December 12, 2011 at 16:25 PM EST
Agree Realty Announces Sale of Former Borders Asset

FARMINGTON HILLS, Mich., Dec. 12, 2011 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has sold a 24,641 square foot single-tenant property formerly leased to Borders, Inc. located in Norman, Oklahoma.  The property was sold for approximately $1,600,000.

Agree Realty is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 85 properties, located in 21 states and containing approximately 3.6 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, 2010. 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 on the Internet at http://www.agreerealty.com.

SOURCE Agree Realty Corporation

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