Agree Realty Boosts Its Acquisition Guidance to $250 - $275 Million

Agree Realty Corporation ADC revealed that it boosted its acquisition outlook to a fresh range of $250 - $275 million of high-quality retail net lease properties for the current year 2016. According the company, the previous range was $175 - $200 million for the same purposes. The company cited that its outlook for acquisition volume in 2016, which assumed continued growth in economic activity, positive business trends and other significant assumptions, as the reasons for lifting its acquisition forecast. The company's President and CEO, Joey Agree, commented, "We are pleased to announce we are raising our 2016 acquisition guidance to reflect increasing confidence in our ability to execute on our robust acquisition pipeline." He continued to add that "Our pipeline includes a number of exciting opportunities to invest in terrific real estate that is leased to leading super-regional and national retailers operating in sectors that we believe are largely e-commerce and recession resistant." The stock traded 2.74% down on Wednesday.