BETHESDA, Md., Feb. 26,
2019 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity
real estate investment trust ("REIT"), announced its operating
results for the quarter ended December 31, 2018 ("2018
Quarter"). Total revenue for the 2018 Quarter increased to
$58.3 million from $56.7 million for the quarter ended
December 31, 2017 ("2017 Quarter"). Operating income,
which is net income before the impact of the change in fair value
of derivatives, loss on early extinguishment of debt, gains on
sales of property and gains on casualty settlements, increased to
$15.5 million for the 2018 Quarter
from $14.4 million for the 2017
Quarter.
Net income available to common stockholders was $9.3 million ($0.41
per diluted share) for the 2018 Quarter compared to $8.5 million ($0.38
per diluted share) for the 2017 Quarter. The increase in net
income available to common stockholders was primarily due to (a)
higher property operating income ($1.6
million), partially offset by (b) higher depreciation and
amortization ($0.6 million).
Same property revenue increased 1.3% and same property operating
income increased 2.1% for the 2018 Quarter compared to the 2017
Quarter. We define same property revenue as property revenue
minus the revenue of properties not in operation for the entirety
of the comparable reporting periods. We define same property
operating income as property operating income minus the results of
properties which were not in operation for the entirety of the
comparable periods. Shopping Center same property operating
income increased 2.1% and Mixed-Use same property operating income
increased 2.2%. The increase in Shopping Center same property
operating income was primarily the result of (a) higher other
revenue, primarily lease termination fees ($0.5 million) and (b) higher base rent
($0.4 million) partially offset by
(c) lower percentage rent ($0.1 million). The increase in
Mixed-Use same property operating income was the result of (a)
lower provision for credit losses ($0.2
million) and (b) higher base rent ($0.1 million) partially offset by (c) lower
percentage rent ($0.1 million).
Same property revenue and same property operating income are
non-GAAP supplemental performance measures that the Company
considers meaningful in measuring its operating performance.
Reconciliations of same property revenue and same property
operating income to property revenue and property operating income
are attached to this press release.
For the year ended December 31, 2018 ("2018 Period"), total
revenue increased to $228.2 million
from $227.3 million for the year
ended December 31, 2017 ("2017 Period"). Operating
income was $62.6 million for the 2018
Period compared to $60.6 million
for the 2017 Period. Operating income for the 2018 Period
increased primarily due to lower interest expense and amortization
of deferred debt costs ($2.2
million).
Net income available to common stockholders was $36.0 million ($1.60 per diluted share) for the 2018 Period
compared to $35.9 million
($1.63 per diluted share) for the
2017 Period. Net income available to common stockholders for
the 2018 Period increased primarily due to (a) lower interest
expense and amortization of deferred debt costs ($2.2 million) and (b) gain on sale of
property ($0.5 million) partially
offset by (c) extinguishment of issuance costs upon redemption of
preferred shares ($2.3 million) and
(d) higher general and administrative expense ($0.3 million).
Same property revenue increased 0.1% and same property operating
income decreased 0.4% for the 2018 Period compared to the 2017
Period. Shopping Center same property operating income
decreased 1.1% and Mixed-Use same property operating income
increased 1.9%. Shopping Center same property operating
income decreased $1.5 million
primarily due to (a) the net impact of 2017 lease terminations at
Broadlands and Kentlands Square II ($3.5
million) and (b) higher property operating expenses and real
estate taxes, net of recoveries ($0.6 million) partially offset by (c) higher
base rent ($2.8 million).
Mixed-Use same property operating income increased $0.8 million primarily due to (a) higher
base rent ($0.8 million) and
(b) a rebound in parking revenue as a result of the completion
of a garage refurbishment in 2017 ($0.3 million) partially offset by
(c) lower percentage rent ($0.3
million).
As of December 31, 2018, 95.5% of the commercial portfolio
was leased (all properties except the residential portfolio),
compared to 94.3% at December 31, 2017. On a same
property basis, 95.7% of the portfolio was leased at
December 31, 2018, compared to 94.3% at December 31,
2017. As of December 31, 2018, the residential portfolio
was 98.3% leased compared to 96.3% as of December 31,
2017.
