|Agree Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company's operations are conducted through, directly or indirectly, Agree Limited Partnership (Operating Partnership), of which it is the sole general partner, and in which it 96.59% interest as of December 31, 2011. It is focused primarily on the ownership, development, acquisition and management of retail properties net leased to national tenants. It specializes in acquiring and developing single tenant net leased retail properties for industry retail tenants. At December 31, 2011, its portfolio consisted of 87 properties. In January 2013, the Company acquired 317 South State Street for redevelopment. In January 2013, the Company sold Walgreens on Michigan Avenue in Ypsilanti , Michigan. In May 2013, the Company acquired two single tenant assets leased to Petsmart and Starbucks.