Agree Realty Announces Disposition of Two Borders Book Stores
FARMINGTON HILLS, Mich., Jan. 25, 2011 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has sold two single-tenant properties leased to Borders, Inc. located in Tulsa, Oklahoma containing approximately 50,000 square feet. The two properties were sold for a total of approximately $6,700,000.
After the disposition of these properties, the Company's annualized aggregate rental income from Borders has been reduced by 26% from December 31, 2009 levels. In addition, annualized aggregate rental income from Borders now represents 20% of the Company's total rental income as compared to approximately 29% as of December 31, 2009.
"The disposition of these two Borders assets is further evidence of our commitment to diversify our portfolio," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "This transaction, in conjunction with the sale of the Santa Barbara Borders in March of 2010 as well as the termination of the Aventura Borders lease in November of 2010, has significantly reduced our aggregate Borders rental income."
Agree Realty is engaged in the ownership, management and development of properties which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers. Agree Realty owns and operates a portfolio of 79 properties, located in 17 states and containing 3.5 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, 2009. 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
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