<SEC-DOCUMENT>0001144204-11-012793.txt : 20110304
<SEC-HEADER>0001144204-11-012793.hdr.sgml : 20110304
<ACCEPTANCE-DATETIME>20110304103554
ACCESSION NUMBER:		0001144204-11-012793
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110304
DATE AS OF CHANGE:		20110304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		11662777

	BUSINESS ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HGWY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		31850 NORTHWESTERN HIGHWAY
		CITY:			FARMINGTON HILLS
		STATE:			MI
		ZIP:			48334
</SEC-HEADER>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press release, dated March 1, 2011, reporting the Company's results of operations for the fourth quarter and full year ended December 31, 2010.</font></div>
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<td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice President, Chief&#160;Financial Officer and Secretary</font></td>
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<p style="text-align:center"><b>Agree Realty Corporation Reports Operating Results for the Fourth Quarter and Full Year 2010</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;"><p>FARMINGTON HILLS, Mich., March 1, 2011 /PRNewswire/ --</p><p><b>Full Year 2010 Highlights:</b></p><ul type="disc"><li>Acquired nine net lease assets at a combined cost of $36.8 million</li><li>Developed or redeveloped five net lease assets at a combined cost of $15.4 million</li><li>Disposed of three assets for proceeds of $14.2 million</li><li>Reduced Borders annualized revenues by $2.6 million or 26%</li><li>Increased total revenues by $1.7 million or 5%</li><li>Raised $31.1 million in net proceeds from secondary common equity offering </li><li>Recorded an $8.14 million non-cash impairment on Borders portfolio</li></ul>
<br /><p>Agree Realty Corporation (NYSE: ADC) today announced results for the three months and full year ended December 31, 2010. </p><p>Fourth quarter funds from operations (FFO) was ($1,182,000) compared with FFO in the fourth quarter of 2009 of $6,013,000. The reduction in fourth quarter FFO is the result of non-cash impairment charges of $8,140,000 related to Borders Group assets, and a non-recurring lease termination receipt of $700,000. &#160;FFO per diluted share for the fourth quarter of 2010 was ($0.12) compared with $0.71 for the fourth quarter of 2009. &#160;Excluding the non-cash impairment charge and non-recurring lease termination payment, FFO per share for the three months ended December 31, 2010 was $0.63 per share. &#160; </p><p>A reconciliation of net income to FFO is included in the financial tables accompanying this press release. Net loss for the fourth quarter of
2010 was ($3,313,000), or ($0.33) per diluted share, compared with net income for the fourth quarter of 2009 of $4,563,000, or $0.54 per share. &#160;Total revenues increased 8.5% to $9,566,000, compared with total revenues of $8,820,000 in the fourth quarter of 2009. </p><p>For the year ended December 31, 2010 FFO was $16,793,000 compared with FFO for the year ended December 31, 2009 of $23,634,000. &#160;FFO per diluted share for the year ended December 31, 2010 was $1.76 compared with $2.81 for the year ended December 31, 2009. &#160;FFO and FFO per share decreased due to the impairment charge, lease termination payment and an increase in the weighted average shares outstanding as the result of the common share offering in April 2010. &#160;Excluding the non-cash impairment charge and non-recurring lease termination payment, FFO per share for the year ended December 31, 2010 was
$2.54. &#160;Net income was $15,628,000, or $1.64 per diluted share, compared with net income for the comparable period last year of $17,994,000, or $2.14 per diluted share. &#160;Total revenues increased 5.0% to $36,112,000 compared with total revenues of $34,402,000 for the comparable period last year. &#160;</p><p>&#34;In connection with the preparation of our year end financial statements and in light of this month&#39;s bankruptcy filing by Borders, we have determined that an $8.14 million non-cash impairment charge is necessary. &#160;Approximately $7.70 million of the impairment charge pertains to four of our Borders stores currently slated for closure by Borders, while the balance of the impairment charge relates to the disposition of our two Borders stores in Tulsa, Oklahoma during the 1st quarter of this year,&#34; said Joey Agree, President and Chief Operating Officer.
