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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 declared a quarterly dividend of $0.55 per share, to be paid on October 29, 2021, for shareholders of record as of October 15, 2021. This dividend matches the previous quarter's amount but shows a $0.02 (3.77%) increase compared to the same quarter last year. Additionally, quarterly dividends were declared for Series D and E preferred stocks, amounting to $0.3828125 and $0.3750000 per depositary share, respectively, payable on October 15, 2021. The company operates 61 properties, primarily in the Washington DC/Baltimore area.
Saul Centers, Inc. (NYSE: BFS) reported a revenue increase to $60.0 million for the quarter ending June 30, 2021, up from $53.2 million year-over-year. Net income rose to $16.1 million, compared to $10.2 million in the previous year, driven by lower credit losses and increased occupancy at its properties, particularly The Waycroft. The company’s FFO increased to $26.0 million for the quarter. Despite the positive trends, commercial portfolio leasing dropped to 92.5% from 94.7% the previous year. The ongoing COVID-19 pandemic continues to influence operations, though tenant payment rates remain high.
Saul Centers has declared a quarterly dividend of $0.55 per share, a 3.77% increase from the previous quarter, payable on July 30, 2021. Holders of record as of July 16, 2021, will receive this dividend. Additionally, dividends on Series D and Series E Preferred Stock will be paid on July 15, 2021, and $0.3828125 and $0.3750000 per share, respectively. Saul Centers operates 61 properties, mainly in the Washington, DC area, generating approximately 85% of its income.
Saul Centers, Inc. (NYSE: BFS) reported a revenue increase to $58.7 million for Q1 2021 from $56.9 million in Q1 2020. However, net income fell to $12.8 million, down from $16.8 million, impacted by initial operating costs of The Waycroft and higher credit losses. Same property revenue decreased by 2.4% to $56.4 million. The commercial portfolio's leasing dropped to 92.2% from 95.3% year-over-year. Funds from operations (FFO) decreased to $22.7 million, from $25.3 million. The company holds cash over $10 million and a borrowing capacity of $212.8 million.
On March 11, 2021, Saul Centers declared a quarterly dividend of $0.53 per share to be paid on April 30, 2021. This matches the previous quarter's dividend. Additionally, dividends of $0.3828125 and $0.375 will be paid for preferred stocks on April 15, 2021. The company reported that 99% of its tenants are operating, with 100% of shopping centers open. Rent collection rates show 95% for Q4 2020, 93% for January 2021, and 92% for February 2021, indicating robust recovery amidst the ongoing pandemic.
Saul Centers (NYSE: BFS) reported Q4 2020 revenue of $58.3 million, up from $56.6 million in Q4 2019. However, net income fell to $11.7 million from $15.0 million. The Waycroft project has achieved 88% lease occupancy, doubling residential units to over 1,000. For the full year, revenue decreased to $225.2 million from $231.5 million, with net income down to $50.3 million. Same property revenue and operating income fell by 5.1% and 5.2% respectively. Despite challenges from COVID-19, tenant payments reached 94% in Q4 2020. The company maintains liquidity of $7.1 million and borrowing capacity of $220.3 million.
Saul Centers (NYSE: BFS) announced the tax treatment of its 2020 dividends. The company declared and paid a total of $2.12 per share in common stock dividends, with 67.3% classified as ordinary income and 32.7% as a return of capital. The preferred stock dividends totaled $1.53125 for Series D and $1.50000 for Series E per depositary share, characterized entirely as ordinary income. This information will be reported on Form 1099-DIV for shareholders.
Saul Centers (NYSE: BFS) announced a quarterly dividend of $0.53 per share, payable on January 29, 2021, to record holders as of January 15, 2021. The dividend remains consistent with previous quarters. Additionally, dividends on preferred stocks were declared, including $0.3828125 for Series D and $0.3750000 for Series E, with payment dates set for January 15, 2021. As of December 9, 2020, 100% of shopping centers are open and 99% of tenants are operating, showing resilience amidst the pandemic.
Saul Centers (NYSE: BFS) reported a decline in operating results for the quarter ended September 30, 2020. Total revenue decreased to $56.8 million compared to $57.1 million in Q3 2019. Net income fell to $11.6 million from $15.3 million. The COVID-19 pandemic impacted operations, with credit losses and increased expenses from the new Waycroft mixed-use development affecting profitability. Occupancy rates declined across both commercial and residential portfolios, with 94.0% of commercial space leased and 73.9% of residential units occupied.
Saul Centers has declared a quarterly dividend of $0.53 per share, with a payment date of October 30, 2020. The dividend remains unchanged from previous quarters. Additionally, dividends for preferred stocks are set at $0.3828125 for Series D and $0.3750000 for Series E, payable on October 15, 2020. As of September 16, 2020, 98% of tenants are operational, with cash collections showing improvement. The Waycroft development has secured 241 residential leases, increasing the company's portfolio significantly.
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