Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (April 2009)
35 slides from Saul Centers's shareholder meeting presentation, Apr 29, 2009
Slide 1: Form 8-K Current Report - Saul Centers, Inc.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 29, 2009 Saul Centers, Inc. (Exact name of registrant as specified in its cha
Slide 2: Item 8.01 Other Events
Item 8.01 Other Events Saul Centers, Inc. (the “Company”) has posted on its web site, www.saulcenters.com, a presentation given by management at the Company’s annual meeting of stockholders. The presentation is Exhibit 99 (a) to this current report on Form 8-K. Item 9.01. Financial Statements and Ex
Slide 3: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SAUL CENTERS, INC. By: /s/ Scott V. Schneider Name: Scott V. Schneider Title: Senior Vice President, Chie
Slide 4: Exhibit Index
EXHIBIT INDEX Exhibit No. Description 99. (a) Annual Meeting Presentation.
Slide 5: Annual Meeting of Shareholders
Exhibit 99(a) Annual Meeting of Shareholders
Slide 6: Overall Percentage Leasing
Overall 100 96 94 95 Percentage 90 85 Leasing 80 Dec’06 Annual The Since 92 3% 7% 8% 0% 9% 0% financial reaching 95 94 Average Mar’07 Portfolio 9% 7% 2% 4% 92crisis 95 9% an Jun’07 of 3% Leasing allwhich Space 95 time Sep’07 4%Percentage Leased has highengulfed Dec’07 level inMar’08 our 2006country
Slide 7: Geographic Mix
Geographic Shopping Other 2008 Our Approximately economic metropolitan The geographic retail Property Office Centers component crisis Mix 18% areas Operating 82% focus The &DC 23% Property of Washington of continues /the Baltimore our Income year portfolio’s Typeto endDC be 77% 2008 inmetropolitan i
Slide 8: Retail Leasing Highlights
Retail 300 253 274 20 238 168 Signed Rate Feet Square 79 ‘08 1Q With and Rental The 5 8% 100% 2Q ‘08 0% rental 30 24 (Percentage) first 2the Same thousands) rate 8% 3Q 0% 3% 150 Rental ‘08 3decline rates quarters 4Q 100 250 increases ‘08 Increase Space 0 1Q ‘09’08’08’08’08’09 0% in 13 1Q 200 Leasing
Slide 9: Retail Growth
Retail 10 5 1 Growth ‘08 1Q We The Declines 50% 10 yr 9% 0% 5% 0% 2Q ‘0% have 2008 rate avg 08 Percentage 4Same 3Q 5% ‘of 2in achieved 08 =growth 6% 1Q increase average 2Property ‘08 9%‘09 0was average 0% rental slowed 4Q NOI 1 2%rates Growth annual as with a and result quarterly retail property ofn
Slide 10: Funds From Operations and Dividends
Funds Dividends 7 5 $2 1 2003 Operating Over After 2008 With 5% 0% 88 77 68 60 56 201credit 10 00 this 2004 absolute per increasing Dividends FFO From 56 share period $1 results Current 2005 market Operations 50$2 $2the 2006 absolute over 68 57 dividend conditions common $1 2007 the (FFO) 56/share F
Slide 11: Low Dividend Payout
Dividend Low 100% 90% Payout was 71% 66% 61% 64% 2004 50% Over As allows Withyou paid FFO of 60% payout 70% 65% 2005 the taxable us 80% may FFO past out as to Dividend in2006 retain ratio: know adividends income 5%years 2007 ofcash REITs FFO 70% projected we 2008 were are 1Qrequired paying to ‘09dec
Slide 12: Mortgage Debt Maturities
Mortgage December Weighted $100 Millions 2009 2018 Year (Excludes Liquidity Of Our time The loans Maturities loan our $62 Debt $96 2010 2019 $548 million $62 and average Debt scheduled 31 of Matures 2011 2020 million $61 our debt 2008 Maturities of and 2012 2021 mortgage $50 maturity maturities mort
Slide 13: Commercial Real Estate Price Declines
Commercial Price markets substantial Source: A and Loan risky recent markets 5declines defaults year Deutsche Conduit report equity interest Real Itare ofreports published loan 35 increasing Bank infusion Estate 45% only delinquency that Commercial Valuation loans (or byto price as Deutsche more) re
Slide 14: Commercial Real Estate Sample Amortization
Commercial Sample 2007 Amortization Source: According representative Today Underwriting Deutsche toCash Real the None property Deutsche Estate Bank flow 30 yr $5 with Commercial Financing All MM Bank $5in$5 million rate report MM Real 5 6% in Cap commercial cash Estate 8rate 1%flow 4Yr Outlook 8%may
Slide 15: Total Shareholder Return
Total (assumes $250 100 Dec Saul Our After 37 0% 34 5% long Centers’ Centers 2003 22 aShareholder tough $100 9% 36 tenured reinvestment Dec 6% $NAREIT 23% Return compounded 2004 team Return total $150 Dec Equity ofreturn professionals dividends) 2005 Total annual Sdecline &Dec return: P 500 2006 inh
Slide 16: Capital Structure
Capital 3/31/2009 = $1 $584 2002 At high Total Preferred public strengthen Our $22 March 500 263 capital levels $381 2003 debt 97/sh offering Millions Structure stock 31 closing is the 2004 of structure $2 currently 2008 approximately balance last 000 shown $1 2005 Highlights price March 000 Common
Slide 17: Prudent Capital Structure
Prudent March No million 93% The Our fixed weighted $150 of fixed 31 credit our Capital rate million 2009 rate debt debt line average nonrecourse Structure iscredit maturing now $15maturity million fixed line in currently debt rate the outstanding is 7and next 4 years has all 2 5of $15 years this an
Slide 18: Preferred Stock Offerings
Preferred 2 March Perpetual Callable Our Last This performance issues $100 March equity 2008 totaling atStock with million par capital we $80 no by completed Offerings $180 preferred investor the MM provided company MM redemption an November stock additional $80 5 offering years million 2003 rights
Slide 19: Shopping Center Grocery Tenants
