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WKN: 887474 | ISIN: US8043951016 | Ticker-Symbol: SA4
Frankfurt
08.11.24
08:05 Uhr
37,600 Euro
0,000
0,00 %
Branche
Immobilien
Aktienmarkt
S&P SmallCap 600
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SAUL CENTERS INC Chart 1 Jahr
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SAUL CENTERS INC 5-Tage-Chart
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37,00039,00013:33
PR Newswire
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Saul Centers, Inc. Reports Third Quarter 2024 Earnings

BETHESDA, Md., Nov. 7, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended September 30, 2024 ("2024 Quarter"). Total revenue for the 2024 Quarter increased to $67.3 million from $63.8 million for the quarter ended September 30, 2023 ("2023 Quarter"). Net income increased to $19.6 million for the 2024 Quarter from $16.7 million for the 2023 Quarter primarily due to (a) higher base rent of $2.2 million, (b) higher lease termination fees of $0.6 million, (c) higher expense recoveries, net of expenses, of $0.2 million and (d) higher percentage rent of $0.1 million, partially offset by (e) higher general and administrative costs of $0.5 million. Net income available to common stockholders increased to $11.7 million, or $0.48 per basic and diluted share, for the 2024 Quarter from $10.0 million, or $0.42 per basic and diluted share, for the 2023 Quarter.

Same property revenue increased $3.5 million, or 5.5%, and same property operating income increased $3.2 million, or 6.8%, for the 2024 Quarter compared to the 2023 Quarter. The $3.5 million increase in same property revenue for the 2024 Quarter compared to the 2023 Quarter was primarily due to (a) higher base rent of $2.2 million, (b) higher expense recoveries of $0.6 million and (c) higher lease termination fees of $0.6 million. Shopping Center same property operating income for the 2024 Quarter totaled $36.4 million, an increase of $2.3 million compared to the 2023 Quarter. Shopping Center same property operating income increased primarily due to (a) higher base rent of $1.1 million, (b) higher lease termination fees of $0.5 million and (c) higher expense recoveries, net of expenses, of $0.4 million. Mixed-Use same property operating income totaled $13.2 million, an increase of $0.9 million compared to the 2023 Quarter. Mixed-Use same property operating income increased primarily due to (a) higher base rent of $1.1 million partially offset by (b) lower parking income, net of expenses, of $0.3 million. No properties were excluded from same property results. Reconciliations of (a) total revenue to same property revenue and (b) net income to same property operating income are attached to this press release.

Same property revenue and same property operating income are non-GAAP financial measures of performance and improve the comparability of these measures by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue minus the revenue of properties not in operation for the entirety of the comparable reporting periods. We define same property operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives and (e) loss on early extinguishment of debt minus (f) gains on property dispositions and (g) the operating income of properties that were not in operation for the entirety of the comparable periods.

Funds from operations ("FFO") available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) increased to $28.9 million, or $0.84 and $0.83 per basic and diluted share, respectively, in the 2024 Quarter compared to $26.0 million, or $0.78 and $0.76 per basic and diluted share, respectively, in the 2023 Quarter. FFO is a non-GAAP supplemental earnings measure that the Company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release. The increase in FFO available to common stockholders and noncontrolling interests was primarily the result of (a) higher base rent of $2.2 million, (b) higher lease termination fees of $0.6 million, (c) higher expense recoveries, net of expenses, of $0.2 million and (d) higher percentage rent of $0.1 million, partially offset by (e) higher general and administrative costs of $0.5 million.

As of September 30, 2024, 95.7% of the commercial portfolio was leased compared to 94.2% as of September 30, 2023. As of September 30, 2024, the residential portfolio was 98.8% leased compared to 97.5% as of September 30, 2023.

For the nine months ended September 30, 2024 ("2024 Period"), total revenue increased to $200.9 million from $190.5 million for the nine months ended September 30, 2023 ("2023 Period"). Net income increased to $57.3 million for the 2024 Period from $51.6 million for the 2023 Period. The increase in net income was primarily due to (a) higher base rent of $5.0 million and (b) higher termination fees of $2.3 million, partially offset by (c) higher general and administrative costs of $1.4 million and (d) lower parking revenue, net of expenses, of $0.4 million. Net income available to common stockholders increased to $34.2 million, or $1.42 per basic and diluted share, for the 2024 Period compared to $31.1 million, or $1.29 per basic and diluted share, for the 2023 Period.

