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ADC customer relationships

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Agree Realty (ADC): Tenant Roster That Underwrites Predictable Net‑Lease Cash Flow

Agree Realty acquires, develops and manages net‑leased retail properties and ground leases, monetizing primarily through long‑term rental income from national retail tenants and selective development. The portfolio’s economics are driven by stable, long‑dated net leases, high occupancy and concentration in investment‑grade and large national operators that produce recurring cash flow and support REIT distributions. For a deeper view of tenant exposures and how they translate to credit and operational risk, visit https://nullexposure.com/.

Why the tenant mix matters to investors

Agree’s strategy is simple: buy or develop properties, lease them to industry‑leading, omni‑channel retailers under net leases, and collect low‑maintenance rent. The company reports ~2,674 properties across all 50 states and a portfolio that was roughly 99.7% leased with a weighted average remaining lease term near 7.8 years, creating a durable cash flow profile that underpins NAV and dividend coverage (company filings, FY2025 and FY2026 reporting). Learn how these tenant relationships are extracted and presented at https://nullexposure.com/.

Below I review every customer relationship flagged in public coverage and filings. Each entry is a concise, plain‑English takeaway with the primary public source noted.

Tenant roster: the national retailers that anchor rent

Big‑box and discount anchors

  • Walmart — Walmart represented roughly 5.6% of annualized base rent, making it a top single‑tenant exposure in ADC’s portfolio (8‑K disclosure, Mar 2026).
  • TJX Companies — Listed among the projects’ lessees and indicative of ADC’s focus on off‑mall discount apparel anchors (8‑K disclosure, Mar 2026).
  • Burlington — Named in the top tenants and in development project listings, reflecting ADC’s exposure to value apparel retail (8‑K disclosure, Mar 2026).
  • Ross Dress for Less — Identified as a project lessee, reinforcing the REIT’s discount apparel concentration (8‑K disclosure, Mar 2026).
  • Dollar General — Dollar General accounted for 3.9% of a referenced metric, highlighting ADC’s scale with discount dollar chains (8‑K disclosure, Mar 2026).
  • Dollar Tree — Appears in the tenant list for new projects, another dollar‑channel exposure (8‑K disclosure, Mar 2026).
  • Five Below — Included among project tenants, representing the value specialty segment (8‑K disclosure, Mar 2026).
  • Best Buy — Listed among national anchors in ADC project portfolios (8‑K disclosure, Mar 2026).
  • Tractor Supply — Noted with a material notional (4.9% in cited line), a durable rural/DIY retail tenant for ADC (8‑K disclosure, Mar 2026).
  • BJ’s Wholesale Club — ADC lists multiple BJ’s clubs across Northeastern states on its holdings page and local reporting captured this (local real estate coverage, FY2023).

Grocery, pharmacy and convenience

  • Kroger — Included in the reported tenant roster and contributes to ADC’s grocery exposure (8‑K disclosure, Mar 2026).
  • Price Chopper (Market 32) — Mentioned in a regional shopping‑center sale story as an occupant of a property sold to an ADC subsidiary (Berkshire Eagle, FY2020).
  • CVS — Reported as one of the larger tenants with material square footage or rent share (8‑K disclosure, Mar 2026).
  • 7‑Eleven — Listed among project lessees, reflecting convenience retail exposure (8‑K disclosure, Mar 2026).
  • Wawa — Appears in the tenant breakdown for ground‑leased properties and convenience holdings (8‑K disclosure, Mar 2026).
  • Staples — Identified as an occupant in a retail center transaction, contributing to office‑supply/grocer mix (Berkshire Eagle, FY2020).

Home improvement, building and specialty retail

  • Home Depot — ADC has executed ground leases and center deals including Home Depot as a dominant home‑improvement anchor (local reporting and 8‑K references; Berkshire Eagle and 8‑K, FY2020/FY2026).
  • Lowe’s — Cited alongside Home Depot in ground‑leased property acquisitions, reinforcing the home‑improvement exposure (8‑K disclosure, Mar 2026).
  • Sherwin‑Williams — Identified in the FY2026 tenant list, a specialty building‑supply tenant (8‑K disclosure, Mar 2026).
  • Hobby Lobby — Quantified in a FY2026 tenant line item and forms part of the specialty big‑box set (8‑K disclosure, Mar 2026).
  • Barnes & Noble — Noted as an occupant in a retail center sale in 2020, representing book/experiential retail exposure (Berkshire Eagle, FY2020).

