Joey Agree, president and CEO of Agree Realty Corp. (NYSE: ADC), participated in a video interview in conjunction with Nareit’s REITworld: 2020 Annual Conference.
Agree Realty collected 99% of rents in September and October. “It’s a testament to the thoughtful portfolio construction and really best-in-class retail portfolio that we have at Agree today,” Agree said.
Almost 67% of Agree Realty’s portfolio is leased to investment grade tenants, many of whom are thriving in the current environment, the CEO pointed out.
Meanwhile, the company has raised its acquisition guidance to a midpoint of $1.3 billion, a 30% increase over the last increase in the second quarter.
“We’re seeing a myriad of investment opportunities across all three of our platforms—acquisitions, Partner Capital Solutions, as well as development for those retailers that are in our proverbial sandbox, the 25-30 best retailers in the country,” Agree said.
Agree Realty raised over $1 billion during the height of the pandemic. “We’re deploying that capital in a highly accretive basis to earnings, but also improving the quality of the portfolio on a consistent basis,” Agree said.