Agree Realty Announces Florida Development Project

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Sep 27, 2012, 08:00 ET

FARMINGTON HILLS, Mich., Sept. 27, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has closed on the acquisition of a parcel of land in Casselberry, Florida for the development of an industry leader in gas and convenience retailing. The project is pre-leased under a long term ground lease.

The Company's work on the project is expected to be completed by the third quarter of 2013. The site is conveniently located on the northeast corner of US 17-92 and Seminola Boulevard in Casselberry, Florida.

Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 96 properties, located in 25 states and containing approximately 3.1 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC".

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, 2011. 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 at www.agreerealty.com.

SOURCE Agree Realty Corporation