Agree Realty Corporation Reports Third Quarter EPS of $.46

Agree Realty Corporation ADC today announced results for the quarter ended September 30, 2010. Third quarter funds from operations (FFO) was $6,020,000 compared with FFO in the third quarter of 2009 of $6,017,000. FFO per diluted share for the third quarter of 2010 was $0.60 compared with $0.72 for the third quarter of 2009. FFO per share decreased primarily due to an increase in the weighted average shares outstanding as the result of the common share offering in April 2010. A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net income for the third quarter of 2010 was $4,541,000, or $0.46 per diluted share, compared with net income for the third quarter of 2009 of $4,607,000, or $0.55 per share. Total revenues increased 2.0% to $9,288,000, compared with total revenues of $9,109,000 in the third quarter of 2009.