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FARMINGTON HILLS, MI-Agree Realty Corp. says funds from operations increased 8.7% in the third quarter to $3.4 million while net income increased to $2.1 million or $0.48 per share on a diluted basis. Total revenues increased 1.7% to $6.1 million.

For the nine months ended September 30, 2001, funds from operations have increased 6.5% percent to $9.7 million.

The company paid a cash dividend of $0.46 per share on Oct. 11 to shareholders of record on Sept. 28. The dividend is equivalent to an annualized dividend of $1.84 per share and represents a pay-out ratio of 68.7% of funds from operations for the quarter, down from 74.2% for the third quarter of 2000.

Agree owns, manages and develops properties that are primarily neighborhoodcommunity shopping centers and single tenant properties, located in 13 states and leased to major retail tenants.

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