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FARMINGTON HILLS, MI-Agree Realty Corp., based here, announced results for thequarter ended Sept. 30.Funds from operations increased by $45,000 to $3.13 million compared to 1999 thirdquarter. Net income increased by $118,000 to $1.8 million or $0.43 per shareon a diluted basis, for the same time period.

Total revenues increased 9.3 percent to $5.99 million in the third quarter and increased 8.4 percent during 2000 to $17 million. The company paid a cash dividend of $0.46 per share on Oct. 12 toshareholders on record on Sept. 29, 2000. This dividend is equivalent to anannualized dividend of $1.84 per share and represents a payout ratio of 74.2percent of funds from operations for the quarter, down from 75.4 percent forthe third quarter of 1999.

Agree owns, manages and develops properties which are primarily neighborhoodshopping centers and single tenant properties, located in 134 states andleased to major retail tenants.

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