Agree Realty

Intrinsic pricing leverage is modest in net lease, as rents are largely fixed with 1–2% typical escalators, but Agree has shown strong renewal economics: the portfolio’s recapture rate on expirations has exceeded 100% for eight consecutive quarters, and same-store rent growth remains positive.

Mix skewed toward necessity formats (grocery, auto, convenience) and investment-grade tenants supports future mark-to-market opportunity without sacrificing occupancy. Still, the business depends more on spread-driven external growth than on pure pricing power.