Business Services Industry
DIVIDENDS AND EARNINGS.
Crain's Detroit Business, May, 1999
Agree Realty Corp. (NYSE: ADC), the Farmington Hills-based real estate investment trust, reported increased funds from operations for the first quarter, which ended March 31. Funds from operations totaled $2.9 million or 57 cents a share on revenue of $5.4 million, compared with $2.6 million or 53 cents on revenue of $4.7 million during the same period the previous year.
Funds from operations is an accounting standard used by REITs that reflects net income plus adjustments such as depreciation and amortization. American Axle & Manufacturing Holdings Inc. (NYSE: AXL) of Detroit posted net income of $29 million or 61 cents a for each diluted share on sales of $697.7 million for the first quarter, which ended March 31, compared with $16.9 million or 39 cents...
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