REIT Adds Two Tenants, One Building

JENKINTOWN, PA-American Financial Realty Trust recently added two tenants to its portfolio and disposed of a small office property. The locally based REIT focuses on acquiring and leasing properties occupied by financial institutions.

In its hometown, American Financial completed a 20-year, 48,000-sf lease agreement with Shurgard Storage Centers Inc. at its 172,000-sf Jenkins Court building. The lease commences in July 2004 at an annual triple net rate of $120,000. There are periodic increases throughout the term, according to American Family COO Glenn Blumenthal. “The addition of Shurgard Storage to the Jenkins Court property increases the percentage of income derived from credit tenants in this facility and stabilizes the occupancy and income in the complex for many years to come,” he says.