Upal Rana's questions to AGREE REALTY (ADC) leadership • Q3 2025
Question
Upal Rana asked about the impact of the current consumer environment, including macro factors, tariffs, and job market softness, on Agree Realty's industry categories beyond auto parts. He also inquired about any observed impact of the accelerated depreciation policy on the transaction or 1031 market.
Answer
President and CEO Joey Agree noted positive flow-through for most categories, as their 'trade down' tenants (e.g., Walmart, TJX) benefit from discerning shoppers. He stated no material impact from the accelerated depreciation policy in their core spaces, possibly only on the edges for car wash or C-store sectors.