We constantly seek to expand our portfolio.
On average, we purchase approximately 50 new locations per year.
Our target acquisitions are single-tenant retail, industrial or office properties, subject to existing net leases, with rents at or below market rents. We acquire properties for the long term, and focus primarily on appreciation potential rather than immediate cash return.
Although we do not typically purchase multi-tenant centers, we do buy land or fee positions underlying centers, and free-standing properties within centers and out-parcels.
We buy properties which are free and clear, as well as properties which are highly leveraged where rental payments are used to pay interest and amortization of a mortgage. We pay cash, or cash above existing mortgages.
We are privately owned and maintain our own legal (five in-house lawyers), accounting and real estate management departments. We make decisions quickly and act promptly. In most cases, we can close deals with thirty days.
We act strictly as principals, solely on our own behalf, and therefore can be flexible in our approach. For example, in appropriate circumstances, we can buy properties with short remaining lease terms, properties with tenant renewal options at decreasing rents, "remainder interests" or ground lease properties that generate little or no cash flow for many years, and properties with non-credit tenants. For the right opportunity, we will also consider other types of properties.