Funds From Operations ("FFO") available to common stockholders
and noncontrolling interests (after deducting preferred stock
dividends and preferred stock redemption charges) increased to
$24.5 million ($0.80 per diluted share) in the 2018 Quarter from
$22.7 million ($0.76 per diluted share) in the 2017
Quarter. FFO is a non-GAAP supplemental earnings measure
which the Company considers meaningful in measuring its operating
performance. A reconciliation of FFO to net income is
attached to this press release. The increase in FFO available
to common stockholders and noncontrolling interests for the 2018
Quarter was primarily due to higher property operating income
($1.6 million).
FFO available to common stockholders and noncontrolling
interests (after deducting preferred stock dividends and preferred
stock redemptions) decreased 0.2% to $93.8 million ($3.11 per diluted share) in the 2018 Period from
$94.0 million ($3.18 per diluted share) in the 2017
Period. FFO available to common stockholders and
noncontrolling interests for the 2018 Period decreased primarily
due to (a) the net impact of 2017 lease terminations at Broadlands
and Kentlands Square II ($3.5 million) and (b) extinguishment of
issuance costs upon redemption of preferred shares ($2.3 million) partially offset by (c) higher base
rent ($3.6 million) and (d) lower interest expense and
amortization of debt expense ($2.2 million).
Saul Centers is a self-managed,
self-administered equity REIT headquartered in Bethesda, Maryland. Saul Centers currently operates and manages a
real estate portfolio comprised of 60 properties which includes (a)
56 community and neighborhood shopping centers and mixed-use
properties with approximately 9.3 million square feet of leasable
area and (b) four land and development properties. Over
85% of the Company's property operating income is generated from
properties in the metropolitan Washington, DC/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 Form 10-K filed on
February 26, 2019, and include the following: (i) general
adverse economic and local real estate conditions, (ii) the
inability of major tenants to continue paying their rent
obligations due to bankruptcy, insolvency or a general downturn in
their business, (iii) financing risks, such as the inability to
obtain equity, debt or other sources of financing or refinancing on
favorable terms to the Company, (iv) the Company's ability to raise
capital by selling its assets, (v) changes in governmental laws and
regulations and management's ability to estimate the impact of such
changes, (vi) the level and volatility of interest rates and
management's ability to estimate the impact thereof, (vii) the
availability of suitable acquisition, disposition, development and
redevelopment opportunities, and risks related to acquisitions not
performing in accordance with our expectations, (viii) increases in
operating costs, (ix) changes in the dividend policy for the
Company's common and preferred stock and the Company's ability to
pay dividends at current levels, (x) the reduction in the Company's
income in the event of multiple lease terminations by tenants or a
failure by multiple tenants to occupy their premises in a shopping
center, (xi) impairment charges, and (xii) unanticipated
changes in the Company's intention or ability to prepay certain
debt prior to maturity. 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 our Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
February 26, 2019.
