Agree Realty Announces Acquisition of NTB Store in Madison, Alabama
FARMINGTON HILLS, Mich., Jan. 10, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has acquired a retail property net leased to National Tire & Battery ("NTB") in Madison, Alabama. NTB is owned by TBC Corporation, which is a subsidiary of Sumitomo Corporation of America. The cost of the acquisition was approximately $2,330,000. The newly constructed store opened for business in November 2011. The base term of the lease is 25 years.
Agree Realty is primarily engaged in the ownership, management, acquisition and development of single tenant properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 88 properties, located in 21 states and containing approximately 3.6 million square feet of leasable space.
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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