Shopping Center REIT Saul Centers Prices Preferred at 6.125%

Saul Centers (NYSE:BFS) has priced a new preferred issue with a coupon of 6.125% which is 1/4% above where we thought it would price.

Final pricing documents are here.

Of course we have no interest in the shares at pretty much any level because of the perpetual nature of the issue.

The issue has the normal terms for a preferred being cumulative and optionally redeemable in about 5 years.