Compson holds approximately 3.1% of Agree's outstanding shares. Michael Comparato, Compson's president, tells GlobeSt.com, "we feel Agree's share price does not reflect the underlying value of its properties, and the board is not maximizing shareholder value." At the close of trading on May 2, shares of Agree stock were trading in the low $30s a share and "had a market capitalization of $242 million," Comparato says. His company's latest cash offer would aggregate approximately $278 million.

"We estimate the liquidation value of Agree's real estate at between $411 million and $416 million," he says. After repaying debt, prepayment penalties and other transaction costs, he estimates the net value of liquidation would equal between $309 million and $314 million, "which would be between $40.10 a share and $40.75 a share."Comparato spelled out this analysis in a May 3 letter to Agree's board of directors and made the letter public. "We are not content with the status quo and the other stockholders should not be either," he said in the letter. "We are currently witnessing some of the highest prices ever achieved for commercial real estate assets, . . .in a rising interest rate market these historically high valuations may not exist much longer, which is why the time to act is now."

"We're requesting that the board pursue liquidation of the properties or listing the company for sale," Comparato tells GlobeSt.com. "We're in contact with other shareholders." While his wish is to acquire the company or properties, he says, "to the extent that there's no interest in selling, we're looking for some justification, other than the cursory reply we've had, for that decision."

Calls to Richard Agree, Agree's chairman, president and CEO, were not returned by deadline.

Agree's stock hit a 52-week high of $33.51 a share on May 3, then closed at $32.90 a share, which is nearly 4.9% above the May 2 close of trading on the NYSE. The 52-week low, $26.07 a share, occurred on Nov. 1, 2005. Compson is a privately held real estate company. It is currently developing Renaissance Commons, a seven-million-sf mixed-use project in Boynton Beach.