BETHESDA, Md., June 19, 2020 /PRNewswire/ -- On June 18, 2020, Saul
Centers, Inc. (NYSE: BFS) declared a quarterly dividend of
$0.53 per share on its common stock,
to be paid on July 31, 2020, to
holders of record on July 17, 2020. The common dividend is the
same as the amount paid in the previous quarter, and the prior
year's comparable quarter.
The Company also declared quarterly dividends on (a) its 6.125%
Series D Cumulative Redeemable Preferred Stock, in the amount of
$0.3828125 per depositary share and
(b) its 6.000% Series E Cumulative Redeemable Preferred Stock, in
the amount of $0.3750000 per
depositary share. The preferred dividends will be paid on
July 15, 2020, to holders of record
on July 1,
2020.
COVID-19 Update (as of June 17,
2020)
- Our portfolio is comprised of 50 shopping centers and seven
mixed-use properties, totaling 1,268 commercial tenants.
- Our portfolio totals 9.0 million square feet of shopping center
and office space. Additionally, our mixed-use properties contain
three residential buildings, totaling 1,006 luxury apartment units
or 0.8 million square feet.
- Of our 50 shopping centers, 42 are anchored by a grocery store,
home improvement store, pharmacy or bank, all of which have
remained open due to their "essential business" designations.
- 91% of our shopping center tenants are open and operating under
modified operating protocols in accordance with state and local
guidelines.
- 100% of our shopping centers are open.
Collections Update
The following is a summary of our consolidated total rent
collections for April and May rent billings, including minimum
rent, operating expense recoveries, and real estate tax
reimbursements as of June 17,
2020:
April 2020
- 77% of April 2020 total billings
have been paid by our tenants.
-
- 71% of retail
- 92% of office
- 100% of residential
- Of the 23% unpaid, we have granted rent deferrals comprising
approximately 5% of April total billings (or 22% of the total
unpaid balance, including 8% with anchor/national tenants).
Negotiations are on-going for an additional 2% of April total
billings with anchor/national tenants, while additional deferrals
continue to be executed with small shop tenants. The executed
deferrals typically cover three months of rent, and are generally
scheduled to be repaid during 2021 and 2022. As a condition
to granted rent deferrals, in many cases we have sought and
received extended lease terms, or waivers of certain adjacent use
or common area restrictions.
May 2020
- 73% of May 2020 total billings
have been paid by our tenants.
-
- 66% of retail
- 92% of office
- 99% of residential
- Of the 27% unpaid, we have granted rent deferrals comprising
approximately 4% of May total billings (or 14% of the total unpaid
balance, including 6% with anchor tenants). Negotiations are
on-going for an additional 3% of May total billings with
anchor/national tenants. These deferrals are structured similarly
to April's deferrals.
For the first 17 days of June, cash collections of June total
billings are ahead of cash collections for the same period in
May. Similarly, over the first 17 days of May, cash
collections of May total billings were ahead of cash collections
for the same period in April.
Although we are and will continue to be actively engaged in rent
collection efforts related to uncollected rent, as well as working
with certain tenants who have requested rent deferrals, we can
provide no assurance that such efforts or our efforts in future
periods will be successful, particularly in the event that the
novel coronavirus (COVID-19) pandemic and restrictions intended to
prevent its spread continue for a prolonged period.
The Waycroft Update
In the first week of April, we delivered The Waycroft, a
mixed-use project comprised of 491 apartment units and 60,000
square feet of retail space, on North Glebe Road, in Arlington, Virginia. As of June 17, despite the headwinds of the COVID-19
pandemic, we have executed 165 residential applications, totaling
approximately 34% of the available units. A total of 61 units
are occupied. The addition of The Waycroft nearly doubles the
residential component of our portfolio to over 1,000 luxury
residential units. The project is anchored by a 41,500 square foot
Target store, which is under construction and scheduled to commence
operations in August 2020. An additional 5,900 square feet of
retail space is expected to be operational during the second half
of 2020.
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) 50 community and neighborhood shopping centers
and seven mixed-use properties with
approximately 9.8 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.
More information about Saul
Centers is available on the Company's website at
www.saulcenters.com.
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 (i) our Annual Report on Form 10-K for the year ended
December 31, 2019 and (ii) our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 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,
(xii) unanticipated changes in the Company's intention or ability
to prepay certain debt prior to maturity and (xiii) an epidemic or
pandemic (such as the outbreak and worldwide spread of the novel
coronavirus ("COVID-19")), and the measures that international,
federal, state and local governments, agencies, law enforcement
and/or health authorities implement to address it, which may (as
with COVID-19) precipitate or exacerbate one or more of the
above-mentioned and/or other risks, and significantly disrupt or
prevent us from operating our business in the ordinary course for
an extended period. 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, 2019 and
(ii) our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020.
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SOURCE Saul Centers, Inc.