Agree Realty Extends And Reprices Its $85 Million Unsecured Credit Facility And Obtains $23.6 Million Secured Financing

 Agree Realty Extends And Reprices Its $85 Million Unsecured Credit Facility
                 And Obtains $23.6 Million Secured Financing

PR Newswire

FARMINGTON HILLS, Mich., Dec. 17, 2012

FARMINGTON HILLS, Mich., Dec.17, 2012 /PRNewswire/ --Agree Realty
Corporation (NYSE: ADC) today announced the amendment of its $85 million
unsecured revolving credit facility. The amendment extends the facility's
maturity to October 2015 and provides for two one-year options to extend the
maturity, at the Company's discretion, to October 2017, subject to customary
conditions. Annual interest rates on borrowings under the amended facility
have been reduced to LIBOR plus 150 to 215 basis points, depending on the
Company's leverage ratio. Based on its current leverage ratio, the Company
anticipates the margin initially will be 150 basis points over LIBOR. The
facility includes a $50 million accordion feature to increase capacity to $135
million, subject to certain conditions, to accommodate the Company's business
plans. Bank of America, N.A. will act as administrative agent. Participating
banks include PNC Bank, Bank of Montreal and U.S. Bank.

Additionally, the Company closed on a $23.6 million secured CMBS financing
with Morgan Stanley Mortgage Capital Holdings LLC. The 10-year, non-recourse
loan is secured by 12 single tenant properties, bears interest at a fixed rate
of 3.60% per year and matures in January 2023. The proceeds from this
financing will be used to pay down amounts outstanding under the Company's
unsecured credit facility.

"These transactions, in conjunction with a recently closed $25 million term
loan, provide the Company with increased capacity to fund its growing
acquisition and development platforms while taking advantage of today's low
interest rate environment," said Joey Agree, President and Chief Operating
Officer. "We appreciate the strong support we received from our bank group
and lenders, which speaks to the quality and strength of our portfolio."

During 2012, the Company raised or refinanced $156.5 million of total debt,
including $71.5 million of long-term mortgage debt in 2012 at a
weighted-average fixed annual rate of 3.22%, including the effect of interest
swap agreements. The Company currently has a weighted-average debt maturity
of 5.8 years and no aggregate annual maturities exceeding $10 million until
2017.

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 102 properties, located in 26
states and containing approximately 3.2 million square feet of gross leasable
space. The Company's common stock 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

Website: http://www.agreerealty.com
Contact: Alan Maximiuk, Chief Financial Officer, +1-248-737-4190
 
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