Saul Centers 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.

Company profile
Ticker
BFS, BFS+E
Exchange
Website
CEO
Bernard Francis Saul
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
SAUL CENTERS INC
SEC CIK
Corporate docs
Subsidiaries
1500 Rockville Pike LLC • 11503 Rockville Pike LLC • 7316 Wisconsin LLC • 750 North Glebe LLC • Ashbrook Marketplace LLC • Ashburn Village Center LLC • Avenel Business Park LLC • Avenel VI, Inc. • Beacon Center LLC • Briggs Chaney Plaza, LLC ...
IRS number
521833074
BFS stock data
Calendar
4 May 22
2 Jul 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
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Net income | |||||
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 12.31M | 12.31M | 12.31M | 12.31M | 12.31M | |
Cash burn (monthly) | 760.33K | 186.75K | (no burn) | (no burn) | (no burn) | |
Cash used (since last report) | 2.33M | 572.08K | n/a | n/a | n/a | |
Cash remaining | 9.98M | 11.74M | n/a | n/a | n/a | |
Runway (months of cash) | 13.1 | 62.9 | n/a | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
23 Jun 22 | Clancy George Patrick JR | Common Shares | Grant | Acquire A | No | No | 44.1 | 1,203 | 53.05K | 7,552 |
23 Jun 22 | Clancy George Patrick JR | Phantom Stock Common Stock | Sell | Dispose S | No | No | 44.1 | 1,203.078 | 53.06K | 5,022.851 |
25 May 22 | Saul B Francis Ii | Common Shares | Buy | Acquire P | No | No | 48.1801 | 1,250 | 60.23K | 79,351.665 |
20 May 22 | Carlos Lawrence Heard | Common Shares | Buy | Acquire P | No | No | 45.25 | 100 | 4.53K | 100 |
13 May 22 | Caraci Philip D | Common Shares | Grant | Acquire A | No | No | 47.9 | 200 | 9.58K | 49,216 |
13 May 22 | Caraci Philip D | Stock Option Common Stock | Grant | Acquire A | No | No | 47.9 | 2,500 | 119.75K | 2,500 |
13 May 22 | Chapoton John E | Common Shares | Grant | Acquire A | No | No | 47.9 | 200 | 9.58K | 7,466.078 |
13 May 22 | Chapoton John E | Director Stock Option Common Shares | Grant | Acquire A | No | No | 47.9 | 2,500 | 119.75K | 2,500 |
Institutional ownership, Q1 2022
46.0% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 127 |
Opened positions | 8 |
Closed positions | 14 |
Increased positions | 43 |
Reduced positions | 50 |
13F shares | Current |
---|---|
Total value | 2.6B |
Total shares | 10.94M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
Vanguard | 2.17M | $114.2M |
TROW T. Rowe Price | 2.16M | $113.76M |
BLK Blackrock | 1.99M | $105.02M |
PFG Principal Financial Group Inc - Registered Shares | 1.4M | $73.84M |
STT State Street | 476.03K | $25.09M |
Geode Capital Management | 270.61K | $14.26M |
Dimensional Fund Advisors | 225.15K | $11.87M |
Renaissance Technologies | 221.77K | $11.69M |
BK Bank Of New York Mellon | 208.31K | $10.98M |
NTRS Northern Trust | 154.69K | $8.15M |
Financial report summary
?Risks
- Revenue from our properties may be reduced or limited if the retail operations of our tenants are not successful.
- Our ability to increase our net income depends on the success and continued presence of our shopping center “anchor” tenants and other significant tenants.
- We may experience difficulty or delay in renewing leases or leasing vacant space.
- Our development activities are inherently risky.
- Developments, redevelopments and acquisitions may fail to perform as expected.
- Our performance and value are subject to general risks associated with the real estate industry.
- Our results of operations may be negatively affected by adverse trends in the retail and office real estate sectors.
- Many real estate costs are fixed, even if income from our properties decreases.
- Competition may limit our ability to purchase new properties and generate sufficient income from tenants.
- We may be unable to sell properties when appropriate because real estate investments are illiquid.
- We have substantial relationships with members of the Saul Organization whose interests could conflict with the interests of other stockholders.
- The amount of debt we have and the restrictions imposed by that debt could adversely affect our business and financial condition.
- We are obligated to comply with financial and other covenants in our debt that could restrict our operating activities, and the failure to comply could result in defaults that accelerate the payment under our debt.
- The phase-out of LIBOR could affect interest rates under our variable rate debt and interest rate swap arrangements.
- Environmental laws and regulations could reduce the value or profitability of our properties.
- The Americans with Disabilities Act of 1990 (the “ADA”) could require us to take remedial steps with respect to newly acquired properties.
- The revenue generated by our tenants could be negatively affected by various federal, state and local laws to which they are subject.
- Failure to qualify as a REIT for federal income tax purposes would cause us to be taxed as a corporation, which would substantially reduce funds available for payment of distributions.
- We may be required to incur additional debt to qualify as a REIT.
- Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors.
- To maintain our status as a REIT, we limit the amount of shares any one stockholder can own.
- Financial and economic conditions may have an adverse impact on us, our tenants’ businesses and our results of operations.
- Our insurance coverage on our properties may be inadequate.
