FORM 10-K |
x | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) |
Maryland | 52-1833074 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Name of each exchange on which registered |
Common Stock, Par Value $0.01 Per Share | New York Stock Exchange |
Depositary Shares each representing 1/100th of a share of 6.875% Series C Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share | New York Stock Exchange |
Large accelerated filer | o | Accelerated filer | x |
Non-accelerated filer | o | Smaller reporting company | o |
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FINANCIAL STATEMENT SCHEDULE | ||
Schedule III. |
Name of Property | Location | Type | Square Footage | Year of Acquisition/ Development/ Disposal | |||||
Acquisitions | |||||||||
1580 Rockville Pike | Rockville, Maryland | Shopping Center | 12,100 | January 2014 | |||||
1582 Rockville Pike | Rockville, Maryland | Shopping Center | 40,700 | April 2014 | |||||
750 N. Glebe | Arlington, Virginia | Shopping Center | 16,900 | August 2014 | |||||
730 N. Glebe | Arlington, Virginia | Shopping Center | 2,000 | December 2014 | |||||
1584 Rockville Pike | Rockville, Maryland | Shopping Center | 4,600 | December 2014 | |||||
726 N. Glebe | Arlington, Virginia | Shopping Center | 4,800 | September 2015 | |||||
700 N. Glebe Road | Arlington, Virginia | Development | N/A | August 2016 | |||||
Developments | |||||||||
Park Van Ness | Washington, DC | Mixed-Use | |||||||
Dispositions | |||||||||
Giant Center | Milford Mill, Maryland | Shopping Center | 70,040 | April 2014 | |||||
Crosstown Business Center | Tulsa, Oklahoma | Mixed-Use | 197,100 | December 2016 |
(1) | The Saul Organization’s ownership percentage in Saul Centers reported above does not include units of limited partnership interest of the Operating Partnership held by the Saul Organization. In general, most units are convertible into shares of the Company’s common stock on a one-for-one basis. However, not all of the units may be convertible into the Company’s common stock because (i) the articles of incorporation limit beneficial and constructive ownership (defined by reference to various Code provisions) to 39.9% in value of the Company’s issued and outstanding common and preferred equity securities, which comprise the ownership limit and (ii) the convertibility of some of the outstanding units is subject to approval of the Company’s stockholders. |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Base rent | $ | 18.52 | $ | 18.07 | $ | 17.77 | $ | 17.05 | $ | 15.81 | $ | 18.73 | $ | 18.52 | $ | 18.07 | $ | 17.77 | $ | 17.05 | ||||||||||||||||||||
Effective rent | $ | 16.81 | $ | 16.45 | $ | 15.98 | $ | 15.47 | $ | 14.42 | $ | 16.90 | $ | 16.81 | $ | 16.45 | $ | 15.98 | $ | 15.47 | ||||||||||||||||||||
Year of Lease Expiration | Leasable Area Represented by Expiring Leases | Percentage of Leasable Area Represented by Expiring Leases | Annual Base Rent Under Expiring Leases (1) | Percentage of Annual Base Rent Under Expiring Leases | Annual Base Rent per Square Foot | Leasable Area Represented by Expiring Leases | Percentage of Leasable Area Represented by Expiring Leases | Annual Base Rent Under Expiring Leases (1) | Percentage of Annual Base Rent Under Expiring Leases | Annual Base Rent per Square Foot | ||||||||||||||||||||||||||||
2016 | 862,159 | sf | 10.9 | % | $ | 13,185,935 | 10.5 | % | $ | 15.29 | ||||||||||||||||||||||||||||
2017 | 954,294 | 12.1 | % | 17,847,010 | 14.3 | % | 18.70 | 920,637 | sf | 11.7 | % | $ | 16,228,231 | 12.8 | % | $ | 17.63 | |||||||||||||||||||||
2018 | 1,042,451 | 13.2 | % | 17,824,260 | 14.3 | % | 17.10 | 1,059,552 | 13.4 | % | 17,466,802 | 13.8 | % | 16.49 | ||||||||||||||||||||||||
2019 | 974,646 | 12.3 | % | 18,118,121 | 14.5 | % | 18.59 | 980,217 | 12.4 | % | 18,055,667 | 14.3 | % | 18.42 | ||||||||||||||||||||||||
2020 | 874,365 | 11.1 | % | 15,435,563 | 12.3 | % | 17.65 | 886,710 | 11.2 | % | 15,618,562 | 12.3 | % | 17.61 | ||||||||||||||||||||||||
2021 | 406,215 | 5.2 | % | 6,855,743 | 5.5 | % | 16.88 | 960,220 | 12.2 | % | 16,048,389 | 12.7 | % | 16.71 | ||||||||||||||||||||||||
2022 | 575,845 | 7.3 | % | 7,503,061 | 6.0 | % | 13.03 | 784,431 | 10.0 | % | 11,065,879 | 8.7 | % | 14.11 | ||||||||||||||||||||||||
2023 | 404,938 | 5.1 | % | 6,315,452 | 5.1 | % | 15.60 | 412,555 | 5.2 | % | 6,861,378 | 5.4 | % | 16.63 | ||||||||||||||||||||||||
2024 | 214,392 | 2.7 | % | 4,699,019 | 3.8 | % | 21.92 | 220,829 | 2.8 | % | 5,014,164 | 4.0 | % | 22.71 | ||||||||||||||||||||||||
2025 | 194,297 | 2.5 | % | 4,363,831 | 3.5 | % | 22.46 | 188,737 | 2.4 | % | 4,329,739 | 3.4 | % | 22.94 | ||||||||||||||||||||||||
2026 | 272,553 | 3.5 | % | 5,283,036 | 4.2 | % | 19.38 | |||||||||||||||||||||||||||||||
Thereafter | 1,026,883 | 13.0 | % | 12,758,517 | 10.2 | % | 12.42 | 881,618 | 11.2 | % | 10,681,663 | 8.4 | % | 12.12 | ||||||||||||||||||||||||
Total | 7,530,485 | sf | 95.4 | % | $ | 124,906,512 | 100.0 | % | 16.59 | 7,568,059 | sf | 96.0 | % | $ | 126,653,510 | 100.0 | % | 16.74 |
(1) | Calculated using annualized contractual base rent payable as of December 31, |
Year of Lease Expiration | Leasable Area Represented by Expiring Leases | Percentage of Leasable Area Represented by Expiring Leases | Annual Base Rent Under Expiring Leases (1) | Percentage of Annual Base Rent Under Expiring Leases | Annual Base Rent per Square Foot | Leasable Area Represented by Expiring Leases | Percentage of Leasable Area Represented by Expiring Leases | Annual Base Rent Under Expiring Leases (1) | Percentage of Annual Base Rent Under Expiring Leases | Annual Base Rent per Square Foot | ||||||||||||||||||||||||||||
2016 | 173,036 | sf | 13.7 | % | $ | 2,673,815 | 7.5 | % | $ | 15.45 | ||||||||||||||||||||||||||||
2017 | 67,184 | 5.3 | % | 1,138,562 | 3.2 | % | 16.95 | 31,880 | sf | 3.0 | % | $ | 440,505 | 1.2 | % | $ | 13.82 | |||||||||||||||||||||
2018 | 91,840 | 7.3 | % | 3,099,657 | 8.7 | % | 33.75 | 89,606 | 8.3 | % | 2,999,404 | 8.2 | % | 33.47 | ||||||||||||||||||||||||
2019 | 111,873 | 8.8 | % | 5,137,851 | 14.4 | % | 45.93 | 116,448 | 10.8 | % | 5,361,714 | 14.6 | % | 46.04 | ||||||||||||||||||||||||
2020 | 194,818 | 15.4 | % | 3,347,767 | 9.4 | % | 17.18 | 164,361 | 15.3 | % | 3,835,694 | 10.4 | % | 23.34 | ||||||||||||||||||||||||
2021 | 116,731 | 9.2 | % | 5,336,771 | 14.9 | % | 45.72 | 132,125 | 12.3 | % | 5,938,880 | 16.2 | % | 44.95 | ||||||||||||||||||||||||
2022 | 105,006 | 8.3 | % | 3,142,169 | 8.8 | % | 29.92 | 94,052 | 8.7 | % | 3,729,573 | 10.1 | % | 39.65 | ||||||||||||||||||||||||
2023 | 112,546 | 8.9 | % | 5,748,206 | 16.1 | % | 51.07 | 121,359 | 11.3 | % | 6,016,713 | 16.4 | % | 49.58 | ||||||||||||||||||||||||
2024 | 36,744 | 2.9 | % | 2,201,352 | 6.2 | % | 59.91 | 40,719 | 3.8 | % | 2,371,708 | 6.5 | % | 58.25 | ||||||||||||||||||||||||
2025 | 22,235 | 1.8 | % | 530,175 | 1.5 | % | 23.84 | 22,235 | 2.1 | % | 896,302 | 2.4 | % | 40.31 | ||||||||||||||||||||||||
2026 | 113,521 | 10.5 | % | 4,023,619 | 10.9 | % | 35.44 | |||||||||||||||||||||||||||||||
Thereafter | 118,651 | 9.4 | % | 3,313,214 | 9.3 | % | 27.92 | 52,552 | 4.9 | % | 1,134,266 | 3.1 | % | 21.58 | ||||||||||||||||||||||||
Total | 1,150,664 | sf | 91.0 | % | $ | 35,669,539 | 100.0 | % | 31.00 | 978,858 | sf | 91.0 | % | $ | 36,748,378 | 100.0 | % | 37.54 |
(1) | Calculated using annualized contractual base rent payable as of December 31, |
Property | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | Anchor / Significant Tenants | 2016 | 2015 | 2014 | 2013 | 2012 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||
Shopping Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashburn Village | Ashburn, VA | 221,585 | 1994-2006 | 26.4 | 95 | % | 93 | % | 91 | % | 92 | % | 88 | % | Giant Food, Hallmark Cards, McDonald's, Burger King, Dunkin' Donuts, Kinder Care | Ashburn, VA | 221,585 | 1994-2006 | 26.4 | 91 | % | 95 | % | 93 | % | 91 | % | 92 | % | Giant Food, Hallmark Cards, McDonald's, Burger King, Dunkin' Donuts, Kinder Care | ||||||||||||||||||||||
Ashland Square Phase I | Dumfries, VA | 23,120 | 2007 | 2.0 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Capital One Bank, CVS Pharmacy, The All American Steakhouse | Dumfries, VA | 23,120 | 2007 | 2.0 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Capital One Bank, CVS Pharmacy, The All American Steakhouse | ||||||||||||||||||||||
Beacon Center | Alexandria, VA | 358,071 | 1972 (1993/99/07) | 32.3 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe’s Home Improvement Center, Giant Food, Home Goods, Outback Steakhouse, Marshalls, Hancock Fabrics, Party Depot, Panera Bread, TGI Fridays, Starbucks, Famous Dave’s, Chipotle | Alexandria, VA | 358,071 | 1972 (1993/99/07) | 32.3 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe’s Home Improvement Center, Giant Food, Home Goods, Outback Steakhouse, Marshalls, Party Depot, Panera Bread, TGI Fridays, Starbucks, Famous Dave’s, Chipotle | ||||||||||||||||||||||
BJ’s Wholesale Club | Alexandria, VA | 115,660 | 2008 | 9.6 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | BJ’s Wholesale Club | Alexandria, VA | 115,660 | 2008 | 9.6 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | BJ’s Wholesale Club | ||||||||||||||||||||||
Boca Valley Plaza | Boca Raton, FL | 121,269 | 2004 | 12.7 | 100 | % | 89 | % | 91 | % | 87 | % | 80 | % | Publix, Wachovia Bank, Jaco Hybrid Training, Subway | Boca Raton, FL | 121,269 | 2004 | 12.7 | 95 | % | 100 | % | 89 | % | 91 | % | 87 | % | Publix, Wachovia Bank, Palm Beach Fitness, Anthony's Clothing | ||||||||||||||||||||||
Boulevard | Fairfax, VA | 49,140 | 1994 (1999/09) | 5.0 | 100 | % | 98 | % | 100 | % | 100 | % | 100 | % | Panera Bread, Party City, Petco | Fairfax, VA | 49,140 | 1994 (1999/09) | 5.0 | 100 | % | 100 | % | 98 | % | 100 | % | 100 | % | Panera Bread, Party City, Petco | ||||||||||||||||||||||
Briggs Chaney MarketPlace | Silver Spring, MD | 194,347 | 2004 | 18.2 | 99 | % | 99 | % | 99 | % | 99 | % | 99 | % | Safeway, Ross Dress For Less, Family Dollar, Advance Auto, McDonald's, Wendy’s, Chuck E Cheese’s | Silver Spring, MD | 194,258 | 2004 | 18.2 | 98 | % | 99 | % | 99 | % | 99 | % | 99 | % | Global Foods, Ross Dress For Less, Family Dollar, Advance Auto, McDonald's, Wendy’s | ||||||||||||||||||||||
Broadlands Village | Ashburn, VA | 174,734 | 2003-2006 | 24.0 | 98 | % | 97 | % | 87 | % | 85 | % | 91 | % | Safeway, The All American Steakhouse, Bonefish Grill, Dollar Tree, Starbucks, Minnieland Day Care | Ashburn, VA | 174,734 | 2003-2006 | 24.0 | 100 | % | 98 | % | 97 | % | 87 | % | 85 | % | Safeway, The All American Steakhouse, Bonefish Grill, Dollar Tree, Starbucks, Minnieland Day Care | ||||||||||||||||||||||
Countryside Marketplace | Sterling, VA | 138,229 | 2004 | 16.0 | 93 | % | 91 | % | 91 | % | 92 | % | 90 | % | Safeway, CVS Pharmacy, Starbucks, McDonalds | Sterling, VA | 138,229 | 2004 | 16.0 | 94 | % | 93 | % | 91 | % | 91 | % | 92 | % | Safeway, CVS Pharmacy, Starbucks, McDonalds | ||||||||||||||||||||||
Cranberry Square | Westminster, MD | 141,450 | 2011 | 18.9 | 97 | % | 97 | % | 95 | % | 92 | % | 91 | % | Giant Food, Staples, Party City, Pier 1 Imports, Jos. A. Bank, Wendy’s, Giant Gas | Westminster, MD | 141,450 | 2011 | 18.9 | 100 | % | 97 | % | 97 | % | 95 | % | 92 | % | Giant Food, Staples, Party City, Pier 1 Imports, Jos. A. Bank, Wendy’s, Giant Gas | ||||||||||||||||||||||
Cruse MarketPlace | Cumming, GA | 78,686 | 2004 | 10.6 | 92 | % | 88 | % | 84 | % | 84 | % | 88 | % | Publix, Subway, Orange Theory | Cumming, GA | 78,686 | 2004 | 10.6 | 92 | % | 92 | % | 88 | % | 84 | % | 84 | % | Publix, Subway, Orange Theory | ||||||||||||||||||||||
Flagship Center | Rockville, MD | 21,500 | 1972, 1989 | 0.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Capital One Bank | Rockville, MD | 21,500 | 1972, 1989 | 0.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Capital One Bank | ||||||||||||||||||||||
French Market | Oklahoma City, OK | 244,718 | 1974 (1984/98) | 13.8 | 98 | % | 100 | % | 100 | % | 87 | % | 94 | % | Burlington Coat Factory, Bed Bath & Beyond, Staples, Petco, The Tile Shop, Lakeshore Learning Center, Dollar Tree, Verizon, Circle K | Oklahoma City, OK | 246,148 | 1974 (1984/98) | 13.8 | 98 | % | 98 | % | 100 | % | 100 | % | 87 | % | Burlington Coat Factory, Bed Bath & Beyond, Staples, Petco, The Tile Shop, Lakeshore Learning Center, Dollar Tree, Verizon, Raising Canes | ||||||||||||||||||||||
Germantown | Germantown, MD | 18,982 | 1992 | 2.7 | 100 | % | 86 | % | 81 | % | 81 | % | 82 | % | Jiffy Lube, CVS Pharmacy | Germantown, MD | 18,982 | 1992 | 2.7 | 100 | % | 100 | % | 86 | % | 81 | % | 81 | % | Jiffy Lube, CVS Pharmacy | ||||||||||||||||||||||
750/730/726 N.Glebe Road | Arlington, VA | 23,688 | 2014 | 2.5 | 100 | % | 100 | % | N/A | N/A | N/A | Rosenthal Mazda | ||||||||||||||||||||||||||||||||||||||||
The Glen | Woodbridge, VA | 136,440 | 1994 (2005) | 14.7 | 95 | % | 94 | % | 97 | % | 96 | % | 96 | % | Safeway Marketplace, The All American Steakhouse, Panera Bread, Five Guys, Chipotle | Woodbridge, VA | 136,440 | 1994 (2005) | 14.7 | 97 | % | 95 | % | 94 | % | 97 | % | 96 | % | Safeway Marketplace, The All American Steakhouse, Panera Bread, Five Guys, Chipotle | ||||||||||||||||||||||
