Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2021)
27 slides from Saul Centers's shareholder meeting presentation, May 7, 2021
Slide 1: Annual Presentation
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Slide 2: Portfolio Composition
Portfolio Composition (measured by Property Operating Income) • In 2020, over 75% of property operating income was generated by shopping centers 24.1% Shopping Centers 75.9% 2020 – 75.9% / 2010 – 77.2% Shopping Centers Mixed-Use Mixed Use 2020 – 24.1% / 2010 – 22.8% • In 2020, approximately 85% of p
Slide 3: Portfolio Growth
Portfolio Growth (measured by Property Operating Income) $180 $180 Property Operating Income (in millions) $160 $160 $140 $140 $120 $120 $100 $100 $80 $80 $60 $60 $40 $40 $20 $20 $0 $0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Growth Since Inception: Operat
Slide 4: Mixed-Use Development
Mixed Use Development Mixed-Use Development The Waycroft 750 N. GlebeVARoad Arlington, Arlington, Virginia Annual Presentation – May 7, 2021 4 In April 2020, the Company delivered The Waycroft, our largest mixed- use development to date. The Waycroft is comprised of 491 apartment units and 60,100 sq
Slide 5: The Waycroft
The Waycroft Arlington, VA Leasing Snapshot (as of 4/30/2021) Use Type RSF Leased SF Vacant Leased Pct Residential 404,709 400,588 4,121 99% Anchor Retail 41,501 41,501 - 100% Shop Space Retail 18,599 12,634 5,965 68% Project Total 464,809 454,688 10,086 98% Residential Leasing Percentage Since Deli
Slide 6: Shopping Center Development: Ashbrook Marketplace
Shopping Center Development Ashbrook Marketplace Ashburn, VA Grocery-Anchor In-Line LIDL occupies 29,000 SF Pads Annual Presentation – May 7, 2021 5/10/2021 6 During 2020, we also completed construction of our newest shopping center, Ashbrook Marketplace. Comprised of approximately 86,000 square fee
Slide 7: Shopping Center Pad Site Development
Shopping Center Pad Site Development Completed seven new pad sites in 2020 producing $1.1 million in annual minimum rent New Pad Potential Year Site Leases Annual Rent Ten potential additional pad sites may deliver 2021 5 $ 800,000 2022 5 800,000 during 2021-2022 Total 10 $ 1,600,000 With deve
Slide 8: Rent Collections
Rent Collections (as of May 4, 2021) (Pre-pandemic rent Current Rent Collections collections) (Percentages of Total Portfolio of billed base rent, operating expense recoveries, and tax recoveries) Collected Deferrals Outstanding Unpaid 2% 1% 1% 100% 3% 4% 3% <1% <1% 7% 8% <1% 80% 60% 98% 96% 97% 96%
Slide 9: Executed Deferrals and Status of Repayments
Executed Deferrals and Status of Repayments Executed Rent Deferrals Deferrals as Percentage of Billings $7,500 100% $6,270 $6,000 80% $4,500 60% $3,000 40% $1,464 $1,500 20% 12.1% $66 $317 $99 $4 2.7% 0.6% 0.2% <1% $- 0% Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 April 2021 Q2 2020 Q3 2020 Q4 2020 Q1 2
Slide 10: Core Shopping Center Operations
Core Shopping Center Operations Grocery-Anchored Shopping Centers $100,000 100% 90% Property Operating Income ($000s) $80,000 79% 80% 76% 70% % of Shopping Center NOI $60,000 60% 50% $91,817 $40,000 40% $72,743 30% $20,000 20% 10% $0 0% 2010 2020 (Dollar amounts reflect property operating income. Pe
Slide 11: Shopping Center Leasing Percentage
Shopping Center Leasing Percentage (Same Property) 100% 96.0% 10 yr. Avg. = 94.7% 96% 95.4% 95.7% 94.8% 95.2% 95.1% 94.3% 94.8% 93.2% 93.1% 92.4% 92% Average Leasing % 88% 84% 80% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers reflect results through March 31, 2021 Annual
Slide 12: Small Shop Leasing Percentage
Small Shop Leasing Percentage (Shopping Center spaces under 10,000 SF) (Same Property) 100% 96% Year-End Small Shop Leasing % 92.1% 92% 10 yr. Avg. = 89.5% 91.1% 91.2% 91.0% 90.4% 90.2% 89.7% 88.9% 88.6% 88% 86.9% 84% 83.7% 80% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 number
Slide 13: Shopping Center Tenant Renewal Percentage
Shopping Center Tenant Renewal Percentage (Same Property) 90% 85.0% 10 yr. Avg. = 73.9% 80% 79.0% 78.0% 78.0% 76.0% 76.0% 75.0% 74.0% Average Renewal % 73.0% 70.0% 70% 60.0% 60% 50% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers reflect results through March 31, 2021 Annua
Slide 14: Change in Shopping Center Property Operating Income
Change in Shopping Center Property Operating Income (Same Property) 6% 5.4% 3.6% 3.0% 3% 2.0% 2.1% 1.6% 10 yr. Avg. = 0.8% 0.4% 0% -1.1% -0.9% -3% -4.2% -5.0% -6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers reflect results through March 31, 2021 Annual Presentation – Ma
