Agree Realty Announces Venice, Florida Development Project

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May 15, 2012, 08:00 ET

FARMINGTON HILLS, Mich., May 15, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired the southeast corner of Indian Avenue and S. Tamiami Trail and will ground lease the parcel to JPMorgan Chase. The Company and Chase have previously executed a twenty-year ground lease. Chase intends to construct a retail bank branch on the site.

"We are extremely pleased to announce another Florida development project on behalf of an industry-leading net lease tenant. With this announcement, we now expect to have five projects under construction by the end of the third quarter. We continue to expand our presence in Florida as our development team uncovers high-quality opportunities to add to our growing portfolio," said Joey Agree, President and Chief Operating Officer.

Agree Realty Corporation is primarily engaged in the development and acquisition of single tenant retail properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 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, 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 on the Internet at http://www.agreerealty.com

SOURCE Agree Realty Corporation