LOWBuilt-inTenant
10.3%
grocery stores sector
“10-K Item 1A: '10.3%, 9.0% and 7.7% of our annualized base rents were derived from tenants operating in the grocery stores, home improvement, and convenience store sectors, respectively.'”
ADC · Concentration risk · 10-K extracted
Agree Realty (ADC) concentration risks
Updated
The most significant concentration Agree Realty discloses is grocery stores sector at 10.3%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Agree Realty’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24Agree Realty's only disclosed concentration is at the sector level within its tenant base. The filing indicates that 10.3%, 9.0%, and 7.7% of annualized base rents were derived from tenants operating in the grocery stores, home improvement, and convenience store sectors, respectively. By disclosed size, the grocery sector — the largest of the three — represents a limited share of annualized base rents, and its character is structural, reflecting the types of retailers the company has chosen to underwrite as net-lease tenants. The three disclosed sector concentrations together account for a minority of annualized base rents, and none individually rises above a limited share. The fact that the filing discloses them at all signals some management attention to retail-sector clustering, but the figures themselves do not indicate a meaningful dependence on any single retail category. There are no disclosed individual-tenant, geographic, or supplier concentrations to compound this picture. The overall disclosed concentration profile is therefore narrow and well-dispersed: the most elevated sector exposure is grocery stores, a category generally regarded as well-suited to net-lease structures given its traffic-driving characteristics and essential-goods positioning, though the filing makes no such editorial judgment. The practical implication for investors is that the concentration risk is diffuse — spread across three retail sectors at modest individual shares — and is unlikely to move the investment verdict absent a broad-based disruption to physical retail in all three categories simultaneously. Sector-level retail health, rather than any named tenant or region, is the appropriate variable to monitor.
For the engine’s reasoning on ADC’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| FCPT | Four Corners Property Trust, In | 1 | 2 | 2 | 5 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| EPRT | Essential Properties Realty Tru | 0 | 0 | 2 | 2 |
| ADC● | Agree Realty Corporation | 0 | 0 | 1 | 1 |
| CURB | Curbline Properties Corp. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.