Loading...
Docoh

Saul Centers (BFS)

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
CEO
Bernard Francis Saul
Employees
Incorporated
Location
Fiscal year end
Former names
SAUL CENTERS INC
SEC CIK
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
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
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

Beta Read what these cash burn values mean

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
46.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 127 133 -4.5%
Opened positions 8 23 -65.2%
Closed positions 14 13 +7.7%
Increased positions 43 40 +7.5%
Reduced positions 50 39 +28.2%
13F shares Current Prev Q Change
Total value 2.6B 3.36B -22.7%
Total shares 10.94M 10.98M -0.4%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Vanguard 2.17M $114.2M +2.8%
TROW T. Rowe Price 2.16M $113.76M +2.0%
BLK Blackrock 1.99M $105.02M +0.2%
PFG Principal Financial Group Inc - Registered Shares 1.4M $73.84M -1.5%
STT State Street 476.03K $25.09M +6.5%
Geode Capital Management 270.61K $14.26M -1.5%
Dimensional Fund Advisors 225.15K $11.87M +0.1%
Renaissance Technologies 221.77K $11.69M -1.2%
BK Bank Of New York Mellon 208.31K $10.98M +0.5%
NTRS Northern Trust 154.69K $8.15M -2.1%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -105.57K EXIT
Vanguard 2.17M +58.06K +2.8%
TROW T. Rowe Price 2.16M +43.05K +2.0%
STT State Street 476.03K +28.96K +6.5%
PFG Principal Financial Group Inc - Registered Shares 1.4M -20.65K -1.5%
Ergoteles 14.01K +14.01K NEW
JPM JPMorgan Chase & Co. 43.93K -13.86K -24.0%
Citadel Advisors 0 -8.89K EXIT
Mirabella Financial Services 8.34K +8.34K NEW
WEBNF Westpac Banking 38.43K -8.25K -17.7%

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

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Bad
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