Agree Realty Corporation is a fully-integrated, self-administered and self-managed real estate investment trust (REIT). The Company is focused primarily on the ownership, development, acquisition and management of retail properties net leased to national tenants. It specializes in developing retail properties for national tenants who have executed long-term net leases prior to the commencement of construction. As of December 31, 2008, approximately 89% of its annualized base rent was derived from national tenants. All of the Company’s freestanding property tenants and the majority of its community shopping center tenants have triple-net leases. At December 31, 2008, the Company’s portfolio consisted of 68 properties, located in 16 states containing an aggregate of approximately 3.4 million square feet of gross leasable area (GLA). As of December 31, 2008, its portfolio included 56 freestanding net leased properties and 12 community shopping centers that were 99.2% leased.