Agree Realty Acquires Portfolio Of Applebee's Restaurants
2012 Acquisition Activity Doubles 2011 Volume
FARMINGTON HILLS, Mich., Jan. 10, 2013
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
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
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
SOURCE Agree Realty Corporation
Contact: Alan Maximiuk, Chief Financial Officer, +1-248-737-4190
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