $2.04 per share and represents a payout ratio of 72.4% of FFO for the quarter

Portfolio

At September 30, 2009, the Company's total assets were $260,940,000 and its portfolio consisted of 72 properties located in 16 states and totaling 3,504,854 square feet.

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