Agree Realty Announces Kmart Lease Extensions
FARMINGTON HILLS, Mich., March 28, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that pursuant to their existing lease agreements, Kmart has exercised five-year options at Central Michigan Commons in Mt. Pleasant, Michigan and Capital Plaza in Frankfort, Kentucky. The Central Michigan Commons store is 80,399 square feet and the Capital Plaza store is 80,192 square feet. The extended lease for the Mt. Pleasant store will expire on August 31, 2018 and for the Frankfort store will expire on September 30, 2018. Kmart retains additional options at the tenant's election in both locations. These option extensions represent 54% of gross leasable area and 33% of annualized base rents for leases expiring in 2013 as of December 31, 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 113 properties, located in 30 states and containing approximately 3.3 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".
For additional information, visit the Company's home page at www.agreerealty.com.
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, 2012. 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.
SOURCE Agree Realty Corporation