Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2010)
31 slides from Saul Centers's shareholder meeting presentation, May 11, 2010
Slide 1: Annual Meeting of Shareholders
Exhibit 99. (a) Exhibit Meeting Annual We Shareholders 1 have99. of prepared (a) a brief slide show to present highlights of 2009 including sucessful activity in the debt markets, our core operating performance, financial results and recent development activities.
Slide 2: Debt: No Mortgage Loans Maturing by 2011
Debtmortgage No Loans $78 8.1% Secured Liquidity We With These 2 started million Maturities interest interest loans maturing byand 2009 6balance totaled rates shopping debt rate debt in Entering with maturing remaining December maturities $78 outstanding $548 centers million, 2009 million inlow are
Slide 3: Debt Transactions
Debt 5 Each One Shopping All During After The 3 new 15-year new of Transactions loan loan non-recourse the 2009, loans center generated closing six terms, we properties mature generating closed costs -25-year 2009 loans netinand on cash 2024 remains totalling amortization, 5over early new proceeds,
Slide 4: Mortgage Debt Maturities
Mortgage December Weighted $100 $50 $0 Millions Year $20 $60 $37 $9 $11 $27 $61 $28 $15 $13 $39 $96 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (Excluded This are The Beyond 4 part $96 represents Debt of 2012, million average Debt Matures this 31, scheduled 2009 m
Slide 5: Debt Summary
Debt$150 March Weighted Average Interest $150 Over 90% Our During The construction 5 weighted property fixed of Summary $10 million 31, 2009, our coverage mortgage million average 2010 rate, debt loan. credit operating we average nonrecourse ismodified = in credit mortgage debt fixed line, 3.3 cash
Slide 6: Capital Structure Highlights
Capital 3/31/2010 Common $2,000 $1,380 2004 $1,787 Year 3/31/10 At $1.9 Total Preferred public Our dates. 6 March capital billion End 2005 debt offering $1,500 $826 $965 Structure stock, Equity 31, is closing 2006 structure from currently $100 $177 2010, $1,000 inshown 2007 Preferred Highlights two
Slide 7: Overall Portfolio Leasing Percentage
Overall (Excluding Quarterly 95.5% Dec.’07 The shown Our Deal 7 financial leasing volume 95.4% here. Portfolio Mar.’08 Average properties percentage in crisis 95.3% the Jun.’08 Leasing Leasing retail which 94.7% under declined Sep.’08 portfolio Percentage has Percentage 94.3% development) engulfed f
Slide 8: Retail Leasing Percentage and Rental Rates
Retail (Excluding Average 95.7% Same 11.1% 5-yr 2007 With pressures On quarter 8 aavg same the 2008 Space Leasing 12.5% 94.8% ofLeasing prior decline to 2010. space 2009 properties remain Rental -1.3% 93.4% to Summary 1Q‘10 in 2008 basis, Percentage overall Rate until 2.2% 93.2% under =retail 8.7% C
Slide 9: Retail Same Property NOI Growth
Percentage 4.5% 5yr 1Q’08 Over Retail The Most Loudoun 9 avg declines the of 1.0% Same same 2Q’08 prior the five County, Change 1.9% increased property Property were to years 3Q’08 2008 -2.6% Virginia primarily from 4Q’08 growth = NOI vacancies 2.9% -5.5% 2003 and Growth 1Q’09 the averaged to -4.6%
Slide 10: Funds From Operations (FFO) and Dividends
Funds 5-yr $2.20 Current 2004 FFO Over Compounded After again 10 avg Dividends results this 2005 increasing decreased 1.56 From dividend FFO period, $2.42 2006 for Operations annual per the the the 2007 absolute 1.60 of share past payout $.36/share common growth $2.57 2008 growth 6(FFO) years FFO to
Slide 11: Dividend Payout Ratio
Dividend 71% 2004 Low payout 64% FFO Over these development As 11 you taxable FFO 66% of was the 2005 REIT ratio; may 2009 past paid as Payout 65% income 2006 regulations, aknow, activities 5% out 64% years, 2007 ofindeclined REITs FFO 70% dividends. we 2008 orand paid to 64% are 2009 in retire not
Slide 12: Geographic and Property Type Mix
Geographic DC. Other 2009 Shopping Office Our Over unemployment The 12 retail geographic / 82% Property Baltimore 18% 23% Centers component ofMix our Operating peaked focus 82% & 2009 77% Property of continues property atour Income 10.1% portfolio’s Type operating to in be October inincome the incom
Slide 13: Office Properties in Washington DC
Office 1.2 3 Only Washington 601 Van Our Approximately Washington, Operating 2010, 13mid-rise million Pennsylvania office Ness 65,900 therefore Properties Square, income properties space square Square, square DC. 74% minimizing totals Washington Ave, grew at feet feet Alexandria, of these produce ov
Slide 14: Avenel Business Park Weakness
Avenel Weakness The Prior 14 park, to Business 2009, at continues 84.1% about Park, leased, 50% in Gaithersburg, ourofis 1-story the currently park’s office Maryland square at flex its historically properties, footage was low the leased leasing largest to being biotech percentage. thetenants, 391,00
Slide 15: Shopping Centers: Grocery Anchored
Shopping Harris (2009) 47 Tenants Grocers During 31 Total Grocery 15 retail centers of retail our Teeter, 2009, reported store properties centers Centers are sales property Lansdowne sales grocery for sales aregenerate are the anchored anchored averaging operating aportfolio, key Town 77% driver by&
Slide 16: Favorable Demographics