Great Eastern | District Heights, MD | 255,398 | 1972 (1995) | 31.9 | 73 | % | 73 | % | 74 | % | 75 | % | 98 | % | Pep Boys, No Excuse Workout, Room Style Furniture, Kool Smiles | District Heights, MD | 255,398 | 1972 (1995) | 31.9 | 93 | % | 73 | % | 73 | % | 74 | % | 75 | % | Pep Boys, No Excuse Workout, Kool Smiles | ||||||||||||||||||||||
Great Falls Center | Great Falls, VA | 91,666 | 2008 | 11.0 | 100 | % | 98 | % | 96 | % | 98 | % | 95 | % | Safeway, CVS Pharmacy, Capital One Bank, Starbucks, Subway, Long & Foster | Great Falls, VA | 91,666 | 2008 | 11.0 | 98 | % | 100 | % | 98 | % | 96 | % | 98 | % | Safeway, CVS Pharmacy, Capital One Bank, Starbucks, Subway, Long & Foster | ||||||||||||||||||||||
Hampshire Langley | Takoma Park, MD | 131,700 | 1972 (1979) | 9.9 | 100 | % | 100 | % | 100 | % | 100 | % | 98 | % | Mega Mart, Radio Shack, Starbucks, Chuck E. Cheese’s, Sardi's Chicken | Takoma Park, MD | 131,700 | 1972 (1979) | 9.9 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Mega Mart, Radio Shack, Starbucks, Chuck E. Cheese’s, Sardi's Chicken | ||||||||||||||||||||||
Hunt Club Corners | Apopka, FL | 101,522 | 2006 | 13.9 | 94 | % | 94 | % | 97 | % | 94 | % | 94 | % | Publix, Pet Supermarket, Sprint/Radio Shack, Hallmark | Apopka, FL | 105,882 | 2006 | 13.9 | 97 | % | 94 | % | 94 | % | 97 | % | 94 | % | Publix, Pet Supermarket, Sprint/Radio Shack, Hallmark | ||||||||||||||||||||||
Jamestown Place | Altamonte Springs, FL | 96,341 | 2005 | 10.9 | 90 | % | 92 | % | 89 | % | 93 | % | 90 | % | Publix, Carrabas Italian Grill | Altamonte Springs, FL | 96,341 | 2005 | 10.9 | 95 | % | 90 | % | 92 | % | 89 | % | 93 | % | Publix, Carrabas Italian Grill | ||||||||||||||||||||||
Kentlands Square I | Gaithersburg, MD | 114,381 | 2002 | 11.5 | 98 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe’s Home Improvement Center, Chipotle |
Property | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | Anchor / Significant Tenants | 2016 | 2015 | 2014 | 2013 | 2012 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||
Shopping Centers (Continued) | Shopping Centers (Continued) | Shopping Centers (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square I | Gaithersburg, MD | 114,381 | 2002 | 11.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe’s Home Improvement Center, Chipotle | |||||||||||||||||||||||||||||||||||||
Kentlands Square II | Gaithersburg, MD | 246,965 | 2011, 2013 | 23.4 | 100 | % | 98 | % | 96 | % | 96 | % | 100 | % | Giant Food, Kmart, Party City, Panera Bread, Not Your Average Joe’s, Payless Shoes, Hallmark, Chick-Fil-A, Coal Fire Pizza, Brasserie Beck, Cava Mezze Grill, Zengo Cycle, Fleet Feet | Gaithersburg, MD | 246,965 | 2011, 2013 | 23.4 | 100 | % | 100 | % | 98 | % | 96 | % | 96 | % | Giant Food, Kmart, Party City, Panera Bread, Not Your Average Joe’s, Payless Shoes, Hallmark, Chick-Fil-A, Coal Fire Pizza, Tommy Joe's, Cava Mezze Grill, Zengo Cycle, Fleet Feet | ||||||||||||||||||||||
Kentlands Place | Gaithersburg, MD | 40,697 | 2005 | 3.4 | 96 | % | 100 | % | 100 | % | 100 | % | 97 | % | Elizabeth Arden’s Red Door Salon, Bonefish Grill, Subway | Gaithersburg, MD | 40,697 | 2005 | 3.4 | 100 | % | 96 | % | 100 | % | 100 | % | 100 | % | Elizabeth Arden’s Red Door Salon, Bonefish Grill, Subway | ||||||||||||||||||||||
Lansdowne Town Center | Leesburg, VA | 189,422 | 2006 | 23.4 | 89 | % | 97 | % | 97 | % | 93 | % | 96 | % | Harris Teeter, CVS Pharmacy, Panera Bread, Not Your Average Joe's, Starbucks, Lansdowne Tavern, Capital One Bank, Pike's Fish House | Leesburg, VA | 189,422 | 2006 | 23.4 | 88 | % | 89 | % | 97 | % | 97 | % | 93 | % | Harris Teeter, CVS Pharmacy, Panera Bread, Not Your Average Joe's, Starbucks, Capital One Bank, Ford's Fish Shack | ||||||||||||||||||||||
Leesburg Pike Plaza | Baileys Crossroads, VA | 97,752 | 1966 (1982/95) | 9.4 | 100 | % | 100 | % | 100 | % | 100 | % | 95 | % | CVS Pharmacy, Party Depot, FedEx Kinko’s, Radio Shack, Verizon Wireless | Baileys Crossroads, VA | 97,752 | 1966 (1982/95) | 9.4 | 95 | % | 100 | % | 100 | % | 100 | % | 100 | % | CVS Pharmacy, Party Depot, FedEx Kinko’s, Radio Shack, Verizon Wireless | ||||||||||||||||||||||
Lumberton Plaza | Lumberton, NJ | 192,718 | 1975 (1992/96) | 23.3 | 90 | % | 94 | % | 94 | % | 93 | % | 76 | % | Aldi Grocery, Rite Aid, Virtua Health Center, Radio Shack, Family Dollar, Retro Fitness, Big Lots | Lumberton, NJ | 192,718 | 1975 (1992/96) | 23.3 | 91 | % | 90 | % | 94 | % | 94 | % | 93 | % | Aldi Grocery, Rite Aid, Virtua Health Center, Family Dollar, Retro Fitness, Big Lots, Pet Valu | ||||||||||||||||||||||
Metro Pike Center | Rockville, MD | 67,488 | 2010 | 4.6 | 89 | % | 80 | % | 92 | % | 84 | % | 76 | % | McDonald's, Dunkin' Donuts, 7-Eleven | Rockville, MD | 67,488 | 2010 | 4.6 | 69 | % | 89 | % | 80 | % | 92 | % | 84 | % | McDonald's, Dunkin' Donuts, 7-Eleven | ||||||||||||||||||||||
Shops at Monocacy | Frederick, MD | 109,144 | 2004 | 13.0 | 100 | % | 97 | % | 93 | % | 92 | % | 91 | % | Giant Food, Giant Gas Station, Panera Bread, Starbucks, Five Guys, California Tortilla, Firehouse Subs, Comcast | Frederick, MD | 109,144 | 2004 | 13.0 | 100 | % | 100 | % | 97 | % | 93 | % | 92 | % | Giant Food, Giant Gas Station, Panera Bread, Starbucks, Five Guys, California Tortilla, Firehouse Subs, Comcast | ||||||||||||||||||||||
Northrock | Warrenton, VA | 99,789 | 2009 | 15.4 | 92 | % | 95 | % | 87 | % | 81 | % | 81 | % | Harris Teeter, Longhorn Steakhouse, Ledo’s Pizza, Capital One Bank, Jos. A. Bank | Warrenton, VA | 99,789 | 2009 | 15.4 | 99 | % | 92 | % | 95 | % | 87 | % | 81 | % | Harris Teeter, Longhorn Steakhouse, Ledo’s Pizza, Capital One Bank, Jos. A. Bank, Novant Health | ||||||||||||||||||||||
Olde Forte Village | Ft. Washington, MD | 143,577 | 2003 | 16.0 | 97 | % | 98 | % | 97 | % | 96 | % | 94 | % | Safeway, Advance Auto, Dollar Tree, Radio Shack, McDonalds, Wendy’s, Ledo’s Pizza | Ft. Washington, MD | 143,577 | 2003 | 16.0 | 97 | % | 97 | % | 98 | % | 97 | % | 96 | % | Safeway, Advance Auto, Dollar Tree, Radio Shack, McDonalds, Wendy’s, Ledo’s Pizza | ||||||||||||||||||||||
Olney | Olney, MD | 53,765 | 1975 (1990) | 3.7 | 97 | % | 92 | % | 93 | % | 94 | % | 96 | % | Rite Aid, Olney Grill, Ledo’s Pizza, Popeye’s, Sardi's Fusion | Olney, MD | 53,765 | 1975 (1990) | 3.7 | 90 | % | 97 | % | 92 | % | 93 | % | 94 | % | Rite Aid, Olney Grill, Ledo’s Pizza, Popeye’s, Sardi's Fusion | ||||||||||||||||||||||
Orchard Park | Dunwoody, GA | 87,365 | 2007 | 10.5 | 98 | % | 98 | % | 94 | % | 92 | % | 90 | % | Kroger, Subway, Jett Ferry Dental | Dunwoody, GA | 87,365 | 2007 | 10.5 | 97 | % | 98 | % | 98 | % | 94 | % | 92 | % | Kroger, Subway, Jett Ferry Dental | ||||||||||||||||||||||
Palm Springs Center | Altamonte Springs, FL | 126,446 | 2005 | 12.0 | 98 | % | 91 | % | 98 | % | 98 | % | 94 | % | Albertson’s, Duffy's Sports Grill, Toojay’s Deli, The Tile Shop, Rockler Tools | Altamonte Springs, FL | 126,446 | 2005 | 12.0 | 100 | % | 98 | % | 91 | % | 98 | % | 98 | % | Safeway, Duffy's Sports Grill, Toojay’s Deli, The Tile Shop, Rockler Tools | ||||||||||||||||||||||
Ravenwood | Baltimore, MD | 93,328 | 1972 (2006) | 8.0 | 99 | % | 96 | % | 94 | % | 91 | % | 93 | % | Giant Food, Starbucks, Sleepy's, Dominos, Bank of America | Baltimore, MD | 93,328 | 1972 (2006) | 8.0 | 100 | % | 99 | % | 96 | % | 94 | % | 91 | % | Giant Food, Starbucks, Sleepy's, Dominos, Bank of America | ||||||||||||||||||||||
11503 Rockville Pike/5541 Nicholson Lane | Rockville, MD | 40,249 | 2010/2012 | 3.0 | 63 | % | 63 | % | 70 | % | 70 | % | 100 | % | Staples, Casual Male | Rockville, MD | 40,249 | 2010/2012 | 3.0 | 63 | % | 63 | % | 63 | % | 70 | % | 70 | % | Dr. Boyd's Pet Resort, Metropolitan Emergency Animal Clinic (MEAC) | ||||||||||||||||||||||
1500/1580/1582/ 1584 Rockville Pike | Rockville, MD | 110,128 | 2012/2014 | 10.3 | 90 | % | 99 | % | 100 | % | 91 | % | N/A | Party City, CVS Pharmacy, Sheffield Furniture, Hooters | Rockville, MD | 110,128 | 2012/2014 | 10.3 | 87 | % | 90 | % | 99 | % | 100 | % | 91 | % | Party City, CVS Pharmacy, Sheffield Furniture | |||||||||||||||||||||||
Seabreeze Plaza | Palm Harbor, FL | 146,673 | 2005 | 18.4 | 95 | % | 97 | % | 97 | % | 97 | % | 95 | % | Publix, Earth Origins Health Food, Petco, Planet Fitness, Vision Works | Palm Harbor, FL | 146,673 | 2005 | 18.4 | 98 | % | 95 | % | 97 | % | 97 | % | 97 | % | Publix, Earth Origins Health Food, Petco, Planet Fitness, Vision Works | ||||||||||||||||||||||
Marketplace at Sea Colony | Bethany Beach, DE | 21,677 | 2008 | 5.1 | 95 | % | 91 | % | 91 | % | 90 | % | 95 | % | Seacoast Realty, Armand’s Pizza, Candy Kitchen, Burnzy's | Bethany Beach, DE | 21,677 | 2008 | 5.1 | 94 | % | 95 | % | 91 | % | 91 | % | 90 | % | Seacoast Realty, Armand’s Pizza, Candy Kitchen, Summer Salts | ||||||||||||||||||||||
Seven Corners | Falls Church, VA | 573,481 | 1973 (1994) | 31.6 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | The Home Depot, Shoppers Food & Pharmacy, Michaels Arts & Crafts, Barnes & Noble, Ross Dress For Less, Ski Chalet, Off-Broadway Shoes, JoAnn Fabrics, Dress Barn, Starbucks, Dogfishhead Ale House, Red Robin Gourmet Burgers, Chipotle, Wendy’s, Burlington Coat Factory |
Property | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | Anchor / Significant Tenants | 2016 | 2015 | 2014 | 2013 | 2012 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||
Shopping Centers (Continued) | Shopping Centers (Continued) | Shopping Centers (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Corners | Falls Church, VA | 573,481 | 1973 (1994) | 31.6 | 100 | % | 100 | % | 100 | % | 100 | % | 91 | % | The Home Depot, Shoppers Food & Pharmacy, Michaels Arts & Crafts, Barnes & Noble, Ross Dress For Less, Ski Chalet, Off-Broadway Shoes, JoAnn Fabrics, Dress Barn, Starbucks, Dogfishhead Ale House, Red Robin Gourmet Burgers, Chipotle, Wendy’s, Burlington Coat Factory | |||||||||||||||||||||||||||||||||||||
Severna Park Marketplace | Severna Park, MD | 254,174 | 2011 | 20.6 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Giant Food, Kohl’s, Office Depot, A.C. Moore, Goodyear, Chipotle, McDonald's, Jos. A Bank, Radio Shack, Five Guys, Unleashed (Petco) | Severna Park, MD | 254,174 | 2011 | 20.6 | 98 | % | 100 | % | 100 | % | 100 | % | 100 | % | Giant Food, Kohl’s, Office Depot, A.C. Moore, Goodyear, Chipotle, McDonald's, Jos. A Bank, Radio Shack, Five Guys, Unleashed (Petco) | ||||||||||||||||||||||
Shops at Fairfax | Fairfax, VA | 68,762 | 1975 (1993/99) | 6.7 | 100 | % | 98 | % | 100 | % | 100 | % | 95 | % | Super H Mart | Fairfax, VA | 68,762 | 1975 (1993/99) | 6.7 | 97 | % | 100 | % | 98 | % | 100 | % | 100 | % | Super H Mart | ||||||||||||||||||||||
Smallwood Village Center | Waldorf, MD | 174,749 | 2006 | 25.1 | 69 | % | 72 | % | 74 | % | 70 | % | 68 | % | Safeway, CVS Pharmacy, Family Dollar | Waldorf, MD | 173,341 | 2006 | 25.1 | 80 | % | 69 | % | 72 | % | 74 | % | 70 | % | Safeway, CVS Pharmacy, Family Dollar | ||||||||||||||||||||||
Southdale | Glen Burnie, MD | 484,035 | 1972 (1986) | 39.6 | 95 | % | 89 | % | 87 | % | 93 | % | 83 | % | The Home Depot, Michaels Arts & Crafts, Marshalls, PetSmart, Value City Furniture, Athletic Warehouse, Starbucks, Gallo Clothing, Office Depot, The Tile Shop | Glen Burnie, MD | 484,035 | 1972 (1986) | 41.2 | 98 | % | 95 | % | 89 | % | 87 | % | 93 | % | The Home Depot, Michaels Arts & Crafts, Marshalls, PetSmart, Value City Furniture, Athletic Warehouse, Starbucks, Gallo Clothing, Office Depot, The Tile Shop, Mercy Health Care | ||||||||||||||||||||||
Southside Plaza | Richmond, VA | 371,761 | 1972 | 32.8 | 98 | % | 98 | % | 98 | % | 92 | % | 92 | % | Community Supermarket, Maxway, Citi Trends, City of Richmond, McDonald's, Burger King, Kool Smiles, Falla's, Hibachi Grill | Richmond, VA | 371,761 | 1972 | 32.8 | 91 | % | 98 | % | 98 | % | 98 | % | 92 | % | Community Supermarket, Maxway, Citi Trends, City of Richmond, McDonald's, Burger King, Kool Smiles, Falla's | ||||||||||||||||||||||
South Dekalb Plaza | Atlanta, GA | 163,418 | 1976 | 14.6 | 91 | % | 94 | % | 94 | % | 88 | % | 88 | % | Maxway, Big Lots, Emory Clinic, Dollar Tree, Shoe Land | Atlanta, GA | 163,418 | 1976 | 14.6 | 88 | % | 91 | % | 94 | % | 94 | % | 88 | % | Maxway, Big Lots, Emory Clinic, Dollar Tree, Shoe Land | ||||||||||||||||||||||
Thruway | Winston-Salem, NC | 362,456 | 1972 (1997) | 30.5 | 96 | % | 97 | % | 96 | % | 93 | % | 87 | % | Harris Teeter, Trader Joe’s, Stein Mart, Talbots, Hanes Brands, Jos. A Bank, Bonefish Grill, Chico’s, Ann Taylor Loft, Rite Aid, FedEx/Kinkos, Plow & Hearth, New Balance, Aveda Salon, Christies Hallmark, Carter’s Kids, McDonalds, Chick-Fil-A, Wells Fargo Bank, Francesca’s Collections, Great Outdoor Provision Company, White House / Black Market, Soma | Winston-Salem, NC | 366,693 | 1972 (1997) | 31.5 | 98 | % | 96 | % | 97 | % | 96 | % | 93 | % | Harris Teeter, Trader Joe’s, Stein Mart, Talbots, Hanes Brands, Jos. A Bank, Bonefish Grill, Chico’s, Ann Taylor Loft, Rite Aid, FedEx/Kinkos, Plow & Hearth, New Balance, Aveda Salon, Christies Hallmark, Carter’s Kids, McDonalds, Chick-Fil-A, Wells Fargo Bank, Francesca’s Collections, Great Outdoor Provision Company, White House / Black Market, Soma | ||||||||||||||||||||||