</p><p>&#34;Our portfolio of net lease assets continues to expand. During 2010, we completed five developments including projects in Atlantic Beach and St. Augustine Shores, Florida, Oakland, California as well as Ann Arbor, Michigan on behalf of Walgreens. The fifth project was the addition of Dick&#39;s Sporting Goods at Boynton Festive Plaza. Our acquisition program also made significant strides during the course of the year, as we acquired nine properties net leased to Lowe&#39;s, Kohl&#39;s, Chase Bank, PNC Bank, CVS/Caremark and Walgreens. &#160;Our balance sheet remains strong and we continue to be well-positioned to take advantage of opportunities as they arise.&#34; &#160;</p><p><b>Dividend</b></p><p>The Company paid a cash dividend of $0.51 per share on January 4, 2011 to shareholders of record on December 20, 2010. &#160;The dividend is equivalent to an annualized dividend of
$2.04 per share.</p><p><b>Portfolio</b></p><p>At December 31, 2010, the Company&#39;s total assets were $285,042,000 and its portfolio consisted of 81 properties located in 17 states and totaling 3,848,464 square feet of gross leasable space. &#160;The portfolio was 99.2% leased at the end of the quarter. &#160;</p><p>The Company&#39;s construction in progress balance totaled approximately $359,000 at December 31, 2010, and the Company capitalized $24,046 of construction period interest during the fourth quarter of 2010.</p><p><b>Major Tenants</b></p><p>The following is a breakdown of base rents in effect at December 31, 2010 for each of the Company&#39;s major tenants:</p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Major Tenant</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent (A)</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total Base Rent</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
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<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Walgreen (30)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160;11,299,499&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">31%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Borders (14) &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7,357,947&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt
2pt 5.4pt;padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Kmart (12)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">3,847,911&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">11&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; margin-left: 18pt;"><font style="font-family:Arial;font-size:8pt;">Total</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;22,505,357&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">62%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding:
0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">(A) Annual base rent and number of locations for Borders excludes our two Tulsa, Oklahoma stores that were classified as held for sale as of December 31, 2010 and subsequently sold in January, 2011.</font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
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<br /></div><p><b>Annualized Base Rent of Properties</b></p><p>The following is a breakdown of base rents in effect at December 31, 2010 for each type of retail tenant:</p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Retail Tenant</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total Base Rent</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><p style=" margin:0in;"><font
style="font-family:Arial;font-size:8pt;">National</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;32,556,399&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">89%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font
style="font-family:Arial;font-size:8pt;">Regional</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,720,342&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Local</font></p></td><td valign="bottom" style="padding:
0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,123,982&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; margin-left: 18pt;"><font style="font-family:Arial;font-size:8pt;">Total</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 12pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160;36,400,723&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">100%&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><p><b>Lease Expirations</b></p><p>The following table, as of December 31, 2010, sets forth lease expirations for the next 10 years for the Company&#39;s freestanding properties and community shopping centers, assuming that none of the tenants exercise renewal options or terminate their leases prior to the contractual expiration date.</p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="6" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
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<br /></td><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Gross Leasable Area</font></b></p></td><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Annualized Base Rent</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Expiration Year</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font
style="font-family:Arial;font-size:8pt;">Number of Leases Expiring</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Square Footage</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Percent of Total</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Amount</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font
style="font-family:Arial;font-size:8pt;">Percent of Total</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2011</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">12</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">111,563</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3.0%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">781,944</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2.1%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2012</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p
style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">29</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">281,356</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7.5%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,457,922</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in;
text-align: right; "><font style="font-family:Arial;font-size:8pt;">4.0%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2013</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">21</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">330,063</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">8.8%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,805,397</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.0%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2014</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">15</font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">213,570</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.7%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,162,160</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3.2%</font></p></td><td style=""></td></tr><tr><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2015</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">21</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">827,135</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">21.9%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;
margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,464,549</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">12.3%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2016</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">13</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">150,641</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4.0%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,138,456</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.9%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font
style="font-family:Arial;font-size:8pt;">2017</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">5</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">38,944</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1.0%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">371,995</font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1.0%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2018</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">11</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">200,235</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right:
6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.3%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,392,318</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9.3%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2019</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align:
center; "><font style="font-family:Arial;font-size:8pt;">6</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">70,170</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1.9%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,741,879</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">4.8%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">2020</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">6</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">170,718</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4.5%</font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,068,701</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5.7%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Thereafter</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">47</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,374,254</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">36.4%</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">17,015,402</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">46.7%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; Total</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><font style="font-family:Arial;font-size:8pt;">186</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,768,649</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$36,400,723</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="6" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><p><b>Outstanding Shares and Operating Partnership Units</b></p><p>For the three months and year ended December 31, 2010, the Company&#39;s fully diluted weighted average shares outstanding were 9,637,848 and 9,191,500. &#160;The basic weighted average shares outstanding for the three months and year ended December 31, 2010 were 9,590,501 and 9,155,659.</p><p>The Company&#39;s assets are held by, and all of its operations are conducted through, Agree Limited Partnership, of which the Company is the sole general partner. &#160;As of December 31, 2010, there were 347,619 operating partnership units outstanding and the Company held a 96.56% interest.</p><p><b>Development Activity</b></p><p>During 2010 the Company completed three Walgreens development projects. &#160;These developments were located in Atlantic Beach, Florida, St. Augustine Shores, Florida and Ann Arbor, Michigan.
