Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2011)
33 slides from Saul Centers's shareholder meeting presentation, May 17, 2011
Slide 1: Annual Meeting of Shareholders
Annual We haveMeeting preparedofaShareholders brief slide show to present highlights of 2010 including successful activity in the 1 debt markets, our core operating performance, financial results and recent development activities.
Slide 2: Debt Maturities
Debt 2010 Matures — $111 In with We 2012 light None Clarendon Fixed-rate started had long million Maturities maturities of our 11/2011, term the 2010 Clarendon outstanding, debt construction favorable mortgage of Entering with two fixed-rate $576 9-month Center long-term debt. 2010 due loan million
Slide 3: 2010 Debt Transactions
Debt 2 Transactions new — Thruway Each Pre-payment Avg During pre-payment The new 2010,non-recourse 11.4-year loanloans generated and — penalties costs we term, mature2010 Ravenwood completedloans of25-year net $5 of incash million 2020 totalling approximately 2amortization, proceeds, new and 2025,
Slide 4: Clarendon Debt Transactions
Clarendon Debt Transactions n Center $125 Mortgage — million, 2011 15-year term, 25-year amortization, 5.31% rate n $20 million cash proceeds sufficient to complete construction Seven Corners n Mortgage $73 million, 15-year term, 25-year amortization, 5.84% rate n Projected closing April 2012, $10 m
Slide 5: Mortgage Debt Maturities
Mortgage March Weighted Year (Excludes Subject Over Five $23 As ofmillion properties Debt the May 31, tonext average Debt scheduled the Matures 2011 2012, at seven May maturity, secure Maturities twenty maturity 2012 years, amortization, the and of closing loans from of our recent mortgage 55 maturi
Slide 6: Debt Summary
Debt Summary March 31, n 2011 97% fixed rate, nonrecourse debt n Average mortgage debt interest rate is 6.2% n Interest coverage = 2.7 times n $150 million credit line, none drawn n Over $33 million in cash balances 97%of The Our We As have weighted property ofMarch our a $150 debt 31,2011, operatin
Slide 7: Capital Structure Highlights
Capital Year As ofEnd March structure 31, 2011, Highlights we had a total combined debt and equity capitalization of approximately $2 billion, compared to $1.4 billion 5 years ago. Totalmillion Preferred $80 Our capital debtstock, isstructure callable currently of $180 beginning now $741 million, ha
Slide 8: Clarendon Center
Clarendonn Center 244 luxury apartments n 42,000 SF ground floor retail n 170,000 SF Class “A” office n 2 city blocks adjacent to Metro station n Amenities include indoor pool, fitness center, community room At year level Clarendon The above retail endis photo stores 2010, one captures of and constr
Slide 9: Clarendon Center South Block
Clarendon South Here December All Approximately days. ofisBlock the a shot ground 26, Center of 2010, 45,000 Clarendon floor andsquare retail as of Center space feet today, of is South. all office leased—tenants butThe space 2 apartments firstremains residential include are to be leased Circa leases
Slide 10: Clarendon Center North Block
Clarendon North The retail A While results total North space Block the through of 25,000 initial Block Center is 100% the operating contains square balance leased feet ground results of toofrestaurant 2011. office of floor Clarendon space retail and remains other under Center small 5instories were t
Slide 11: Rockville Acquisitions
Rockville Acquisitions A However, can 1 moment be seenduring Pike, about at the Rockville, acquisitions. late top 2010, of theMaryland we photo There were circled are ablelimited to in acquire green opportunities and twoour retail twoin locations sites the market are on outlined Rockville to continu
Slide 12: Acquisitions on Rockville Pike
11503 Acquisitions Metro The assets 2 first, second, price sites should Pike Rockville are on forCenter, on the zoned the provide the east Pike, two west Rockville, for side was anRockville, over side, attractive of $50 1.0 Rockville isMaryland million, million a Maryland 67,000 future Pike and squa
Slide 13: Geographic Focus and Property Mix
Geographic 2010 Looking Over nationwide The 3 retail 85% Property atcomponent of our unemployment Mix our Operating overall & 2010 Property ofportfolio, property our Income still portfolio’s Typeat operating our 9%geographic inincome early income 2011, was focus was 79%, thecontinues generated Washi
Slide 14: Overall Portfolio Leasing Percentage
Overall (Excluding The Our Deal office economic leasing volume vacancies. Portfolio properties percentage inchallenges the Leasing retail under declined portfolio of Percentage development) the past from hasfew aincreased peak years annual continue since average early to impact 2010, of 96.8% stabil
Slide 15: Retail Leasing Summary
Retail (Excluding With expect On 10.1% 15 a same the Leasing increases rental decline space properties rate Summary in basis, pressures new overall under retail andconsumer torenewal development) rental remainrate rents. spending, until increases overall Retail retailers rents over occupancy expirin
Slide 16: Retail Same Property Growth
Over Retail of The Most concentrated 16 a $1.9 declines the of Same same the five million increased property Property were in years our collection primarily from Loudoun growth NOI vacancies 2003 Growth inthe averaged County, early toresult were 2007, 2010 Virginia closings of 1.2% weincreased ofach