Village Center | Centreville, VA | 146,032 | 1990 | 17.2 | 94 | % | 98 | % | 96 | % | 99 | % | 90 | % | Giant Food, Tuesday Morning, Starbucks, McDonald's, Pet Supplies Plus, Bikram Yoga | Centreville, VA | 146,032 | 1990 | 17.2 | 95 | % | 94 | % | 98 | % | 96 | % | 99 | % | Giant Food, Tuesday Morning, Starbucks, McDonald's, Pet Supplies Plus, Bikram Yoga | ||||||||||||||||||||||
Westview Village | Frederick, MD | 97,145 | 2009 | 11.6 | 100 | % | 90 | % | 88 | % | 85 | % | 57 | % | Silver Diner, Sleepy’s, Music & Arts, Firehouse Subs, CiCi’s Pizza, Café Rio, Five Guys, Regus | Frederick, MD | 97,858 | 2009 | 11.6 | 100 | % | 100 | % | 90 | % | 88 | % | 85 | % | Silver Diner, Sleepy’s, Music & Arts, Firehouse Subs, CiCi’s Pizza, Café Rio, Five Guys, Regus, Krispy Kreme | ||||||||||||||||||||||
White Oak | Silver Spring, MD | 480,676 | 1972 (1993) | 27.9 | 99 | % | 100 | % | 100 | % | 100 | % | 99 | % | Giant Food, Sears, Walgreens, Boston Market, Sarku | Silver Spring, MD | 480,676 | 1972 (1993) | 27.9 | 100 | % | 99 | % | 100 | % | 100 | % | 100 | % | Giant Food, Sears, Walgreens, Boston Market, Sarku | ||||||||||||||||||||||
Total Shopping Centers | Total Shopping Centers | (3) | 7,896,499 | 760.1 | 95.4 | % | 95.0 | % | 94.5 | % | 93.4 | % | 91.6 | % | Total Shopping Centers | (3) | 7,882,054 | 760.2 | 96.0 | % | 95.4 | % | 95.0 | % | 94.5 | % | 93.4 | % | ||||||||||||||||||||||||
Property | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of December 31, (1) | ||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | Anchor / Significant Tenants | 2016 | 2015 | 2014 | 2013 | 2012 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||
Mixed-Use Properties | Mixed-Use Properties | Mixed-Use Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||
Avenel Business Park | Gaithersburg, MD | 390,683 | 1981-2000 | 37.1 | 84 | % | 88 | % | 91 | % | 83 | % | 80 | % | General Services Administration, Gene Dx, Inc., American Type Culture Collection, Inc. | Gaithersburg, MD | 390,683 | 1981-2000 | 37.1 | 83 | % | 84 | % | 88 | % | 91 | % | 83 | % | General Services Administration, Gene Dx, Inc., American Type Culture Collection, Inc. | ||||||||||||||||||||||
Clarendon Center-North Block | Arlington, VA | 108,387 | 2010 | 0.6 | 96 | % | 96 | % | 96 | % | 96 | % | 86 | % | Pete’s New Haven Pizza, AT&T, Airline Reporting Corporation | Arlington, VA | 108,387 | 2010 | 0.6 | 99 | % | 96 | % | 96 | % | 96 | % | 96 | % | Pete’s New Haven Pizza, AT&T, Airline Reporting Corporation | ||||||||||||||||||||||
Clarendon Center-South Block | Arlington, VA | 104,894 | 2010 | 1.3 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | Trader Joe’s, Circa, Burke and Herbert Bank, Bracket Room, Winston Partners, Keppler Speakers Bureau, ECG Management Co., Leadership Institute, Capital One | Arlington, VA | 104,894 | 2010 | 1.3 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Trader Joe’s, Circa, Burke and Herbert Bank, Bracket Room, Winston Partners, Keppler Speakers Bureau, ECG Management Co., Leadership Institute, Capital One | ||||||||||||||||||||||
Clarendon Center Residential-South Block (244 units) | 188,671 | 2010 | 97 | % | 96 | % | 99 | % | 100 | % | 100 | % | 188,671 | 2010 | 97 | % | 99 | % | 96 | % | 99 | % | 100 | % | ||||||||||||||||||||||||||||
Crosstown Business Center (4) | Tulsa, OK | 197,127 | 1975 (2000) | 22.4 | 85 | % | 94 | % | 81 | % | 77 | % | 87 | % | Roxtec, Keystone Automotive, Freedom Express, Direct TV, Baldor | |||||||||||||||||||||||||||||||||||||
Park Van Ness-Residential (271 units) | Washington, DC | 214,600 | 2016 | 1.4 | 73 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||
Park Van Ness-Retail | Washington, DC | 8,847 | 2016 | 100 | % | N/A | N/A | N/A | N/A | Soapstone Market, Sfoglina Pasta House | ||||||||||||||||||||||||||||||||||||||||||
601 Pennsylvania Ave. | Washington, DC | 227,021 | 1973 (1986) | 1.0 | 98 | % | 96 | % | 95 | % | 95 | % | 95 | % | National Gallery of Art, American Assn. of Health Plans, Credit Union National Assn., Southern Company, HQ Global, Freedom Forum, Capital Grille, Michael Best & Friedrich, LLP | Washington, DC | 227,021 | 1973 (1986) | 1.0 | 98 | % | 98 | % | 96 | % | 95 | % | 95 | % | National Gallery of Art, American Assn. of Health Plans, Credit Union National Assn., Southern Company, HQ Global, Freedom Forum, Capital Grille, Michael Best & Friedrich, LLP | ||||||||||||||||||||||
Washington Square | Alexandria, VA | 236,376 | 1975 (2000) | 2.0 | 95 | % | 82 | % | 86 | % | 89 | % | 92 | % | Vanderweil Engineering, Freeman Decorating Services, Tauri Group, Cooper Carry, National PACE Association, Marketing General, Alexandria Economic Development, Trader Joe’s, Fed Ex/Kinko’s, Talbots, Teaism Restaurant, Starbucks, The Business Bank, Virginia ABC | Alexandria, VA | 236,376 | 1975 (2000) | 2.0 | 89 | % | 95 | % | 82 | % | 86 | % | 89 | % | Vanderweil Engineering, Freeman Decorating Services, Academy of Managed Care Pharmacy, Cooper Carry, National PACE Association, Marketing General, Alexandria Economic Development, Trader Joe’s, Fed Ex/Kinko’s, Talbots, Starbucks, Virginia ABC | ||||||||||||||||||||||
Total Mixed Use Properties | Total Mixed Use Properties | (3) | 1,453,159 | 64.4 | 91.0 | % | (2) | 90.8 | % | (2) | 90.5 | % | (2) | 87.7 | % | (2) | 88.2 | % | (2) | Total Mixed Use Properties | (3) | 1,479,479 | 43.4 | 91.0 | % | (2) | 92.2 | % | 90.3 | % | (2) | 92.3 | % | (2) | 89.8 | % | (2) | |||||||||||||||
Total Portfolio | Total Portfolio | (3) | 9,349,658 | 824.5 | 94.8 | % | (2) | 94.4 | % | (2) | 93.9 | % | (2) | 92.6 | % | (2) | 91.1 | % | (2) | Total Portfolio | (3) | 9,361,533 | 803.6 | 95.4 | % | (2) | 95.0 | % | (2) | 94.4 | % | (2) | 94.2 | % | (2) | 92.9 | % | (2) | ||||||||||||||
Land and Development Parcels | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase II | Manassas, VA | 2004 | 17.3 | Marketing to grocers and other retail businesses, with a development timetable yet to be finalized. | Manassas, VA | 2004 | 17.3 | Marketing to grocers and other retail businesses, with a development timetable yet to be finalized. | ||||||||||||||||||||||||||||||||||||||||||||
N. Glebe Road | Arlington, VA | 2014-2016 | 2.8 | Zoning and site plan approval received from Arlington County, Virginia for the development of approximately 490 residential units and 62,000 square feet of retail space. | ||||||||||||||||||||||||||||||||||||||||||||||||
New Market | New Market, MD | 2005 | 35.5 | Parcel will accommodate retail development in excess of 120,000 SF near I-70, east of Frederick, Maryland. A development timetable has not been determined. | New Market, MD | 2005 | 35.5 | Parcel will accommodate retail development in excess of 120,000 SF near I-70, east of Frederick, Maryland. A development timetable has not been determined. | ||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness | Washington, DC | — | 1973/2011 | 1.4 | A 271-unit residential building with approximately 9,000 square feet of street-level retail space is currently under construction. | |||||||||||||||||||||||||||||||||||||||||||||||
Total Development Properties | 54.2 | 55.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Percentage leased is a percentage of rentable square feet leased for commercial space and a percentage of units leased for apartments. Includes only operating properties owned as of December 31, |
(2) | Total percentage leased is for commercial space only. |
(3) | Prior year leased percentages for Total Shopping Centers, Total Mixed-Use Properties and Total Portfolio have been recalculated to exclude the impact of properties sold or removed from service and, therefore, the percentages reported in this table may be different than the percentages previously reported. |
Period | Share Price | Share Price | ||||||||||||
High | Low | High | Low | |||||||||||
October 1, 2016 – December 31, 2016 | $ | 68.23 | $ | 58.79 | ||||||||||
July 1, 2016 – September 30, 2016 | $ | 68.58 | $ | 61.28 | ||||||||||
April 1, 2016 – June 30, 2016 | $ | 61.71 | $ | 51.59 | ||||||||||
January 1, 2016 - March 31, 2016 | $ | 53.50 | $ | 47.77 | ||||||||||
October 1, 2015 – December 31, 2015 | $ | 58.87 | $ | 51.27 | $ | 58.87 | $ | 51.27 | ||||||
July 1, 2015 – September 30, 2015 | $ | 52.90 | $ | 47.65 | $ | 52.90 | $ | 47.65 | ||||||
April 1, 2015 – June 30, 2015 | $ | 56.93 | $ | 49.19 | $ | 56.93 | $ | 49.19 | ||||||
January 1, 2015 – March 31, 2015 | $ | 60.30 | $ | 53.52 | $ | 60.30 | $ | 53.52 | ||||||
October 1, 2014 – December 31, 2014 | $ | 58.56 | $ | 46.83 | ||||||||||
July 1, 2014 – September 30, 2014 | $ | 50.35 | $ | 45.98 | ||||||||||
April 1, 2014 – June 30, 2014 | $ | 50.53 | $ | 45.51 | ||||||||||
January 1, 2014– March 31, 2014 | $ | 48.20 | $ | 45.06 |
Period Ending | ||||||||||||||||||
Index | 12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | ||||||||||||
Saul Centers, Inc. | $100.00 | $77.51 | $97.05 | $111.70 | $138.25 | $127.88 | ||||||||||||
S&P 500 | $100.00 | $102.11 | $118.45 | $156.82 | $178.28 | $180.75 | ||||||||||||
Russell 2000 | $100.00 | $95.82 | $111.49 | $154.78 | $162.35 | $155.18 | ||||||||||||
NAREIT Equity | $100.00 | $108.29 | $127.85 | $131.01 | $170.49 | $175.94 | ||||||||||||
Source: SNL Financial LC |
Period Ending | ||||||||||||||||||
Index | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | ||||||||||||
Saul Centers, Inc. 1 | $100.00 | $125.24 | $144.16 | $178.42 | $165.06 | $ | 221.52 | |||||||||||
S&P 500 2 | $100.00 | $116.00 | $153.57 | $174.60 | $177.01 | $ | 198.18 | |||||||||||
Russell 2000 3 | $100.00 | $116.35 | $161.52 | $169.42 | $161.95 | $ | 196.45 | |||||||||||
NAREIT Equity 4 | $100.00 | $118.06 | $120.97 | $157.43 | $162.46 | $ | 176.30 | |||||||||||
1 Source: S&P Capital I.Q. | ||||||||||||||||||
2 Source: Bloomberg | ||||||||||||||||||
3 Source: FTSE Russell | ||||||||||||||||||
4 Source: National Association of Real Estate Investment Trusts |
SELECTED FINANCIAL DATA | ||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2013 | 2012 | 2011 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Operating Data: | ||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 209,077 | $ | 207,092 | $ | 197,897 | $ | 190,092 | $ | 173,878 | $ | 217,070 | $ | 209,077 | $ | 207,092 | $ | 197,897 | $ | 190,092 | ||||||||||||||||||
Total operating expenses | 156,147 | 155,163 | 162,628 | 154,996 | 142,442 | 161,357 | 156,147 | 155,163 | 162,628 | 154,996 | ||||||||||||||||||||||||||||
Operating income | 52,930 | 51,929 | 35,269 | 35,096 | 31,436 | 55,713 | 52,930 | 51,929 | 35,269 | 35,096 | ||||||||||||||||||||||||||||
Non-operating income: | ||||||||||||||||||||||||||||||||||||||
Change in fair value of derivatives | (10 | ) | (10 | ) | (7 | ) | 36 | (1,332 | ) | (6 | ) | (10 | ) | (10 | ) | (7 | ) | 36 | ||||||||||||||||||||
Loss on early extinguishment of debt | — | — | (497 | ) | — | — | — | — | — | (497 | ) | — | ||||||||||||||||||||||||||
Gains on sales of properties | 11 | 6,069 | — | — | — | 1,013 | 11 | 6,069 | — | — | ||||||||||||||||||||||||||||
Gain on casualty settlements | — | — | 77 | 219 | 245 | — | — | — | 77 | 219 | ||||||||||||||||||||||||||||
Income from continuing operations | 52,931 | 57,988 | 34,842 | 35,351 | 30,349 | 56,720 | 52,931 | 57,988 | 34,842 | 35,351 | ||||||||||||||||||||||||||||
Discontinued operations | — | — | — | 4,429 | (55 | ) | — | — | — | — | 4,429 | |||||||||||||||||||||||||||
Net income | 52,931 | 57,988 | 34,842 | 39,780 | 30,294 | 56,720 | 52,931 | 57,988 | 34,842 | 39,780 | ||||||||||||||||||||||||||||
Income attributable to noncontrolling interests | (10,463 | ) | (11,045 | ) | (3,970 | ) | (6,406 | ) | (3,561 | ) | (11,441 | ) | (10,463 | ) | (11,045 | ) | (3,970 | ) | (6,406 | ) | ||||||||||||||||||
Net income attributable to Saul Centers, Inc. | 42,468 | 46,943 | 30,872 | 33,374 | 26,733 | 45,279 | 42,468 | 46,943 | 30,872 | 33,374 | ||||||||||||||||||||||||||||
Preferred stock redemption | — | (1,480 | ) | (5,228 | ) | — | — | — | — | (1,480 | ) | (5,228 | ) | — | ||||||||||||||||||||||||
Preferred dividends | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | (15,140 | ) | (12,375 | ) | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | ||||||||||||||||||
Net income available to common stockholders | $ | 30,093 | $ | 32,102 | $ | 11,661 | $ | 18,234 | $ | 11,593 | $ | 32,904 | $ | 30,093 | $ | 32,102 | $ | 11,661 | $ | 18,234 | ||||||||||||||||||
Per Share Data (diluted): | ||||||||||||||||||||||||||||||||||||||
Net income available to common stockholders: | ||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 1.42 | $ | 1.54 | $ | 0.57 | $ | 0.70 | $ | 0.61 | $ | 1.52 | $ | 1.42 | $ | 1.54 | $ | 0.57 | $ | 0.70 | ||||||||||||||||||
Discontinued operations | — | — | — | 0.23 | — | — | — | — | — | 0.23 | ||||||||||||||||||||||||||||
