Saul Centers Declares Quarterly Dividends

Rhea-AI Summary

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.

Positive

• Declared quarterly dividend of $0.59 per share, consistent with previous payouts.
• Stable dividend payouts on Series D and Series E Preferred Stocks.
• Management of a substantial portfolio with 61 properties.
• 85% of operating income generated from properties in high-demand areas (Washington, DC/Baltimore).

Negative

• None.

BETHESDA, Md., June 20, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2024, to holders of record on July 15, 2024. The common dividend is unchanged from 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, 2024, to holders of record on July 1, 2024.

Saul Centers is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland. Saul Centers currently operates and manages a real estate portfolio comprised of 61 properties, which includes (a) 57 community and neighborhood shopping centers and mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four land and development properties. Over 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

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 (i) our Annual Report on Form 10-K for the year ended December 31, 2023, and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, 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 outbreak or pandemic of any highly infectious or contagious diseases or other public emergencies, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may 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, 2023, and (ii) our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.  

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SOURCE Saul Centers, Inc.

FAQ

What is the dividend per share for Saul Centers common stock in Q2 2024?

The dividend per share for Saul Centers common stock in Q2 2024 is $0.59.

When will Saul Centers pay the quarterly dividend for Q2 2024?

Saul Centers will pay the quarterly dividend on July 31, 2024.

What is the record date for Saul Centers' Q2 2024 dividend?

The record date for the Q2 2024 dividend is July 15, 2024.

What dividend is declared for Saul Centers' Series D Preferred Stock?

The dividend declared for Series D Preferred Stock is $0.3828125 per depositary share.

When will Saul Centers pay the dividend for Series D Preferred Stock?

Saul Centers will pay the Series D Preferred Stock dividend on July 15, 2024.

What is the dividend per share for Saul Centers' Series E Preferred Stock?

The dividend per share for Series E Preferred Stock is $0.375.

How many properties does Saul Centers manage?

Saul Centers manages a portfolio of 61 properties.

What percentage of Saul Centers' property income comes from the DC/Baltimore area?

Over 85% of Saul Centers' property income comes from the Washington, DC/Baltimore area.