Lake City Florida Land For Sale

10-Q: AGREE REALTY CORP

10-Q: AGREE REALTY CORP

(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

We have included herein certain forward-looking statements within the meaning of

Overview

Agree Realty Corporation is a fully-integrated, self-administered and self-managed real estate investment trust ("REIT"). In this report, the terms "Company," "we," "our" and "us" and similar terms refer to Agree Realty Corporation and/or its majority owned operating partnership, Agree Limited Partnership ("Operating Partnership") and/or its majority owned and controlled subsidiaries, including its qualified taxable REIT subsidiaries ("TRS"), as the context may require. Our assets are held by and all of our operations are conducted through, directly or indirectly, the Operating Partnership, of which we are the sole general partner and in which we held a 96.59% and 96.56% interest as of June 30, 2011 and December 31, 2010, respectively. Under the partnership agreement of the Operating Partnership, we, as the sole general partner, have exclusive responsibility and discretion in the management and control of the Operating Partnership. We are operating so as to qualify as a REIT for federal income tax purposes.

We are focused primarily on the ownership, development, acquisition and management of retail properties net leased to national tenants. We were incorporated in December 1993 to continue and expand the business founded in 1971 by our current Chief Executive Officer and Chairman, Richard Agree. We specialize in developing retail properties for national tenants who have executed long-term net leases prior to the commencement of construction. As of June 30, 2011, approximately 87% of our annualized base rent was derived from national tenants and approximately 54% of our annualized base rent was derived from our top three tenants: Walgreen Co. ("Walgreens") - 34%; Kmart Corporation

As of June 30, 2011, our portfolio consisted of 81 properties, located in 17 states containing an aggregate of approximately 3.8 million square feet of gross leasable area ("GLA"). As of June 30, 2011, our portfolio included 69 freestanding net leased properties and 12 community shopping centers that were 96.6% leased in aggregate with a weighted average lease term of approximately 11 years remaining. Borders currently leases 15.1% of the Company's GLA. All of our freestanding property tenants and the majority of our community shopping center tenants have triple-net leases, which require the tenant to be responsible for property operating expenses, including property taxes, insurance and maintenance. We believe this strategy provides a generally consistent source of income and cash for distributions. During the period from July 1, 2011 to December 31, 2011 we have 3 leases that are scheduled to expire assuming that none of the tenants exercise renewal options or terminate their leases prior to the contractual expiration date. These leases represent 39,399 square feet of GLA and $273,037 of annualized base rent.

64 acres in Columbia County (A-354) Florida Land For Sale at http ...

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The revised general statutes of Florida, prepared under authority of chapter 6930, acts 1915, chapter 7347, acts 1917, and chapter 7838, acts 1919, laws of Florida

The Florida agriculturist

The southern reporter

U.S. Master Property Tax Guide (2008)

Southern reporter