Total | $ | 1.42 | $ | 1.54 | $ | 0.57 | $ | 0.93 | $ | 0.61 | $ | 1.52 | $ | 1.42 | $ | 1.54 | $ | 0.57 | $ | 0.93 | ||||||||||||||||||
Basic and Diluted Shares Outstanding: | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares - basic | 21,127 | 20,772 | 20,364 | 19,649 | 18,889 | 21,505 | 21,127 | 20,772 | 20,364 | 19,649 | ||||||||||||||||||||||||||||
Effect of dilutive options | 69 | 49 | 37 | 51 | 60 | 110 | 69 | 49 | 37 | 51 | ||||||||||||||||||||||||||||
Weighted average common shares - diluted | 21,196 | 20,821 | 20,401 | 19,700 | 18,949 | 21,615 | 21,196 | 20,821 | 20,401 | 19,700 | ||||||||||||||||||||||||||||
Weighted average convertible limited partnership units | 7,253 | 7,156 | 6,929 | 6,914 | 5,791 | 7,375 | 7,253 | 7,156 | 6,929 | 6,914 | ||||||||||||||||||||||||||||
Weighted average common shares and fully converted limited partnership units - diluted | 28,449 | 27,977 | 27,330 | 26,614 | 24,740 | 28,990 | 28,449 | 27,977 | 27,330 | 26,614 | ||||||||||||||||||||||||||||
Dividends Paid: | ||||||||||||||||||||||||||||||||||||||
Cash dividends to common stockholders (1) | $ | 35,645 | $ | 32,346 | $ | 29,205 | $ | 28,135 | $ | 27,062 | $ | 39,472 | $ | 35,645 | $ | 32,346 | $ | 29,205 | $ | 28,135 | ||||||||||||||||||
Cash dividends per share | $ | 1.69 | $ | 1.56 | $ | 1.44 | $ | 1.44 | $ | 1.44 | $ | 1.84 | $ | 1.69 | $ | 1.56 | $ | 1.44 | $ | 1.44 | ||||||||||||||||||
SELECTED FINANCIAL DATA | ||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | 2015 | 2014 | 2013 | 2012 | 2011 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||||||||||||||||
Real estate investments (net of accumulated depreciation) | $ | 1,197,340 | $ | 1,163,542 | $ | 1,094,776 | $ | 1,112,763 | $ | 1,091,448 | $ | 1,242,534 | $ | 1,197,340 | $ | 1,163,542 | $ | 1,094,776 | $ | 1,112,763 | ||||||||||||||||||
Total assets | 1,304,145 | 1,266,987 | 1,198,675 | 1,207,309 | 1,192,569 | 1,343,025 | 1,295,408 | 1,257,113 | 1,189,000 | 1,199,596 | ||||||||||||||||||||||||||||
Total debt, including accrued interest | 878,389 | 860,601 | 823,328 | 831,121 | 835,459 | 903,709 | 869,652 | 850,727 | 813,653 | 823,408 | ||||||||||||||||||||||||||||
Preferred stock | 180,000 | 180,000 | 180,000 | 179,328 | 179,328 | 180,000 | 180,000 | 180,000 | 180,000 | 179,328 | ||||||||||||||||||||||||||||
Total stockholders’ equity | 353,727 | 339,257 | 315,126 | 307,289 | 293,206 | 373,249 | 353,727 | 339,257 | 315,126 | 307,289 | ||||||||||||||||||||||||||||
Other Data | ||||||||||||||||||||||||||||||||||||||
Cash flow provided by (used in): | ||||||||||||||||||||||||||||||||||||||
Operating activities | $ | 88,896 | $ | 86,568 | $ | 73,527 | $ | 78,423 | $ | 55,669 | $ | 89,090 | $ | 88,896 | $ | 86,568 | $ | 73,527 | $ | 78,423 | ||||||||||||||||||
Investing activities | $ | (69,587 | ) | $ | (83,589 | ) | $ | (26,034 | ) | $ | (46,873 | ) | $ | (201,500 | ) | $ | (86,274 | ) | $ | (69,587 | ) | $ | (83,589 | ) | $ | (26,034 | ) | $ | (46,873 | ) | ||||||||
Financing activities | $ | (21,434 | ) | $ | (8,148 | ) | $ | (42,329 | ) | $ | (31,740 | ) | $ | 145,186 | $ | (4,497 | ) | $ | (21,434 | ) | $ | (8,148 | ) | $ | (42,329 | ) | $ | (31,740 | ) | |||||||||
Funds from operations (2): | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 39,780 | $ | 30,294 | $ | 56,720 | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 39,780 | ||||||||||||||||||
Real property depreciation and amortization | 43,270 | 41,203 | 49,130 | 40,112 | 35,298 | 44,417 | 43,270 | 41,203 | 49,130 | 40,112 | ||||||||||||||||||||||||||||
Real property depreciation - discontinued operations | — | — | — | 77 | 102 | — | — | — | — | 77 | ||||||||||||||||||||||||||||
Gain on property dispositions and casualty settlements | (11 | ) | (6,069 | ) | (77 | ) | (4,729 | ) | (245 | ) | (1,013 | ) | (11 | ) | (6,069 | ) | (77 | ) | (4,729 | ) | ||||||||||||||||||
Funds from operations | 96,190 | 93,122 | 83,895 | 75,240 | 65,449 | 100,124 | 96,190 | 93,122 | 83,895 | 75,240 | ||||||||||||||||||||||||||||
Preferred stock redemption | — | (1,480 | ) | (5,228 | ) | — | — | — | — | (1,480 | ) | (5,228 | ) | — | ||||||||||||||||||||||||
Preferred dividends | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | (15,140 | ) | (12,375 | ) | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | ||||||||||||||||||
Funds from operations available to common stockholders and noncontrolling interests | $ | 83,815 | $ | 78,281 | $ | 64,684 | $ | 60,100 | $ | 50,309 | $ | 87,749 | $ | 83,815 | $ | 78,281 | $ | 64,684 | $ | 60,100 |
1) | During 2016, 2015, 2014, 2013, |
2) | Funds from operations (FFO) is a non-GAAP financial measure and is defined in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Funds From Operations.” |
(in thousands) | Year ended December 31, | Year ended December 31, | ||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
Total revenue | $ | 209,077 | $ | 207,092 | $ | 217,070 | $ | 209,077 | ||||||
Less: Interest income | (51 | ) | (75 | ) | (51 | ) | (51 | ) | ||||||
Less: Acquisitions, dispositions and development properties | (2,572 | ) | (1,320 | ) | (3,664 | ) | (1,835 | ) | ||||||
Total same property revenue | $ | 206,454 | $ | 205,697 | $ | 213,355 | $ | 207,191 | ||||||
Shopping centers | $ | 153,538 | $ | 153,065 | $ | 159,744 | $ | 155,081 | ||||||
Mixed-Use properties | 52,916 | 52,632 | 53,611 | 52,110 | ||||||||||
Total same property revenue | $ | 206,454 | $ | 205,697 | $ | 213,355 | $ | 207,191 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||
(In thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Net income | $ | 52,931 | $ | 57,988 | $ | 56,720 | $ | 52,931 | ||||||
Add: Interest expense and amortization of deferred debt costs | 45,165 | 46,034 | 45,683 | 45,165 | ||||||||||
Add: General and administrative | 16,353 | 16,961 | 17,496 | 16,353 | ||||||||||
Add: Depreciation and amortization of deferred leasing costs | 43,270 | 41,203 | 44,417 | 43,270 | ||||||||||
Add: Predevelopment expenses | 132 | 503 | — | 132 | ||||||||||
Add: Acquisition related costs | 84 | 949 | 60 | 84 | ||||||||||
Add: Change in fair value of derivatives | 10 | 10 | 6 | 10 | ||||||||||
Less: Gains on property dispositions | (11 | ) | (6,069 | ) | (1,013 | ) | (11 | ) | ||||||
Less: Interest income | (51 | ) | (75 | ) | (51 | ) | (51 | ) | ||||||
Property operating income | 157,883 | 157,504 | 163,318 | 157,883 | ||||||||||
Less: Acquisitions, dispositions & development property | (2,274 | ) | (1,122 | ) | (1,314 | ) | (1,115 | ) | ||||||
Total same property operating income | $ | 155,609 | $ | 156,382 | $ | 162,004 | $ | 156,768 | ||||||
Shopping centers | $ | 119,959 | $ | 119,482 | $ | 124,917 | $ | 121,321 | ||||||
Mixed-Use properties | 35,650 | 36,900 | 37,087 | 35,447 | ||||||||||
Total same property operating income | $ | 155,609 | $ | 156,382 | $ | 162,004 | $ | 156,768 |
Revenue | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Year ended December 31, | Percentage Change | Year ended December 31, | Percentage Change | ||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 from 2014 | 2014 from 2013 | 2016 | 2015 | 2014 | 2016 from 2015 | 2015 from 2014 | |||||||||||||||||||||||||
Base rent | $ | 168,303 | $ | 164,599 | $ | 159,898 | 2.3 | % | 2.9 | % | $ | 172,381 | $ | 168,303 | $ | 164,599 | 2.4 | % | 2.3 | % | ||||||||||||||
Expense recoveries | 32,911 | 32,132 | 30,949 | 2.4 | % | 3.8 | % | 34,269 | 32,911 | 32,132 | 4.1 | % | 2.4 | % | ||||||||||||||||||||
Percentage rent | 1,608 | 1,492 | 1,575 | 7.8 | % | (5.3 | )% | 1,379 | 1,608 | 1,492 | (14.2 | )% | 7.8 | % | ||||||||||||||||||||
Other | 6,255 | 8,869 | 5,475 | (29.5 | )% | 62.0 | % | 9,041 | 6,255 | 8,869 | 44.5 | % | (29.5 | )% | ||||||||||||||||||||
Total revenue | $ | 209,077 | $ | 207,092 | $ | 197,897 | 1.0 | % | 4.6 | % | $ | 217,070 | $ | 209,077 | $ | 207,092 | 3.8 | % | 1.0 | % |
Operating expenses | ||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Year ended December 31, | Percentage Change | Year ended December 31, | Percentage Change | ||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 from 2014 | 2014 from 2013 | 2016 | 2015 | 2014 | 2016 from 2015 | 2015 from 2014 | |||||||||||||||||||||||||
Property operating expenses | $ | 26,565 | $ | 26,479 | $ | 24,559 | 0.3 | % | 7.8 | % | $ | 27,527 | $ | 26,565 | $ | 26,479 | 3.6 | % | 0.3 | % | ||||||||||||||
Provision for credit losses | 915 | 680 | 968 | 34.6 | % | (29.8 | )% | 1,494 | 915 | 680 | 63.3 | % | 34.6 | % | ||||||||||||||||||||
Real estate taxes | 23,663 | 22,354 | 22,415 | 5.9 | % | (0.3 | )% | 24,680 | 23,663 | 22,354 | 4.3 | % | 5.9 | % | ||||||||||||||||||||
Interest expense and amortization of deferred debt costs | 45,165 | 46,034 | 46,589 | (1.9 | )% | (1.2 | )% | 45,683 | 45,165 | 46,034 | 1.1 | % | (1.9 | )% | ||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | 43,270 | 41,203 | 49,130 | 5.0 | % | (16.1 | )% | 44,417 | 43,270 | 41,203 | 2.7 | % | 5.0 | % | ||||||||||||||||||||
General and administrative | 16,353 | 16,961 | 14,951 | (3.6 | )% | 13.4 | % | 17,496 | 16,353 | 16,961 | 7.0 | % | (3.6 | )% | ||||||||||||||||||||
Acquisition related costs | 84 | 949 | 106 | (91.1 | )% | 795.3 | % | 60 | 84 | 949 | (28.6 | )% | (91.1 | )% | ||||||||||||||||||||
Predevelopment expenses | 132 | 503 | 3,910 | (73.8 | )% | (87.1 | )% | — | 132 | 503 | (100.0 | )% | (73.8 | )% | ||||||||||||||||||||
Total operating expenses | $ | 156,147 | $ | 155,163 | $ | 162,628 | 0.6 | % | (4.6 | )% | $ | 161,357 | $ | 156,147 | $ | 155,163 | 3.3 | % | 0.6 | % |
(in thousands) | Year Ended December 31, | Year Ended December 31, | ||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
Net cash provided by operating activities | $ | 88,896 | $ | 86,568 | $ | 89,090 | $ | 88,896 | ||||||
Net cash used in investing activities | (69,587 | ) | (83,589 | ) | (86,274 | ) | (69,587 | ) | ||||||
Net cash used in financing activities | (21,434 | ) | (8,148 | ) | (4,497 | ) | (21,434 | ) | ||||||
Decrease in cash and cash equivalents | $ | (2,125 | ) | $ | (5,169 | ) | $ | (1,681 | ) | $ | (2,125 | ) |
Payments Due By Period | Payments Due By Period | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | One Year or Less | 2 - 3 Years | 4 - 5 Years | After 5 Years | Total | One Year or Less | 2 - 3 Years | 4 - 5 Years | After 5 Years | Total | ||||||||||||||||||||||||||||
Notes Payable: | ||||||||||||||||||||||||||||||||||||||
Interest | $ | 4,030 | $ | 7,042 | $ | 5,513 | $ | 12,280 | $ | 28,865 | $ | 3,835 | $ | 6,657 | $ | 5,235 | $ | 11,027 | $ | 26,754 | ||||||||||||||||||
Scheduled Principal | 24,655 | 51,701 | 46,509 | 127,678 | 250,543 | 26,418 | 51,431 | 44,190 | 109,761 | 231,800 | ||||||||||||||||||||||||||||
Balloon Payments | — | 70,178 | 121,956 | 432,565 | 624,699 | — | 151,658 | 72,175 | 452,142 | 675,975 | ||||||||||||||||||||||||||||
Subtotal | 28,685 | 128,921 | 173,978 | 572,523 | 904,107 | 30,253 | 209,746 | 121,600 | 572,930 | 934,529 | ||||||||||||||||||||||||||||
Ground Leases (1) | 176 | 351 | 359 | 9,005 | 9,891 | 56 | 113 | 124 | 3,636 | 3,929 | ||||||||||||||||||||||||||||
Corporate Headquarters Lease (1) | 789 | 132 | — | — | 921 | 136 | — | — | — | 136 | ||||||||||||||||||||||||||||
Development Obligations | 12,310 | 3,554 | — | — | 15,864 | 1,528 | 1,964 | — | — | 3,492 | ||||||||||||||||||||||||||||
Tenant Improvements | 7,021 | — | 278 | — | 7,299 | 5,878 | 1,797 | — | — | 7,675 | ||||||||||||||||||||||||||||
Total Contractual Obligations | $ | 48,981 | $ | 132,958 | $ | 174,615 | $ | 581,528 | $ | 938,082 | $ | 37,851 | $ | 213,620 | $ | 121,724 | $ | 576,566 | $ | 949,761 |
(1) | See Note 7 to Consolidated Financial Statements. Corporate Headquarters Lease amounts represent an allocation to the Company based upon employees’ time dedicated to the Company’s business as specified in the Shared Services Agreement. Future amounts are subject to change as the number of employees employed by each of the parties to the lease fluctuates. |
Notes Payable | Year Ended December 31, | Interest | Scheduled | Year Ended December 31, | Interest | Scheduled | ||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | Rate* | Maturity* | 2016 | 2015 | Rate* | Maturity* | ||||||||||||||||||||
Fixed rate mortgages: | $ | — | (a) | $ | 15,399 | 7.45 | % | Jun-2015 | 29,428 | (a) | $ | 30,778 | 6.01 | % | Feb-2018 | |||||||||||||
30,778 | (b) | 32,049 | 6.01 | % | Feb-2018 | 32,036 | (b) | 33,766 | 5.88 | % | Jan-2019 | |||||||||||||||||
33,766 | (c) | 35,398 | 5.88 | % | Jan-2019 | 10,372 | (c) | 10,928 | 5.76 | % | May-2019 | |||||||||||||||||
10,928 | (d) | 11,454 | 5.76 | % | May-2019 | 14,335 | (d) | 15,098 | 5.62 | % | Jul-2019 | |||||||||||||||||
15,098 | (e) | 15,819 | 5.62 | % | Jul-2019 | 14,325 | (e) | 15,064 | 5.79 | % | Sep-2019 | |||||||||||||||||
15,064 | (f) | 15,761 | 5.79 | % | Sep-2019 | 12,725 | (f) | 13,387 | 5.22 | % | Jan-2020 | |||||||||||||||||
13,387 | (g) | 14,014 | 5.22 | % | Jan-2020 | 10,277 | (g) | 10,587 | 5.60 | % | May-2020 | |||||||||||||||||
10,587 | (h) | 10,881 | 5.60 | % | May-2020 | 8,697 | (h) | 9,127 | 5.30 | % | Jun-2020 | |||||||||||||||||
