For the six months ended June 30, 2001, funds from operations were up 5.4% to $6,330,000. Total revenues increased 5.89% to $12,301,000 for the comparable period last year.
The company paid a cash dividend of $0.46 per share on July 12 to shareholders of record on June 29. The dividend is equivalent to an annualized dividend of $1.84 per share and represents a payout ratio of 73% of funds from operations for the quarter.
Agree Realty owns, manages and develops neighborhood community shopping centers and single tenant properties in 13 states and leased to major retail tenants.
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