Same property revenue increased $10.4 million, or 5.5%, and same property operating income increased $7.3 million, or 5.2%, for the 2024 Period compared to the 2023 Period. Shopping Center same property operating income increased by $5.6 million to $109.1 million primarily due to (a) higher lease termination fees of $2.8 million and (b) higher base rent of $2.6 million. Mixed-Use same property operating income increased by $1.7 million to $38.6 million primarily due to (a) higher base rent of $2.4 million, partially offset by (b) lower lease termination fees of $0.5 million. No properties were excluded from same property results.

FFO available to common stockholders and noncontrolling interests, after deducting preferred stock dividends, increased to $84.9 million, or $2.46 per basic and diluted share, in the 2024 Period from $79.4 million, or $2.38 and $2.33 per basic and diluted share, respectively, in the 2023 Period. FFO available to common stockholders and noncontrolling interests increased primarily due to (a) higher base rent of $5.0 million and (b) higher lease termination fees of $2.3 million partially offset by (c) higher general and administrative costs of $1.4 million and (d) lower parking revenue, net of expenses, of $0.4 million.

Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 61 properties, which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) four non-operating land and development properties. Over 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, D.C. / Baltimore area.

Safe Harbor Statement

Certain matters discussed within this press release 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 contained in the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on (i) Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and include the following: (i) the ability of our tenants to pay rent, (ii) our reliance on shopping center "anchor" tenants and other significant tenants, (iii) our substantial relationships with members of the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (iv) risks of financing, such as increases in interest rates, restrictions imposed by our debt, our ability to meet existing financial covenants and our ability to consummate planned and additional financings on acceptable terms, (v) our development activities, (vi) our access to additional capital, (vii) our ability to successfully complete additional acquisitions, developments or redevelopments, or if they are consummated, whether such acquisitions, developments or redevelopments perform as expected, (viii) adverse trends in the retail, office and residential real estate sectors, (ix) risks relating to cybersecurity, including disruption to our business and operations and exposure to liabilities from tenants, employees, capital providers, and other third parties, (x) risks generally incident to the ownership of real property, including adverse changes in economic conditions, changes in the investment climate for real estate, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, the relative illiquidity of real estate and environmental risks, and (xi) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes to REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in (i) our Annual Report on Form 10-K for the year ended December 31, 2023 and (ii) our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

Saul Centers, Inc.

Consolidated Balance Sheets

(Unaudited)


(Dollars in thousands, except per share amounts)

September 30,
2024


December 31,
2023

Assets




Real estate investments




Land

$ 501,787


$ 511,529

Buildings and equipment

1,608,995


1,595,023

Construction in progress

653,176


514,553


2,763,958


2,621,105

Accumulated depreciation

(758,105)


(729,470)

Total real estate investments, net

2,005,853


1,891,635

Cash and cash equivalents

7,197


8,407

Accounts receivable and accrued income, net

59,824


56,032

Deferred leasing costs, net

25,474


23,728

Other assets

14,676


14,335

Total assets

$ 2,113,024


$ 1,994,137

Liabilities




Mortgage notes payable, net

$ 1,027,386


$ 935,451

Revolving credit facility payable, net

187,296


274,715

Term loan facility payable, net

99,642


99,530

Construction loans payable, net

178,558


77,305

Accounts payable, accrued expenses and other liabilities

59,211


57,022

Deferred income

28,889


22,748

Dividends and distributions payable

23,358


22,937

Total liabilities

1,604,340


1,489,708

Equity




Preferred stock, 1,000,000 shares authorized:




Series D Cumulative Redeemable, 30,000 shares issued and outstanding

75,000


75,000

Series E Cumulative Redeemable, 44,000 shares issued and outstanding

110,000


110,000

Common stock, $0.01 par value, 50,000,000 and 40,000,000 shares authorized,

respectively, 24,279,719 and 24,082,887 shares issued and outstanding, respectively

241


241

Additional paid-in capital

453,074


449,959

Distributions in excess of accumulated net income

(297,498)


(288,825)

Accumulated other comprehensive income

1,029


2,014

Total Saul Centers, Inc. equity

341,846


348,389

Noncontrolling interests

166,838


156,040

Total equity

508,684


504,429

Total liabilities and equity

$ 2,113,024


$ 1,994,137

Saul Centers, Inc.

