BETHESDA, Md., May 2, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2024 ("2024 Quarter").  Total revenue for the 2024 Quarter increased to $66.7 million from $63.0 million for the quarter ended March 31, 2023 ("2023 Quarter").  Net income increased to $18.3 million for the 2024 Quarter from $17.7 million for the 2023 Quarter primarily due to (a) higher commercial base rent of $1.4 million and ...

BETHESDA, Md., March 14, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2024, to holders of record on April 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in 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 depositar ...

BETHESDA, Md., Feb. 29, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced its operating results for the quarter ended December 31, 2023 ("2023 Quarter"). Total revenue for the 2023 Quarter increased to $66.7 million from $62.3 million for the quarter ended December 31, 2022 ("2022 Quarter").  Net income increased to $17.5 million for the 2023 Quarter from $15.4 million for the 2022 Quarter.  Net income for the 2023 Quarter increased compared to t ...

www.SaulCenters.com 4 Exhibit 99.1 For the 2023 Period, FFO available to common stockholders and noncontrolling interests (after deducting preferred stock dividends and extinguishment of issuance costs upon redemption of preferred shares) increased 3.0% to $106.3 million ($3.17 and $3.12 per basic and diluted share, respectively) from $103.2 million ($3.10 and $3.04 per basic and diluted share, respectively) in the 2022 Period. FFO available to common stockholders and noncontrolling interests increased prim ...

Through participation in the Company's Dividend Reinvestment and Stock Purchase Plan, during the quarter ended December 31, 2023, (a) B. Francis Saul II, the Company's Chairman of the Board and Chief Executive Officer, (b) his spouse, (c) B. F. Saul Company, which Mr. B. F. Saul II serves as Chairman, and (d) B. F. Saul Property Company, Van Ness Square Corporation, and Westminster Investing, LLC, which are related parties of B. F. Saul Company, acquired an aggregate of 5,062 shares of common stock and 44,5 ...

BETHESDA, Md., Jan. 19, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust (REIT), announced today the income tax treatment of its 2023 dividends. During 2023, the Company declared and paid four quarterly dividends on its Common Stock totaling $2.36 per share. For tax purposes, 74.2% of the dividends ($1.75 per common share) are characterized as ordinary income, while 25.8% of the dividends ($0.61 per common share) are characterized as return of capital. The informat ...

Real Estate Investment Properties As of September 30, 2023, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the "Saul Organization") held an aggregate 26.6% limited partnership interest in the Operating Partnership represented by approximately 8.8 million convertible limited partnership units. These units are convertible into shares of Saul Centers' common stock, at the option of the unit holder, on a one- ...

On March 8, 2023, the Company closed on a 10-year, non-recourse, $15.3 million mortgage secured by BJ's Wholesale Club in Alexandria, Virginia. The loan matures in 2033, bears interest at a fixed-rate of 6.07%, requires monthly principal and interest payments of $99,200 based on a 25-year amortization schedule and requires a final principal payment of $11.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $9.3 million on the existing mortgage and reduce the outstanding ...

