Agree Realty's Agreeable Quarter: Fool by Numbers

On Feb. 27, commercial REIT Agree Realty (NYSE: ADC) released fourth-quarter and full-year earnings for the period ended Dec. 31.

• For the quarter, funds from operations (a REIT measure of cash flow) increased 15.2% to $5.2 million.
• At the end of the year, Agree had $223 million in assets, composed of 60 properties with 3.3 million square feet. Occupancy was pristine, with 99.7% of the portfolio leased.
• The company's three largest tenants are Borders (NYSE: BGP), Walgreen (NYSE: WAG) and Kmart, a unit of Sears Holdings (Nasdaq: SHLD), which together account for 67% of the company's base rent.

(Figures in thousands, except per-share data)

Income Statement Highlights

	Q4 2006	Q4 2005	Change
Sales	$8,354	$8,328	0.3%
Net Profit	$3,719	$5,773	(35.6%)
EPS	$0.49	$0.75	(34.7%)
Diluted Shares	8,341	8,347	(0.1%)

Get back to basics with a look at the income statement.

Balance Sheet Highlights

Assets	Q4 2006	Q4 2005	Change
Land	$77,537	$73,035	6.2%
Buildings	$189,117	$185,872	1.7%
Total Assets	$223,515	$224,299	(0.3%)

Liabilities	Q4 2006	Q4 2005	Change
Debt	$68,791	$69,061	(0.4%)
Total Liabilities	$87,217	$87,693	(0.5%)

Learn the ways of the balance sheet.

Cash Flow Highlights

	Q4 2006	Q4 2005	Change
FFO	$5,260	$4,567	15.2%
FFO Per Share	0.63	0.55	14.5%

Find out why Fools always follow the money.

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

Borders Group is a Motley Fool Inside Value recommendation. Agree Realty is a Motley Fool Income Investor recommendation. Try any one of our investing services free for 30 days.

Fool contributor Emil Lee is an analyst and a disciple of value investing. He doesn't own shares in any of the companies mentioned above. Emil appreciates your comments, concerns, and complaints. The Motley Fool has a disclosure policy.