Consolidated Statements of Operations

(Unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands, except per share amounts

2024


2023


2024


2023

Revenue








Rental revenue

$ 65,550


$ 62,369


$ 194,544


$ 186,199

Other

1,738


1,397


6,379


4,325

Total revenue

67,288


63,766


200,923


190,524

Expenses








Property operating expenses

10,111


9,720


30,312


27,502

Real estate taxes

7,620


7,641


22,852


22,589

Interest expense, net and amortization of deferred debt costs

12,213


12,419


36,928


36,518

Depreciation and amortization of deferred leasing costs

12,072


12,096


36,102


36,227

General and administrative

5,680


5,179


17,565


16,125

Total expenses

47,696


47,055


143,759


138,961

Gain on disposition of property

-


-


181


-

Net Income

19,592


16,711


57,345


51,563

Noncontrolling interests








Income attributable to noncontrolling interests

(5,111)


(3,892)


(14,786)


(12,080)

Net income attributable to Saul Centers, Inc.

14,481


12,819


42,559


39,483

Preferred stock dividends

(2,798)


(2,798)


(8,395)


(8,395)

Net income available to common stockholders

$ 11,683


$ 10,021


$ 34,164


$ 31,088

Per share net income available to common stockholders








Basic and diluted

$ 0.48


$ 0.42


$ 1.42


$ 1.29

Reconciliation of net income to FFO available to common stockholders and

noncontrolling interests (1)


Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands, except per share amounts)

2024


2023


2024


2023

Net income

$ 19,592


$ 16,711


$ 57,345


$ 51,563

Subtract:








Gain on disposition of property

-


-


(181)


-

Add:








Real estate depreciation and amortization

12,072


12,096


36,102


36,227

FFO

31,664


28,807


93,266


87,790

Subtract:








Preferred stock dividends

(2,798)


(2,798)


(8,395)


(8,395)

FFO available to common stockholders and noncontrolling interests

$ 28,866


$ 26,009


$ 84,871


$ 79,395

Weighted average shares and units:








Basic

34,560


33,357


34,469


33,341

Diluted (2)

34,582


34,068


34,479


34,049

Basic FFO per share available to common stockholders and noncontrolling interests

$ 0.84


$ 0.78


$ 2.46


$ 2.38

Diluted FFO per share available to common stockholders and noncontrolling interests

$ 0.83


$ 0.76


$ 2.46


$ 2.33



(1)

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 real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by NAREIT as net income, computed in accordance with GAAP, plus real estate depreciation and amortization, and excluding impairment charges on real estate assets and gains or losses from real estate dispositions. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs, which is disclosed in the Company's Consolidated Statements of Cash Flows for the applicable periods. There are no material legal or functional restrictions on the use of FFO. FFO should not be considered as an alternative to net income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance, or as an alternative to cash flows as a measure of liquidity. Management considers FFO a meaningful supplemental measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time (i.e. depreciation), which is contrary to what the Company believes occurs with its assets, and because industry analysts have accepted it as a performance measure. FFO may not be comparable to similarly titled measures employed by other REITs.

(2)

Beginning March 5, 2021, fully diluted shares and units includes 1,416,071 limited partnership units that were held in escrow related to the contribution of Twinbrook Quarter. Half of the units held in escrow were released on October 18, 2021. The remaining units held in escrow were released on October 18, 2023.

Reconciliation of revenue to same property revenue (1)


Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands, except per share amounts)

2024


2023


2024


2023

Total revenue

$ 67,288


$ 63,766


$ 200,923


$ 190,524

Less: Acquisitions, dispositions and development properties

-


-


-


-

Total same property revenue

$ 67,288


$ 63,766


$ 200,923


$ 190,524









Shopping Centers

$ 46,463


$ 44,014


$ 140,161


$ 132,214

Mixed-Use properties

20,825


19,752


60,762


58,310

Total same property revenue

$ 67,288


$ 63,766


$ 200,923


$ 190,524









Total Shopping Center revenue

$ 46,463


$ 44,014


$ 140,161


$ 132,214

Less: Shopping Center acquisitions, dispositions and development properties

-


-


-


-

Total same Shopping Center revenue

$ 46,463


$ 44,014


$ 140,161


$ 132,214









Total Mixed-Use property revenue

$ 20,825


$ 19,752


$ 60,762


$ 58,310

Less: Mixed-Use acquisitions, dispositions and development properties

-


-


-


-

Total same Mixed-Use property revenue

$ 20,825


$ 19,752


$ 60,762


$ 58,310



(1)

