Agree Realty says has 14 properties leased to Borders

BANGALORE (Reuters) - Agree Realty Corp said it has 14 properties leased to the second-largest U.S. bookstore chain, Borders Group Inc, which filed for bankruptcy protection on Wednesday.

Borders, which said it would close about one-third of its stores, filed an anticipated store closing list with the bankruptcy court. The list includes five of Agree Realty's properties that generate about $2.6 million of Agree Realty's annualized base rental revenue.

Agree Realty said the 14 properties leased to Borders, which generate about $7.4 million in annual revenue, or 20 percent of its base rental revenue, included the Borders Group corporate headquarters in Ann Harbour, Michigan.

Shares of Agree Realty, which owns and operates 80 properties leased to retailers and community shopping centers, were trading flat at $23.02 in afternoon trade on Wednesday on the New York Stock Exchange.

(Reporting by Soham Chatterjee in Bangalore; Editing by Maju Samuel)