Agree Realty Announces Retenanting And Disposition Of Remaining Borders Assets

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Sep 24, 2012, 04:01 ET

FARMINGTON HILLS, Mich., Sept. 24, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has executed two leases and completed a disposition of the Company's remaining assets that were formerly leased to Borders. The three transactions will raise the Company's portfolio occupancy level to 99%.

The Company has executed a lease with HomeGoods for the building formerly occupied by Borders in Monroeville, Pennsylvania. HomeGoods, a subsidiary of The TJX Companies, Inc., is an industry leading home furnishing retailer with over 400 stores across the United States. The Company anticipates rent commencement during the third quarter of 2013. This is the Company's first lease with a TJX company.

The Company also has closed on the sale of a 21,000 square foot single-tenant property formerly leased to Borders located in Columbus, Ohio. The property was sold for approximately $1,700,000.

Additionally, the Company has entered into a lease with the City of Lawrence for the former Borders location in Lawrence, Kansas. Rent is anticipated to commence during the fourth quarter of 2012.

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