Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2023)
30 slides from Saul Centers's shareholder meeting presentation, May 15, 2023
Slide 1: Exhibit 99.(a)
Exhibit 99.(a)
Slide 2: Forward Looking Statements
Annual Presentation to Shareholders – May 12, 2023 2 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
Slide 3: Non-GAAP Measures
Annual Presentation to Shareholders – May 12, 2023 3 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 REIT in order to recognize that income-producing
Slide 4: Portfolio Composition (measured by Property Operating Income)
Annual Presentation to Shareholders – May 12, 2023 4 74.5% 15.1% 10.4% Shopping Centers Office Apartments Portfolio Composition (measured by Property Operating Income) 2022 Shopping Centers – 74.5% Office – 15.1% Apartments – 10.4% 2012 Shopping Centers – 75.8% Office – 20.9% Apartments – 3.3% 2022
Slide 5: Portfolio Growth (2004 - 2022)
Annual Presentation to Shareholders – May 12, 2023 5 Portfolio Growth (2004 - 2022) Pr op er ty O pe ra tin g In co m e (in m ill io ns ) Operating properties: 29 to 57 Leasable area: 5.3 million to 9.8 million square feet Property operating income: 5.1% compound annual growth rate $0 $20 $40 $60 $8
Slide 6: Mixed-Use Development: The Waycroft
Annual Presentation to Shareholders – May 12, 2023 6 Mixed-Use Development 750 N. Glebe Road Arlington, Virginia ixed s l t The Waycroft Arlington, VA Waycroft retail is 100% leased. Silver Diner and Salon Lofts opened in 2022 Delivered in 2020, Waycroft residential is now 98% leased In 2022, Si
Slide 7: Retail Pad Site Development
Annual Presentation to Shareholders – May 12, 2023 7 Retail Pad Site Development We currently have seven future pad sites either under lease or in negotiation Tenants at two new pad sites have opened or are scheduled to open in 2023: Shake Shack at Kentlands Square Wendy’s at Beacon Center From
Slide 8: Deferral Repayments
Annual Presentation to Shareholders – May 12, 2023 8 Deferral Repayments $8.0M of $8.4M (96%) collected based on payments due as of December 31, 2022 96% Collected 4% Uncollected During 2020 and 2021, we worked with our tenants to ensure their continued operations during the global COVID- 19 pandemi
Slide 9: Core Shopping Center Operations
Annual Presentation to Shareholders – May 12, 2023 9 Core Shopping Center Operations Annual Presentation to Shareholders – May 13, 2022 9 $88,193 $103,379 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 2012 2022 Shopping Center Property Operating Income from Centers Anchored by Grocery Propert
Slide 10: Shopping Center Leasing Percentage
Annual Presentation to Shareholders – May 12, 2023 10 Shopping Center Leasing Percentage Av er ag e Le as in g Pe rc en ta ge 10 yr. Avg. = 94.7% (Same Property) 94.3% 94.8% 95.4% 96.0% 95.2% 95.1% 95.5% 93.1% 93.4% 94.7% 82% 86% 90% 94% 98% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Over the
Slide 11: Small Shop Leasing Percentage
Annual Presentation to Shareholders – May 12, 2023 11 Small Shop Leasing Percentage (in-line spaces < 10,000 square feet) Ye ar -E nd S m al l S ho p Le as in g Pe rc en ta ge 10 yr. Avg. = 90.5% 89.7% 91.1% 91.2% 90.4% 91.0% 92.1% 90.2% 88.9% 89.6% 91.2% 60% 65% 70% 75% 80% 85% 90% 95% 2013 2014 20
Slide 12: Shopping Center Tenant Renewal Percentage
Annual Presentation to Shareholders – May 12, 2023 12 78.0% 75.0% 74.0% 76.0% 79.0% 78.0% 76.0% 73.0% 80.5% 82.2% 55% 65% 75% 85% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Shopping Center Tenant Renewal Percentage 10 yr. Avg. = 77.2%(Same Property) Av er ag e R en ew al P er ce nt ag e A sig
Slide 13: Property Operating Income Growth (Shopping Center Same Property)
Annual Presentation to Shareholders – May 12, 2023 13 Property Operating Income Growth (Shopping Center Same Property) 3.6% 5.4% 0.4% 3.0% 2.1% -1.1% 1.6% -5.0% 5.7% 0.9% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10 yr. Avg. = 1.7% Our shopping cen
Slide 14: Shopping Center Lease Expirations
Annual Presentation to Shareholders – May 12, 2023 14 Shopping Center Lease Expirations $16,030 $22,059 $23,393 $16,689 $18,341 $10,388 $9,332 $2,718 $5,931 $4,132 $10,043 $0 $6,000 $12,000 $18,000 $24,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Thereafter Lease Expirations of Shopping Cen
Slide 15: Significant Tenant Concentration
Annual Presentation to Shareholders – May 12, 2023 15 Significant Tenant Concentration Percentage of Portfolio Revenue Percentage of Portfolio SF# of LocationsTenant Name 5.1% 6.7%11Giant Food 2.0% 0.6%14Capital One 1.9% 1.3%10CVS 1.6% 0.6%1America’s Health Insurance Plans 1.5% 3.0%6Safeway 1.4% 3.1