Saul Centers,
Inc. Condensed Consolidated Balance Sheets (In
thousands)
|
|
|
December 31,
2018
|
|
December 31,
2017
|
|
|
|
|
Assets
|
|
|
|
Real estate
investments
|
|
|
|
Land
|
$
|
488,918
|
|
|
$
|
450,256
|
|
Buildings and
equipment
|
1,273,275
|
|
|
1,261,830
|
|
Construction in
progress
|
185,972
|
|
|
91,114
|
|
|
1,948,165
|
|
|
1,803,200
|
|
Accumulated
depreciation
|
(525,518)
|
|
|
(488,166)
|
|
|
1,422,647
|
|
|
1,315,034
|
|
Cash and cash
equivalents
|
14,578
|
|
|
10,908
|
|
Accounts receivable
and accrued income, net
|
53,876
|
|
|
54,057
|
|
Deferred leasing
costs, net
|
28,083
|
|
|
27,255
|
|
Prepaid expenses,
net
|
5,175
|
|
|
5,248
|
|
Other
assets
|
3,130
|
|
|
9,950
|
|
Total
assets
|
$
|
1,527,489
|
|
|
$
|
1,422,452
|
|
|
|
|
|
Liabilities
|
|
|
|
Mortgage notes
payable
|
$
|
880,271
|
|
|
$
|
897,888
|
|
Term loan facility
payable
|
74,591
|
|
|
—
|
|
Revolving credit
facility payable
|
45,329
|
|
|
60,734
|
|
Construction loan
payable
|
21,655
|
|
|
—
|
|
Dividends and
distributions payable
|
19,153
|
|
|
18,520
|
|
Accounts payable,
accrued expenses and other liabilities
|
32,419
|
|
|
23,123
|
|
Deferred
income
|
28,851
|
|
|
29,084
|
|
Total
liabilities
|
1,102,269
|
|
|
1,029,349
|
|
|
|
|
|
Equity
|
|
|
|
Preferred
stock
|
180,000
|
|
|
180,000
|
|
Common
stock
|
227
|
|
|
221
|
|
Additional paid-in
capital
|
384,533
|
|
|
352,590
|
|
Distributions in
excess of accumulated earnings and other comprehensive
loss
|
(208,848)
|
|
|
(198,406)
|
|
Total Saul Centers,
Inc. equity
|
355,912
|
|
|
334,405
|
|
Noncontrolling
interests
|
69,308
|
|
|
58,698
|
|
Total
equity
|
425,220
|
|
|
393,103
|
|
Total liabilities and
equity
|
$
|
1,527,489
|
|
|
$
|
1,422,452
|
|
Saul Centers,
Inc. Condensed Consolidated Statements of
Operations (In thousands, except per share
amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
(unaudited)
|
|
|
Property
revenue
|
|
|
|
|
|
Base rent
|
$
|
46,685
|
|
|
$
|
45,705
|
|
|
$
|
184,684
|
|
|
$
|
181,141
|
|
Expense
recoveries
|
8,955
|
|
|
8,969
|
|
|
35,537
|
|
|
35,347
|
|
Percentage
rent
|
208
|
|
|
490
|
|
|
994
|
|
|
1,458
|
|
Other
|
2,426
|
|
|
1,462
|
|
|
6,689
|
|
|
9,259
|
|
Total property
revenue
|
58,274
|
|
|
56,626
|
|
|
227,904
|
|
|
227,205
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Property operating
expenses
|
7,436
|
|
|
7,146
|
|
|
28,202
|
|
|
27,689
|
|
Provision for credit
losses
|
155
|
|
|
304
|
|
|
685
|
|
|
906
|
|
Real estate
taxes
|
6,817
|
|
|
6,873
|
|
|
27,376
|
|
|
26,997
|
|
Total property
expenses
|
14,408
|
|
|
14,323
|
|
|
56,263
|
|
|
55,592
|
|
Property operating
income
|
43,866
|
|
|
42,303
|
|
|
171,641
|
|
|
171,613
|
|
|
|
|
|
|
|
|
|
Other
revenue
|
54
|
|
|
49
|
|
|
272
|
|
|
80
|
|
Other
expenses
|
|
|
|
|
|
|
|
Interest expense and
amortization of deferred debt costs
|
11,254
|
|
|
11,640
|
|
|
45,040
|
|
|
47,225
|
|
Depreciation and
amortization of deferred leasing costs
|
11,905
|
|
|
11,298
|
|
|
45,861
|
|
|
45,694
|
|
General and
administrative
|
5,251
|
|
|
4,998
|
|
|
18,459
|
|
|
18,176
|
|
Total other
expenses
|
28,410
|
|
|
27,936
|
|
|
109,360
|
|
|
111,095
|
|
Operating
income
|
15,510
|
|
|
14,416
|
|
|
62,553
|
|
|
60,598
|
|
Change in fair value
of derivatives
|
(1)
|
|
|
72
|
|
|
(3)
|
|
|
70
|
|
Gain on sale of
property
|
—
|
|
|
—
|
|
|
509
|
|
|
—
|
|
Net
Income
|
15,509
|
|
|
14,488
|
|
|
63,059
|
|
|
60,668
|
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
Income attributable
to noncontrolling interests
|
(3,240)
|
|
|
(2,928)
|
|
|
(12,505)
|
|
|
(12,411)
|
|
Net income
attributable to Saul Centers, Inc.
