FARMINGTON HILLS, MI-Agree Realty Corp. of Farmington Hills paid out an increased cash dividend to shareholders of record as of March 2.Shareholders received 48 cents per share, which is two cents higher than the 46 cents per share paid in the firstquarter of 2002. The dividend is equivalent to the annual dividend of $1.92per share, said the company.

However, the payout ratio of 69% of funds from operations for thepast quarter is down from 73% for the first quarter of 2002.

The company results from first quarter 2003 increased 13.3% to$3,637,000, compared with funds from operations in the first quarter of 2002of $3,209,000.

Net incomes for the company increased 15.5% to $2,244,000, and totalrevenues increased 13.8% to $7,019,000, both compared with firstquarter 2002.

The real estate investment trust has a portfolio of 49 properties, withapproximately 3.7 million sf of gross leasable area in 13 states.

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