Agree Realty Acquires Lowe's in Portland, Oregon For $14,100,000
FARMINGTON HILLS, Mich., May 21, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced it has acquired a 133,000 square foot retail property ground leased to Lowe's Home Improvement in Portland, Oregon. The cost of the acquisition was approximately $14,100,000. Lowe's has 17 years remaining on the base term of the ground lease. The Company assumed $9,640,000 of debt in conjunction with the acquisition. The assumed debt matures in June 2014 and carries a 5.075% interest rate.
"We are extremely pleased to add a second Lowe's to our portfolio of net leased assets," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "We continue to strategically deploy the proceeds from our recent follow-on equity offering with the goals of expanding and diversifying our portfolio with first in class retailers. This is our initial entry into the state of Oregon and continues our geographic expansion westward."
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 86 properties, located in 22 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, 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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