|
12,269
|
|
|
11,560
|
|
|
50,554
|
|
|
48,257
|
|
Extinguishment of
issuance costs upon redemption of preferred shares
|
—
|
|
|
—
|
|
|
(2,328)
|
|
|
—
|
|
Preferred stock
dividends
|
(2,953)
|
|
|
(3,094)
|
|
|
(12,262)
|
|
|
(12,375)
|
|
Net income
available to common stockholders
|
$
|
9,316
|
|
|
$
|
8,466
|
|
|
$
|
35,964
|
|
|
$
|
35,882
|
|
Per share net
income available to common stockholders
|
|
|
|
|
|
|
|
Basic
|
$
|
0.42
|
|
|
$
|
0.39
|
|
|
$
|
1.61
|
|
|
$
|
1.64
|
|
Diluted
|
$
|
0.41
|
|
|
$
|
0.38
|
|
|
$
|
1.60
|
|
|
$
|
1.63
|
|
|
|
|
|
|
|
|
|
Weighted Average
Common Stock:
|
|
|
|
|
|
|
|
Common
stock
|
22,664
|
|
|
22,072
|
|
|
22,383
|
|
|
21,901
|
|
Effect of dilutive
options
|
31
|
|
|
114
|
|
|
42
|
|
|
107
|
|
Diluted weighted
average common stock
|
22,695
|
|
|
22,186
|
|
|
22,425
|
|
|
22,008
|
|
Reconciliation of
net income to FFO available to common stockholders and
noncontrolling interests (1)
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended December
31,
|
|
(In thousands,
except per share amounts)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Net income
|
$
|
15,509
|
|
|
$
|
14,488
|
|
|
$
|
63,059
|
|
|
$
|
60,668
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Gain on sale of
property
|
—
|
|
|
—
|
|
|
(509)
|
|
|
—
|
|
|
Add:
|
|
|
|
|
|
|
|
|
Real estate
depreciation and amortization
|
11,905
|
|
|
11,298
|
|
|
45,861
|
|
|
45,694
|
|
|
FFO
|
27,414
|
|
|
25,786
|
|
|
108,411
|
|
|
106,362
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
(2,953)
|
|
|
(3,094)
|
|
|
(12,262)
|
|
|
(12,375)
|
|
|
Preferred stock
redemption
|
—
|
|
|
—
|
|
|
(2,328)
|
|
|
—
|
|
|
FFO available to
common stockholders and noncontrolling interests
|
$
|
24,461
|
|
|
$
|
22,692
|
|
|
$
|
93,821
|
|
|
$
|
93,987
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
Diluted weighted
average common stock
|
22,695
|
|
|
22,186
|
|
|
22,425
|
|
|
22,008
|
|
|
Convertible limited
partnership units
|
7,821
|
|
|
7,536
|
|
|
7,731
|
|
|
7,503
|
|
|
Average shares and
units used to compute FFO per share
|
30,516
|
|
|
29,722
|
|
|
30,156
|
|
|
29,511
|
|
|
FFO per share
available to common stockholders and noncontrolling
interests
|
$
|
0.80
|
|
|
$
|
0.76
|
|
|
$
|
3.11
|
|
|
$
|
3.18
|
|
|
|
|
|
|
|
|
|
|
(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 depreciable real
estate assets and gains or losses from property 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.