9,127 | (i) | 9,535 | 5.30 | % | Jun-2020 | 39,213 | (i) | 40,360 | 5.83 | % | Jul-2020 | |||||||||||||||||
40,360 | (j) | 41,441 | 5.83 | % | Jul-2020 | 7,685 | (j) | 8,025 | 5.81 | % | Feb-2021 | |||||||||||||||||
8,025 | (k) | 8,346 | 5.81 | % | Feb-2021 | 5,808 | (k) | 5,959 | 6.01 | % | Aug-2021 | |||||||||||||||||
5,959 | (l) | 6,100 | 6.01 | % | Aug-2021 | 33,571 | (l) | 34,420 | 5.62 | % | Jun-2022 | |||||||||||||||||
34,420 | (m) | 35,222 | 5.62 | % | Jun-2022 | 10,253 | (m) | 10,492 | 6.08 | % | Sep-2022 | |||||||||||||||||
10,492 | (n) | 10,718 | 6.08 | % | Sep-2022 | 11,129 | (n) | 11,365 | 6.43 | % | Apr-2023 | |||||||||||||||||
11,365 | (o) | 11,587 | 6.43 | % | Apr-2023 | 13,401 | (o) | 14,177 | 6.28 | % | Feb-2024 | |||||||||||||||||
14,177 | (p) | 14,909 | 6.28 | % | Feb-2024 | 15,917 | (p) | 16,348 | 7.35 | % | Jun-2024 | |||||||||||||||||
16,348 | (q) | 16,750 | 7.35 | % | Jun-2024 | 13,832 | (q) | 14,197 | 7.60 | % | Jun-2024 | |||||||||||||||||
14,197 | (r) | 14,535 | 7.60 | % | Jun-2024 | 24,504 | (r) | 25,088 | 7.02 | % | Jul-2024 | |||||||||||||||||
25,088 | (s) | 25,639 | 7.02 | % | Jul-2024 | 28,945 | (s) | 29,714 | 7.45 | % | Jul-2024 | |||||||||||||||||
29,714 | (t) | 30,429 | 7.45 | % | Jul-2024 | 28,822 | (t) | 29,564 | 7.30 | % | Jan-2025 | |||||||||||||||||
29,564 | (u) | 30,253 | 7.30 | % | Jan-2025 | 14,961 | (u) | 15,360 | 6.18 | % | Jan-2026 | |||||||||||||||||
15,360 | (v) | 15,735 | 6.18 | % | Jan-2026 | 109,144 | (v) | 112,299 | 5.31 | % | Apr-2026 | |||||||||||||||||
112,299 | (w) | 115,291 | 5.31 | % | Apr-2026 | 33,097 | (w) | 34,133 | 4.30 | % | Oct-2026 | |||||||||||||||||
34,133 | (x) | 35,125 | 4.30 | % | Oct-2026 | 37,701 | (x) | 38,842 | 4.53 | % | Nov-2026 | |||||||||||||||||
38,842 | (y) | 39,932 | 4.53 | % | Nov-2026 | 17,630 | (y) | 18,150 | 4.70 | % | Dec-2026 | |||||||||||||||||
18,150 | (z) | 18,645 | 4.70 | % | Dec-2026 | 66,210 | (z) | 67,850 | 5.84 | % | May-2027 | |||||||||||||||||
67,850 | (aa) | 69,397 | 5.84 | % | May-2027 | 16,352 | (aa) | 16,826 | 4.04 | % | Apr-2028 | |||||||||||||||||
16,826 | (bb) | 17,281 | 4.04 | % | Apr-2028 | 41,753 | (bb) | 31,844 | 3.51 | % | Jun-2028 | |||||||||||||||||
31,844 | (cc) | 33,140 | 3.51 | % | Jun-2028 | 16,543 | (cc) | 17,011 | 3.99 | % | Sep-2028 | |||||||||||||||||
17,011 | (dd) | 17,462 | 3.99 | % | Sep-2028 | 28,679 | (dd) | 29,444 | 3.69 | % | Mar-2030 | |||||||||||||||||
29,444 | (ee) | — | 3.69 | % | Mar-2030 | 15,357 | (ee) | 15,748 | 3.99 | % | Apr-2030 | |||||||||||||||||
15,748 | (ff) | — | 3.99 | % | Apr-2030 | 70,144 | (ff) | 45,208 | 4.88 | % | Sep-2032 | |||||||||||||||||
45,208 | (gg) | 5,391 | 4.88 | % | Sep-2032 | 11,446 | (gg) | 11,282 | 8.00 | % | Apr-2034 | |||||||||||||||||
11,282 | (hh) | 11,119 | 8.00 | % | Apr-2034 | |||||||||||||||||||||||
Total fixed rate | 832,441 | 784,757 | 5.53 | % | 9.2 Years | 844,292 | 832,441 | 5.48 | % | 8.5 Years | ||||||||||||||||||
Variable rate loans: | ||||||||||||||||||||||||||||
28,000 | (ii) | 43,000 | LIBOR + 1.45 | % | Jun-2018 | 49,000 | (hh) | 28,000 | LIBOR + 1.45 | % | Jun-2018 | |||||||||||||||||
— | (jj) | 14,525 | LIBOR + 1.65 | % | Feb-2016 | 14,482 | (ii) | 14,801 | LIBOR + 1.65 | % | Feb-2018 | |||||||||||||||||
14,801 | (kk) | 15,106 | LIBOR + 1.65 | % | Feb-2017 | |||||||||||||||||||||||
Total variable rate | 42,801 | 72,631 | LIBOR + 1.94 | % | 2.0 Years | 63,482 | 42,801 | 2.22 | % | 1.3 Years | ||||||||||||||||||
Total notes payable | $ | 875,242 | $ | 857,388 | 5.35 | % | 8.9 Years | $ | 907,774 | $ | 875,242 | 5.25 | % | 8.0 Years |
* | Interest rate and scheduled maturity data presented as of December 31, |
(a) |
The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5-year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of |
The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25-year amortization |
The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of |
The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of |
The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of |
The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of |
The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of |
The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of |
The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of |
The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of |
The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of |
The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of |
The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of |
The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of |
The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of |
The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of |
The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of |
The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of |
The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of |
The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of |
The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of |
The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of |
The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of |
The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of |
The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of |
The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of |
The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of |
The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of |
The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of |
The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25-year amortization schedule and a final payment of $15.5 million at maturity. Principal of |
The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in |
The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month. |
The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of |
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Net income | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 39,780 | $ | 30,294 | $ | 56,720 | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 39,780 | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||||||||||||
Gains on sales of properties | (11 | ) | (6,069 | ) | — | (4,510 | ) | — | (1,013 | ) | (11 | ) | (6,069 | ) | — | (4,510 | ) | |||||||||||||||||||||
Gain on casualty settlement | — | — | (77 | ) | (219 | ) | (245 | ) | — | — | — | (77 | ) | (219 | ) | |||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||
Real estate depreciation - discontinued operations | — | — | — | 77 | 102 | — | — | — | — | 77 | ||||||||||||||||||||||||||||
Real estate depreciation and amortization | 43,270 | 41,203 | 49,130 | 40,112 | 35,298 | 44,417 | 43,270 | 41,203 | 49,130 | 40,112 | ||||||||||||||||||||||||||||
FFO | 96,190 | 93,122 | 83,895 | 75,240 | 65,449 | 100,124 | 96,190 | 93,122 | 83,895 | 75,240 | ||||||||||||||||||||||||||||
Subtract: | ||||||||||||||||||||||||||||||||||||||
Preferred dividends | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | (15,140 | ) | (12,375 | ) | (12,375 | ) | (13,361 | ) | (13,983 | ) | (15,140 | ) | ||||||||||||||||||
Preferred stock redemption | — | (1,480 | ) | (5,228 | ) | — | — | — | — | (1,480 | ) | (5,228 | ) | — | ||||||||||||||||||||||||
FFO available to common stockholders and noncontrolling interests | $ | 83,815 | $ | 78,281 | $ | 64,684 | $ | 60,100 | $ | 50,309 | $ | 87,749 | $ | 83,815 | $ | 78,281 | $ | 64,684 | $ | 60,100 | ||||||||||||||||||
Average shares and units used to compute FFO per share | 28,449 | 27,977 | 27,330 | 26,614 | 24,740 | 28,990 | 28,449 | 27,977 | 27,330 | 26,614 | ||||||||||||||||||||||||||||
FFO per share | $ | 2.95 | $ | 2.80 | $ | 2.37 | $ | 2.26 | $ | 2.03 | $ | 3.03 | $ | 2.95 | $ | 2.80 | $ | 2.37 | $ | 2.26 |
Total Properties | Total Square Footage | Percentage Leased | Total Properties | Total Square Footage | Percentage Leased | |||||||||||||||||||||||||||||||
As of December 31, | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | ||||||||||||||||||||||||
2016 | 49 | 6 | 7,882,054 | 1,076,208 | 96.0 | % | 91.0 | % | ||||||||||||||||||||||||||||
2015 | 50 | 6 | 7,896,499 | 1,453,159 | 95.4 | % | 91.0 | % | 50 | 6 | 7,896,499 | 1,264,488 | 95.4 | % | 91.0 | % | ||||||||||||||||||||
2014 | 50 | 6 | 7,886,304 | 1,453,159 | 95.0 | % | 90.8 | % | 50 | 6 | 7,886,304 | 1,264,488 | 95.0 | % | 90.8 | % | ||||||||||||||||||||
2013 | 50 | 6 | 7,880,269 | 1,452,742 | 94.5 | % | 90.5 | % |
Base Rent per Square Foot | Base Rent per Square Foot | |||||||||||||||||||||||||||
Year ended December 31, | Square Feet | Number of Leases | New/Renewed Leases | Expiring Leases | Square Feet | Number of Leases | New/Renewed Leases | Expiring Leases | ||||||||||||||||||||
2016 | 1,292,483 | 244 | $ | 17.24 | $ | 17.05 | ||||||||||||||||||||||
2015 | 1,583,310 | 259 | $ | 15.15 | $ | 14.82 | 1,583,310 | 259 | 15.15 | 14.82 | ||||||||||||||||||
2014 | 1,224,700 | 276 | 18.60 | 18.26 | 1,224,700 | 276 | 18.60 | 18.26 | ||||||||||||||||||||
2013 | 1,471,000 | 276 | 19.56 | 19.75 |
New Leases | Renewed Leases | New Leases | Renewed Leases | |||||||||||||
Number of leases | 15 | 38 | 16 | 41 | ||||||||||||
Square feet | 28,435 | 113,347 | 65,221 | 214,737 | ||||||||||||
Per square foot average annualized: | ||||||||||||||||
Base rent | $ | 25.16 | $ | 26.34 | $ | 20.87 | $ | 20.34 | ||||||||
Tenant improvements | (3.00 | ) | (0.34 | ) | (0.62 | ) | (0.01 | ) | ||||||||
Leasing costs | (0.37 | ) | — | (0.08 | ) | — | ||||||||||
Rent concessions | (0.32 | ) | — | (0.06 | ) | — | ||||||||||
Effective rents | $ | 21.47 | $ | 26.00 | $ | 20.11 | $ | 20.33 | ||||||||
Expiring Leases: | Total | Total | ||||||
Square feet | 1,035,195 | 952,517 | ||||||
Average base rent per square foot | $ | 15.32 | $ | 17.50 | ||||
Estimated market base rent per square foot | $ | 15.38 | $ | 17.83 |
Page | |
(a) | The following documents are filed as part of this report: | |
1. | Financial Statements | |
The following financial statements of the Company and their consolidated subsidiaries are incorporated by reference in Part II, Item 8. | ||
(a) | Reports of Independent Registered Public Accounting Firm – Ernst & Young LLP | |
(b) | Consolidated Balance Sheets - December 31, | |
(c) | Consolidated Statements of Operations - Years ended December 31, 2016, 2015, | |
(d) | Consolidated Statements of Comprehensive Income – Years ended December 31, 2016, 2015, | |
(e) | Consolidated Statements of Stockholders’ Equity - Years ended December 31, 2016, 2015, | |
(f) | Consolidated Statements of Cash Flows - Years ended December 31, 2016, 2015, | |
(g) | Notes to Consolidated Financial Statements | |
2. | Financial Statement Schedule and Supplementary Data | |
(a) | Selected Quarterly Financial Data for the Company are incorporated by reference in Part II, Item 8 | |
(b) | Schedule of the Company: | |
Schedule III - Real Estate and Accumulated Depreciation | ||
All other schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and therefore have been omitted. | ||
Exhibits | ||
3. | (a) | First Amended and Restated Articles of Incorporation of Saul Centers, Inc. filed with the Maryland Department of Assessments and Taxation on August 23, 1994 and filed as Exhibit 3.(a) of the 1993 Annual Report of the Company on Form 10-K are hereby incorporated by reference. Articles of Amendment to the First Amended and Restated Articles of Incorporation of Saul Centers, Inc., filed with the Maryland Department of Assessments and Taxation on May 28, 2004 and filed as Exhibit 3.(a) of the June 30, 2004 Quarterly Report of the Company is hereby incorporated by reference. Articles of Amendment to the First Amended and Restated Articles of Incorporation of Saul Centers, Inc., filed with the Maryland Department of Assessments and Taxation on May 26, 2006 and filed as Exhibit 3.(a) of the Company’s Current Report on Form 8-K filed May 30, 2006 is hereby incorporated by reference. Articles of Amendment to the First Amended and Restated Articles of Incorporation of Saul Centers, Inc., filed with the Maryland State Department of Assessments and Taxation on May 14, 2013 and filed as Exhibit 3.(a) of the Company's Current Report on Form 8-K filed May 14, 2013, is hereby incorporated by reference. |
(b) | Amended and Restated Bylaws of Saul Centers, Inc. as in effect at and after August 24, 1993 and as of August 26, 1993 and filed as Exhibit 3.(b) of the 1993 Annual Report of the Company on Form 10-K are hereby incorporated by reference. Amendment No. 1 to Amended and | |
(c) | Articles Supplementary to First Amended and Restated Articles of Incorporation of the Company, dated October 30, 2003, filed as Exhibit 2 to the Company’s Current Report on Form 8-A dated October 31, 2003, is hereby incorporated by reference. | |
(d) | Articles Supplementary to First Amended and Restated Articles of Incorporation of the Company, as amended, dated March 26, 2008, filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed March 27, 2008, is hereby incorporated by reference. | |
(e) | Articles Supplementary to First Amended and Restated Articles of Incorporation of the Company, dated February 6, 2013, filed as Exhibit 3.2 to Saul Centers’ Registration Statement on Form 8-A, filed February 7, 2013, is hereby incorporated by reference. | |
