Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2025)
26 slides from Saul Centers's shareholder meeting presentation, May 2025
Slide 1: Saul Centers Annual Presentation to Shareholders 2024
Saul Centers Annual Presentation to Shareholders 2024
Slide 2: Forward Looking Statements
Forward Looking Statements Safe Harbor Statement Certain matters discussed within this presentation 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 contai
Slide 3: Non-GAAP Measures
Non-GAAP Measures Funds from Operations (“FFO”) The National Association of Real Estate Investment Trusts (“Nareit”) developed FFO as a relative non-GAAP financial measure of performance of an equity Real Estate Investment Trust (“REIT”) in order to recognize that income-producing real estate histor
Slide 4: Total Portfolio Composition
Total Portfolio Composition (measured by property net operating income) During 2024, 74% of property net operating income was generated by shopping centers. 11.0% 2024 15.4% Shopping Centers – 73.6% 73.6% Office – 15.4% Shopping Centers Apartments – 11.0% Office Apartments 2014 Shopping Centers – 76
Slide 5: Total Portfolio Growth (2004 - 2024)
Total Portfolio Growth (2004 - 2024) 200.0 200.0 Property Net Operating Income (in millions) 180.0 180.0 160.0 160.0 140.0 140.0 120.0 120.0 100.0 100.0 80.0 80.0 60.0 60.0 40.0 40.0 20.0 20.0 - - 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 6: Portfolio Development Spotlight
PortfolioDevelopment Mixed-Use Spotlight Twinbrook Quarter Phase I 750 N. Glebe Rockville, MDRoad Arlington, Virginia 6 The Milton at Twinbrook Quarter opened and residential tenants began moving in on October 1, 2024. As of May 5, 2025, 274 of 452 residential units (61%) have been leased and occupi
Slide 7: Shopping Center Pad Sites
Shopping Center Pad Sites We leverage land available at our existing centers to add pad site buildings We currently have five new pad sites either under lease or under negotiation Thruway, Winston-Salem, NC 7 From time to time, we use land available at our existing shopping centers to add free-s
Slide 8: Shopping Center Core Operations
Shopping Center Core Operations Shopping Center Property Net Operating Income from Grocery-Anchored Centers $140,000 $117,685 $120,000 81% $100,000 $91,259 ● $80,000 76% ● $60,000 $40,000 $20,000 $0 2014 2024 Property Net Operating Income ($000s) (Property net operating income as used here includes
Slide 9: Shopping Center Leasing Percentage
Shopping Center Leasing Percentage 98% 10 yr. Avg. = 95.0% 96.4% 96.0% 96% 95.4% 95.2% 95.5% 95.3% 95.1% 94.7% 94% 93.4% 93.1% Year-End Leasing Percentage 92% 90% 88% 86% 84% 82% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9 Over the past ten years, our year-end shopping center leasing percent
Slide 10: Shopping Center Small Shop Leasing Percentage
Shopping Center Small Shop Leasing Percentage (in-line spaces < 10,000 square feet) 10 yr. Avg. = 91.5% 98% 95.2% 94.7% 94% 90.4% 91.0% 92.1% 90.2% 91.2% 91.2% Year-End Small Shop Leasing Percentage 89.6% 90% 88.9% 86% 82% 78% 74% 70% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 As of Decemb
Slide 11: Shopping Center Tenant Renewal Percentage
Shopping Center Tenant Renewal Percentage 10 yr. Avg. = 78.5% 88% 84.7% 83% 82.2% 81.3% 80.5% 79.0% 78.0% Average Renewal Percentage 78% 76.0% 76.0% 74.0% 73.0% 73% 68% 63% 58% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11 A significant contributor to income growth is the number of existing t
Slide 12: Shopping Center Property Net Operating Income Growth
Shopping Center Property Net Operating Income Growth 7.0% 5.7% 5.0% 4.2% 3.0% 2.8% 3.0% 2.1% 1.6% 0.9% 1.0% 0.4% -1.0% -1.1% -3.0% -5.0% -5.0% -7.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (Property net operating income as used here includes straight-line rent adjustments) 12 After a sharp
Slide 13: Shopping Center Lease Expirations Schedule
Shopping Center Lease Expirations Schedule $28,000 $25,274 $24,000 $22,324 $20,458 Annual Minimum Rent (in thousands) $20,000 $17,240 $16,680 $16,000 $12,728 $12,000 $10,174 $8,124 $8,000 $5,486 $4,401 $3,892 $4,000 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter 13 The majority of o
