A net lease is where the tenant normally agrees to pay for ownership expenses, including utilities, repairs, insurance and taxes. Also, NNN Properties with No Landlord responsibilities in a strong retail area with an above average household income and long term net leases are highly desirable. Net Lease Properties can be purchased individually or on a portfolio basis.
Agree Realty Corporation has an Investment Property Portfolio chock full of net lease properties. As recently as June, 2010, the Company's total assets were $270,353,000. Their Investment Property Portfolio consists of 74 Commercial properties located in 15 states and totaling 3,492,468 square feet of gross leasable space. The Investment Property Portfolio was 99.2% leased at the end of the quarter. Agree Realty Corporation's construction in progress balance totaled approximately $9,738,000 at June 30, 2010. Also the Company capitalized $111,519 of construction period interest during the second quarter of 2010.