Shopping Boca (2008) 45 Tenants Grocers During 30 Total Grocery an increase retail centers of Valley our retail 2008 reported store properties centers Centers are sales ofPlaza property sales grocery 2%for sales are over generate Boca are the anchored anchored averaging operating a2007 portfolio key
Slide 20: Favorable Demographics
Favorable Average $110 $100 $90 $70 Source: $50 National Long Saul Our 000 3Centers’ top Centers 000 term and U 20 household Avg Demographics 5Ssuccess properties mile demographics Census properties Saul $73 population of Centers income 800 Bureau in ourterms 3$80 core mile within are counts 000 Cen
Slide 21: Core Shopping Centers Leasing
Core Leesburg (2008) 190 10 95% While During on 73% of Currently locations lower 1% the retail past of Shopping anchor same increase 2008 the consumer of Pike 5leases our tenants years our space we tenants occupancy Baileys Centers in centers signed executed rents expiring whose demand provide Cross
Slide 22: Major Tenants
Top Major of Tenant Giant 2 A Only Our We liquidation 9% diverse 2008 had top 10 Giant 1Food Retail Name retail 3% 10 Revenue only retail tenants Super Food 9 Tenants one tenants 6Locations 8% tenant Circuit Fresh atcomprise 444% provided 4% base 2SF City Safeway 1Safeway minimizes % 2% only store 2
Slide 23: Lease Expirations
53As 2013 Year 2009 beyond * Retail Approximately quarter % of Square & *of lease Lease 350 3April beyond base 577 000 expirations Feet Expirations 1000 half 52009 S3% 49Fof9% $%our for 5Base rents 50 408 base the 152 000 Rent in balance rents 000 place 5$7% Base are 53to of2010 0% contracted 2009 R
Slide 24: Seven Corners
Seven It During Syms Theis anchored center will Corners therelocate is fourth our by isFalls alargest quarter Shoppers from 568 Church 000 nearby retail of square 2008 Food Virginia property andwe Warehouse foot plans replaced as community to measured beand an open expiring ashopping by Home at both
Slide 25: Thruway
Thruway During Borders Also This center in2008 2008 isWinston is a 354 we one Hanes successfully 000 ofSalem our Brand square top North opened five foot re tenanted in Carolina community size a 20and 000 a 20 operating square shopping 000 square foot income center store footand in located space lowe
Slide 26: Southdale
Thethe In Southdale center fall of is had Glen iscurrently a2008 anchored 484 our Burnie only 000 we 91 replaced by square Circuit Maryland 1% Home leased foot City anDepot expiring community store withMarshall’s only which Giant shopping 1 small vacated grocery andshop Value center 43 store vacancy
Slide 27: Lansdowne Town Center
off Route Completed development Lansdowne market has7 caused in in Town isalso 2007 our Loudoun includes fourth Center dramatically the center County center isLeesburg 38 a 189 000 isin decreased Virginia currently 000 Loudoun square Virginia square feet retail 96for foot 2% ofasales professional le
Slide 28: Hunt Club Corners
Before Hunt We properties Our acquired have 5Club grocers renovation five have Corners Hunt centers continue increased After Club is in a strong 101 Florida in renovation 2006 000with square and totaling Hunt an just overall foot over completed Club Publix 590 5% Corners 000 sales anchored a façade
Slide 29: Development: Northrock
Development Northrock In Route We Harris A total January have 29 Teeter ofsubstantially 62% Center 2008 has Property ofwe leased the Warrenton acquired center completed 52 700 isapproximately Virginia pre square construction leased feet and 15for is 4 acres scheduled Northrock of undeveloped to Shop
Slide 30: Development: Westview Village
Development Westview In professional We A Leasing pad November have has activity substantially executed Village been office 2007 Property ground is leases slow space Frederick wecompleted purchased leased for totaling Antheadditional Maryland toremainder Mimi’s construction 12 a 10 000 415 acre squa
Slide 31: Office Portfolio
Office Washington 1 3 Approximately located Our Over Only 2 properties million office 90% 68Properties in000 metropolitan of portfolio space square produce Square square the73% totals office feet is feet Alexandria of 75% currently over leases the Washington ofofthe office 1office 2have office milli
Slide 32: 601 Pennsylvania Avenue
601 Pennsylvania Our The 601’s Only227 building 2significant leases 000 square isexpired 100% tenants Avenue foot leased in 2009 601 include Washington Pennsylvania Ittotaling isthe theNational single 26DC 000 Avenue largest Gallery square asset office feet of Art inbuilding New our theportfolio lea
Slide 33: Development: Clarendon Center
Development Projected 244 2 Desirable Our feet This cityluxury of Clarendon isblocks office one405 “Urban apartments ofadjacent space Property the 000 Center premier Village” SF allto development 42 located Clarendon Metro 000 residential neighborhood SF right station ground will atand the be commer
Slide 34: Development: Clarendon Center Construction
Development Clarendon Arlington Here We The are development is acompleting recent Virginia Center Property construction isthe on 4schedule levelphoto subsurface with of the construction development garage structure to be completed in the next by30 thedays end of 2010
Slide 35: Annual Meeting of Shareholders
NYSE Annual White We remain areOak Symbol: prepared Meeting committed Silver Bof toFSpring Shareholders endure S to and Maryland the confident potential for in the a prolonged long termperiod performance of economic of ourstress core retail and office properties