Slide 14: Office
Office 601 Pennsylvania Avenue, Washington, DC 14 The office market continues to be challenging in the Washington DC metropolitan area as workforce trends, government policy, and the aftermath of the COVID-19 pandemic are reshaping tenant preferences and office attendance. Annual Presentation to Sha
Slide 15: Office Leasing Percentage
Office Leasing Percentage 98% 10 yr. Avg. = 88.4% 94.5% 93.6% 94% 91.1% 91.6% 90% 88.4% 87.9% 86.5% 86.0% Year-End Leasing Percentage 86% 82.3% 82.5% 82% 78% 74% 70% 66% 62% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 15 Over the past ten years, our year-end office leasing percentage has avera
Slide 16: Significant Tenant Concentration
Significant Tenant Concentration (year ended December 31, 2024) Percentage of Percentage of Tenant Name # of Locations Portfolio SF Portfolio Revenue Giant Food 11 6.4% 4.8% CVS 10 1.2% 1.8% America’s Health Insurance Plans 1 0.5% 1.6% Safeway 6 2.8% 1.4% Home Depot 2 3.0% 1.3% Airlines Reporting Co
Slide 17: Apartments
Apartments Lyon Place Park Van Ness The Waycroft Arlington, VA Washington, DC Arlington, VA Delivered: 2010 Delivered: 2016 Delivered: 2020 The Milton at Hampden House Twinbrook Quarter Bethesda, MD Rockville, MD Projected Delivery: 2025 Delivered: 2024 17 Our recent development focused on transit-o
Slide 18: Apartments Leasing Percentage
Apartments Leasing Percentage 100% (Includes stabilized properties only) 10 yr. Avg. = 97.1% 98.2% 98.0% 98.3% 97.8% 96.7% 96.7% 96.3% 97.1% 97.2% 96% Year-End Leasing Percentage 94.8% 92% 88% 84% 80% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 18 As of December 31, 2024, our apartment leasing
Slide 19: Apartments Property Net Operating Income
Apartments Property Net Operating Income (As % of total portfolio property net operating income. Includes stabilized properties only) 14.0% 12.9% 12.0% 11.2% 10.4% 10.0% 9.3% 8.0% 6.1% 6.3% 6.4% 5.6% 6.0% 4.0% 3.0% 3.1% 2.0% 0.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cumulative Total Por
Slide 20: Development and Growth
Development and Growth Development Pipeline Mixed-Use development pipeline nearby three Metro sites • 1,779 apartment units Twinbrook Quarter • 378,000 SF of retail (additional phases) and Hampden House • 431,000 SF of office • 1,600,000 SF of additional mixed-use North Bethesda (White Flint) develo
Slide 21: Twinbrook Quarter
Twinbrook Quarter Rockville, Maryland 21 The first phase of our 18-acre project in Rockville, Maryland, is located adjacent to the Twinbrook Station on Metrorail’s Red Line and includes 452 apartment units and approximately 105,000 square feet of commercial space, including an 80,000 square foot Weg
Slide 22: Hampden House
Hampden House Bethesda, Maryland Rendering of proposed Glebe Road development 22 Our Hampden House development is located adjacent to both the forthcoming Maryland Purple Line light rail and the Metrorail’s Red Line in downtown Bethesda, Maryland. It will include 366 apartments and 10,100 square fee
Slide 23: Funds From Operations (FFO) & Dividends
Funds From Operations (FFO) & Dividends $3.50 FFO per share Dividend per share $3.18 $3.14 $3.17 $3.11 $3.08 $3.10 $3.10 $3.03 $2.95 $3.00 $2.88 $2.50 $2.34 $2.36 $2.36 $2.20 $2.09 $2.12 $2.12 $2.05 $2.00 $1.92 $1.72 $1.50 $1.00 $0.50 $- 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 23 FFO was $
Slide 24: Debt Structure
Debt Structure (as of March 31, 2025) • $525 million unsecured credit facility ($100 million term loan and $425 million line of credit) • As of March 31, 2025, $296 million was outstanding under the credit facility • 87.5% of total debt is fixed-rate, with an average interest rate of 4.72% • Weighte
Slide 25: Capital Summary
Capital Summary • $185 million perpetual preferred stock carries a 6.05% weighted average dividend rate • As of March 31, 2025, our cash balance was approximately $6.5 million and our undrawn availability under our credit facility was approximately $132.4 million Debt Preferred Equity Common Equity
Slide 26: Thank You
Thank You 26 Annual Presentation to Shareholders – May 9, 2025 26