Agree Realty Announces Kmart and Best Buy Lease Extensions
FARMINGTON HILLS, Mich., May 9, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that pursuant to their existing lease agreements, Kmart exercised its two-year options in Grayling, Michigan as well as Oscoda, Michigan. Both locations are free-standing stores which opened in 1984. The Grayling store is 52,320 square feet and the Oscoda store contains 90,470 square feet. The extended leases will expire on September 30, 2014. Kmart retains additional options at the tenant's election.
Additionally, Best Buy extended their lease for three years at the Company's North Lakeland Plaza in Lakeland, Florida. The new lease expiration date will be January 31, 2016. Best Buy occupies approximately 52,000 square feet in the shopping center, which is also anchored by Beall's Department Store and JoAnn Fabrics. North Lakeland is the Company's only lease with Best Buy.
The Company's remaining lease expirations in 2012 amount to 20,536 square feet and $161,123 of annualized base rent, representing 0.6% of gross leasable area and 0.5% of annualized base rents as of March 31, 2012.
Agree Realty is primarily engaged in the ownership, development, acquisition and management of single tenant retail 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 3.4 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, 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.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com .
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