In this episode of Net Takeaways with Feller & Harf, special guest Joey Agree, CEO of Agree Realty, dives into the evolution and future of the net lease industry. The conversation begins with some light banter about personal experiences, including Joey’s weekend and Detroit sports, before transitioning into the history of Agree Realty. Joey shares how the company transformed from a Kmart developer to a nearly $8 billion market cap leader in net lease real estate, highlighting pivotal moments, such as their focus on acquiring top-tier retailers and navigating the e-commerce revolution. Joey emphasizes the importance of maintaining a strong balance sheet and being at the forefront of industry trends, citing their leadership in forward equity offerings and diversification away from struggling retailers like Kmart and Borders. He discusses the rise of e-commerce, the future of omnichannel retailing, and the evolving dynamics of the real estate market. Key highlights include: - Agree Realty’s strategic approach to acquisitions, focusing on the top 30 retailers, with Walmart being their largest tenant. Insights into the challenges and opportunities posed by e-commerce, emphasizing the necessity for retailers to adapt to new consumer behaviors. - Agree Realty’s focus on maintaining discipline in acquisitions, navigating the rising cap rates, and positioning the company for future growth. - The conversation also touches on the future of retail, including the implications of omnichannel fulfillment and the importance of strong retailer relationships. Joey concludes by outlining Agree Realty’s vision to become a $20 billion enterprise within the next few years, driven by its commitment to shareholder value and disciplined growth strategy. The episode ends with a motivational anecdote, referencing Kobe Bryant’s work ethic, and how it aligns with the company’s philosophy of staying focused and seizing opportunities. This engaging episode provides listeners with a deep dive into the net lease industry and the strategic thinking behind Agree Realty's success.