(f) | Articles Supplementary to First Amended and Restated Articles of Incorporation of the Company, dated November 10, 2014, filed as Exhibit 3.2 of the Company's Current Report on Form 8-K, dated November 12, 2014, is hereby incorporated by reference. | |
4. | (a) | Deposit Agreement, dated |
Form specimen of receipt representing the depositary shares, each representing 1/100th of a share of 6.875% Series C Cumulative Redeemable Preferred Stock of Saul Centers, Inc. and included as part of Exhibit 4.1 to Saul Centers’ Registration Statement on Form 8-A on February 7, 2013 is hereby incorporated by reference. | ||
First Amendment to Deposit Agreement, dated November 12, 2014, among the Company, Continental Stock Transfer & Trust Company, as Depositary, and the holders of depositary receipts, each representing 1/100th of a share of 6.875% Series C Cumulative Redeemable Preferred Stock of Saul Centers, Inc. filed as Exhibit 4.2 to of the Company's Current Report on Form 8-K, dated November 12, 2014, is hereby incorporated by reference. | ||
10. | (a) | First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit No. 10.1 to Registration Statement No. 33-64562 is hereby incorporated by reference. The First Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership, the Second Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership, and the Third Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the 1995 Annual Report of the Company on Form 10-K is hereby incorporated by reference. The Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the March 31, 1997 Quarterly Report of the Company is hereby incorporated by reference. The Fifth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 4.(c) to Registration Statement No. 333-41436, is hereby incorporated by reference. The Sixth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the September 30, 2003 Quarterly Report of the Company on Form 10-Q is hereby incorporated by reference. The Seventh Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the December 31, 2003 Annual Report of the Company on Form 10-K is hereby incorporated by reference. The Eighth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the December 31, 2007 Annual Report of the Company on Form 10-K is hereby incorporated by reference. The Ninth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the March 31, 2008 Quarterly Report of the Company on Form 10-Q is hereby incorporated by reference. The Tenth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.(a) of the March 31, 2008 Quarterly Report of the Company on Form 10-Q is hereby incorporated by reference. The Eleventh Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10 (a) of the September 30, 2011 Quarterly Report of the Company on Form 10-Q is hereby incorporated by reference. The Twelfth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.1 of the Current Report of the Company on Form 8-K dated February 12, 2013 is hereby incorporated by reference. The Thirteenth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Holdings Limited Partnership filed as Exhibit 10.1 of the Current Report of the Company on Form 8-K dated November 12, 2014, is hereby incorporated by reference. |
(b) | First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary I Limited Partnership and Amendment No. 1 thereto filed as Exhibit 10.2 to Registration Statement No. 33-64562 are hereby incorporated by reference. The Second Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary I Limited Partnership, the Third Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary I Limited Partnership and the Fourth Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary I Limited Partnership as filed as Exhibit 10.(b) of the 1997 Annual Report of the Company on Form 10-K are hereby incorporated by reference. | |
(c) | First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary II Limited Partnership and Amendment No. 1 thereto filed as Exhibit 10.3 to Registration Statement No. 33-64562 are hereby incorporated by reference. The Second Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary II Limited Partnership filed as Exhibit 10.(c) of the June 30, 2001 Quarterly Report of the Company is hereby incorporated by reference. The Third Amendment to the First Amended and Restated Agreement of Limited Partnership of Saul Subsidiary II Limited Partnership | |
(d) | Property Conveyance Agreement filed as Exhibit 10.4 to Registration Statement No. 33- 64562 is hereby incorporated by reference. | |
(e) | Management Functions Conveyance Agreement filed as Exhibit 10.5 to Registration Statement No. 33-64562 is hereby incorporated by reference. | |
(f) | Registration Rights and Lock-Up Agreement filed as Exhibit 10.6 to Registration Statement No. 33-64562 is hereby incorporated by reference. | |
(g) | Exclusivity and Right of First Refusal Agreement filed as Exhibit 10.7 to Registration Statement No. 33-64562 is hereby incorporated by reference. | |
(h) | Agreement of Assumption dated as of August 26, 1993 executed by Saul Holdings Limited Partnership and filed as Exhibit 10.(i) of the 1993 Annual Report of the Company on Form 10-K is hereby incorporated by reference. | |
(i) | Deferred Compensation Plan for Directors, dated as of April 23, 2004 and filed as Exhibit 10.(k) of the June 30, 2004 Quarterly Report of the Company is hereby incorporated by reference. | |
(j) | Amended and Restated Credit Agreement, dated as of June 24, 2014, by and among Saul Holdings Limited Partnership as Borrower; Wells Fargo Bank, National Association, as Administrative Agent and Sole Lead Arranger; JP Morgan Chase Bank, N.A., as Syndication Agent; and Wells Fargo Bank, National Association, JP Morgan Chase Bank, N.A., Capital One, N.A. and Citizens Bank of Pennsylvania as Lenders, as filed as Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated June 25, 2014, is hereby incorporated by reference. | |
(k) | Amended and Restated Guaranty, dated as of June 24, 2014, by and between Saul Centers, Inc., as Guarantor, and Wells Fargo Bank, National Association, as Administrative Agent and Sole Lead Arranger for itself and other financial institutions as Lenders, as filed as Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated June 25, 2014, is hereby incorporated by reference. | |
(l) | The Saul Centers, Inc. 2004 Stock Plan, as amended on April 25, 2008 and May 10, 2013 and filed as Exhibit 10.(a) of the Company's Current Report on Form 8-K filed on May 14, 2013, is hereby incorporated by reference. | |
(m) | Form of Director Stock Option Agreements, as filed as Exhibit 10.(j) of the September 30, 2004 Quarterly Report of the Company, is hereby incorporated by reference. | |
(n) | Form of Officer Stock Option Grant Agreements, as filed as Exhibit 10.(k) of the September 30, 2004 Quarterly Report of the Company, is hereby incorporated by reference. | |
(o) | Promissory Note, dated as of March 23, 2011, by Clarendon Center LLC to The Prudential Life Insurance Company of America as filed as Exhibit 10.(a) of the Company’s Current Report on Form 8-K dated April 28, 2011, is hereby incorporated by reference. | |
(p) | Deed of Trust, Security Agreement and Fixture Filing, dated as of March 23, 2011, by Clarendon Center LLC to Lawyers Title Realty Services, Inc. as trustee for the benefit of The Prudential Insurance Company of America, as beneficiary, as filed as Exhibit 10.(b) of the Company’s Current Report on Form 8-K dated April 28, 2011, is hereby incorporated by reference. | |
(q) | Shared Services Agreement, dated as of July 1, 2004, between B. F. Saul Company and Saul Centers, Inc., as filed as Exhibit 10.(c) of the Company’s Current Report on Form 8- K dated August 11, 2010, is hereby incorporated by reference. | |
(r) | Purchase Agreement, dated as of August 9, 2011, by and among the Company, Saul Holdings Limited Partnership and B. F. Saul Real Estate Investment Trust and filed as Exhibit 10.(r) of the September 30, 2011 Quarterly Report of the Company is hereby incorporated by reference. | |
(s) | ||
Separation Agreement, dated as of March 25, 2014, by and among Saul Centers, Inc., B. F. Saul Company and Thomas H. McCormick and filed as Exhibit 10(w) of the March 31, 2014 Quarterly Report of the Company is hereby incorporated by reference. | ||
21. | Subsidiaries of Saul Centers, Inc. is filed herewith. | |
23. | Consent of Independent Registered Public Accounting Firm is filed herewith. | |
24. | Power of Attorney (included on signature page). | |
31. | Rule 13a-14(a)/15d-14(a) Certifications of Chief Executive Officer and Chief Financial Officer are filed herewith. | |
32. | Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer are filed herewith. | |
99. | ||
101. | The following financial statements from the Company’s Annual Report on Form 10-K for the year ended December 31, |
SAUL CENTERS, INC. | |||
(Registrant) | |||
Date: | March | /s/ B. Francis Saul II | |
B. Francis Saul II | |||
Chairman of the Board of Directors & Chief Executive Officer (Principal Executive Officer) |
Date: | March | /s/ J. Page Lansdale | |
J. Page Lansdale, President and Director | |||
Date: | March | /s/ Philip D. Caraci | |
Philip D. Caraci, Vice Chairman | |||
Date: | March | /s/ Scott V. Schneider | |
Scott V. Schneider, Senior Vice President, Treasurer and Secretary (Principal Financial Officer) | |||
Date: | March | /s/ Joel A. Friedman | |
Joel A. Friedman, Senior Vice President-Chief Accounting Officer (Principal Accounting Officer) | |||
Date: | March | ||
John E. Chapoton, Director | |||
Date: | March | /s/ G. Patrick Clancy, Jr. | |
G. Patrick Clancy, Jr., Director | |||
Date: | March | /s/ Gilbert M. Grosvenor | |
Gilbert M. Grosvenor, Director | |||
Date: | March | /s/ Philip C. Jackson Jr. | |
Philip C. Jackson Jr., Director | |||
Date: | March | /s/ Patrick F. Noonan | |
Patrick F. Noonan, Director | |||
Date: | March | /s/ H. Gregory Platts | |
H. Gregory Platts, Director | |||
Date: | March | /s/ Andrew M. Saul II | |
Andrew M. Saul II Director | |||
Date: | March | ||
Mark Sullivan III, Director | |||
Date: | March | ||
James W. Symington, Director | |||
Date: | March | ||
John R. Whitmore, Director |
December 31, | December 31, | |||||||||||||
(Dollars in thousands, except per share amounts) | 2015 | 2014 | 2016 | 2015 | ||||||||||
Assets | ||||||||||||||
Real estate investments | ||||||||||||||
Land | $ | 424,837 | $ | 420,622 | $ | 422,546 | $ | 424,837 | ||||||
Buildings and equipment | 1,114,357 | 1,109,276 | 1,214,697 | 1,114,357 | ||||||||||
Construction in progress | 83,516 | 30,261 | 63,570 | 83,516 | ||||||||||
1,622,710 | 1,560,159 | 1,700,813 | 1,622,710 | |||||||||||
Accumulated depreciation | (425,370 | ) | (396,617 | ) | (458,279 | ) | (425,370 | ) | ||||||
1,197,340 | 1,163,542 | 1,242,534 | 1,197,340 | |||||||||||
Cash and cash equivalents | 10,003 | 12,128 | 8,322 | 10,003 | ||||||||||
Accounts receivable and accrued income, net | 51,076 | 46,784 | 53,033 | 51,076 | ||||||||||
Deferred leasing costs, net | 26,919 | 26,928 | 25,983 | 26,919 | ||||||||||
Prepaid expenses, net | 4,663 | 4,093 | 5,057 | 4,663 | ||||||||||
Deferred debt costs, net | 8,737 | 9,874 | ||||||||||||
Other assets | 5,407 | 3,638 | 8,096 | 5,407 | ||||||||||
Total assets | $ | 1,304,145 | $ | 1,266,987 | $ | 1,343,025 | $ | 1,295,408 | ||||||
Liabilities | ||||||||||||||
Mortgage notes payable | $ | 802,034 | $ | 808,997 | $ | 783,400 | $ | 796,169 | ||||||
Revolving credit facility payable | 28,000 | 43,000 | 48,217 | 26,695 | ||||||||||
Construction loan payable | 45,208 | 5,391 | 68,672 | 43,641 | ||||||||||
Dividends and distributions payable | 15,380 | 14,352 | 17,953 | 15,380 | ||||||||||
Accounts payable, accrued expenses and other liabilities | 27,687 | 23,537 | 20,838 | 27,687 | ||||||||||
Deferred income | 32,109 | 32,453 | 30,696 | 32,109 | ||||||||||
Total liabilities | 950,418 | 927,730 | 969,776 | 941,681 | ||||||||||
Stockholders' equity | ||||||||||||||
Preferred stock, 1,000,000 shares authorized: | ||||||||||||||
Series C Cumulative Redeemable, 72,000 shares issued and outstanding | 180,000 | 180,000 | 180,000 | 180,000 | ||||||||||
Common stock, $0.01 par value, 30,000,000 shares authorized, 21,266,239 and 20,947,141 shares issued and outstanding, respectively | 213 | 209 | ||||||||||||
Common stock, $0.01 par value, 40,000,000 shares authorized, 21,704,359 and 21,266,239 shares issued and outstanding, respectively | 217 | 213 | ||||||||||||
Additional paid-in capital | 305,008 | 287,995 | 328,171 | 305,008 | ||||||||||
Accumulated deficit | (180,091 | ) | (173,774 | ) | (188,584 | ) | (180,091 | ) | ||||||
Accumulated other comprehensive loss | (1,802 | ) | (1,894 | ) | (1,299 | ) | (1,802 | ) | ||||||
Total Saul Centers, Inc. stockholders' equity | 303,328 | 292,536 | 318,505 | 303,328 | ||||||||||
Noncontrolling interests | 50,399 | 46,721 | 54,744 | 50,399 | ||||||||||
Total stockholders' equity | 353,727 | 339,257 | 373,249 | 353,727 | ||||||||||