Financial Performance - Net income for the 2023 Quarter increased to $17.7 million from $17.5 million for the 2022 Quarter[151]. - Total revenue increased by 1.5% in the 2023 Quarter to $63.049 million compared to $62.144 million in the 2022 Quarter[154]. - Base rent increased by $1.6 million, primarily due to higher base rent at The Waycroft of $0.8 million and across the portfolio, exclusive of The Waycroft, of $0.8 million[152]. - Percentage rent increased by $0.2 million, attributed to higher sales reported by tenants within the Shopping Center portfolio[153]. - Total expenses increased by 1.6% in the 2023 Quarter to $45.386 million compared to $44.653 million in the 2022 Quarter[156]. - Property operating expenses decreased by $0.8 million, primarily due to lower repairs and maintenance expenses[159]. - Interest expense, net and amortization of deferred debt costs increased by $1.2 million, primarily due to higher interest incurred from a higher weighted average interest rate[160]. - General and administrative expenses increased by $0.5 million, primarily due to higher salaries and benefits expense[161]. - Same property revenue increased by $0.9 million for the 2023 Quarter compared to the 2022 Quarter, primarily due to higher base rent[169]. - Total same property revenue for Q1 2023 was $63,049,000, an increase of 1.5% from $62,144,000 in Q1 2022[175]. - Same property operating income increased by $1.6 million, or 3.5%, for Q1 2023 compared to Q1 2022, totaling $46,769,000[177]. - Shopping Center same property operating income for Q1 2023 was $34,965,000, a $1.0 million increase from Q1 2022[177]. - Mixed-Use same property operating income totaled $11,804,000, a $0.6 million increase from Q1 2022[177]. - Rental revenue for Q1 2023 was $61,829,000, up from $60,680,000 in Q1 2022[195]. - Net income for Q1 2023 was $17,663,000, compared to $17,491,000 in Q1 2022[195]. - Net income available to common stockholders for Q1 2023 was $10,704,000, compared to $10,567,000 in Q1 2022[195]. Assets and Liabilities - Total assets increased to $1,868,005,000 as of March 31, 2023, from $1,833,302,000 at the end of 2022[192]. - Total liabilities rose to $1,352,170,000 as of March 31, 2023, compared to $1,311,500,000 at the end of 2022[192]. - Cash and cash equivalents totaled $11,812,000 as of March 31, 2023, down from $13,279,000 a year earlier[192]. Development Projects - The company has a development pipeline for up to 3,700 apartment units and 975,000 square feet of retail and office space in the Washington, D.C. metropolitan area[130]. - The total cost for the Twinbrook Quarter Phase I project is expected to be approximately $331.5 million, with $145.0 million financed by a construction-to-permanent loan[141]. - The company is developing Hampden House, with a total project cost of approximately $246.4 million, partially financed by a $133.0 million construction-to-permanent loan[144]. - The company is developing Twinbrook Quarter Phase I with a total project cost of approximately $331,500,000, of which $271,400,000 is allocated for residential and retail development[201]. - The total development potential of the Twinbrook Quarter site includes 1,865 residential units, 473,000 square feet of retail space, and 431,000 square feet of office space[201]. Leasing and Rent - As of March 31, 2023, the company's commercial leasing percentage increased to 93.9%, up from 92.5% a year earlier[136]. - Average annualized base rent per square foot for commercial properties was $20.65 for the three months ended March 31, 2023, reflecting a 0.15% increase from the previous year[140]. - The average rent per new/renewed leases increased to $3.45 per square foot for the three months ended March 31, 2023, compared to $3.23 in the same period of 2022[208]. - The company has executed leases or is negotiating for seven future pad sites to enhance its shopping center portfolio[134]. Cash Flow - Net cash provided by operating activities for the three months ended March 31, 2023, was $36,098,000, compared to $39,971,000 for the same period in 2022, reflecting a decrease of approximately 7.2%[197]. - Net cash used in investing activities increased by $26,327,000, primarily due to increased development expenditures of $24,000,000 and additional real estate investments of $2,400,000[198]. - Net cash provided by financing activities was $5,591,000, contrasting with a net cash used of $25,423,000 in the prior year[197]. Debt Management - The company maintains a total debt to total asset value ratio of under 50%, allowing for additional secured borrowings if necessary[137]. - As of March 31, 2023, the company had unhedged variable rate indebtedness totaling $194,000,000, with a potential annual interest expense fluctuation of $1,900,000 for a 1% change in interest rates[25]. - The company had fixed-rate indebtedness of $1,070,000,000 with a weighted average interest rate of 4.77% as of March 31, 2023[25]. COVID-19 Impact - The company continues to monitor the long-term effects of COVID-19 on its tenants and has not identified any impairment triggering events as of March 31, 2023[127]. - The company continues to monitor the collectability of rent receivables due to the impact of COVID-19 on lessees[202].

Table of Contents 10 Table of Contents Our development activities are inherently risky. | --- | --- | --- | |-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | • | signific ...