BETHESDA, Md., Jan. 23, 2018 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) (the "Company")
today announced that it has closed an underwritten public offering
of 3,000,000 depositary shares, each representing a
1/100th fractional interest in a share of its newly
designated 6.125% Series D Cumulative Redeemable Preferred Stock,
at a price of $25.00 per depositary
share. The joint book-running managers for the offering were
Raymond James & Associates,
Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company,
Incorporated, B. Riley FBR, Inc. and D.A. Davidson & Co.
Today the Company also called for the redemption of 3,000,000
depositary shares, each representing a 1/100th
fractional interest in a share of its 6.875% Series C Cumulative
Redeemable Preferred Stock (the "Depositary Shares", CUSIP:
804395606; NYSE: BFSPrC). The Depositary Shares will be redeemed
for cash on February 22, 2018, at
$25.00 per share, plus all
accumulated and unpaid distributions to, but not including, the
redemption date, for an aggregate redemption price of $25.24345 per Depositary Share.
The redemptions will be made in accordance with The Depositary
Trust Company's procedures. The Depositary Shares shall be
surrendered for payment of the redemption price to Continental
Stock Transfer & Trust Company, the redemption and paying
agent. From and after the redemption date, dividends will cease to
accrue on the Depositary Shares that were redeemed, regardless of
whether they were surrendered for payment.
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 58
properties, which includes (a) 49 community and neighborhood
shopping centers and six mixed-use properties with approximately
9.2 million square feet of leasable area and (b) three land
and development properties. Approximately 85% of the Saul Centers'
property operating income is generated by properties in the
metropolitan Washington,
DC/Baltimore area.
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SOURCE Saul Centers, Inc.