Agree Realty Announces $10,350,000 In Acquisitions

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Jan 04, 2012, 08:51 ET

FARMINGTON HILLS, Mich., Jan. 4, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has acquired a Wawa convenience store and fuel station in Baltimore, Maryland as well as a Walgreens pharmacy in Fort Walton Beach, Florida, and a CVS pharmacy in Leawood, Kansas, during December 2011. The average remaining lease term for the three acquisitions is 15 years. The aggregate cost of the three acquisitions was approximately $10,350,000. The Company assumed approximately $3,400,000 of debt in conjunction with one of the acquisitions. The assumed debt matures in February 2020 and carries a 6.24% interest rate.

"We are excited to add these properties to our expanding portfolio of net lease assets. Wawa, the most recent addition to our roster of tenants, is a highly respected convenience store operator with over 570 locations across the eastern United States," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "These acquisitions continue to diversify our portfolio of industry-leading retailers."

Agree Realty is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 87 properties, located in 21 states and containing approximately 3.6 million square feet of leasable space.

The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2010. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.

For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com.

SOURCE Agree Realty Corporation