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FARMINGTON HILLS, MI-Agree Realty Corp. will pay a third quarter dividend of 48.5 cents per share of common stock. The Farmington Hills-based company will pay the divident Oct. 16 to shareholders of record at the close of business on Sept. 30.

Agree said the dividend works out to an annualized payment of $1.94 per share, which compares to $1.84 per share paid by the company in 2002.

The company’s stock has been trading near its 52-week high in recent weeks. In the past 52 weeks, Agree has ranged from a low of $16.20 to $25.87. This week, the stock is trading about $25 per share.

Agree owns and operates a portfolio of 50 commercial properties containing approximately 3.7 million sf of gross leasable area, located in 13 states. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol ADC.

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