Episode Title: Net Lease Evolution with Joey Agree, CEO of Agree Realty

Podcast: Net Takeaways with Feller & Harf

Hosts: BJ Feller & Isaiah Harf

Special Guest: Joey Agree, CEO of Agree Realty

Episode Overview: In this insightful episode, BJ and Isaiah sit down with Joey Agree, the CEO of Agree Realty, to discuss the evolution of the net lease real estate sector and the strategic moves that have driven Agree Realty’s success. Joey shares how the company evolved from its roots as a Kmart developer to become one of the largest players in the net lease space, with nearly $8 billion in market cap. They also explore the rise of e-commerce, the impact of omnichannel retailing, and what the future holds for retail real estate.

Key Discussion Points:

• History of Agree Realty: From Kmart developer to an industry leader with Walmart as its largest tenant.
• E-commerce Disruption: Joey’s early recognition of the e-commerce revolution and its impact on retail real estate.
• Omnichannel Retailing: The future of retail lies in a blend of online and in-store strategies, with significant implications for real estate.
• Strategic Acquisitions: A focus on top-tier retailers and disciplined investment, with an emphasis on long-term value and stability.
• Balance Sheet Strength: Agree Realty’s pioneering role in forward equity offerings and maintaining a low-leverage approach.
• Cap Rate Trends: Insights into the current state of the market, cap rates, and where the industry is heading.
• Agree Realty's Future Vision: Joey's outlook for expanding the company's portfolio and achieving a $20 billion enterprise within the next few years.

Key Quotes:

• “We are focused on the top 30 retailers because they have the balance sheets and liquidity to weather the e-commerce disruption.”
• “The power of mobile e-commerce has transformed consumer behavior – we're in the sixth inning of this evolution.”
• “At Agree Realty, it’s not about doing something fun – we focus on essentials like auto parts and grocery, where there’s consistent demand.”

Additional Insights:

• The episode touches on the generational trade from high-intensity downtown assets to more passive, suburban net lease investments.
• Joey discusses the impact of changing consumer behavior and how retailers are adapting to an omnichannel approach to serve modern shopping preferences.
• The conversation concludes with Joey’s reflections on leadership and staying disciplined in an ever-changing market, with inspiration from Kobe Bryant's legendary work ethic.

Links & Resources:

• Agree Realty Website
• Follow Joey Agree on LinkedIn
• Net Takeaways with Feller & Harf podcast is available on all major platforms.

Connect with Us:

• Net Takeaways with Feller & Harf on LinkedIn
• Follow BJ Feller on LinkedIn: BJ Feller
• Follow Isaiah Harf on LinkedIn: Isaiah Harf

Tune in next week for more insights from industry leaders!