Total liabilities and stockholders' equity | $ | 1,304,145 | $ | 1,266,987 | $ | 1,343,025 | $ | 1,295,408 |
For The Year Ended December 31, | For The Year Ended December 31, | |||||||||||||||||||||
(Dollars in thousands, except per share amounts) | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Revenue | ||||||||||||||||||||||
Base rent | $ | 168,303 | $ | 164,599 | $ | 159,898 | $ | 172,381 | $ | 168,303 | $ | 164,599 | ||||||||||
Expense recoveries | 32,911 | 32,132 | 30,949 | 34,269 | 32,911 | 32,132 | ||||||||||||||||
Percentage rent | 1,608 | 1,492 | 1,575 | 1,379 | 1,608 | 1,492 | ||||||||||||||||
Other | 6,255 | 8,869 | 5,475 | 9,041 | 6,255 | 8,869 | ||||||||||||||||
Total revenue | 209,077 | 207,092 | 197,897 | 217,070 | 209,077 | 207,092 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||
Property operating expenses | 26,565 | 26,479 | 24,559 | 27,527 | 26,565 | 26,479 | ||||||||||||||||
Provision for credit losses | 915 | 680 | 968 | 1,494 | 915 | 680 | ||||||||||||||||
Real estate taxes | 23,663 | 22,354 | 22,415 | 24,680 | 23,663 | 22,354 | ||||||||||||||||
Interest expense and amortization of deferred debt costs | 45,165 | 46,034 | 46,589 | 45,683 | 45,165 | 46,034 | ||||||||||||||||
Depreciation and amortization of deferred leasing costs | 43,270 | 41,203 | 49,130 | 44,417 | 43,270 | 41,203 | ||||||||||||||||
General and administrative | 16,353 | 16,961 | 14,951 | 17,496 | 16,353 | 16,961 | ||||||||||||||||
Acquisition related costs | 84 | 949 | 106 | 60 | 84 | 949 | ||||||||||||||||
Predevelopment expenses | 132 | 503 | 3,910 | — | 132 | 503 | ||||||||||||||||
Total operating expenses | 156,147 | 155,163 | 162,628 | 161,357 | 156,147 | 155,163 | ||||||||||||||||
Operating income | 52,930 | 51,929 | 35,269 | 55,713 | 52,930 | 51,929 | ||||||||||||||||
Change in fair value of derivatives | (10 | ) | (10 | ) | (7 | ) | (6 | ) | (10 | ) | (10 | ) | ||||||||||
Loss on early extinguishment of debt | — | — | (497 | ) | ||||||||||||||||||
Gains on sales of properties | 11 | 6,069 | — | 1,013 | 11 | 6,069 | ||||||||||||||||
Gain on casualty settlement | — | — | 77 | |||||||||||||||||||
Net Income | 52,931 | 57,988 | 34,842 | 56,720 | 52,931 | 57,988 | ||||||||||||||||
Income attributable to noncontrolling interests | (10,463 | ) | (11,045 | ) | (3,970 | ) | (11,441 | ) | (10,463 | ) | (11,045 | ) | ||||||||||
Net income attributable to Saul Centers, Inc. | 42,468 | 46,943 | 30,872 | 45,279 | 42,468 | 46,943 | ||||||||||||||||
Preferred stock redemption | — | (1,480 | ) | (5,228 | ) | — | — | (1,480 | ) | |||||||||||||
Preferred dividends | (12,375 | ) | (13,361 | ) | (13,983 | ) | (12,375 | ) | (12,375 | ) | (13,361 | ) | ||||||||||
Net income available to common stockholders | $ | 30,093 | $ | 32,102 | $ | 11,661 | $ | 32,904 | $ | 30,093 | $ | 32,102 | ||||||||||
Per share net income available to common stockholders | ||||||||||||||||||||||
Basic | $ | 1.42 | $ | 1.55 | $ | 0.57 | $ | 1.53 | $ | 1.42 | $ | 1.55 | ||||||||||
Diluted | $ | 1.42 | $ | 1.54 | $ | 0.57 | $ | 1.52 | $ | 1.42 | $ | 1.54 |
For The Year Ended December 31, | For The Year Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Net income | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 56,720 | $ | 52,931 | $ | 57,988 | ||||||||||
Other comprehensive income | ||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedge | 124 | (675 | ) | 2,897 | 678 | 124 | (675 | ) | ||||||||||||||
Total comprehensive income | 53,055 | 57,313 | 37,739 | 57,398 | 53,055 | 57,313 | ||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (10,495 | ) | (10,874 | ) | (4,706 | ) | (11,616 | ) | (10,495 | ) | (10,874 | ) | ||||||||||
Total comprehensive income attributable to Saul Centers, Inc. | 42,560 | 46,439 | 33,033 | 45,782 | 42,560 | 46,439 | ||||||||||||||||
Preferred stock redemption | — | (1,480 | ) | (5,228 | ) | — | — | (1,480 | ) | |||||||||||||
Preferred dividends | (12,375 | ) | (13,361 | ) | (13,983 | ) | (12,375 | ) | (12,375 | ) | (13,361 | ) | ||||||||||
Total comprehensive income available to common stockholders | $ | 30,185 | $ | 31,598 | $ | 13,822 | $ | 33,407 | $ | 30,185 | $ | 31,598 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 179,328 | $ | 201 | $ | 246,557 | $ | (154,830 | ) | $ | (3,553 | ) | $ | 267,703 | $ | 39,586 | $ | 307,289 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of 56,000 shares of Series C preferred stock | 140,000 | — | (4,807 | ) | — | — | 135,193 | — | 135,193 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of 24,000 shares of Series A preferred stock | (60,000 | ) | — | 2,212 | (2,216 | ) | — | (60,004 | ) | — | (60,004 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of 31,731 shares of Series B preferred stock | (79,328 | ) | — | 3,007 | (3,012 | ) | — | (79,333 | ) | — | (79,333 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
475,162 shares pursuant to dividend reinvestment plan | — | 5 | 20,667 | — | — | 20,672 | — | 20,672 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
56,002 shares due to exercise of employee stock options and issuance of directors' deferred stock | — | — | 2,792 | — | — | 2,792 | — | 2,792 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 88,309 partnership units pursuant to dividend reinvestment plan | — | — | — | — | — | — | 4,144 | 4,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 30,872 | — | 30,872 | 3,970 | 34,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | 2,161 | 2,161 | 736 | 2,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | — | — | — | (3,213 | ) | — | (3,213 | ) | — | (3,213 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series B | — | — | — | (1,468 | ) | — | (1,468 | ) | — | (1,468 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series C | — | — | — | (6,095 | ) | — | (6,095 | ) | — | (6,095 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions | — | — | — | (21,988 | ) | — | (21,988 | ) | (7,467 | ) | (29,455 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A, $50.00 per share | — | — | — | (800 | ) | — | (800 | ) | — | (800 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series C, $42.97 per share | — | — | — | (2,406 | ) | — | (2,406 | ) | — | (2,406 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($0.36/share) and distributions payable partnership units ($0.36/unit) | — | — | — | (7,408 | ) | — | (7,408 | ) | (2,521 | ) | (9,929 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | 180,000 | 206 | 270,428 | (172,564 | ) | (1,392 | ) | 276,678 | 38,448 | 315,126 | 180,000 | 206 | 270,428 | (172,564 | ) | (1,392 | ) | 276,678 | 38,448 | 315,126 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of 16,000 shares of Series C preferred stock | 40,000 | — | (740 | ) | — | — | 39,260 | — | 39,260 | 40,000 | — | (740 | ) | — | — | 39,260 | — | 39,260 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of 16,000 shares of Series A preferred stock | (40,000 | ) | — | 1,475 | (1,475 | ) | — | (40,000 | ) | — | (40,000 | ) | (40,000 | ) | — | 1,475 | (1,475 | ) | — | (40,000 | ) | — | (40,000 | ) | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
197,638 shares pursuant to dividend reinvestment plan | — | 2 | 9,262 | — | — | 9,264 | — | 9,264 | — | 2 | 9,262 | — | — | 9,264 | — | 9,264 | ||||||||||||||||||||||||||||||||||||||||||||||
172,887 shares due to exercise of employee stock options and issuance of directors' deferred stock | — | 1 | 7,570 | — | — | 7,571 | — | 7,571 | — | 1 | 7,570 | — | — | 7,571 | — | 7,571 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 196,183 partnership units pursuant to dividend reinvestment plan | — | — | — | — | — | — | 8,877 | 8,877 | — | — | — | — | — | — | 8,877 | 8,877 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 46,943 | — | 46,943 | 11,045 | 57,988 | — | — | — | 46,943 | — | 46,943 | 11,045 | 57,988 | ||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | (502 | ) | (502 | ) | (173 | ) | (675 | ) | — | — | — | — | (502 | ) | (502 | ) | (173 | ) | (675 | ) | ||||||||||||||||||||||||||||||||||||||
Preferred stock distributions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series A | — | — | — | (3,049 | ) | — | (3,049 | ) | — | (3,049 | ) | — | — | — | (3,049 | ) | — | (3,049 | ) | — | (3,049 | ) | ||||||||||||||||||||||||||||||||||||||||
Series C | — | — | — | (7,219 | ) | — | (7,219 | ) | — | (7,219 | ) | — | — | — | (7,219 | ) | — | (7,219 | ) | — | (7,219 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock distributions | — | — | — | (24,937 | ) | — | (24,937 | ) | (8,597 | ) | (33,534 | ) | — | — | — | (24,937 | ) | — | (24,937 | ) | (8,597 | ) | (33,534 | ) | ||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C, $42.97 per share | — | — | — | (3,094 | ) | — | (3,094 | ) | — | (3,094 | ) | — | — | — | (3,094 | ) | — | (3,094 | ) | — | (3,094 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($0.40/share) and distributions payable partnership units ($0.40/unit) | — | — | — | (8,379 | ) | — | (8,379 | ) | (2,879 | ) | (11,258 | ) | — | — | — | (8,379 | ) | — | (8,379 | ) | (2,879 | ) | (11,258 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | 180,000 | 209 | 287,995 | (173,774 | ) | (1,894 | ) | 292,536 | 46,721 | 339,257 | 180,000 | 209 | 287,995 | (173,774 | ) | (1,894 | ) | 292,536 | 46,721 | 339,257 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
201,212 shares pursuant to dividend reinvestment plan | — | 3 | 10,647 | — | — | 10,650 | — | 10,650 | — | 3 | 10,647 | — | — | 10,650 | — | 10,650 | ||||||||||||||||||||||||||||||||||||||||||||||
117,886 shares due to exercise of employee stock options and issuance of directors' deferred stock | — | 1 | 6,366 | — | — | 6,367 | — | 6,367 | — | 1 | 6,366 | — | — | 6,367 | — | 6,367 | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 107,037 partnership units pursuant to dividend reinvestment plan | — | — | — | — | — | — | 5,673 | 5,673 | — | — | — | — | — | — | 5,673 | 5,673 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 42,468 | — | 42,468 | 10,463 | 52,931 | — | — | — | 42,468 | — | 42,468 | 10,463 | 52,931 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | 92 | 92 | 32 | 124 | — | — | — | — | 92 | 92 | 32 | 124 | ||||||||||||||||||||||||||||||||||||||||||||||
Series C preferred stock distributions | — | — | — | (9,282 | ) | — | (9,282 | ) | — | (9,282 | ) | — | — | — | (9,282 | ) | — | (9,282 | ) | — | (9,282 | ) | ||||||||||||||||||||||||||||||||||||||||
Common stock distributions | — | — | — | (27,265 | ) | — | (27,265 | ) | (9,349 | ) | (36,614 | ) | — | — | — | (27,265 | ) | — | (27,265 | ) | (9,349 | ) | (36,614 | ) | ||||||||||||||||||||||||||||||||||||||
Distributions payable on Series C preferred stock, $42.97 per share | — | — | — | (3,093 | ) | — | (3,093 | ) | — | (3,093 | ) | — | — | — | (3,093 | ) | — | (3,093 | ) | — | (3,093 | ) | ||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($0.43/share) and partnership units ($0.43/unit) | — | — | — | (9,145 | ) | — | (9,145 | ) | (3,141 | ) | (12,286 | ) | — | — | — | (9,145 | ) | — | (9,145 | ) | (3,141 | ) | (12,286 | ) | ||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued) | CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) | Total Saul Centers, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 180,000 | $ | 213 | $ | 305,008 | $ | (180,091 | ) | $ | (1,802 | ) | $ | 303,328 | $ | 50,399 | $ | 353,727 | 180,000 | 213 | 305,008 | (180,091 | ) | (1,802 | ) | 303,328 | 50,399 | 353,727 | ||||||||||||||||||||||||||||||||||
Issuance of common stock: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
186,797 shares pursuant to dividend reinvestment plan | — | 2 | 10,309 | — | — | 10,311 | — | 10,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
251,323 shares due to exercise of employee stock options and issuance of directors' deferred stock | — | 2 | 12,854 | — | — | 12,856 | — | 12,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 124,758 partnership units pursuant to dividend reinvestment plan | — | — | — | — | — | — | 6,910 | 6,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 45,279 | — | 45,279 | 11,441 | 56,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | 503 | 503 | 175 | 678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series C preferred stock distributions | — | — | — | (9,282 | ) | — | (9,282 | ) | — | (9,282 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock distributions | — | — | — | (30,328 | ) | — | (30,328 | ) | (10,392 | ) | (40,720 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable on Series C preferred stock, $42.97 per share | — | — | — | (3,093 | ) | — | (3,093 | ) | — | (3,093 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($0.51/share) and partnership units ($0.51/unit) | — | — | — | (11,069 | ) | — | (11,069 | ) | (3,789 | ) | (14,858 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | 180,000 | $ | 217 | $ | 328,171 | $ | (188,584 | ) | $ | (1,299 | ) | $ | 318,505 | $ | 54,744 | $ | 373,249 | ||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||
For The Year Ended December 31, | For The Year Ended December 31, | |||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||
