Agree Realty Provides Additional Information on Borders Assets
Agree Realty Corporation (NYSE: ADC) today announced further information regarding the status of its properties currently or formerly leased to affiliates of Borders Group, Inc., which together with certain of its subsidiaries, including Borders, Inc., filed a bankruptcy petition under Chapter 11 of the Bankruptcy Code.
The lease for the Borders property in Columbia, Maryland, has been assigned by Borders to Books-A-Million, Inc. (NASDAQ: BAMM) pursuant to an agreement approved by the bankruptcy court on August 29, 2011. A Books-A-Million store is expected to be opened at the property after the completion of the Borders store closing sale. The property is subject to non-recourse debt of the Company, which is currently in default as disclosed in the Company's quarterly report on Form 10-Q for the quarter ended June 30, 2011.
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