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DETROIT-Agree Realty Corp. has increased its quarterly dividend again.The company recently announced that its Board of Directors has declared itssecond quarter 2003 dividend for the Company’s common stock, increasing thedividend to $0.485 per share from the dividend of 48 cents per share fromthe first quarter.

In April, the company had increased the first quarter dividend to 48 centsper share, compared with 46 cents per share in April 2002.The dividend, when added over the year, equals $1.94 per share, 10 cents pershare more a year than paid by the company in 2002.The second quarter dividend is payable July 15 to shareholders of record atthe close of business on June 30.

The company owns, manages and develops primarily neighborhood communityshopping centers, or single tenant properties, leased to retail tenants.Agree owns and operates a portfolio of 49 properties containingapproximately 3.7 million sf of gross leasable area, located in 13states.

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