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FARMINGTON HILLS-Agree Realty Corp. has declared a fourth quarter dividend $0.485 per share. The company’s stock has been trading at 52-week highs over the past few weeks.

When annualized, the fourth quarter dividend equals $1.94 per share, an increase of 10 cents a share compared to the company’s dividend pay-out in 2002. The dividend will be playable Jan. 6, 2004, to shareholders of record on Dec. 22, 2003.

The company’s stock, which trades as ADC on the New York Stock Exchange, has enjoyed a steady increase in its stock price this year, hitting 42-week highs several times so far this month. ADC closed at $16.82 on Dec. 31, 2002 and has since increased in value by about 65%. The stock has been trading this week around the $28 level.

Agree owns and operates a portfolio of 49 properties containing approximately 3.5 million sf of gross leasable area, located in 13 states.

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