Restaurants, services and automotive

  • McDonald’s — ADC holds ground leases and freestanding restaurant locations, with McDonald’s cited among ground‑leased acquisitions (8‑K disclosure, Mar 2026).
  • LongHorn Steakhouse — Included in ground‑leased property listings tied to a set of newly acquired assets (8‑K disclosure, Mar 2026).
  • Taco Bell — Named as one of the restaurant tenants at a shopping center ADC acquired via a subsidiary (Berkshire Eagle, FY2020).
  • Chili’s and Applebee’s — Cited among national restaurant tenants occupying ADC‑owned retail centers (Berkshire Eagle, FY2020).
  • Starbucks — Listed in a 2020 center sale report as an inline tenant, representing café/food‑service demand (Berkshire Eagle, FY2020).
  • Wawa (also in convenience above) and Sheetz — Both appear across transactions and ground‑lease descriptions, underscoring ADC’s freestanding convenience strategy (8‑K disclosure, Mar 2026).

Automotive, rental and specialty services

  • O’Reilly Auto Parts — Recorded among the portfolio’s national specialty retailers, adding non‑cyclical service demand (8‑K disclosure, Mar 2026).
  • Genuine Parts Company (NAPA Auto Parts) — Called out with a quantified metric in FY2026 listings, part of ADC’s automotive parts exposure (8‑K disclosure, Mar 2026).
  • Gerber Collision — Noted in a FY2026 line item, evidencing ADC’s exposure to automotive service tenants (8‑K disclosure, Mar 2026).
  • Sunbelt Rentals — Included among project lessees, signalling industrial/rental diversification (8‑K disclosure, Mar 2026).
  • Boot Barn — Appears in project leasing lists and contributes to the specialty apparel/footwear segment (8‑K disclosure, Mar 2026).

What the constraints say about the operating model

Agree’s public evidence yields several clear company‑level signals about how it contracts and where risk concentrates:

  • Contracting posture: long‑term, net leases. ADC’s leases are typically long‑term net leases where tenants bear operating expenses, which creates low‑maintenance, predictable cash flows (company filings).
  • Counterparty profile: very large enterprises and investment‑grade tenants. Approximately 66.8% of annualized base rent derives from tenants or parent entities with investment‑grade ratings, concentrating revenue in creditworthy operators (company disclosures).
  • Geography: coast‑to‑coast U.S. exposure. The portfolio spans all 50 states, which reduces local market concentration while retaining national retail risk (FY2025 portfolio statement).
  • Materiality and maturity: high occupancy and durable cash generation. The portfolio was ~99.7% leased with a WALT ~7.8 years and most cash from operations is rental income—a mature, cash‑generative model (company reporting).
  • Relationship roles: ADC is both landlord (seller/licensor) and an integrated services provider. The company develops, manages and leases assets; that vertical integration reduces third‑party operating friction but concentrates execution risk internally.

These constraints translate into an investment profile characterized by stable rent rolls, concentrated exposure to large national tenants, and limited near‑term tenant turnover risk, while leaving residual vulnerability to systemic retail trends and tenant credit deterioration.

Risk and opportunity for investors

The opportunity: durable, visible cash flows supported by long leases and investment‑grade tenants underpin valuation and dividend support. The risk: concentration to large retail chains creates correlated exposure to sector‑wide retail economics, and ground‑lease exposure can carry different residual value dynamics than fee‑simple ownership.

For investors or operators wanting to map tenant concentration to balance‑sheet impact and to monitor tenant credit developments, get full reporting and relationship monitoring at https://nullexposure.com/.

Bottom line

Agree Realty’s tenant base is heavily weighted to national, large retailers across multiple retail formats—the core engine behind ADC’s REIT cash flows. The firm’s long‑term net leases and high occupancy rate create predictable revenue, while exposure to a concentrated set of national retailers requires active credit surveillance and portfolio rotation discipline. For a systematic view of tenant relationships and how they evolve alongside ADC’s acquisitions and development pipeline, visit https://nullexposure.com/ for ongoing coverage and relationship analytics.