Agree Financial Picture Brightens in Q1

FARMINGTON HILLS, MI-The retail REIT with more than 40 retail properties sees increased revenues and net income but continues paying a lower dividend, and lower payout rate, than it did last year.

By Robert Carr | April 25, 2001 at 01:01 AM

The company paid a cash dividend of $0.46 per share on April 12 to shareholders of record on March 30. The dividend is equivalent to an annualized dividend of $1.84 per share and represents a payout ratio of 74% of funds from operations for the quarter, down from 78% forthe first quarter of 2000.

Agree Realty is a real estate investment trust that owns more than 40 retail properties in more than a dozen states, mostly in Michigan. Kmart leases nearly 40% of Agree Realty's 3.5 million sf.

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