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Saul Centers, Inc. (NYSE: BFS) is a self-managed, self-administered equity real estate investment trust (REIT) headquartered in Bethesda, Maryland. Established in 1993, Saul Centers operates a diverse real estate portfolio comprising 61 properties, including 50 community and neighborhood shopping centers, seven mixed-use properties, and four land and development properties. The company’s portfolio totals approximately 9.8 million square feet of leasable area, with over 85% of its property operating income generated from properties in the metropolitan Washington, D.C./Baltimore area.
Saul Centers' primary operating strategy involves the internal growth, renovation, and expansion of its shopping centers, focusing on properties that service the day-to-day necessities and services subsector of the retail market. The company supplements this strategy with selective development of new properties and acquisitions of operating properties as opportunities arise.
In recent financial highlights, Saul Centers reported a revenue increase to $66.7 million for the quarter ended March 31, 2024, up from $63.0 million for the comparable quarter in 2023. Net income for this period grew to $18.3 million from $17.7 million. The company's Funds From Operations (FFO) available to common stockholders increased to $27.5 million, or $0.80 per basic and diluted share, reflecting strong performance and operational efficiency.
Saul Centers consistently maintains a high occupancy rate, with 94.6% of its commercial portfolio leased as of March 31, 2024. The residential portfolio boasts an impressive 98.7% occupancy. The company's properties in the metropolitan Washington, D.C./Baltimore area continue to be a significant revenue driver, contributing to its resilient operational performance.
Saul Centers also announced a quarterly dividend of $0.59 per share on its common stock, reflecting its consistent commitment to returning value to shareholders. The company continues to focus on strategic growth and maintaining high occupancy rates across its portfolio.
Saul Centers reported strong Q3 2024 results with total revenue increasing to $67.3 million from $63.8 million in Q3 2023. Net income rose to $19.6 million from $16.7 million, while net income per share increased to $0.48 from $0.42. The company's performance was driven by higher base rent (+$2.2M), increased lease termination fees (+$0.6M), and improved expense recoveries. Same property revenue grew 5.5%, and FFO available to common stockholders increased to $28.9 million ($0.84 per basic share). The commercial portfolio occupancy improved to 95.7% from 94.2% year-over-year, while residential occupancy reached 98.8%.
Saul Centers (NYSE: BFS) has declared a quarterly dividend of $0.59 per share on its common stock, payable on October 31, 2024, to holders of record on October 15, 2024. This dividend remains unchanged from the previous quarter and the same quarter last year. The company also announced quarterly dividends for its preferred stocks:
- 6.125% Series D Cumulative Redeemable Preferred Stock: $0.3828125 per depositary share
- 6.000% Series E Cumulative Redeemable Preferred Stock: $0.3750000 per depositary share
Preferred dividends will be paid on October 15, 2024, to holders of record on October 1, 2024. Saul Centers is a self-managed equity REIT with a portfolio of 61 properties, including 57 community and neighborhood shopping centers and mixed-use properties, and 4 land and development properties. Over 85% of the company's property operating income comes from the Washington, DC/Baltimore metropolitan area.
Saul Centers, Inc. (NYSE: BFS) reported strong Q2 2024 earnings, with total revenue increasing to $66.9 million from $63.7 million in Q2 2023. Net income rose to $19.5 million, up from $17.2 million, primarily due to higher lease termination fees and increased commercial and residential base rent. Net income available to common stockholders grew to $11.6 million, or $0.48 per share, compared to $10.4 million, or $0.43 per share, in Q2 2023.
Same property revenue and operating income both increased by 5.1%. The company's FFO available to common stockholders increased to $28.5 million, or $0.83 per share, up from $26.5 million, or $0.79 per share, in Q2 2023. As of June 30, 2024, the commercial portfolio was 95.8% leased, and the residential portfolio was 99.4% leased.
Saul Centers (NYSE: BFS) announced a quarterly dividend of $0.59 per share on its common stock, payable on July 31, 2024, to shareholders of record as of July 15, 2024. The dividend amount remains unchanged from the previous quarter and the same quarter last year. Additionally, the company declared dividends on its 6.125% Series D Cumulative Redeemable Preferred Stock ($0.3828125 per share) and its 6.000% Series E Cumulative Redeemable Preferred Stock ($0.375 per share), both payable on July 15, 2024, to holders of record on July 1, 2024.
Saul Centers is a self-managed, self-administered REIT based in Bethesda, Maryland, managing a portfolio of 61 properties, including 57 shopping centers and mixed-use properties spanning 9.8 million square feet of leasable area, and four land and development properties. Over 85% of the operating income is generated from properties in the Washington, DC/Baltimore area.
Saul Centers, Inc. reported positive financial results for the first quarter of 2024, with total revenue increasing to $66.7 million and net income rising to $18.3 million. Same property revenue and operating income also saw significant boosts compared to the previous year. The company's Funds from Operations (FFO) increased to $27.5 million, reflecting a strong operating performance. Saul Centers, Inc. maintains high occupancy rates in both commercial and residential portfolios.
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