Saul Facilities explains quarterly dividends and gives enterprise updates

BETHESDA, Md., December 10, 2020 / PRNewswire / – Saul Centers, Inc. (the “Company”, NYSE: BFS) has approved a quarterly dividend from $ 0.53 pay per share on its common stock January 29, 2021to the holder of the record January 15, 2021. The dividend on the ordinary shares corresponds to the amount paid in the previous quarter and the comparable quarter of the previous year.

The company also has quarterly dividends on (a) its cumulative Series D Redeemable Preferred Stock of 6.125% of $ 0.3828125 per depository share and (b) its accumulated redeemable Series E preferred shares of 6,000% of $ 0.3750000 per custody share. The dividends on the preference shares will be paid out January 15, 2021to the holder of the record January 4th2021.

COVID-19 update (from December 9, 2020)

  • Our portfolio includes 50 shopping centers and seven mixed-use properties with a total rental area of ​​around 9.0 million square meters for retail and office (GLA). Additionally, our portfolio includes three residential properties with more than 1,000 luxury apartments or around 0.8 million square feet.
  • Of our 50 malls, 43 are anchored in a grocery, hardware store, pharmacy or bank, all of which remained open during the pandemic due to their “essential business names”.
  • 99% of our tenants are currently open and working under changed operating protocols in accordance with state and local guidelines.
  • Currently, 100% of our shopping centers are open.

Collection update

The following is a summary December 9, 2020the consolidated collections of the company’s rental statements, including minimum rent, utility reimbursement, and property tax reimbursement for the past quarter June 30, 2020 (“Second Quarter”) ended the quarter September 30, 2020 (“third quarter”), October 2020 and November 2020::

2020 second quarter

  • 85% of total bills for the second quarter of 2020 were paid by our tenants.
    • 81% of retail
    • 95% of the office
    • 100% of the living
  • In addition, rental deferral agreements have been entered into, which include approximately 12% of total bills for Q2 2020 (or 77% of the unpaid balance), including 4% with anchor / national tenants. The deferrals carried out usually cover three months’ rent and are usually to be repaid in 2021 and 2022. As a prerequisite for granting rental deferrals, we have applied for extended rental terms or waivers for certain adjacent uses and in some cases received restrictions on the common area. By December 9, 2020About 5% of the deferred rents in the second quarter have fallen due, and the majority of the deferred rents have been repaid.

2020 third quarter

  • 93% of total bills for the third quarter of 2020 were paid by our tenants.
    • 91% of retail
    • 96% of the office
    • 100% of the living
  • In addition, rent deferral agreements have been entered into, which include approximately 2% of total bills for Q3 2020 (or 33% of unpaid balance), including 1% with anchor / national tenants. The deferrals carried out usually cover three months’ rent and are usually to be repaid in 2021 and 2022. As a prerequisite for granting rental deferrals, we have applied for extended rental terms or waivers for certain adjacent uses and in some cases received restrictions on the common area. By December 9, 2020There are no deferred rents due for the third quarter.

October 2020

  • 93% of October 2020 The total bill was paid by our tenants.
    • 92% of retail
    • 96% of the office
    • 100% of the living
  • In addition, rent deferral agreements include approximately 0.4% of October 2020 Total settlements (or 7% of the unpaid balance) have been run, none of which are made with anchor / national tenants. These deferrals are structured in a similar way to the deferrals in the second and third quarters.

November 2020

  • 92% of November 2020 The total bill was paid by our tenants.
    • 91% of retail
    • 90% of the office
    • 99% of residential properties
  • In addition, rent deferral agreements include approximately 0.2% of November 2020 Total settlements (or 2% of the unpaid balance) have been carried out, none of which are made with anchor / national tenants. These deferrals are structured in a similar way to the deferrals in the second and third quarters.

While we are and remain actively involved in rental collection efforts related to uncollected rents and continue to work with certain tenants who have requested rent deferrals, we cannot guarantee that such efforts or our efforts will be successful in future periods, particularly in the event that the COVID-19 pandemic and the restrictions that are intended to prevent its spread will persist for an extended period of time.

From 9th of DecemberThe cash receipts from the total statements in December are before the cash deductions from the November total statements November 9th. However, there is no guarantee that collections will continue at the current rate or beyond for the remainder of December or any future period.

The Waycroft update

In the first week of April 2020We delivered The Waycroft, consisting of 491 units and 60,000 square feet of retail space, on North Glebe Road in Arlington, Virginia. From 9th of DecemberDespite the headwinds from the COVID-19 pandemic, we have 353 leases, which is roughly 72% of the units available, 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 that has started operations in August 2020.

Saul centers, Inc. is a self-managed, self-managed equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties, including (a) 50 community and neighborhood shopping malls, seven mixed-use properties with approximately 9.8 million square feet of rental space, and (b) three land and development properties . Approximately 85% of Saul Centers’ real estate operating income comes from real estate in the metropolis 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 in this press release may be considered forward-looking statements within the meaning of federal securities laws. For these statements, we claim the safe haven for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Although the company believes that the expectations contained in the forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will be met. These factors include, but are not limited to, the risk factors described in our (x) Annual Report on Form 10-K for the past fiscal year December 31, 2019 and (y) Quarterly Report on Form 10-Q for the past quarter September 30, 2020 and include the following: (i) general adverse economic and local real estate conditions, (ii) the inability of large tenants to continue paying their rental obligations due to bankruptcy, bankruptcy or a general decline in business, (iii) financing risks, e.g. the inability to raise equity, debt or obtain other sources of funding or refinancing on terms favorable to the company, (iv) the company’s ability to raise capital through the sale of its assets, (v) changes in government laws and regulations, and management’s ability to estimate the impact such changes, (vi) the level and volatility of interest rates and management’s ability to assess their impact, (vii) availability of suitable acquisition, disposal, development and restructuring opportunities and risks associated with acquisitions that are not carried out in accordance with our expectations ( viii) Increase in operating costs, (ix) change the dividend policy for the company’s common and preferred shares and the company’s ability to pay dividends at current levels, (x) reduce the company’s income in the event of multiple tenant cancellations or the Multiple tenants’ failure to move into their mall premises, (xi) impairment losses, (xii) unexpected changes in the company’s intent or ability to prepay certain debts, and (xiii) an epidemic or pandemic (such as the COVID-19 outbreak and global spread), as well as the actions international, federal, state and local governments are taking, government agencies, law enforcement agencies, and / or health officials are campaigning (as with COVID-19) to implement one or more of the above mentioned and / or other risks to trigger or exacerbate and we are significantly on the Be drove to prevent the normal course for a longer period of time. Given these uncertainties, we caution readers not to place undue reliance on any forward-looking statements that we make, including those contained in this press release. Unless required by law, we promise not to update the forward-looking statements as a result of new information, future events or for any other reason. You should carefully review the risks and risk factors contained in our (x) Annual Report on Form 10-K for the past fiscal year December 31, 2019 and (y) Quarterly Report on Form 10-Q for the past quarter September 30, 2020.

SOURCE Saul centers, Inc.

similar links

http://www.saulcenters.com