Favorable $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 Average National Source ESRI The Saul Our 16 long-term 3Centers’ top Centers forecasts and U.S. 20 household Avg. Demographics 5properties mile Census Avg. Avg. demographics properties $71,400 success forpopulation 2009. $99,700 inc
Slide 17: Core Shopping Centers Leasing
Core Shopping Centers (2009) 180 retail leases signed 74% renewal rate compared to 70% previous 3 years = Over 1,000,000 square feet leased Lease volume increased to 689,000 square feet signed 3Q/4Q vs 376,000 square feet signed 1Q/2Q While anchor tenants provide the traffic to the centers, small sh
Slide 18: Major Tenants
Major Top Tenant SF Locations 2009 Giant 9 8 Safeway Chevy 20 6 CVS 5 Publix Lowe’s 23.1% Home Harris 3 Super 2 Office 4 61 Totals Saul A Of Our 186.1% 4.7% 1.3% 2.9% 1.7% 1.2% 1.5% diverse 0.8% 26.1% 2009 %10 top Centers Revenue Food Fresh Retail Depot Teeter 1.6% Chase Name retail 4.4% 3.2% 1.8% 1
Slide 19: Retail Lease Expirations
Over Square Year S Base 5.3% 381,000 2010* 2014 11.3% 10,936,000 8.7% 625,000 2013 14.5% 13,965,000 11.1% 800,000 2012 13.2% 12,745,000 12.0% 867,000 2011 5.8% $ 92.0% 6,637,000 Totals 55.2% 53,306,000 54.9% 3,964,000 * 100.0% Saul Retail More 19As 5,631,000 96,583,000 F %Centers of Rent 50 &than Le
Slide 20: Seven Corners
Seven It During We The 20 tenants. isjust anchored center Corners, Corners late signed is2008, our by is aFalls ground alargest we Shoppers 568,000 Church, signed lease retail square aFood Virginia with property leaseWarehouse foot Red withas community Robin Syms measured and gourmet clothing a shop
Slide 21: White Oak
Saulcenter White During the This 21 Centers property Oak, Oak 2009, isisSilver currently awe is354,000 one successfully Spring, of99% our square Maryland top leased. re-tenanted five foot in community size,anoperating expiring shopping income, Ritecenter Aidand and located retail adjacent sales in S
Slide 22: Southdale
Southdale, Saul The Circuit Just Clothing, This economic Southdale 22 center last Centers was City month, our adownturn. isis Gen chain vacated aanchored currently only 484,000 Burnie, weofanchor released 18 their 94% by square off-price Maryland 37,000 size Home leased. 20,000 retail foot clothing
Slide 23: Ashburn Village
Saulown Ashburn While Occupancy We decreased 23 developed Centers one four Village, Village retail offell centers the the to sales, is dominant Ashburn, ainitial alow 222,000 inand Loudoun point phase tenant Virginia centers square ofof90% delinquencies County, Ashburn infoot, Loudoun in the totalin
Slide 24: Seabreeze Plaza
Saulhave Seabreeze This We Stress 24 acquired Centers Publix in the five Plaza Plaza, ishas housing aSeabreeze centers 147,000 the Palm highest markets inHarbor, square in Florida, 2005 sales has foot, Florida and totaling per greatly Publix itsquare is the over impacted anchored foot largest 590,00
Slide 25: Northrock
Northrock, Northrock heavily In 29. The 25 early June, center traveled 2009, is Warrenton, 71% we Harris US completed leased Route Teeter Virginia opened construction a 52,700 of Northrock square footshopping grocery center, store. Two a neighborhood pad buildingscenter have totaling been completed
Slide 26: Westview Village
Westview We This The 26 also 101,000 development just Village Village, completed squareincludes Frederick footconstruction center 60,000 Maryland is 30% square of leased, Westview feet of with retail Village activity shop oncontinuing space, MD Route 30,000 to85be square invery Frederick, feet slow.
Slide 27: Clarendon Center Amenities
244 42,000 170,000 2 Amenities Our located Clarendon The 27cityluxury above Clarendon blocks SF adjacent SFinclude ground Center is photo apartments Class one adjacent Center to captures of “A” floor indoor the theto development office Clarendon premier retail Metro pool, just one station fitness re
Slide 28: Clarendon South Block
Clarendon South Here Construction The A Garden. Apartment 28total development isBlock of aLeases recent 14,000 Center pre-leasing hasare construction topped square isunder on will schedule, feet out negotiation commence on of photo the with 42,000 of South for the construction in much September deve
Slide 29: Clarendon North Block
Clarendon North The A 29total North Block of $130 block Center million will contain of the ground estimated floor $195 retail million underof5 total stories project of office cost space. has been Several incurred office to leases date. are under negotiation, but there are no signed leases yet to rep
Slide 30: Total Shareholder Return
(assumes Total $180 5 10 Dec Saul NAREIT Russell S During Our 30year= &year= 10-year P 2004 Centers’ Centers $160 Shareholder Return 500 the 2000 9.9% 16.4% Equity reinvestment Dec $140 past compounded $100 compounded 2005 twelve $120 Return Invested Dec $100 months, of2006 dividends) total annual $
Slide 31: Closing Remarks
NYSE Annual Boulevard, Saul We 31 remain feel Centers Symbol: Meeting we committed Fairfax are prepared BofFCity, Shareholders S to,to Virginia and endure confident the potential in, the long-term for continued performance economicofstress, our core withretail cashand reserves officeand properties.