I made another small add of WPC today as I build the position. Also Saul Centers (BFS) another triple net REIT yielding 5.8%. All my other buys for BFS were below $40/share so today's buy close enough.
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Saul Centers, Inc. (NYSE: BFS) is a self-managed real estate investment trust (REIT) based in Bethesda, Maryland, specializing in community and neighborhood shopping centers and mixed-use properties.
Overview of Saul Centers- Number of Properties: Saul Centers operates a portfolio of 61 properties, which includes 57 shopping centers and 4 land development properties 2 3
. - Total Leasable Area: The total leasable area across these properties is approximately 9.8 million square feet 3 5
. - Location: The majority of Saul Centers' properties are concentrated in the metropolitan Washington, D.C. and Baltimore areas, with over 85% of property operating income generated from this region. They also have properties in states like Florida, Georgia, North Carolina, and Oklahoma 2 3 5
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Lease Types
Saul Centers primarily utilizes triple net leases for its shopping center properties. In a triple net lease, tenants are responsible for paying not only the rent but also property taxes, insurance, and maintenance costs, which provides the landlord with a stable income stream with reduced management responsibilities 2 4
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Summary
In summary, Saul Centers is a focused REIT with a significant presence in the Northeastern U.S., particularly around Washington, D.C. and Baltimore. It offers a diverse portfolio of retail and mixed-use properties, primarily under triple net lease agreements, ensuring consistent revenue generation. |
