“If you sell an advanced car today, it’s going to impact the capitalization rate, which will affect your proceeds,” Jonathan Hipp, head of the U.S. Net Lease Group at Avison Young, tells GlobeSt.com. “They’re clearly taking on water. The question is, is it enough water to sink it?”

“It used to be one of the most popular stocks in the U.S. It was expanding and favored developers were building new stores across the country,” he says. The company has nearly 7,000 stores, including nearly 5,000 in North America.

Financial data is important to net lease investors and project developers as it has a significant impact on capitalization rates and the saleability of property owners.

“Investors like the auto parts business, and it’s obviously not like the whole auto resale market is collapsing,” says Hipp. “It just seems like this company isn’t being run as efficiently as it once was. If they’re selling off business units to make money, then it certainly has nothing to do with special dividends. It’s about operations. It gives people options.”

But there is also concern about the net rental market. Typically, one of the most important factors in selling a property is that the buyer has enough rental commitment to feel comfortable with the investment. When financial terms are an issue, buyers’ calculations change.

“Will they last another five years? Or will they, like many other companies, start closing stores to cut costs or stabilize operations?” asks Hipp.

If stores close, property owners can get into trouble.