- Natural disasters and climate change could have an adverse impact on our cash flow and operating results.
- We cannot assure you we will continue to pay dividends at historical rates.
- Certain tax and anti-takeover provisions of our articles of incorporation and bylaws may inhibit a change of our control.
- Cybersecurity risks and cyber incidents could adversely affect our business, disrupt operations and expose us to liabilities to tenants, employees, capital providers and other third parties.
- We may amend or revise our business policies without your approval.
Management Discussion
- Net income for the 2022 Quarter increased to $17.5 million from $12.8 million for the 2021 Quarter. Significant changes in revenue and expenses are discussed below.
- Base rent includes $32,200 and $835,600 for the 2022 Quarter and 2021 Quarter, respectively, to recognize base rent on a straight-line basis. In addition, base rent includes $324,900 and $346,900, for the 2022 Quarter and 2021 Quarter, respectively, to recognize income from the amortization of in-place leases acquired in connection with purchased real estate investment properties.
- Total revenue increased 5.8% in the 2022 Quarter compared to the 2021 Quarter, as described below.
Content analysis
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Readability |
H.S. junior Bad
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New words:
begun, contract, conversion, downtown, foundation, infrastructure, Lansdowne, repair, sublease, Town
Removed:
adversely, agreed, amendment, announced, apparel, appealed, Arlington, Ashburn, assignment, assumed, assure, attract, Avenue, bankruptcy, begin, bidding, Boulevard, Branch, calculate, charging, comply, component, conduct, contemplated, continuity, customer, decline, deed, default, delinquent, deployed, diminish, dry, earlier, ensure, expand, finalized, fluidity, footwear, fourth, fringe, Glebe, ground, guarantee, impacted, implemented, importantly, imposition, improperly, inducement, insolvency, instability, intersection, issue, lender, negotiated, North, opened, operational, originally, owed, parcel, Parkway, partial, past, paying, phasing, predevelopment, predict, prediction, preservation, pursue, recession, recruit, reimburse, reimbursed, release, removal, renew, request, resident, retain, Road, Russell, satisfied, seek, selection, situation, skilled, slowdown, snow, spanning, specialty, Station, Target, thereon, title, trade, transferred, ultimate, unable, underlying, Village, Virginia, Wisconsin
Financial reports
Current reports
8-K
Submission of Matters to a Vote of Security Holders
18 May 22
8-K
Saul Centers, Inc. Reports First Quarter 2022 Earnings
4 May 22
8-K
Saul Centers, Inc. Reports Fourth Quarter 2021 Earnings
24 Feb 22
8-K
Saul Centers, Inc. Reports Third Quarter 2021 Earnings
4 Nov 21
8-K
Entry into a Material Definitive Agreement
1 Sep 21
8-K
Saul Centers, Inc. Reports Second Quarter 2021 Earnings
5 Aug 21
8-K
Departure of Directors or Certain Officers
10 May 21
8-K
Saul Centers, Inc. Reports First Quarter 2021 Earnings
6 May 21
8-K
Departure of Directors or Certain Officers
11 Mar 21
8-K
Other Events
8 Mar 21
Registration and prospectus
S-3
Shelf registration
22 Jun 20
25-NSE
Exchange delisting
17 Oct 19
8-A12B
Registration of securities on exchange
17 Sep 19
424B5
Prospectus supplement for primary offering
11 Sep 19
FWP
Free writing prospectus
10 Sep 19
424B5
Prospectus supplement for primary offering
10 Sep 19
S-8
Registration of securities for employees
9 May 19
8-A12B
Registration of securities on exchange
22 Jan 18
424B5
Prospectus supplement for primary offering
17 Jan 18
FWP
Free writing prospectus
16 Jan 18
Other
EFFECT
Notice of effectiveness
2 Jul 20
CORRESP
Correspondence with SEC
28 Jun 20
UPLOAD
Letter from SEC
25 Jun 20
CERT
Certification of approval for exchange listing
17 Sep 19
CERT
Certification of approval for exchange listing
22 Jan 18
UPLOAD
Letter from SEC
26 Aug 15
CORRESP
Correspondence with SEC
11 Aug 15
UPLOAD
Letter from SEC
30 Jul 15
EFFECT
Notice of effectiveness
30 Dec 14
UPLOAD
Letter from SEC
9 Jun 14
Ownership
4
SAUL CENTERS / GEORGE PATRICK CLANCY JR ownership change
27 Jun 22
4
SAUL CENTERS / B FRANCIS SAUL II ownership change
27 May 22
4
SAUL CENTERS / Carlos Lawrence Heard ownership change
23 May 22
4
SAUL CENTERS / CHARLES W SHERREN JR ownership change
17 May 22
4
SAUL CENTERS / CHRISTOPHER NETTER ownership change
17 May 22
4
SAUL CENTERS / B FRANCIS SAUL II ownership change
17 May 22
4
SAUL CENTERS / JOHN R WHITMORE ownership change
17 May 22
4
SAUL CENTERS / Mark Sullivan III ownership change
17 May 22
4
SAUL CENTERS / Andrew M. Saul II ownership change
17 May 22
4
SAUL CENTERS / Earl A Powell III ownership change
17 May 22
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