Agree Realty Announces Closing Of $25,000,000 Financing
FARMINGTON HILLS, Mich., Dec. 6, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced the closing of a new $25,000,000 secured financing with PNC Bank, National Association. The non-recourse loan is secured by eleven single tenant properties. The interest rate has been swapped to a fixed rate of 2.49%. The loan will mature April 2018. The proceeds from this financing will be applied to amounts outstanding under the Company's unsecured credit facility.
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 102 properties, located in 26 states and containing approximately 3.2 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