Ann Arbor-based Borders Inc. started the year amid reports that its turnaround may be faltering, with delayed payments to vendors and multiple resignations among top executives - and a plummeting stock price.

While all eyes may have been focusing on the bookseller for fallout, investors now have pulled local Borders landlord Agree Realty Co. into the fray.

According to a report from the Associated Press, the Farmington Hills-based Agree [NYSE: ADC] lost 8 percent of its value in stock trading Tuesday amid the uncertainty over Borders. Shares were trading at $23.99. Today, the price per share dropped to $23.13.

That price is still above the stock's 52-week low of $19.29, and it leaves Agree's market cap at $225 million.

Agree owns both the Ann Arbor headquarters of Borders and leases more than a dozen stores to Borders in multiple states.

Agree quietly listed the headquarters building at 100 Phoenix Dr. for sale last fall. It also was selling the building in Columbus, Ohio, leased to Borders.

At that time, 27 percent of Agree’s $34 million in rental income comes from 17 leases to Borders.

By this week, according to the Associated Press, the company held 15 leases with the bookseller - representing about 21 percent of its rental income.

Both of the listings still appear to be active. Meanwhile, in a national search for real estate listings involving Borders, at least 11 free-standing Borders stores in several states were available to investors. Michigan stores on the market include Flint, Auburn Hills and Canton Township.

As the link from Bloomberg details, any Borders bankruptcy filing would impact existing leases. A reorganization would let the company renegotiated property by property; a liquidation would cancel existing leases.