|
|
Reconciliation of
property revenue to same property revenue (2)
|
|
|
|
(in
thousands)
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Total property
revenue
|
|
$
|
58,274
|
|
|
$
|
56,626
|
|
|
$
|
227,904
|
|
|
$
|
227,205
|
|
|
Less: Acquisitions,
dispositions and development
properties
|
|
(892)
|
|
|
—
|
|
|
(5,839)
|
|
|
(5,460)
|
|
|
Total same property
revenue
|
|
$
|
57,382
|
|
|
$
|
56,626
|
|
|
$
|
222,065
|
|
|
$
|
221,745
|
|
|
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
|
$
|
41,689
|
|
|
$
|
40,999
|
|
|
$
|
159,806
|
|
|
$
|
160,393
|
|
|
Mixed-Use
properties
|
|
15,693
|
|
|
15,627
|
|
|
62,259
|
|
|
61,352
|
|
|
Total same property
revenue
|
|
$
|
57,382
|
|
|
$
|
56,626
|
|
|
$
|
222,065
|
|
|
$
|
221,745
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shopping
Center revenue
|
|
$
|
41,689
|
|
|
$
|
40,999
|
|
|
$
|
164,671
|
|
|
$
|
165,853
|
|
|
Less: Shopping Center
acquisitions, dispositions and development properties
|
|
—
|
|
|
—
|
|
|
(4,865)
|
|
|
(5,460)
|
|
|
Total same Shopping
Center revenue
|
|
$
|
41,689
|
|
|
$
|
40,999
|
|
|
$
|
159,806
|
|
|
$
|
160,393
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Mixed-Use
property revenue
|
|
$
|
16,585
|
|
|
$
|
15,627
|
|
|
$
|
63,233
|
|
|
$
|
61,352
|
|
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
|
(892)
|
|
|
—
|
|
|
(974)
|
|
|
—
|
|
|
Total same Mixed-Use
revenue
|
|
$
|
15,693
|
|
|
$
|
15,627
|
|
|
$
|
62,259
|
|
|
$
|
61,352
|
|
|
|
(2)
|
Same property revenue
is a non-GAAP financial measure of performance that 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 and actual expenses incurred
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.
|
|
Reconciliation of
property operating income to same property operating income
(3)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
(In
thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Property operating
income
|
$
|
43,866
|
|
|
$
|
42,303
|
|
|
$
|
171,641
|
|
|
$
|
171,613
|
|
|
Less: Acquisitions,
dispositions and development properties
|
(676)
|
|
|
—
|
|
|
(4,787)
|
|
|
(4,083)
|
|
|
Total same property
operating income
|
$
|
43,190
|
|
|
$
|
42,303
|
|
|
$
|
166,854
|
|
|
$
|
167,530
|
|
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
$
|
32,862
|
|
|
$
|
32,199
|
|
|
$
|
125,641
|
|
|
$
|
127,095
|
|
|
Mixed-Use
properties
|
10,328
|
|
|
10,104
|
|
|
41,213
|
|
|
40,435
|
|
|
Total same property
operating income
|
$
|
43,190
|
|
|
$
|
42,303
|
|
|
$
|
166,854
|
|
|
$
|
167,530
|
|
|
|
|
|
|
|
|
|
|
|
Shopping Center
operating income
|
$
|
32,862
|
|
|
$
|
32,199
|
|
|
$
|
129,701
|
|
|
$
|
131,178
|
|
|
Less: Shopping Center
acquisitions, dispositions and development properties
|
—
|
|
|
$
|
—
|
|
|
(4,060)
|
|
|
(4,083)
|
|
|
Total same Shopping
Center operating income
|
$
|
32,862
|
|
|
$
|
32,199
|
|
|
$
|
125,641
|
|
|
$
|
127,095
|
|
|
|
|
|
|
|
|
|
|
|
Mixed-Use property
operating income
|
$
|
11,004
|
|
|
$
|
10,104
|
|
|
$
|
41,940
|
|
|
$
|
40,435
|
|
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
(676)
|
|
|
—
|
|
|
(727)
|
|
|
—
|
|
|
Total same Mixed-Use
property operating income
|
$
|
10,328
|
|
|
$
|
10,104
|
|
|
$
|
41,213
|
|
|
$
|
40,435
|
|
|
|
(3)
|
Same property
operating income is a non-GAAP financial measure of performance
that 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.
|
View original
content:http://www.prnewswire.com/news-releases/saul-centers-inc-reports-fourth-quarter-2018-earnings-300802654.html
SOURCE Saul Centers, Inc.