In short: "We do like the holding" — one of the stronger net-lease platforms: high-quality retail tenants, disciplined underwriter, monthly dividend, credible acquisition engine; quarterly earnings +7%, investment guidance raised ("Joey we trust"). Watch cost of capital, acquisition spreads, tenant industry concentration, overpaying for growth.
Agree Realty is a "net-lease" landlord: it owns standalone stores and rents them to big retailers on long leases where the tenant pays the property taxes, insurance and upkeep, so the landlord's rent check is steady. It pays a dividend every month.
Auerbach rates it one of the better landlords in that space — good-quality tenants, careful about what it buys, earnings up 7% and a raised buying plan for the year, run by a CEO (Joey Agree) he trusts. The risks: if borrowing gets expensive, buying new stores becomes less profitable, and it could overpay to keep growing.
10:03So, the first one is ADC, Agri Realy. So, I've had them on the channel. I know you've had them on your channel before. What is it about Agri that's good, bad, or do you like this holding or not? — So we do like the holding. We think it's one of the stronger net lease platforms that's out there. A high quality retail tenant mix, disciplined underwriter, monthly dividend payer, credible acquisition engine machine, and Joey we trust as I like to say.
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