FARMINGTON HILLS, Mich., Jan. 10, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired a portfolio of four Applebee's restaurants as well as an Advance Auto Parts in late December 2012. The aggregate cost of the acquisitions was approximately $10,100,000. These acquisitions bring the Company's 2012 total acquisition activity to approximately $81.5 million, compared to the Company's 2011 total acquisition volume of approximately $39 million.
Acquisition activity for 2012 totaled approximately 400,000 square feet, in 15 states, spanning 13 retail sectors with an average lease term of 14.5 years. Approximately 68% of the annualized base rents for these 2012 acquisitions are from investment grade retailers.
The recently acquired Applebee's assets are located in Harlingen, Texas, and Wichita Falls, Texas, as well as two properties in Pensacola, Florida. Each of the restaurants is on a new 20 year lease providing for fixed annual rental increases. The Advance Auto Parts is located on an outlot to a Walmart Supercenter in Lebanon, Virginia.
"We are pleased to add the Applebee's restaurants to our growing portfolio," said Joey Agree, President and Chief Executive Officer. "We continue to expand and diversify our portfolio of assets leased to industry leading tenants."
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 109 properties, located in 27 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, 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.
SOURCE Agree Realty Corporation