FARMINGTON HILLS, Mich., March 7, 2011 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that its Board of Directors declared a first quarter 2011 dividend on the Company's common stock in the amount of $0.40 per share. The first quarter dividend will be payable April 12, 2011, to stockholders of record at the close of business on March 31, 2011. The first quarter dividend reflects a reduction of the Company's annualized dividend rate from $2.04 to $1.60.
"Given the continuing uncertainties due to the bankruptcy of Borders Group, Inc., the Board of Directors has adjusted the dividend to a level that we believe should provide the Company with sufficient liquidity and flexibility to accommodate any further developments in the bankruptcy," said Richard Agree, Chairman and Chief Executive Officer. "This adjusted dividend rate reflects the conservative framework which has provided long-term value to our stockholders since the Company's initial public offering in 1994."
Agree Realty is engaged in the ownership, management and development of properties, which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers. Agree Realty owns and operates a portfolio of 80 properties, located in 17 states and containing approximately 3.8 million square feet of gross leasable space.
The Company considers portions of the information contained in this release, including statements concerning future dividends, to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2009. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com .
SOURCE Agree Realty Corporation