Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (2016)
25 slides from Saul Centers's shareholder meeting presentation, 2016
Slide 1: Annual Meeting of Stockholders
Annual Meeting of Stockholders
Slide 2: Park Van Ness
Park Van Ness
Slide 3: Park Van Ness
Park Van Ness
Slide 4: Park Van Ness
Park Van Ness
Slide 5: Office/Mixed-Use Portfolio
Office/Mixed‐Use Portfolio Clarendon Center, Arlington, Virginia
Slide 6: Office / Mixed-Use Leasing Percentage
Office / Mixed‐Use Leasing Percentage (commercial space only) 100.0% 97.2% 96.3% 95.8% 95.0% Average Leasing % 91.4% 91.4% 91.8% 91.0% 90.0% 89.2% 88.1% 85.0% 84.2% 84.4% 80.0% 75.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Excludes impact of properties sold or removed from service
Slide 7: Transit-Oriented Mixed-Use Development Pipeline
Transit‐Oriented Mixed‐Use Development Pipeline 22 acres at three Metro sites for up to: 3,000 apartment units 175,000 SF retail 475,000 SF office Yellow arrows indicate future development locations. Green arrows indicate operating property locations
Slide 8: Glebe Road Development
Glebe Road Development Rendering of proposed Glebe Road development
Slide 9: Portfolio Composition
Portfolio Composition (measured by Property Operating Income) 23% Shopping Centers 2015 – 77% / 1993 – 73% 77% Office/Mixed‐Use 15% Washington DC / Baltimore 2015 – 85% / 1993 – 79% 85% Other
Slide 10: Property Operating Income
Property Operating Income (Retail same center) 9.0% 6.0% 6.0% 5.4% 4.9% 3.6% 3.0% 3.0% 2.5% 2.0% 1.2% 0.0% ‐0.7% ‐3.0% ‐3.5% ‐4.2% ‐6.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 * Q1 2016 * Excludes impact of Staples termination fee received
Slide 11: Retail Leasing Percentage
Retail Leasing Percentage 98.0% 97.6% 97.0% 97.0% 96.2% 96.0% 95.8% 95.4% 94.8% Average Leasing % 95.0% 94.3% 94.0% 93.2% 93.1% 93.2% 93.0% 92.4% 92.0% 91.0% 90.0% 89.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1st Q 2016 Excludes impact of properties sold or removed from service
Slide 12: Small Shop Leasing Percentage
Small Shop Leasing Percentage 96.0% 94.0% 92.0% 91.2% 91.5% 91.1% Average Leasing % 89.7% 90.0% 88.0% 86.9% 86.0% 84.0% 83.7% 84.0% 82.0% 80.0% 2010 2011 2012 2013 2014 2015 1Q 2016
Slide 13: Tenant Renewal Percentage
Tenant Renewal Percentage 90.0% 85.0% 80.0% 78.0% Average Leasing % 75.0% 75.0% 74.0% 74.0% 70.0% 70.0% 67.0% 65.0% 60.0% 60.0% 55.0% 50.0% 2010 2011 2012 2013 2014 2015 1Q 2016
Slide 14: Retail Rental Rate Change
Retail Rental Rate Change 12.0% 11.1% 9.8% 10.1% 9.0% 6.0% 4.7% 4.5% 3.9% 3.0% 1.6% 0.1% 0.0% ‐1.2% ‐3.0% ‐6.0% ‐6.3% ‐6.8% ‐9.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016
Slide 15: Redevelopment - Core Portfolio
Redevelopment ‐ Core Portfolio Silver Diner, Westview Village Mercy Physicians, Southdale CVS Pharmacy, Germantown
Slide 16: Top Tenants
Tenant Name # Locations Retail SF % 2015 Total Revenue Giant Food 9 6.7% 4.4% Safeway 9 5.7% 2.7% Capital One Bank 21 0.9% 2.4% CVS 7 .01% 1.5% Harris Teeter 4 2.5% 1.5% Lowes Home Center 2 3.2% 1.4% Publix 5 3.1% 1.4% Home Depot 2 3.8% 1.4% Staples 3 0.8% 0.9% Trader Joe’s 3 0.5% 0.8% Totals 65 27.
Slide 17: Repositioning Radio Shack and Staples/Office Depot Spaces
Repositioning Radio Shack and Staples/Office Depot Spaces • Radio Shack • 4 stores • 0.2% of annual base rents • Staples/Office Depot • 4 stores • 0.7% of annual base rents
Slide 18: Current Repositioning - Safeway
Current Repositioning ‐ Safeway Broadlands Village, Ashburn , Virginia
Slide 19: Funds From Operations (FFO) & Dividends
Funds From Operations (FFO) & Dividends $3.50 $2.95 $3.00 $2.75 $2.80 $2.68 $2.57 $2.50 $2.40 $2.37 $2.26 $2.12 $2.03 $2.00 1.88 1.77 1.69 1.68 1.53 1.56 1.44 1.44 1.44 1.44 $1.50 $1.00 $0.85 0.47 $0.50 $‐ 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1st Q 2016 FFO / sh Dividend / sh
Slide 20: Dividend Payout
Dividend as a % of FFO 80.0% 75.0% 70.1% 70.9% 70.0% 67.9% 65.4% 64.4% 65.0% 63.8% 63.7% Dividend Payout 60.8% 60.0% 57.0% 55.7% 55.3% 55.0% 50.0% 45.0% 40.0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016
Slide 21: Mortgage Debt Maturities
Mortgage Debt Maturities (May 1, 2016) $300 Outstanding Balance at May 2016 Balloon Payment due at Maturity $250 $217 $200 Weighted average rate = 5.4% In Millions Weighted average maturity is 8.2 years $150 $111 $99 $100 $74 $73 $67 $65 $45 $50 $30 $29 $15 $14 $11 $0 $0 $0 Year Debt Matures
Slide 22: Portfolio Growth
Portfolio Growth Operating properties ‐ 29 to 57 $157.8 M $160 Leaseable area ‐ 5.3 million to 9.5 million square feet Property Operating Income (in millions) $140 Property operating income – 6.1% compounded annual growth $120 $100 $80 $60 $43.0 M $40 $20 Year
Slide 23: Capital Summary
Capital Summary $3,000 Total capitalization has grown from $500 million to $2.6 billion $ 2.6 B $2,500 Leverage has decreased from 51% to 33% Total return to shareholders = 11.1% compounded annually $2,000 58.6% $1,500 In Millions $1,000 7.4 % $ 0.5 B $500 49.3 % 34.0 % 50.7 % $‐ Debt Preferred Equi
Slide 24: Annual Meeting of Stockholders
Annual Meeting of Stockholders
Slide 25: Forward Looking Statements
Forward Looking Statements •This presentation contains forward‐looking statements within the meaning of the federal securities laws. These statements are generally characterized by terms such as "believe," "expect" and "may." •Although we believe that the expectations reflected in such forward‐looki