Agree Realty Reports Q1 FFO $0.50 vs $0.50 Est; Revenues 9.21M vs $9.29M Est

Agree Realty Corporation ADC today announced results for the quarter ended March 31, 2012. First quarter funds from operations (FFO) was $5,507,000 compared with FFO in the first quarter of 2011 of $6,317,000. FFO per diluted share for the first quarter of 2012 was $0.50 compared with $0.63 for the first quarter of 2011. FFO and FFO per share decreased due to an increase in the weighted average shares outstanding as the result of the common share offering in January 2012, the disposition of various non-core properties, and the impact of the Borders bankruptcy in February 2011. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net income for the first quarter of 2012 was $4,742,000, or $0.43 per diluted share, compared to net income for the first quarter of 2011 of $4,700,000, or $.47 per share. Total revenues were $9,193,000, compared with total revenues of $9,209,000 in the first quarter of 2011.