Tenant Credit and Concentration Risk: ADC's revenue is dependent on the financial health of its tenants, and a significant portion may come from a limited number of major tenants. Deterioration in a key tenant's creditworthiness or bankruptcy could lead to reduced rental income, increased vacancies, and impaired asset values.

Interest Rate Fluctuation Risk: As a real estate investment trust, ADC often utilizes debt to finance acquisitions and operations. Rising interest rates could increase borrowing costs, make refinancing more expensive, reduce the attractiveness of new investments, and potentially compress valuation multiples.

Economic Downturn Impact Risk: A broad economic recession or downturn can negatively impact ADC's tenants, particularly those in retail sectors. This could lead to decreased sales, tenant bankruptcies, delayed rental payments, or a higher likelihood of lease defaults and vacancies across the portfolio.