Agree Realty Corporation is a self-administered, self-managed real estate investment trust (a "REIT") which develops, acquires, owns and operates properties which are primarily leased to major national and regional retail companies under net leases. As of December 31, 2002, the Company owned, either directly or through interests in joint ventures, a portfolio of 48 properties located in 13 states and containing an aggregate of approximately 3.7 million square feet of gross leasable area.