Slide 16: Office Portfolio
Annual Presentation to Shareholders – May 12, 2023 16 Office Portfolio 601 Pennsylvania Avenue, Washington, DC Workforce trends, urbanization, and the aftermath of the COVID-19 pandemic are reshaping tenant preferences, changing the way people work, live, play and shop. 16
Slide 17: Office Leasing Percentage
Annual Presentation to Shareholders – May 12, 2023 17 Office Leasing Percentage Av er ag e Le as in g Pe rc en ta ge 10 yr. Avg. = 89.2% (Same Property) 90.5% 90.8% 91.1% 86.5% 94.5% 93.6% 91.6% 88.4% 82.3% 82.5% 62% 66% 70% 74% 78% 82% 86% 90% 94% 98% 2013 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 18: Apartment Portfolio
Annual Presentation to Shareholders – May 12, 2023 18 Apartment Portfolio Hampden House Bethesda, MD Projected Delivery: 2025 Twinbrook Quarter Phase I Rockville, MD Projected Delivery: 2024 The Waycroft Arlington, VA Delivered: 2020 Park Van Ness Washington, D.C. Delivered: 2016 Lyon Place Arlingto
Slide 19: Apartment Leasing Percentage
Annual Presentation to Shareholders – May 12, 2023 19 98.9% 97.8% 96.7% 96.7% 98.2% 96.3% 94.8% 97.1% 97.2% 80% 84% 88% 92% 96% 100% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Apartment Leasing Percentage 9 yr. Avg. = 97.1%(Includes Stabilized Properties Only) Av er ag e Le as in g Pe rc en ta ge
Slide 20: Apartment Property Operating Income
Annual Presentation to Shareholders – May 12, 2023 20 Apartment Property Operating Income 3.4% 3.2% 3.0% 3.1% 5.6% 6.1% 6.3% 6.4% 9.3% 10.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Apartment Property Operating Income (as % of To
Slide 21: Development and Growth
Annual Presentation to Shareholders – May 12, 2023 21 • 2,231 apartment units • 483,000 SF of retail • 431,000 SF of office • 1,600,000 SF of additional mixed-use development Green arrows indicate current development locations Yellow arrow indicates future development location Blue arrows indicate o
Slide 22: Twinbrook Quarter, Rockville, Maryland
Annual Presentation to Shareholders – May 12, 2023 22 Twinbrook Quarter Rockville, Maryland During the past year, we continued construction of the residential and retail portions of Twinbrook Quarter Phase I. The first phase of our 18-acre project in Rockville, Maryland, is located adjacent to the T
Slide 23: Twinbrook Quarter, Rockville, Maryland
Annual Presentation to Shareholders – May 12, 2023 23 Twinbrook Quarter Rockville, Maryland Concrete work is substantially complete and pre-cast façade panels, masonry and windows are being installed. Initial delivery of Phase I is anticipated in late 2024. 23
Slide 24: Hampden House, Bethesda, Maryland
Annual Presentation to Shareholders – May 12, 2023 24 Rendering of proposed Glebe Road development Mixed-Use Development 750 N. Glebe Road Arlington, Virginia Hampden H use Bethesda, Maryland Our Hampden House development is located adjacent to both the forthcoming Purple Line light rail and the Met
Slide 25: Hampden House, Bethesda, Maryland
Annual Presentation to Shareholders – May 12, 2023 25 Rendering of proposed Glebe Road development Mixed-Use Development 750 N. Glebe Road Arlington, Virginia Hampden H use Bethesda, Maryland Excavation is complete at the Hampden House site and below grade construction of the parking garage is in pr
Slide 26: Funds From Operations (FFO) & Dividends
Annual Presentation to Shareholders – May 12, 2023 26 Funds From Operations (FFO) & Dividends $2.37 $2.80 $2.95 $3.03 $3.18 $3.11 $3.08 $2.88 $3.14 $3.10 $1.44 $1.60 $1.72 $1.92 $2.05 $2.09 $2.12 $2.12 $2.20 $2.34 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2013 2014 2015 2016 2017 2018 2019 202
Slide 27: Debt Structure (as of March 31, 2023)
Annual Presentation to Shareholders – May 12, 2023 27 $0 $50,700 $20,400 $134,100 $0 $17,700 $25,500 $23,700 $0 $90,100 $292,900 $0 $75,000 $150,000 $225,000 $300,000 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 & Beyond Fixed-Rate Mortgage Maturities Balloon Principal Payment Owed at Matu
Slide 28: Capital Summary
Annual Presentation to Shareholders – May 12, 2023 28 Capital Summary • $185 million perpetual preferred stock carries a 6.05% weighted average dividend rate • As of March 31, 2023, our cash balance was approximately $11.8 million and our borrowing capacity under our credit facility was approximatel
Slide 29: First Quarter 2023 Results
Annual Presentation to Shareholders – May 12, 2023 29 First Quarter 2023 Results 29
Slide 30: Thank You
Annual Presentation to Shareholders – May 12, 2023 30 Thank You 30