BETHESDA, Md., Sept. 17, 2019 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) (the "Company")
today announced that it has closed an underwritten public offering
of 4,000,000 depositary shares ("Series E Depositary Shares"), each
representing a 1/100th fractional interest in a share of
its newly designated 6.000% Series E 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., Stifel, Nicolaus & Company, Incorporated, B.
Riley FBR, Inc. and D.A. Davidson & Co.
Today the Company also called for the redemption of 4,200,000
depositary shares ("Series C 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: 804395 606; NYSE: BFSPrC). The Series C Depositary
Shares will be redeemed for cash on October
17, 2019, at $25.00 per share,
plus all accumulated and unpaid distributions to, but not
including, the redemption date, for an aggregate redemption price
of $25.07638 per Depositary
Share.
The redemptions will be made in accordance with The Depositary
Trust Company's procedures. The Series C 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, no Series C Depositary
Shares will remain outstanding and dividends will cease to accrue
on the Depositary Shares, 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 60
properties which includes (a) 49 community and neighborhood
shopping centers and seven mixed-use properties with approximately
9.3 million square feet of leasable area and (b) four land and
development properties. Approximately 85% of the Saul Centers'
property operating income is generated by properties in the
metropolitan Washington,
DC/Baltimore 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, and risks related to our status as a
REIT. 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 Securities and Exchange Commission ("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. The
Company 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.
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SOURCE Saul Centers, Inc.