What’s in a retail rent deferral? Saul Centers offers some insight.

Saul Centers Inc. (NYSE: BFS) has seen a gradual increase in its retail rent collections and a reduction in the number of tenants seeking rent deferrals as Covid-19 restrictions have eased and shoppers return.

For those tenants that did receive deferrals in either the second quarter of 2020 or the first two months of the third, Bethesda-based Saul Centers recently offered a glimpse into what those include — and the strings that might be attached.

Saul owns 50 Greater Washington shopping centers — 43 anchored by a grocery store — seven mixed-use developments and 1,006 apartment units. As of Sept. 16, according to a company status update, 100% of its shopping centers and 98% of its tenants were open and “operating under modified operating protocols in accordance with state and local guidelines.”

For the second quarter, which ended June 30, Saul recouped 81% of its billings — 76% from retail, 94% from office and 100% from residential, according to the release. It granted rent…

Read the full story from the Washington Business Journal.

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