EXCLUSIVE: Agree Realty Comments On Borders Move (ADC, BGP)

Shares of Agree Realty ADC are up 8 cents to $23.92, a gain of almost 0.5% on the back of the news that the company has disposed of Borders BGP in two of its real estate locations, in an effort to further diversify its holdings. COO Joey Agree responded to Benzinga regarding the transaction in an email. Agree wrote, "Today's transaction is further evidence of our commitment to diversify our tenant base with high-quality national retailers. The disposition of our two Tulsa assets, as well as Santa Barbara, CA and Aventura, FL is part of this larger strategy. It is important to view the past 12 months in a larger context in order to fully grasp our strategy." Agree went on to say, "This acquisition platform was launched and executed prior to the significant cap rate compression and price appreciation found in the current market. Agree remains one of the lowest levered companies in the REIT sector, with below 30% debt to total cap. We will continue to seek ways to efficiently recycle our capital, balance our portfolio and secure first in class retail assets." Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and management of retail properties, which are primarily leased to national and regional retail companies in the United States.