Agree Realty Announces Two Acquisitions; Portfolio Now Encompasses Over 100 Properties
FARMINGTON HILLS, Mich., Nov. 28, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a Big Lots store and a Dollar General Market. The 30,000 square foot Big Lots is in The Shoppes at Lakestone Commons shopping center adjacent to Kohl's in Fuquay-Varina, North Carolina. The 20,834 square foot Dollar General Market is located on State Street in Lyons, Georgia. Both stores have recently opened for business. The aggregate cost of the acquisitions was approximately $5,300,000.
"We are extremely pleased to announce that with the acquisition of these two assets, our portfolio now exceeds 100 properties. Since the inception of our acquisition platform in April 2010, we have added 37 properties, in 13 retail sectors and 20 states, at a total cost of approximately $135,000,000," said Joey Agree, President and Chief Operating Officer. "These two acquisitions of high-quality assets leased to investment grade tenants continues to diversify our portfolio by tenant, by retail sector as well as geographically."
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 101 properties, located in 25 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