BETHESDA, Md., Dec. 10, 2020 /PRNewswire/ -- Saul Centers,
Inc. (the "Company," NYSE: BFS) has declared a quarterly dividend
of $0.53 per share on its common
stock, to be paid January 29, 2021,
to holders of record as of January 15,
2021. The dividend on the common stock is the same as the
amount paid in the previous quarter, and the prior year's
comparable quarter.
The Company has 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 dividends on the preferred stock will be
paid January 15, 2021, to holders of
record as of January 4,
2021.
COVID-19 Update (as of December 9,
2020)
- Our portfolio is comprised of 50 shopping centers and seven
mixed-use properties, totaling approximately 9.0 million
square feet of retail and office gross leasable area (GLA).
In addition, our portfolio contains three residential properties,
comprising over 1,000 luxury apartment units, or approximately 0.8
million square feet.
- Of our 50 shopping centers, 43 are anchored by a grocery store,
home improvement store, pharmacy or bank, all of which have
remained open during the pandemic due to their "essential business"
designations.
- 99% of our tenants are currently open and operating under
modified operating protocols in accordance with state and local
guidelines.
- 100% of our shopping centers are currently open.
Collections Update
The following is a summary, as of December 9, 2020, of the Company's consolidated
collections of rent billings, including minimum rent, operating
expense recoveries, and real estate tax reimbursements for the
quarter ended June 30, 2020 ("second
quarter"), the quarter ended September 30,
2020 ("third quarter"), October
2020 and November 2020:
2020 second quarter
- 85% of 2020 second quarter total billings has been paid by our
tenants.
-
- 81% of retail
- 95% of office
- 100% of residential
- Additionally, rent deferral agreements comprising approximately
12% of 2020 second quarter total billings (or 77% of the unpaid
balance) have been executed, including 4% with anchor/national
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 granting rent deferrals, we have
sought, and in some cases received, extended lease terms, or
waivers of certain adjacent use or common area restrictions.
Through December 9, 2020,
approximately 5% of deferred second quarter rents have come
due and, of the deferred rents that have come due, the majority has
been repaid.
2020 third quarter
- 93% of 2020 third quarter total billings has been paid by our
tenants.
-
- 91% of retail
- 96% of office
- 100% of residential
- Additionally, rent deferral agreements comprising approximately
2% of 2020 third quarter total billings (or 33% of the unpaid
balance) have been executed, including 1% with anchor/national
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 granting rent deferrals, we have
sought, and in some cases received, extended lease terms, or
waivers of certain adjacent use or common area restrictions.
Through December 9, 2020, no deferred
third quarter rents have come due.
October 2020
- 93% of October 2020 total
billings has been paid by our tenants.
-
- 92% of retail
- 96% of office
- 100% of residential
- Additionally, rent deferral agreements comprising approximately
0.4% of October 2020 total billings
(or 7% of the unpaid balance) have been executed, none of
which are with anchor/national tenants. These deferrals are
structured similarly to the second and third quarter
deferrals.
November 2020
- 92% of November 2020 total
billings has been paid by our tenants.
-
- 91% of retail
- 90% of office
- 99% of residential
- Additionally, rent deferral agreements comprising approximately
0.2% of November 2020 total billings
(or 2% of the unpaid balance) have been executed, none of
which are with anchor/national tenants. These deferrals are
structured similarly to the second and third quarter
deferrals.
Although we are and will continue to be actively engaged in rent
collection efforts related to uncollected rent, and we continue to
work 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
COVID-19 pandemic and restrictions intended to prevent its spread
continue for a prolonged period.
As of December 9, cash collections
of December total billings are ahead of cash collections of
November total billings, as of November
9. However, there can be no assurance that cash collections
for the remainder of the month of December or any future period
will continue at or in excess of the current rate.
The Waycroft
Update
In the first week of April 2020,
we delivered The Waycroft, comprised of 491 apartment units and
60,000 square feet of retail space, on North Glebe Road, in
Arlington, Virginia. As of
December 9, despite the headwinds of
the COVID-19 pandemic, we have executed 353 residential leases,
totaling approximately 72% of the available units, and 294 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 commenced operations in August 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 our (x) Annual Report on Form 10-K for the year ended
December 31, 2019 and (y) Quarterly
Report on Form 10-Q for the quarter ended September 30, 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 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 our (x)
Annual Report on Form 10-K for the year ended December 31, 2019 and (y) Quarterly Report on
Form 10-Q for the quarter ended September
30, 2020.
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SOURCE Saul Centers, Inc.