Agree Realty Raises 2017 Acquisition Guidance

Joey Agree, president and CEO of Agree Realty Corp. (NYSE: ADC), joined REIT.com for a video interview at REITWeek 2017: NAREIT’s Investor Forum at the New York Hilton Midtown.

The investment activity landscape looks “robust,” according to Agree. He noted that the company recently raised its 2017 acquisition guidance to a range of $250 million to $275 million, compared with the earlier target of $200 million to $225 million.

“That’s a function of the opportunities we are seeing across our acquisition platform,” Agree said.

At the same time, the company’s Partner Capital Solutions (PCS) program is working on some “exciting” projects as well, Agree said. “The landscape looks strong and solid, and we’re excited about the opportunities embedded in there,” he noted.

Agree also commented on the company’s focus on geographic, tenant and sector diversification. He noted that Agree Realty recently reduced its Walgreens’ exposure to 9.5 percent of the total portfolio, down from 23 percent a little more than two years ago.