Agree Realty Corporation (NYSE:ADC) Q3 2023 Earnings Call Transcript

So if and when that consumer weakened significantly, I would expect the retailers, the largest retailers in the world that are contained within our portfolio, to outperform and take share. And that’s been the consistent theme that we’ve seen all year, even in the absence of a recession is these retailers that have the balance sheets to invest in price, fulfillment strategies as well as labor are taking market share from smaller retailers today. And so those 3 strategies of investment are really taking hold. We see it in Walmart’s prints, we see it in Home Depot’s prints, we see it in Lowe’s prints. We see it in all the larger retailers out there today are still successfully navigating this environment to the most part. And so again, if we had an experiential or discretionary-based portfolio or a luxury-based portfolio, I would be concerned I think ultimately, if and when we do enter into a recession, the retailers in this portfolio will benefit.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Joey Agree for any closing remarks.

Joel Agree: Well, thanks, everybody, for joining us today. We look forward to talking to you or seeing you in the near future, and we appreciate everybody’s time. Thanks again.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.