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FARMINGTON HILLS, MI-Agree Realty Corp. reported funds from operations increased 12.7% to $5 million in the second quarter of 2005, up from FFO of $4.45 million during the same time period of 2004.

The REIT, which primarily owns single-tenant retail sites in 14 states, said net income increased to $3.5 million in the second quarter of 2005, up from $3 million in 2004. The company also said its FFO for the first six months of 2005 increased 14.6% to $9.8 million compared to the same period in 2004.

Agree said 99% of its 3.5 million sf of leaseable space was occupied as of June 30, when it completed the development of a retail property in Midland, MI, which is now leased to Walgreen Co. The company also said it has approximately $8.6 million worth of construction and development in progress.

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