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FARMINGTON HILLS, MI-Agree Realty Corp. released its Q4 and year-end results today; seeing higher funds from operations but a lower net income for both Q4 and the total year compared to 2007.

Total revenues increased 3.4% to $35.7 million, from 2007′s $20.7 million. Funds from operations in 2007 totaled $20.7 million and increased to $21.6 million. The REIT’s net income fell this past year to $15 million, roughly $1.95 per diluted share, from $15.5 million, roughly $2.01 per diluted share, in 2007.

For Q4, FFO totaled $5.5 million in 2008, compared to the same quarter in 2007, which totaled $5.3 million. Net income for the quarter was $0.49 per diluted share or $3.8 million. In 2007, net income was $0.60 per diluted share or $4.7 million.

“We are pleased with the operating results for the quarter, as well as the year and expect continued growth as our projects in Silver Springs Shores, FL; Port St. John, FL; Brighton, MI; and Lowell, MI are completed,” says Richard Agree, president and CEO. “We are taking a conservative approach to our development pipeline, focusing on opportunistic uses of capital while maintaining significant liquidity.”

Agree Realty has extended the maturity date on its $55 million line of credit, set to expire this November, till November 2011. All the other debt is not set to expire prior to 2015.

At year end, Agree Realty owned a portfolio of 68 properties in 16 states, worth $257 million. The company, which focuses primarily on single tenant, grocery-anchored and big box retail properties also has $13.4 million worth of projects under construction.

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