Joey Agree, president and CEO of Agree Realty Corp. (NYSE: ADC), participated in a video interview at Nareit's REITweek: 2024 Investor Conference.
Agree discussed the company's stance amidst the current macro operating environment. He emphasized the importance of stability and visibility, highlighting the company's ability to execute regardless of interest rate fluctuations. He also noted a shift in focus towards closing the bid-ask spread through transactions related to "death, divorce, and debt," rather than relying solely on marketed transactions.
Regarding growth opportunities, Agree Realty remains expansive. The company's growth strategy centers on three pillars: acquisitions, development, and developer funding. With a liquidity pool of $1.3 billion, Agree Realty aims to provide solutions to liquidity-constrained developers, facilitating the completion of projects.
Meanwhile, Agree stressed the importance of awareness and recognition of the current economic landscape, acknowledging the unique challenges posed by a "higher for longer" environment. He also outlined the 90/10 rule, in which 90% of investment opportunities across all three platforms aren’t going to work. "The faster we can move on from the 90%, the more efficient we can be at the 10%."