BLOOMFIELD HILLS, Mich.,
Jan. 19, 2022 /PRNewswire/ -- Agree
Realty Corporation (NYSE: ADC) (the "Company") today announced that
it has closed on the acquisition of the building formerly occupied
by Art Van Furniture at 32301 Woodward Avenue in Royal Oak, Michigan. The building is centrally
located in Metro Detroit and offers a unique opportunity to create
a landmark headquarters to support the Company's continued growth.
Construction is anticipated to commence on the approximately 50,000
square foot building in the first quarter of 2022 and be completed
for relocation during the second quarter of 2023. Plans call for
additional training and development space, health and wellness
facilities, and collaborative meeting areas aligned with the
Company's ADC University and ADC Wellness initiatives.
"As we approach $7 billion in
enterprise value driven by the nearly $3
billion dollars invested since the start of the pandemic, we
quickly recognized the need for additional space to support our
accelerated growth trajectory," said Joey Agree, President and
Chief Executive Officer. "This facility will incorporate
state-of-the-art technology and environmentally friendly features
to create a best-in-class space for our growing team."
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate
investment trust that is
RETHINKING RETAIL through the acquisition
and development of properties net leased to industry-leading,
omni-channel retail tenants. As of December
31, 2021, the Company owned and operated a portfolio of
1,404 properties, located in 47 states and containing approximately
29.1 million square feet of gross leasable area. The Company's
common stock is listed on the New York Stock Exchange under the
symbol "ADC". For additional information on the Company and
RETHINKING RETAIL, please visit
www.agreerealty.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws, including
statements about projected financial and operating results, that
represent the Company's expectations and projections for the
future. Although these forward-looking statements are based on good
faith beliefs, reasonable assumptions and the Company's best
judgment reflecting current information, you should
not rely on forward-looking statements since they involve known and
unknown risks, uncertainties and other factors which are, in some
cases, beyond the Company's control and which could materially
affect the Company's results of operations, financial condition,
cash flows, performance or future achievements or events.
Currently, one of the most significant factors, however, is the
potential adverse effect of the current pandemic of the novel
coronavirus, or COVID-19, on the financial condition, results of
operations, cash flows and performance of the Company and its
tenants, the real estate market and the global economy and
financial markets. The extent to which COVID-19 impacts the Company
and its tenants will depend on future developments, which are
highly uncertain and cannot be predicted with confidence, including
the scope, severity and duration of the pandemic, the actions taken
to contain the pandemic or mitigate its impact, and the direct and
indirect economic effects of the pandemic and containment measures,
among others. Moreover, investors are cautioned to interpret many
of the risks identified in the risk factors discussed in the
Company's Annual Report on Form 10-K for the year
ended December 31, 2020 and other SEC
filings, as well as the risks set forth below, as being heightened
as a result of the ongoing and numerous adverse impacts of
COVID-19. Additional important factors, among others, that may
cause the Company's actual results to vary include
the general deterioration in national economic conditions,
weakening of real estate markets, decreases in the availability of
credit, increases in interest rates, adverse changes in the retail
industry, the Company's continuing ability to qualify
as a REIT and other factors discussed in the
Company's reports filed with the SEC. The
forward-looking statements included in this press release are made
as of the date hereof. Unless legally required, the Company
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events, changes in
the Company's expectations or assumptions or
otherwise.
For further information about the Company's business and
financial results, please refer to the "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
"Risk Factors" sections of the Company's SEC filings, including,
but not limited to, its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, copies of which may be obtained at the
Investor Relations section of the Company's website at
www.agreerealty.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/agree-realty-announces-new-corporate-headquarters-301464231.html
SOURCE Agree Realty Corporation