&#160;The Company delivered the Ann Arbor, Michigan store to Walgreens in late September 2010, and the Atlantic Beach and St. Augustine Shores stores were delivered to the tenant in October 2010 and November 2010, respectively. &#160;The Company also completed the redevelopment of its vacant Circuit City store in Boynton Beach, Florida for Dick&#39;s Sporting Goods, Inc. &#160;The Dick&#39;s Sporting Goods store opened in October 2010. &#160;</p><p><b>Acquisition Activity</b></p><p>We acquired six properties during the fourth quarter for a total of $23.2 million. &#160;Five of these properties are single tenant buildings leased to PNC Bank, Lowe&#39;s, Kohl&#39;s, CVS/Caremark, and Chase Bank and one is the fee interest in the land underlying one of our existing Walgreen locations.</p><p><b>Dispositions</b></p><p>During the quarter, the Company disposed of a Walgreens located in Ocala,
Florida. &#160;The Company also terminated a lease agreement by delivering a building to the ground lessor in Aventura, Florida and was relieved of the obligation to pay future ground lease rentals. &#160; The aggregate net loss recorded on these transactions was approximately $590,000.</p><p><b>Held for Sale</b></p><p>As of December 31, 2010 we classified two properties in Tulsa, Oklahoma leased to Borders Group, Inc. as held for sale. &#160;We subsequently closed on the sale of these two properties in January 2011. &#160;We recognized a $440,000 impairment charge as of December 31, 2010 which is reflected in income from discontinued operations.</p><p><b>About Agree Realty Corporation</b></p><p>Agree Realty Corporation is engaged in the ownership, management and development of properties, which are primarily single tenant properties leased to retail tenants and neighborhood community
shopping centers. &#160;The Company currently owns and operates a portfolio of 80 properties, located in 17 states and containing approximately 3.8 million square feet of gross leasable space. &#160;The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol &#34;ADC.&#34;</p><p><b>Forward-Looking Statements</b></p><p>The Company considers portions of the information contained in this release 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. &#160;These forward-looking statements represent the Company&#39;s expectations, plans and beliefs concerning future events. &#160;Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company&#39;s best judgment reflecting current
information, certain factors could cause actual results to differ materially from such forward&#8211;looking statements. &#160;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&#39;s Form 10-K for the year ended December 31, 2009. &#160;Except as required by law, the Company assumes no obligation to update these forward&#8211;looking statements, even if new information becomes available in the future.</p><p>For additional information, visit the Company&#39;s home page on the Internet at http://www.agreerealty.com.</p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p
style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Agree Realty Corporation</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Operating Results (in thousands, except per share amounts)</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">(Unaudited)</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Three Months Ended</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">December 31,</font></b></p></td><td valign="bottom" rowspan="2" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Year Ended</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">December 31,</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; "><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt;
"><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Revenues:</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Minimum rents</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$8,808</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$7,903</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$32,787</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$31,300</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Percentage rent</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">14</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in;
text-align: right; "><font style="font-family:Arial;font-size:8pt;">35</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">15</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Operating cost reimbursements</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">703</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">648</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,604</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,647</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Development fee income</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">251</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">589</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">410</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other income</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt;
padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">41</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">10</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">97</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">30</font></p></td><td style=""></td></tr><tr><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160;</font><b><font style="font-family:Arial;font-size:8pt;">Total Revenues</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,566</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,820</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt;
padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">36,112</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">34,402</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Operating Expenses:</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Real estate taxes</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">461</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">498</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,913</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,938</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property operating expenses</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">336</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">365</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;
margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,458</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,566</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Land lease payments</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">186</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">97</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">477</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">387</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; General and administration</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,399</font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,226</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,003</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,559</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Depreciation and amortization</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,511</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,380</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,687</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,359</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="
margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Impairment charge</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7,700</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">7,700</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td
style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Interest expense</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,220</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,203</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">4,712</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,635</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Operating Expenses</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">12,813</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt;
border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,769</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">26,950</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">18,444</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Income
(loss) before discontinued operations</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(3,247)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,051</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,162</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">15,958</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Sale of asset from discontinued &#160; operations</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(590)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align:
right; "><font style="font-family:Arial;font-size:8pt;">4,738</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Income from discontinued operations</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">524</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right;
"><font style="font-family:Arial;font-size:8pt;">512</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,728</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,036</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Net Income (Loss)</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in;
text-align: right; "><font style="font-family:Arial;font-size:8pt;">(3,313)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,563</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">15,628</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">17,994</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p
style="margin:0in; margin-left: 10pt;"><font style="font-family:Arial;font-size:8pt;">Net income (loss) attributable to non-controlling interest</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(114)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">186</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">561</font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">950</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; margin-left: 1.5pt;"><b><font style="font-family:Arial;font-size:8pt;">Net Income Attributable to Agree Realty Corporation</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">($3,199)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt;
