UPDATE: Agree Realty Announces Q4 Earnings

A Michigan-based real estate investment trust, Agree Realty Corporation

, announced its fourth quarter earnings earlier today. The company reported FFO of $0.48 vs $0.49 estimate and revenues of $8.66 million vs $9.05 million estimate. This compares to the FFO of $0.70 in Q4 of 2010. Joey Agree, President and Chief Operating Officer of Agree Realty said, "We are continuing our strategy of acquiring and developing single tenant net lease assets for industry leading retailers. These activities will provide for solid future operating results. Our new credit facility and recent common equity offering provides the Company with the capital to continue to diversify the portfolio and take advantage of the pipeline of opportunities available to us." Agree Realty's portfolio used to have a significant exposure to real estate that was occupied by Borders, a bookseller that went bankrupt in 2011. However, Agree Realty managed to diversify its portfolio in the second half of FY 2011. Additionally, the company announced earlier this year that it will offer 1.3 million shares at $24.75 per share, totaling $32.17 million. Agree Realty closed yesterday at $24.30.