Agree Realty Disagrees on Buyout

With a dividend yield of 6%, higher than many of its peers, Agree Realty (ADC Quote) is already an interesting REIT play. But at least one firm apparently believes there is some value that isn't being realized at the company.

Agree Realty is a small-cap real estate investment trust with a national portfolio of mostly single-tenant retail sites leased to chains such as Borders, Walgreen's and Kmart.

On Wednesday, privately held Boca Raton, Fla.-based real estate developer Compson Holding issued a press release saying it recently submitted two unsolicited offers to buy the Farmington Hills, Mich.-based REIT, or at least its existing 59-property portfolio. Compson's principals already hold about 3.1% of Agree's outstanding shares, according to the release. ...