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Achieved the largest quarterly acquisition volume since 2022, driven by a robust pipeline across all three external growth platforms despite macro unpredictability.

Strategic sale-leaseback with Hobby Lobby highlights a focus on market-leading, debt-free private operators that management views as shadow investment-grade quality.

The portfolio's resilience is anchored in a 'K-shaped' economy where leading retailers leverage scale to gain market share while consumers trade down to necessity-based goods.

Successfully reduced pharmacy exposure to 3.5% of annualized base rent, transitioning the sector out of the top 10 from a previous high of over 40% as part of a long-term portfolio diversification strategy.

Maintained high occupancy and strong recapture rates by proactively addressing lease maturities with top-tier tenants like Walmart and Home Depot.

Capitalized on opportunistic recycling by selling non-core assets, such as Jiffy Lube and Dutch Brothers, at significantly lower cap rates than their acquisition entry points.

Management emphasizes that the physical store has evolved into the essential hub of an omnichannel retail world, driving continued demand for brick-and-mortar expansion.

Reiterated full-year 2026 AFFO guidance, factoring in increased treasury stock method dilution due to an elevated stock price and record forward equity levels.

The company anticipates a meaningful ramp in development and developer funding platform (DFP) activity during the second and third quarters of the current fiscal year.

Guidance assumes 25 to 50 basis points of credit and occupancy loss as a precautionary measure, despite current portfolio performance trending better at 14 basis points.

The company is on track to reach an intermediate goal of $250 million in annual development commencements, supported by guaranteed maximum price contracts to mitigate cost creep.

Liquidity of $2.3 billion and $1.6 billion in hedged capital provide a clear visibility into the intermediate cost of capital, insulating the firm from near-term rate volatility.

No material debt maturities until 2028, providing significant flexibility to execute strategy regardless of capital markets volatility.

The evolution of the convenience store model poses a risk to legacy 'gas station' formats, prompting a strategic shift toward large-format stores with extensive food and beverage offerings.

Macroeconomic uncertainty and geopolitical conflicts are noted as factors that could influence the timing of future investment decisions, though tenant demand remains unaffected.

Treasury stock method dilution is expected to impact full-year AFFO by $0.02 to $0.04, an increase from prior estimates due to higher share prices.

Management chose not to raise investment guidance despite a strong pipeline, citing the need for prudence given current global volatility and macro shifts.

The decision to pursue specific transactions remains unilateral and elective based on underwriting standards rather than partner hesitancy.

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Hobby Lobby is characterized as a debt-free market leader that would likely carry a high investment-grade rating if it were a public debt issuer.

The transaction allowed the tenant to remove real estate management responsibilities from their balance sheet while securing Agree Realty a premier retail partner.

Management confirmed zero concerns regarding 7-Eleven closures, noting that the assets being shuttered are legacy, small-format 'gas stations' rather than the modern convenience hubs Agree owns.

The shift in the sector favors large-format stores where food and beverage margins, rather than fuel, drive the majority of EBITDA.

Cap rates have remained largely stagnant for 18 to 20 months, with the 10-year Treasury volatility failing to drive material movement in pricing for high-quality assets.

Competition from 1031 private buyers remains limited compared to pre-COVID levels, though low-price-point assets like quick-service restaurants still trade aggressively.

Approximately 8 million shares of forward equity are expected to be settled at some point in 2024 to fund anticipated investment activity.

The company will prioritize using its $100 million delayed draw term loan at a fixed 4% rate before settling additional equity or issuing new 10-year debt.

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