Agree Realty (ADC) Raises 2016 Acquisition Guidance
Agree Realty Corp. ADC, the Bloomfield Hills, MI-based retail real estate investment trust (“REIT”), has made the announcement of raising the acquisition guidance range for 2016 from the earlier range of $175 million–$200 million to a new range of $250 million–$275 million for top-quality net leased retail properties. The company has raised the outlook on the basis of its assumption of a persistent growth in economic activities, optimistic trends in business and some other positive developments.
Agree Realty is engaged in developing, acquiring, owning and operating properties which are mainly leased to major national and regional retail companies under net leases. Presently, Agree Realty owns and operates a portfolio of 302 properties, spread across 42 states and covers around 5.5 million square feet of gross leasable area.
This increase in the guidance indicates the company’s confidence in its ability to execute of its acquisition commitment. Moreover, the acquisition pipeline of the company reflects huge opportunities for investment in excellent real estate that is leased to top-quality super-regional and national retailers.
Currently, Agree Realty carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the retail REIT space include Pennsylvania Real Estate Investment Trust PEI, Retail Opportunity Investments Corp. ROIC and Retail Properties of America, Inc. RPAI. All three stocks hold a Zacks Rank #2 (Buy).
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