Agree Realty (ADC) Reports Earnings In-Line

Agree Realty

FFO per diluted share for the second quarter of 2010 was $0.61 compared with the consensus of $0.61. Agree Realty's FFO for Q2 of '09 was $0.70, 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. “We are very pleased with our operating results for the second quarter,” said Joey Agree, President and Chief Operating Officer of Agree Realty. “We completed our Oakland, California project on behalf of Walgreens during the second quarter of this year. We also acquired two retail properties net leased to CVS/Caremark during the quarter. Our current developments in Atlantic Beach, Florida, St. Augustine Shores, Florida, and Ann Arbor, Michigan, as well as our redevelopment of Boynton Festive Center, are on track and will be turned over in the third and fourth quarters of 2010. Additionally, the completion of our secondary stock offering allowed us to repay all amounts outstanding on our revolving credit facility. Our balance sheet is strong and we are well-positioned to take advantage of development and acquisition opportunities as they arise.” Learn how to find the best

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