BETHESDA, Md., Nov. 12, 2014 /PRNewswire/ -- Saul Centers,
Inc. (NYSE: BFS) (the "Company") today announced that it has closed
an underwritten public offering of 1,600,000 depositary shares,
each representing a 1/100th fractional interest in a
share of its 6.875% Series C Cumulative Redeemable Preferred Stock,
at a price of $25.17 per depositary
share. The depositary shares represent a new issuance of additional
depositary shares that were first issued on February 12, 2013.
The Company estimates that the net proceeds from the offering
will be approximately $39.2 million,
after deducting underwriting discounts, commissions and estimated
offering expenses. The Company intends to use the net proceeds,
together with cash on hand, to redeem all outstanding shares of its
8% Series A Cumulative Redeemable Preferred Stock on December 12, 2014.
Raymond James & Associates,
Inc. acted as sole book-running managers for the offering of
depositary shares.
The offering was made pursuant to an effective shelf
registration statement and prospectus and related prospectus
supplement filed with the Securities and Exchange Commission. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Copies of the prospectus and the prospectus
supplement relating to these securities may be obtained from
Raymond James & Associates, Inc.
by calling toll-free 800-248-8863 or writing to
prospectus@raymondjames.com. You may also obtain a copy of the
prospectus and the prospectus supplement and other documents the
Company has filed with the Securities and Exchange Commission
("SEC") for free by visiting the Commission's Web site at
www.sec.gov.
Saul Centers is a self-managed,
self-administered equity real estate investment trust headquartered
in Bethesda, Maryland.
Saul Centers currently operates and
manages a real estate portfolio of 50 shopping center properties
and six mixed-use properties, which are comprised of office, retail
and multi-family residential uses, and owns three (non-operating)
development properties. Over 85% of the Company's cash flow is
generated from properties in the metropolitan Washington, DC/Baltimore, MD area.
Statements in this press release that are not strictly
historical are "forward-looking" statements. Forward-looking
statements involve known and unknown risks, which may cause the
company's actual future results to differ materially from expected
results. These risks include, among others, general economic
conditions, local real estate conditions, changes in interest
rates, increases in operating costs, the preferences and financial
condition of our tenants, the availability of capital, risks
related to our status as a REIT, and the profitability of the
company's taxable subsidiary. Additional information concerning
these and other factors that could cause actual results to differ
materially from those forward-looking statements is contained from
time to time in the company's SEC filings, including, but not
limited to, the company's Annual Report on Form 10-K. Copies of
each filing may be obtained from the company or the SEC. Such
forward-looking statements should be regarded solely as reflections
of the company's current operating plans and estimates.
Actual operating results may differ materially from what is
expressed or forecast in this press release. Saul Centers, Inc. undertakes no obligation to
publicly release the results of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date these statements were made.
SOURCE Saul Centers, Inc.