Slide 15: Significant Tenant Concentration
Significant Tenant Concentration # of % of Tenant Name % of Portfolio SF Locations Revenue Giant Food 11 6.66% 5.40% Capital One 14 0.71% 2.30% Safeway 7 3.43% 1.90% America's Health Insurance Plans 1 0.57% 1.80% CVS 8 1.01% 1.70% Home Depot 2 3.08% 1.60% Publix Super Markets 6 3.08% 1.50% Lowe's Ho
Slide 16: Commercial Portfolio Lease Expirations
Commercial Portfolio Lease Expirations $30,000 $25,300 $25,000 $24,246 $22,191 $21,687 $19,513 $19,879 $20,000 Expiring Rent ($000s) $15,000 $11,217 $10,000 $9,524 $7,097 $4,899 $5,000 $3,638 $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Thereafter (Dollar amounts reflect annualized contractu
Slide 17: Mixed-Use Portfolio
Mixed-Use Portfolio 601 Pennsylvania Avenue, Washington, DC Annual Presentation – May 7, 2021 5/10/2021 17 Workforce trends, globalization, and urbanization are reshaping tenant preferences, changing the way people work, live, play and shop. Our mixed-use portfolio contains approximately 1.9 million
Slide 18: Mixed-Use Commercial Leasing
Mixed-Use Commercial Leasing 100% (Same Property) 96% 93.5% 93.0% 92% 10 yr. Avg. = 90.2% 91.4% 91.6% 91.0% 91.0% 89.2% 88.1% 88.4% 88% 86.0% 84.4% 84% 80% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers reflect results through March 31, 2021 Annual Presentation – May 7, 20
Slide 19: Mixed-Use Residential Leasing Percentage
Mixed-Use Residential Leasing Percentage 100% (Includes Stabilized Properties Only) 98.9% 7 yr. Avg. = 96.7% 97.8% 96.7% 96.7% 96.3% 96.9% 95.9% 96% 94.8% 92% Average Leasing % 88% 84% 80% 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers reflect results through March 31, 2021 Annual Presen
Slide 20: Mixed-Use Residential Portfolio
Mixed-Use Residential Portfolio (Operating and Development Properties) Clarendon Center Park Van Ness The Waycroft Arlington, VA Washington, DC Arlington, VA Delivered: 2010 Delivered: 2016 Delivered: 2020 Twinbrook Quarter Hampden House Rockville, MD Bethesda, MD Development Pipeline Development Pi
Slide 21: Mixed-Use Residential Portfolio
Mixed-Use Residential Portfolio Residential Property Operating Income 10.0% (as % of Total Property Operating Income) 9.0% 8.3% 8.0% 7.0% 6.3% 6.4% 6.1% 6.0% 5.6% 5.0% 4.0% 3.3% 3.4% 3.2% 2.8% 3.0% 3.1% 3.0% 2.0% 1.0% 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Q1 2021 numbers ref
Slide 22: Transit-Oriented Mixed-Use Development Pipeline
Transit-Oriented Mixed-Use Development Pipeline 3 Future Metro Sites • 2,231 apartment units • 483,000 SF of retail • 431,000 SF of office • 1,600,000 SF of additional mixed-use zoned land Green arrows indicate operating property locations Annual Presentation – May 7, 2021 22 As we look toward futur
Slide 23: Twinbrook Quarter Phase I
Twinbrook Quarter Phase I North Bethesda, MD Annual Presentation – May 7, 2021 5/10/2021 23 Twinbrook Quarter Phase I will include a new 80,000-square foot Wegmans, 450 apartment units, adjacent small shop retail, and 230,000 square feet of office space. We continue to proceed with predevelopment wo
Slide 24: Hampden House
Hampden Mixed-Use House Development Bethesda, MD 750 N. Glebe Road Arlington, Virginia Rendering of proposed Glebe Road development Annual Presentation – May 7, 2021 24 Hampden House will be located above the Bethesda Metro station, which promises to be an increasingly important transit hub with the
Slide 25: Funds From Operations (FFO) & Dividends
Funds From Operations (FFO) & Dividends $3.50 FFO / share Dividend / share $3.18 $3.11 $3.08 $3.03 $2.95 $3.00 $2.88 $2.80 $2.50 $2.37 $2.26 $2.08 $2.12 $2.12 $2.03 $2.04 $2.00 $1.84 $1.69 $1.56 $1.50 $1.44 $1.44 $1.44 $1.00 $0.72 $0.53 $0.50 $0.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q
Slide 26: Debt Structure
Debt Structure (as of March 31, 2021) • Debt-to-Total-Capitalization ratio of 42.3% • $400 million unsecured credit facility ($75 million term loan + $325 million line of credit) • As of 3/31/2021, $104 million was outstanding under the line of credit • 84% of debt is fixed-rate, non-recourse • Aver
Slide 27: Capital Summary
Capital Summary • $185 million perpetual preferred stock carries a 6.05% weighted average rate • As of March 31, 2021, our cash balance was approximately $14.6 million and our borrowing capacity was approximately $221 million under our revolving credit facility $3,500 $3,000 Debt Preferred Equity Co