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Agree Realty obtains $24.8 million loan

By Associated Press

July 14, 2008

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Agree Realty Corp., a real estate investment trust, said Monday it secured a $24.8 million term loan.

The loan, arranged by LaSalle Bank Midwest National Association and Raymond James Bank, has an original term of five years and can be extended for an additional two years.

President and Chief Executive Richard Agree said proceeds of the loan will be applied toward its unsecured $55 million credit facility.

Agree Realty owns and operates 67 properties located in 16 states.

Shares of the company declined 57 cents, or 2.3 percent, to $24.46 in afternoon trading.

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