BFS - Saul Centers: An Overlooked Shopping Center REIT Income Investors Should Consider
2024-03-13 08:00:00 ET
Summary
- Saul Centers is a shopping center REIT with a portfolio of 61 properties, primarily located in the Northeastern US, with a focus on the metropolitan Baltimore/D.C. area.
- The company has shown resilience in the face of economic challenges, with increased revenue, net income, and FFO year-over-year.
- Saul Centers is focusing on apartment development, which is expected to strengthen its financials and cater to the growing demand for rentals.
- The company's balance sheet also remain strong with well-laddered debt maturities, with only $50 million debt maturing in 2024 and even less in 2025.
- However, they do face a decent amount of leases expiring over the next two years, which account for a sizable portion of annualized base rent.