Slide 17: Shopping Centers and Grocery Tenants
Shopping Harris (2010) 48 Tenants Grocers During 32 Total Grocery 2009 17 retail centers of levels. retail our Teeter, 2010, reported store properties centers Centers are sales property Lansdowne sales grocery for sales aregenerate are the anchored anchored averaging operating aportfolio, key Town 7
Slide 18: Favorable Average Demographics
Favorable Average National Source: The Saul Our 18 long-term 3Centers’ Centers and U.S. household Avg. Demographics 5 mile Avg. Census demographics properties $70,200 success population $98,400 income Bureau, of3-mile our within are counts Census core trade well portfolio three average above areas 2
Slide 19: Core Retail Leasing
Coreretail Smallwood (2010) 221 67% While During Over Lease 2008 19 renewal Shopping 1,000,000 the levels. volume volumes anchor 2010, past leases Village rate three we tenants increased have Centers square signed executed compared years, Center, increased provide feet (180 but 71% 221 Waldorf, leas
Slide 20: Major Tenants
Major Top Tenant SF Locations 2010 Giant 7 8 Safeway 4.3% Capital 3.1% 6 CVS 2.8% 0.8% 5 Publix 1.8% Lowe’s 1.7% Harris 1.6% 3 Home 1.5% Super 1.4% 2 Office 1.1% 1 4 A 20.2% 23.4% 59 Totals 0.9% Of Our 20.2% .9% .6% .7% .1% .4% diverse 2010 %10 top Revenue Food Fresh Retail Depot Teeter Name retail
Slide 21: Retail Tenant Bankruptcies
Retail 3 Tenant SF Super 2 1.1% 0 4 0.5% 1 7 Totals 0.2% The 1.8% tenants the 21.2% .1% .4% % topBankruptcies Locations 2010 Retail Blockbuster Borders Superfresh recent Revenue Fresh Name sales in Books atour tenants Thruway bankruptcies has has volume in portfolio closed vacated has bankruptey gro
Slide 22: Seven Corners
I’llisnow Seven It During April The An tenants. 22 indicator anchored center 2011, Corners, Corners 2010, review isand of our we byisthe Falls leasing we alargest added Shoppers 568,000 strength have Church, and aretail released free-standing operations square of Food Virginia property thistheir War
Slide 23: Lansdowne Town Center
Lansdowne Despite Occupancy We months. decreased Our 23 completed own overall the four retail fell relative Loudoun Town Towne centers our to sales, Center Center, adevelopment Center prosperity low inCounty and Loudoun point Leesburg, tenant is aleasing of 189,000 ofof 87% delinquencies Loudoun Cou
Slide 24: Westview Village
Westview We This Leasing first 24 constructed of development the was Village Village, year, slowWestview bringing throughout includes Fredrick, the Village 60,000 Maryland total 2010,on leased square with MDto36% Route feet justofunder 85 the retail in100,000 Frederick, 50%. shop space, square MD30,
Slide 25: Southdale
Southdale, The We Southdale 25 released centeris had is Glen 20,000 aanchored currently 484,000 our Burnie, only square 94% by square Circuit Maryland Home feet leased. foot City ofDepot, this community store, box Marshall’s, which to Gallo shopping vacated Clothing, Valuecenter 37,000 Citya chain F
Slide 26: Thruway
Thruway, Thruway This Chicos, Earlier prospects 26 363,000 this Joseph isfor Winston quarter, generally this square Banks, space. Salem, Bed, foot regarded AnnBath shopping North Taylor, and asCarolina the Beyond center Coldwater leading isvacated anchored community Creeka and 28,000 by Harris most
Slide 27: Office/Mixed-Use Properties
Property Office/Mixed-Use 1.6 21% million of property noperating square 40,000 operating feet Properties income square income decreased foot tenant 7.5%vacated in 2010Van Ness Square 601aPennsylvania Van Our Operating On year 27 office/mixed-use Ness end same2010. Square, income property While Washi
Slide 28: Washington Office Markets
Washington Also only will Office 28 again 15,000 atmarkets year-end beSquare, Square square negatively throughout 2010, feet Oldleases of impacted Town space theexpired region Alexandria, collectively by this are for generally two vacancy. Verginia upon full floor renewal. slowusers in tenant As tot
Slide 29: Funds From Operations and Dividends
Fundsresults Current FFO Compounded several After decreased 29 increasing From non-recurring dividend thefor Operations annual payout the the ofpast $.36/share common FFO to events. the 10 (FFO) growth years current stock & equates are Dividends per $0.36 dividend highlighted share to per anfrom ann
Slide 30: Dividend
Dividend Over common allowed Taxable maintain 30 theincome us past our stock astoadividend 5maintain %dividend years, declined of FFO we throughout the approximately during paid maximum out the 2010. anpast average amount equal We year, paid to of largely taxable excess 66% dividends of due cash inc
Slide 31: Total Shareholder Return
Total10-year (assumes Our 31 Shareholder reinvestment compounded Return of dividends) total return now averages 15.1% per year and our 5-year total return is 4.4% per year.
Slide 32: Saul Centers: NYSE Symbol BFS
Saulremain NYSE We Our 32 balance Centers Symbol: committed sheet B is F Sstrong, to, and and confident we are prepared in, the long-term to endureperformance the potentialoffor ourcontinued core retail economic and office stress. properties.
Slide 33: Forward-looking Statements
Forward-looking This Although •forward-looking on risks such 33continuing acceptable presentation other of financing, that generally related our planned we risks to risks believe growth terms; incident our as statements Statements contains related and such described tenants’ substantial development