Same property revenue is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. Same property revenue adjusts property revenue by subtracting the revenue of properties not in operation for the entirety of the comparable reporting periods. Same property revenue is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole. Same property revenue should not be considered as an alternative to total revenue, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property revenue a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties. Management believes the exclusion of these items from same property revenue is useful because the resulting measure captures the actual revenue generated by operating the Company's properties. Other REITs may use different methodologies for calculating same property revenue. Accordingly, the Company's same property revenue may not be comparable to those of other REITs.

Mixed-Use same property revenue is composed of the following:



Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands)

2024


2023


2024


2023

Office mixed-use properties (1)

$ 10,596


$ 9,805


$ 30,411


$ 28,806

Residential mixed-use properties (residential activity) (2)

9,047


8,774


26,853


26,043

Residential mixed-use properties (retail activity) (3)

1,182


1,173


3,498


3,461

Total Mixed-Use same property revenue

$ 20,825


$ 19,752


$ 60,762


$ 58,310



(1)

Includes Avenel Business Park, Clarendon Center - North and South Blocks, 601 Pennsylvania Avenue and Washington Square

(2)

Includes Clarendon South Block, The Waycroft and Park Van Ness

(3)

Includes The Waycroft and Park Van Ness

Reconciliation of net income to same property operating income (1)


Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands)

2024


2023


2024


2023

Net income

$ 19,592


$ 16,711


$ 57,345


$ 51,563

Add: Interest expense, net and amortization of deferred debt costs

12,213


12,419


36,928


36,518

Add: Depreciation and amortization of deferred leasing costs

12,072


12,096


36,102


36,227

Add: General and administrative

5,680


5,179


17,565


16,125

Less: Gain on disposition of property

-


-


(181)


-

Property operating income

49,557


46,405


147,759


140,433

Less: Acquisitions, dispositions and development properties

-


-


-


-

Total same property operating income

$ 49,557


$ 46,405


$ 147,759


$ 140,433









Shopping Centers

$ 36,362


$ 34,069


$ 109,143


$ 103,547

Mixed-Use properties

13,195


12,336


38,616


36,886

Total same property operating income

$ 49,557


$ 46,405


$ 147,759


$ 140,433









Shopping Center operating income

$ 36,362


$ 34,069


$ 109,143


$ 103,547

Less: Shopping Center acquisitions, dispositions and development properties

-


-


-


-

Total same Shopping Center operating income

$ 36,362


$ 34,069


$ 109,143


$ 103,547









Mixed-Use property operating income

$ 13,195


$ 12,336


$ 38,616


$ 36,886

Less: Mixed-Use acquisitions, dispositions and development properties

-


-


-


-

Total same Mixed-Use property operating income

$ 13,195


$ 12,336


$ 38,616


$ 36,886



(1)

Same property operating income is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. Same property operating income adjusts property operating income by subtracting the results of properties that were not in operation for the entirety of the comparable periods. Same property operating income is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole. Same property operating income should not be considered as an alternative to property operating income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property operating income a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties. Management believes the exclusion of these items from property operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company's properties. Other REITs may use different methodologies for calculating same property operating income. Accordingly, same property operating income may not be comparable to those of other REITs.

Mixed-Use same property operating income is composed of the following:



Three Months Ended

September 30,


Nine Months Ended

September 30,

(Dollars in thousands)

2024


2023


2024


2023

Office mixed-use properties (1)

$ 6,847


$ 6,177


$ 19,644


$ 18,354

Residential mixed-use properties (residential activity) (2)

5,489


5,297


16,412


16,023

Residential mixed-use properties (retail activity) (3)

859


862


2,560


2,509

Total Mixed-Use same property operating income

$ 13,195


$ 12,336


$ 38,616


$ 36,886



(1)

Includes Avenel Business Park, Clarendon Center - North and South Blocks, 601 Pennsylvania Avenue and Washington Square

(2)

Includes Clarendon South Block, The Waycroft and Park Van Ness

(3)

Includes The Waycroft and Park Van Ness

SOURCE Saul Centers, Inc.

© 2024 PR Newswire
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