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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) 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.
Saul Centers, Inc. (NYSE: BFS) has announced a quarterly dividend of $0.59 per share, payable on October 31, 2022, to shareholders of record as of October 17, 2022. This dividend is maintained from the previous quarter but shows a 7.27% increase compared to the same period last year. Additionally, dividends for preferred stocks were declared: $0.3828125 for Series D and $0.3750000 for Series E, payable on October 17, 2022. Saul Centers operates a diversified portfolio of 61 properties primarily in the Washington, DC/Baltimore area.
Saul Centers, Inc. (NYSE: BFS) reported a revenue increase to $60.3 million for Q2 2022, compared to $60.0 million in Q2 2021. Net income rose to $17.0 million from $16.1 million, mainly due to higher capitalized interest and base rent. Same property revenue rose 0.5%, while same property operating income increased 0.3%. Leasing rates remained stable with 92.6% of the commercial portfolio leased. For the six months ended June 30, 2022, total revenue grew to $122.4 million, with net income rising to $34.5 million. Notably, funds from operations available to common stockholders were $26.6 million in Q2 2022.
Saul Centers, Inc. (NYSE: BFS) has announced a quarterly dividend of $0.59 per share, payable on July 29, 2022, with a record date of July 15, 2022. This marks a $0.02 (3.51%) increase from the previous quarter, and a $0.04 (7.27%) increase year-over-year. Additionally, the company declared dividends for its preferred stocks: $0.3828125 for Series D and $0.3750000 for Series E, payable on July 15, 2022. Saul Centers operates 61 properties primarily in the Washington DC/Baltimore area, generating 85% of its income from this region.
Saul Centers, Inc. (NYSE: BFS) reported a strong financial performance for the first quarter of 2022, with total revenue rising to $62.1 million, up from $58.7 million in Q1 2021. Net income increased to $17.5 million from $12.8 million, leading to earnings of $0.44 per diluted share. Same property revenue grew by 5.8% to $3.4 million and operating income rose by 7.1%. The company maintained a leasing rate of 92.5% in its commercial portfolio. Despite challenges from the COVID-19 pandemic, tenant payments reached 98% for the quarter.
Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.57 per share on its common stock, unchanged from the previous quarter. This represents a $0.04 increase (7.55%) compared to the same quarter last year. The dividend will be paid on April 29, 2022, to shareholders of record as of April 15, 2022. Additionally, quarterly dividends for Series D and Series E preferred stocks were announced, amounting to $0.3828125 and $0.3750000 per depositary share, respectively, payable on April 15, 2022.
Saul Centers, Inc. (NYSE: BFS) reported a positive operational performance for the quarter ended December 31, 2021, with total revenue rising to $60.2 million, up from $58.3 million in 2020. Net income increased significantly to $15.9 million compared to $11.7 million a year earlier. The company's mixed-use development, The Waycroft, achieved a 97.1% leasing rate. For the year, total revenue grew to $239.2 million, with net income reaching $61.6 million. Funds From Operations (FFO) increased to $25.5 million for the quarter and $100.7 million for the year, demonstrating strong cash flow.
Saul Centers, Inc. (NYSE: BFS) announced the tax treatment of its 2021 dividends, totaling $2.16 per share, with 69.07% classified as ordinary income and 30.93% as return of capital. Preferred stock dividends included $1.53125 per depositary share for Series D and $1.50000 for Series E, all reported as ordinary income. The company owns and manages a portfolio of 61 properties, predominantly in the Washington DC/Baltimore area, contributing to significant operating income.
Saul Centers has announced a quarterly dividend of $0.57 per share, reflecting a 3.64% increase from the previous quarter and a 7.55% increase year-over-year. The payment date is January 31, 2022, with a record date of January 14, 2022. Additionally, dividends for Series D and Series E preferred stocks are set at $0.3828125 and $0.3750000 respectively, payable on January 18, 2022. Saul Centers operates 61 properties primarily in the DC/Baltimore area, with about 85% of its income from these operations.
Saul Centers, with ticker BFS, reported significant operating results for Q3 2021, showing a total revenue increase to $60.3 million from $56.8 million in Q3 2020. Net income increased to $16.9 million from $11.6 million. The Waycroft development, 98% leased, contributed positively with a $1.5 million impact from increased occupancy. Funds from operations rose to $26.6 million ($0.82/share), supported by lower credit losses and higher capitalized interest. As of September 30, 2021, 92.5% of the commercial portfolio was leased, showing slight declines from the prior year.
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