Excel Trust, Inc. (EXL), a real estate investment trust (REIT) primarily focusing on retail assets, has recently sold six ‘triple-net’ leased assets for $39.6 million, generating a net profit of approximately $3.0 million. A ‘triple net’ lease is one under which the tenant pays all taxes, insurance, and maintenance for the properties, in addition to rent. The properties that were sold included Walgreens in Corbin (South), Kentucky; Walgreens in Barbourville, Kentucky; Walgreens in Beckley, West Virginia; Walgreens in Princeton, West Virginia; Shop ‘n Save (SuperValu) in Ballwin, Missouri; and Jewel-Osco in Morris, Illinois. The asset sale is part of the long term strategy of the company to purchase properties opportunistically at significantly low prices and sell them at a comparatively higher price at a later stage to profit from the
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