Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and operation of retail properties primarily leased to national and regional retail companies in the United States. As of December 31, 2005, its portfolio consisted of 59 properties, located in 15 states containing an aggregate of approximately 3.4 million square feet of gross leasable area, including 47 single tenant retail facilities and 12 community shopping centers. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986. As a REIT, it would not be subject to federal income tax, provided that it distributes at least 90% of its REIT taxable...