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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, Inc. (NYSE: BFS) has announced a quarterly dividend of $0.59 per share, payable on April 28, 2023, to record holders on April 17, 2023. This dividend remains unchanged from the previous quarter but shows a 3.51% increase compared to the same quarter last year. Additionally, dividends for preferred stocks include $0.3828125 for the 6.125% Series D and $0.3750 for the 6.000% Series E, payable on April 17, 2023. Saul Centers manages a 9.8 million sq ft real estate portfolio, primarily generating income from the Washington DC/Baltimore area.
Saul Centers, Inc. (NYSE: BFS) reported its financial results for Q4 and the year ended December 31, 2022. Total revenue rose to $62.3 million in Q4, up from $60.2 million the previous year, while net income fell to $15.4 million from $15.9 million. For the full year, revenue increased to $245.9 million, with net income growing to $65.4 million. The company’s Funds From Operations (FFO) for Q4 decreased to $24.7 million, while the annual FFO rose to $103.2 million. Leasing remained strong, with the commercial portfolio at 93.2% occupancy. However, higher interest expenses impacted net income and FFO.
Saul Centers, Inc. (NYSE: BFS) has announced the tax treatment of its 2022 dividends, totaling $2.32 per share for common stock. Of this amount, 56.8% or $1.32 per share is classified as ordinary income, while 43.2% or $1.00 per share is considered return of capital. Additionally, the company paid dividends on its preferred stock amounting to $1.53125 for Series D and $1.50000 for Series E, all categorized as ordinary income. Shareholders will receive this information via Form 1099-DIV.
Saul Centers, Inc. (NYSE: BFS) declared a quarterly dividend of $0.59 per share for its common stock, payable on January 31, 2023, to holders of record on January 17, 2023. This dividend remains unchanged from the previous quarter but marks a $0.02 (3.51%) increase from the same quarter last year. Additionally, quarterly dividends for its preferred stock were announced: $0.3828125 for Series D and $0.3750000 for Series E, both payable on January 17, 2023. Saul Centers manages a portfolio of 61 properties, predominantly in the Washington, DC/Baltimore area.
Saul Centers, Inc. (NYSE: BFS) reported Q3 2022 results with total revenue rising to $61.1 million, up from $60.3 million year-over-year. However, net income decreased to $15.5 million due to higher expenses and losses on debt extinguishment. Same property revenue increased by 1.4%, while the overall leased commercial portfolio reached 93.0%. For the nine-month period, total revenue also grew to $183.5 million, with net income up to $50 million. Funds from operations (FFO) for Q3 dropped to $24.9 million, attributed to escalating administrative costs and losses related to debt, despite higher base rent.
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