Saul Centers Declares Quarterly Dividends

Rhea-AI Summary

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.

Positive

• Dividend increased by $0.02 per share, reflecting company confidence.
• Quarterly dividend payment scheduled enhances income for shareholders.

Negative

• Dependence on the Washington, DC/Baltimore area, exposing it to regional economic risks.
• Potential risk of tenant bankruptcies affecting income.

BETHESDA, Md., June 25, 2021 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.55 per share on its common stock, to be paid on July 30, 2021, to holders of record on July 16, 2021. The common dividend represents a $0.02 per share (3.77%) increase over the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. 

The Company also declared quarterly dividends on (a) its 6.125% Series D Cumulative Redeemable Preferred Stock, in the amount of $0.3828125 per depositary share and (b) its 6.000% Series E Cumulative Redeemable Preferred Stock, in the amount of $0.3750000 per depositary share. The preferred dividends will be paid on July 15, 2021, to holders of record on July 2, 2021.

Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 61 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.

More information about Saul Centers is available on the Company's website at www.saulcenters.com.

Safe Harbor Statement

Safe Harbor Statement Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on (i) Form 10-K for the year ended December 31, 2020 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and include the following: (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (iv) the Company's ability to raise capital by selling its assets, (v) changes in governmental laws and regulations and management's ability to estimate the impact of such changes, (vi) the level and volatility of interest rates and management's ability to estimate the impact thereof, (vii) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and risks related to acquisitions not performing in accordance with our expectations, (viii) increases in operating costs, (ix) changes in the dividend policy for the Company's common and preferred stock and the Company's ability to pay dividends at current levels, (x) the reduction in the Company's income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xi) impairment charges, (xii) unanticipated changes in the Company's intention or ability to prepay certain debt prior to maturity and (xiii) an epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in (i) our Annual Report on Form 10-K for the year ended December 31, 2020 and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

 

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SOURCE Saul Centers, Inc.

FAQ

What is the dividend declared by Saul Centers (BFS)?

Saul Centers declared a quarterly dividend of $0.55 per share.

When will the dividend for Saul Centers (BFS) be paid?

The dividend will be paid on July 30, 2021, to holders of record on July 16, 2021.

How much was the increase in the dividend for Saul Centers (BFS)?

The dividend increased by $0.02 per share, representing a 3.77% increase over the previous quarter.

What are the preferred stock dividends for Saul Centers (BFS)?

The preferred dividends are $0.3828125 for Series D and $0.3750000 for Series E, payable on July 15, 2021.

What percentage of Saul Centers' income comes from the Washington, DC area?

Approximately 85% of the company's property operating income is generated from the Washington, DC/Baltimore area.