Joey Agree, president and CEO of Agree Realty Corp. (NYSE: ADC), participated in a video interview in conjunction with Nareit’s REITweek: Virtual Investor Conference (being held June 2-4).
At the end of April, Agree Realty increased its acquisition guidance for the year to $700-800 million from $600-700 million.
“We’re seeing a lot of opportunities given the dislocation we see in the market today,” Agree said.
Last year, the REIT acquired 184 properties, Agree said. He described the company’s business model as “heavily transaction-oriented.”
During the first quarter, Agree Realty acquired six Walmart Super Centers. “We truly believe that the retail industry, much like other industries, will become a world of haves and have-nots, and on top of that list in terms of retail winners is obviously Walmart,” Agree said.
As the pandemic unfolds, Agree said, “hopefully we’ll be able to get to more price discovery and the capital markets will open up a little bit more and actually have some more fluidity of transactions.” Until then though, Agree said the REIT’s focus is on its top retailers, “who are the best operators in this country, and we don’t get outside of that sandbox.”