Agree Realty Announces Extension Of $22.9 Million Term Loan Until 2019

Jun 11, 2012, 08:54 ET from Agree Realty Corporation

FARMINGTON HILLS, Mich., June 11, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has closed on an amended and restated $22.9 million term loan to replace its existing term loan.  The term loan will mature May 2019, inclusive of a two year extension, at the Company's election, which is subject to customary conditions.  The term loan is currently swapped to a 3.74% fixed rate until July 1, 2013.  The Company has entered into a forward interest rate swap agreement to fix the interest rate at 3.62% for the period July 2013 to maturity.  Bank of America, N.A. will act as Administrative Agent and Lender.  Raymond James Bank, National Association will also be a Lender.

As noted in the table below, the Company has only one remaining debt maturity until 2020.


Agree Realty Corporation

Summary of Debt Maturities (1)



Scheduled Maturities



$                -





Portland, OR Lowe's non-recourse financing











Term loan financing, assuming extension



Leawood, KS CVS non-recourse financing



Total maturities


(1) Current debt maturity amounts, excluding scheduled principal amortization and amounts outstanding under the Company's Credit Facility.


"We are pleased to have worked with our banking partners to take advantage of a favorable interest rate environment and extend the maturity of this term loan," said Joey Agree, President and Chief Operating Officer.  "We continue to proactively manage our debt maturities and capital structure as evidenced by our lack of near term maturities, and our debt to enterprise value of approximately 24% at March 31, 2012. The Company's only floating rate borrowings are under its revolving line of credit."

Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retailers. The Company currently owns and operates a portfolio of 87 properties, located in 23 states and containing approximately 3.5 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

SOURCE Agree Realty Corporation