President, Chief Executive Officer & Director, Agree Realty
Search every verified Joel Agree interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Joey Agree, president and CEO of Agree Realty, has been discussing the company's growth and his views on the retail real estate market. In September 2022, he stated that the company had raised approximately $500 million in common equity, bringing its total hedged capital to over $1.1 billion, and had raised its 2022 acquisition guidance to a midpoint of $1.5 billion. Agree described the company as a "singles and doubles hitter" focused on risk mitigation, and said that speculative development in an inflationary environment is "playing with fire." He also predicted a "true rationalization of industrial distribution space" over the next seven to ten years, and argued that brick-and-mortar retail is an integral part of an omni-channel world. In a 2021 interview, Agree said that during the pandemic the company raised over $1.2 billion in capital and deployed it by acquiring approximately $460 million in real estate in the third quarter, with over 80% of tenants being nationally recognized retailers such as Home Depot, Walmart, and TJ Maxx. He stated that the pandemic accelerated existing retail trends by five to seven years, and that online retail is often unprofitable for retailers due to high return rates and shipping costs. Agree also noted that Agree Realty required employees to return to the office five days a week, saying that "if you want a job you can work from home, but if you want a career, we need you in the office."
“Last week we raised approximately 500 million dollars in common equity bringing our total outstanding hedged capital to over 1.1 billion dollars, including about 800 million dollars in equity and 300 million dollars in forward starting swaps.”
“We recently raised our acquisition guidance for 2022 to a midpoint of 1.5 billion dollars, reflecting our confidence in continued growth and investment opportunities.”
“The real story for the next seven to ten years is going to be the true rationalization of industrial distribution space with brick and mortar locations for a true omni-channel future.”
“Amazon was predicted to kill pharmacy, grocery, and auto parts retail, but today Amazon is opening stores like the Amazon Fresh and Amazon Fashion concepts, showing that e-commerce and brick and mortar are converging.”
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