Interview With Joey Agree, CEO Of Agree Realty (Strong Buy Reaffirmed)

Dear Landlords,

I want to extend a warm welcome to all our new members! We recommend that you start by reading our Welcome Letter by clicking here. It explains why we invest in real estate through REITs and how to get started.  

As a reminder, our most recent "Portfolio Review" was shared with the members of High Yield Landlord on July 3rd, 2024, and you can read it by clicking here.

You can also access our three portfolios via Google Sheets by clicking here.

New members can start researching positions marked as Strong Buy and Buy while taking into account the corresponding risk ratings.

If you have any questions or need assistance, please let us know.

==============================

Interview With Joey Agree, CEO Of Agree Realty (Strong Buy Reaffirmed)

Landlords, we are happy to present this exclusive interview with Joey Agree, CEO of Agree Realty (ADC).

ADC Presentation

Our analyst, Austin Rogers, has established a good relationship with Joey Agree over the last few years, so interviews with Joey tend to be somewhat conversational and last a while. This interview, conducted on June 14th, lasted an hour and a half, and even after editing out some parts, the transcript is quite long. The parts we cut are either topics already covered in previous interviews or statements Joey asked to remain off the record.

Finally, please note that this interview also includes some interesting findings for shareholders of other net lease REITs, including Realty Income (O), Essential Properties Realty Trust (EPRT), and NetStreit (NTST).

ADC Presentation

HYL: In the past, you have not given AFFO per share guidance, because you said you did not want the tail wagging the dog. You didn't want to manage the business or acquire real estate specifically to hit the guidance target. But in Q1, you issued inaugural guidance of $4.10 to $4.13 in AFFO per share. How did your thinking change on this?