"><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,377</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$15,067</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$17,044</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Net Income (Loss) Per Share &#8211;
Dilutive</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">($0.33)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.54</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1.64</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$2.14</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Reconciliation of Funds from &#160; &#160;</font></b></p><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; Operations to Net Income (Loss):</font></b><font style="font-family:Arial;font-size:8pt;"> (1)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Net income (loss)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">($3,313)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$4,563</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$15,628</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$17,994</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Depreciation of real estate assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,507</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,433</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space:
nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,810</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,574</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Amortization of leasing costs</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">34</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">17</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">93</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">66</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Sale of fixed asset</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">590</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(4,738)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font
style="font-family:Arial;font-size:8pt;">Funds from Operations </font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">($1,182)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$6,013</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">$16,793</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$23,634</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Funds from Operations &#160;Per Share &#8211; &#160;</font></b></p><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; Dilutive</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">($0.12)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$0.71</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$1.76</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$2.81</font></p></td><td
style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Weighted average number of shares and OP units outstanding &#8211; dilutive</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,985</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,436</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt;
border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,539</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8,417</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="5" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">(1)</font><b><font style="font-family:Arial;font-size:8pt;"></font></b><font style="font-family:Arial;font-size:8pt;">FFO is defined by the National Association of Real Estate Investment Trusts, Inc. (NAREIT)&#160;to mean net income computed in accordance with generally accepted accounting principles (GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. &#160;Management uses FFO as a supplemental measure to conduct and evaluate the Company&#39;s business because there are certain limitations associated with using GAAP net income by itself as the primary measure of the
Company&#39;s operating performance. &#160;Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. &#160;Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that use historical cost accounting is insufficient by itself. </font></p>
<br /><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">FFO should not be considered as an alternative to net income as the primary indicator of the Company&#39;s operating performance or as an alternative to cash flow as a measure of liquidity. &#160;Further, while the Company adheres to the NAREIT definition of FFO, its presentation of FFO is not necessarily comparable to similarly titled measures of other REITs due to the fact that not all REITs use the same definition. </font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Agree Realty Corporation</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Consolidated Balance Sheets (in thousands)</font></b></p><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">(Unaudited)</font></b></p>
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">December 31,</font></b></p><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2010</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">December 31,</font></b></p><p style="white-space: nowrap;  margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">2009</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Assets</font></b></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Land</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$103,693</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$95,047</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Buildings</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">227,646</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">220,605</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accumulated depreciation</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(66,111)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align:
right; "><font style="font-family:Arial;font-size:8pt;">(64,076)</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property under development</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">359</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,792</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Property held for
sale</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">6,522</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Cash and cash equivalents</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">593</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">689</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accounts receivable</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,330</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,987</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font
style="font-family:Arial;font-size:8pt;"> &#160; Deferred costs, net of amortization</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">10,098</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1,897</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">912</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">848</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Assets</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$285,042</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt;
border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$261,789</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:double black 2.5pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Liabilities</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Mortgages payable</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$71,527</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$75,553</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Notes payable</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right:
9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">28,380</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">29,000</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Deferred revenue</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">9,346</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align:
right; "><font style="font-family:Arial;font-size:8pt;">10,035</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Dividends and distributions payable</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,146</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">4,354</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Other
liabilities</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,513</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,020</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Liabilities</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p
style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">117,912</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">121,962</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; ">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Stockholders&#39; Equity</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Common stock (9,759,014 and 8,196,074 shares)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">1</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Additional paid-in capital</font></p></td><td valign="bottom" style="padding: 0pt
5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">179,705</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">147,466</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Deficit</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(14,702)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;
margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(10,633)</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;"> &#160; Accumulated other comprehensive income (loss)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(765)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(71)</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><font
style="font-family:Arial;font-size:8pt;"> &#160; Non-controlling interest</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2,891</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">3,064</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;"> &#160; &#160; &#160; &#160; &#160;Total Stockholders&#39; Equity</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black
1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">167,130</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">139,827</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$285,042</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:double black 2.5pt; padding-right: 9pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$261,789</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;">
<br /></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table>
<br />
<br /></div>
<br /><br /><p>CONTACT: &#160;Alan D. Maximiuk, Chief Financial Officer, +1-248-737-4190</p></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