Net income | $ | 52,931 | $ | 57,988 | $ | 34,842 | $ | 56,720 | $ | 52,931 | $ | 57,988 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||
Change in fair value of derivatives | 10 | 10 | 7 | 6 | 10 | 10 | ||||||||||||||||
Gains on sales of properties | (11 | ) | (6,069 | ) | — | (1,013 | ) | (11 | ) | (6,069 | ) | |||||||||||
Gain on casualty settlement | — | — | (77 | ) | ||||||||||||||||||
Depreciation and amortization of deferred leasing costs | 43,270 | 41,203 | 49,130 | 44,417 | 43,270 | 41,203 | ||||||||||||||||
Amortization of deferred debt costs | 1,433 | 1,327 | 1,257 | 1,343 | 1,433 | 1,327 | ||||||||||||||||
Non cash compensation costs of stock grants and options | 1,434 | 1,240 | 1,145 | 1,603 | 1,434 | 1,240 | ||||||||||||||||
Provision for credit losses | 915 | 680 | 968 | 1,494 | 915 | 680 | ||||||||||||||||
Increase in accounts receivable and accrued income | (5,207 | ) | (3,320 | ) | (3,669 | ) | (3,516 | ) | (5,207 | ) | (3,320 | ) | ||||||||||
Additions to deferred leasing costs | (5,563 | ) | (4,048 | ) | (5,876 | ) | (4,633 | ) | (5,563 | ) | (4,048 | ) | ||||||||||
Increase in prepaid expenses | (570 | ) | (60 | ) | (152 | ) | (399 | ) | (570 | ) | (60 | ) | ||||||||||
(Increase) decrease in other assets | 1,535 | (694 | ) | 353 | (6,377 | ) | 1,535 | (694 | ) | |||||||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (937 | ) | 1,149 | (3,286 | ) | 921 | (937 | ) | 1,149 | |||||||||||||
Decrease in deferred income | (344 | ) | (2,838 | ) | (1,115 | ) | (1,476 | ) | (344 | ) | (2,838 | ) | ||||||||||
Net cash provided by operating activities | 88,896 | 86,568 | 73,527 | 89,090 | 88,896 | 86,568 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||
Acquisitions of real estate investments (1) | (4,894 | ) | (57,494 | ) | (5,124 | ) | (48,250 | ) | (4,894 | ) | (57,494 | ) | ||||||||||
Additions to real estate investments | (18,855 | ) | (14,986 | ) | (13,999 | ) | (15,564 | ) | (18,855 | ) | (14,986 | ) | ||||||||||
Additions to development and redevelopment projects | (45,870 | ) | (17,788 | ) | (7,316 | ) | (27,231 | ) | (45,870 | ) | (17,788 | ) | ||||||||||
Proceeds from sale of properties | 32 | 6,679 | — | 4,771 | 32 | 6,679 | ||||||||||||||||
Proceeds from casualty settlement | — | — | 405 | |||||||||||||||||||
Net cash used in investing activities | (69,587 | ) | (83,589 | ) | (26,034 | ) | (86,274 | ) | (69,587 | ) | (83,589 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||
Proceeds from mortgage notes payable (1) | 46,000 | — | 101,600 | 11,250 | 46,000 | — | ||||||||||||||||
Repayments on mortgage notes payable | (52,963 | ) | (22,071 | ) | (71,308 | ) | (24,653 | ) | (52,963 | ) | (22,071 | ) | ||||||||||
Proceeds from construction loans payable | 39,817 | 5,391 | — | 24,937 | 39,817 | 5,391 | ||||||||||||||||
Proceeds from revolving credit facility | 20,000 | 90,000 | 142,000 | 78,500 | 20,000 | 90,000 | ||||||||||||||||
Repayments on revolving credit facility | (35,000 | ) | (47,000 | ) | (180,000 | ) | (57,500 | ) | (35,000 | ) | (47,000 | ) | ||||||||||
Additions to deferred debt costs | (296 | ) | (1,264 | ) | (3,219 | ) | (125 | ) | (296 | ) | (1,264 | ) | ||||||||||
Proceeds from the issuance of: | ||||||||||||||||||||||
Common stock | 15,583 | 15,596 | 22,292 | 21,564 | 15,583 | 15,596 | ||||||||||||||||
Partnership units | 5,673 | 8,877 | 4,144 | 6,910 | 5,673 | 8,877 | ||||||||||||||||
Series C preferred stock | — | 39,260 | 135,221 | — | — | 39,260 | ||||||||||||||||
Preferred stock redemption payments: | ||||||||||||||||||||||
Series A preferred | — | (40,000 | ) | (60,000 | ) | |||||||||||||||||
Series B preferred | — | — | (79,328 | ) | ||||||||||||||||||
Preferred stock redemption costs | — | — | (9 | ) | ||||||||||||||||||
Series A preferred stock redemption payment | — | — | (40,000 | ) | ||||||||||||||||||
Distributions to: | ||||||||||||||||||||||
Series A preferred stockholders | — | (3,849 | ) | (5,213 | ) | — | — | (3,849 | ) | |||||||||||||
Series B preferred stockholders | — | — | (3,253 | ) | ||||||||||||||||||
Series C preferred stockholders | (12,375 | ) | (9,625 | ) | (6,095 | ) | (12,375 | ) | (12,375 | ) | (9,625 | ) | ||||||||||
Common stockholders | (35,645 | ) | (32,346 | ) | (29,205 | ) | (39,472 | ) | (35,645 | ) | (32,346 | ) | ||||||||||
Noncontrolling interests | (12,228 | ) | (11,117 | ) | (9,956 | ) | (13,533 | ) | (12,228 | ) | (11,117 | ) | ||||||||||
Net cash used in financing activities | (21,434 | ) | (8,148 | ) | (42,329 | ) | (4,497 | ) | (21,434 | ) | (8,148 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (2,125 | ) | (5,169 | ) | 5,164 | (1,681 | ) | (2,125 | ) | (5,169 | ) | |||||||||||
Cash and cash equivalents, beginning of year | 12,128 | 17,297 | 12,133 | 10,003 | 12,128 | 17,297 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 10,003 | $ | 12,128 | $ | 17,297 | $ | 8,322 | $ | 10,003 | $ | 12,128 | ||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||
Cash paid for interest | $ | 45,965 | $ | 45,443 | $ | 45,743 | $ | 44,066 | $ | 45,965 | $ | 45,443 | ||||||||||
Increase (decrease) in accrued real estate investments and development costs | $ | (7,098 | ) | $ | 5,201 | $ | 1,548 | |||||||||||||||
(1) The 2014 acquisition of real estate and proceeds from notes payable each exclude $11,000 in connection with the sale and leaseback of the Company's Olney property. |
1. | ORGANIZATION, FORMATION, AND BASIS OF PRESENTATION |
Name of Property | Location | Type | Year of Acquisition/ Development/ Disposal | ||
Acquisitions | |||||
1580 Rockville Pike | Rockville, Maryland | Shopping Center | January 2014 | ||
1582 Rockville Pike | Rockville, Maryland | Shopping Center | April 2014 | ||
750 N. Glebe | Arlington, Virginia | Shopping Center | August 2014 | ||
730 N. Glebe | Arlington, Virginia | Shopping Center | December 2014 | ||
1584 Rockville Pike | Rockville, Maryland | Shopping Center | December 2014 | ||
726 N. Glebe | Arlington, Virginia | Shopping Center | September 2015 | ||
700 N. Glebe Road | Arlington, Virginia | Development | August 2016 | ||
Developments | |||||
Park Van Ness | Washington, DC | Mixed-Use | |||
Dispositions | |||||
Giant Center | Milford Mill, Maryland | Shopping Center | April 2014 | ||
Crosstown Business Center | Tulsa, Oklahoma | Mixed-Use | December 2016 |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
December 31, | December 31, | |||||||||||||||
(in thousands) | 2015 | 2014 | 2016 | 2015 | ||||||||||||
Park Van Ness | $ | 77,245 | $ | 26,998 | $ | — | $ | 77,245 | ||||||||
N. Glebe Road | 58,147 | — | ||||||||||||||
Other | 6,271 | 3,263 | 5,423 | 6,271 | ||||||||||||
Total | $ | 83,516 | $ | 30,261 | $ | 63,570 | $ | 83,516 | ||||||||
(In thousands) | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Beginning Balance | $ | 677 | $ | 572 | $ | 1,208 | $ | 1,263 | $ | 677 | $ | 572 | ||||||||||
Provision for Credit Losses | 915 | 680 | 968 | 1,494 | 915 | 680 | ||||||||||||||||
Charge-offs | (329 | ) | (575 | ) | (1,604 | ) | (799 | ) | (329 | ) | (575 | ) | ||||||||||
Ending Balance | $ | 1,263 | $ | 677 | $ | 572 | $ | 1,958 | $ | 1,263 | $ | 677 |
December 31, | December 31, | |||||||||||||||||||||
(Shares in thousands) | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Weighted average common shares outstanding - Basic | 21,127 | 20,772 | 20,364 | 21,505 | 21,127 | 20,772 | ||||||||||||||||
Effect of dilutive options | 69 | 49 | 37 | 110 | 69 | 49 | ||||||||||||||||
Weighted average common shares outstanding - Diluted | 21,196 | 20,821 | 20,401 | 21,615 | 21,196 | 20,821 | ||||||||||||||||
Average share price | $ | 53.38 | $ | 49.09 | $ | 45.44 | $ | 58.96 | $ | 53.38 | $ | 49.09 | ||||||||||
Non-dilutive options | 111 | 107 | 113 | 129 | 111 | 107 | ||||||||||||||||
Years non-dilutive options were issued | 2007 and 2015 | 2007 and 2008 | 2007 and 2008 | 2007, 2015, and 2016 | 2007 and 2015 | 2007 and 2008 |
3. | REAL ESTATE ACQUIRED |
(in thousands) | 700 N. Glebe Road | Thruway Pad | Total | ||||||||
Land | $ | 7,236 | $ | 2,196 | $ | 9,432 | |||||
Buildings | — | 874 | 874 | ||||||||
In-place Leases | — | 93 | 93 | ||||||||
Above Market Rent | — | — | — | ||||||||
Below Market Rent | — | (63 | ) | (63 | ) | ||||||
Total Purchase Price | $ | 7,236 | $ | 3,100 | $ | 10,336 | |||||
(in thousands) | 1580 Rockville Pike | 1582 Rockville Pike | 750 N. Glebe Road | 730 N. Glebe Road | 1584 Rockville Pike | Total | |||||||||||||||||
Land | $ | 9,600 | $ | 9,742 | $ | 38,224 | $ | 2,683 | $ | 5,798 | $ | 66,047 | |||||||||||
Buildings | 2,200 | 828 | 1,327 | 78 | 440 | 4,873 | |||||||||||||||||
In-place Leases | 513 | 849 | 449 | 39 | 249 | 2,099 | |||||||||||||||||
Above Market Rent | — | — | — | — | — | — | |||||||||||||||||
Below Market Rent | (4,313 | ) | (419 | ) | — | — | (337 | ) | (5,069 | ) | |||||||||||||
Total Purchase Price | $ | 8,000 | $ | 11,000 | $ | 40,000 | $ | 2,800 | $ | 6,150 | $ | 67,950 | |||||||||||
(In thousands) | Lease acquisition costs | Above market leases | Below market leases | Lease acquisition costs | Above market leases | Below market leases | ||||||||||||||||
2016 | $ | 988 | $ | 2 | $ | 1,719 | ||||||||||||||||
2017 | 796 | 1 | 1,697 | $ | 762 | $ | 1 | $ | 1,677 | |||||||||||||
2018 | 737 | 1 | 1,615 | 708 | 1 | 1,618 | ||||||||||||||||
2019 | 550 | — | 1,478 | 537 | — | 1,481 | ||||||||||||||||
2020 | 417 | — | 1,397 | 419 | — | 1,399 | ||||||||||||||||
2021 | 384 | — | 1,375 | |||||||||||||||||||
Thereafter | 1,322 | — | 8,236 | 840 | — | 6,887 | ||||||||||||||||
Total | $ | 4,810 | $ | 4 | $ | 16,142 | $ | 3,650 | $ | 2 | $ | 14,437 |
4. | NONCONTROLLING INTERESTS - HOLDERS OF CONVERTIBLE LIMITED PARTNERSHIP UNITS IN THE OPERATING PARTNERSHIP |
5. | MORTGAGE NOTES PAYABLE, REVOLVING CREDIT FACILITY, INTEREST EXPENSE AND AMORTIZATION OF DEFERRED DEBT COSTS |
Notes Payable | December 31, | Interest | Scheduled | December 31, | Interest | Scheduled | ||||||||||||||||||||||
(Dollars in thousands) | 2015 | 2014 | Rate * | Maturity * | 2016 | 2015 | Rate * | Maturity * | ||||||||||||||||||||
Fixed rate mortgages: | $ | — | (a) | $ | 15,399 | 7.45 | % | Jun-2015 | $ | 29,428 | (a) | $ | 30,778 | 6.01 | % | Feb-2018 | ||||||||||||
30,778 | (b) | 32,049 | 6.01 | % | Feb-2018 | 32,036 | (b) | 33,766 | 5.88 | % | Jan-2019 | |||||||||||||||||
33,766 | (c) | 35,398 | 5.88 | % | Jan-2019 | 10,372 | (c) | 10,928 | 5.76 | % | May-2019 | |||||||||||||||||
10,928 | (d) | 11,454 | 5.76 | % | May-2019 | 14,335 | (d) | 15,098 | 5.62 | % | Jul-2019 | |||||||||||||||||
15,098 | (e) | 15,819 | 5.62 | % | Jul-2019 | 14,325 | (e) | 15,064 | 5.79 | % | Sep-2019 | |||||||||||||||||
15,064 | (f) | 15,761 | 5.79 | % | Sep-2019 | 12,725 | (f) | 13,387 | 5.22 | % | Jan-2020 | |||||||||||||||||
13,387 | (g) | 14,014 | 5.22 | % | Jan-2020 | 10,277 | (g) | 10,587 | 5.60 | % | May-2020 | |||||||||||||||||
10,587 | (h) | 10,881 | 5.60 | % | May-2020 | 8,697 | (h) | 9,127 | 5.30 | % | Jun-2020 | |||||||||||||||||
9,127 | (i) | 9,535 | 5.30 | % | Jun-2020 | 39,213 | (i) | 40,360 | 5.83 | % | Jul-2020 | |||||||||||||||||
40,360 | (j) | 41,441 | 5.83 | % | Jul-2020 | 7,685 | (j) | 8,025 | 5.81 | % | Feb-2021 | |||||||||||||||||
8,025 | (k) | 8,346 | 5.81 | % | Feb-2021 | 5,808 | (k) | 5,959 | 6.01 | % | Aug-2021 | |||||||||||||||||
5,959 | (l) | 6,100 | 6.01 | % | Aug-2021 | 33,571 | (l) | 34,420 | 5.62 | % | Jun-2022 | |||||||||||||||||
34,420 | (m) | 35,222 | 5.62 | % | Jun-2022 | 10,253 | (m) | 10,492 | 6.08 | % | Sep-2022 | |||||||||||||||||
10,492 | (n) | 10,718 | 6.08 | % | Sep-2022 | 11,129 | (n) | 11,365 | 6.43 | % | Apr-2023 | |||||||||||||||||
11,365 | (o) | 11,587 | 6.43 | % | Apr-2023 | 13,401 | (o) | 14,177 | 6.28 | % | Feb-2024 | |||||||||||||||||
14,177 | (p) | 14,909 | 6.28 | % | Feb-2024 | 15,917 | (p) | 16,348 | 7.35 | % | Jun-2024 | |||||||||||||||||
16,348 | (q) | 16,750 | 7.35 | % | Jun-2024 | 13,832 | (q) | 14,197 | 7.60 | % | Jun-2024 | |||||||||||||||||
14,197 | (r) | 14,535 | 7.60 | % | Jun-2024 | 24,504 | (r) | 25,088 | 7.02 | % | Jul-2024 | |||||||||||||||||
25,088 | (s) | 25,639 | 7.02 | % | Jul-2024 | 28,945 | (s) | 29,714 | 7.45 | % | Jul-2024 | |||||||||||||||||
29,714 | (t) | 30,429 | 7.45 | % | Jul-2024 | 28,822 | (t) | 29,564 | 7.30 | % | Jan-2025 | |||||||||||||||||
29,564 | (u) | 30,253 | 7.30 | % | Jan-2025 | 14,961 | (u) | 15,360 | 6.18 | % | Jan-2026 | |||||||||||||||||
15,360 | (v) | 15,735 | 6.18 | % | Jan-2026 | 109,144 | (v) | 112,299 | 5.31 | % | Apr-2026 | |||||||||||||||||
112,299 | (w) | 115,291 | 5.31 | % | Apr-2026 | 33,097 | (w) | 34,133 | 4.30 | % | Oct-2026 | |||||||||||||||||
34,133 | (x) | 35,125 | 4.30 | % | Oct-2026 | 37,701 | (x) | 38,842 | 4.53 | % | Nov-2026 | |||||||||||||||||
38,842 | (y) | 39,932 | 4.53 | % | Nov-2026 | 17,630 | (y) | 18,150 | 4.70 | % | Dec-2026 | |||||||||||||||||
18,150 | (z) | 18,645 | 4.70 | % | Dec-2026 | 66,210 | (z) | 67,850 | 5.84 | % | May-2027 | |||||||||||||||||
67,850 | (aa) | 69,397 | 5.84 | % | May-2027 | 16,352 | (aa) | 16,826 | 4.04 | % | Apr-2028 | |||||||||||||||||
16,826 | (bb) | 17,281 | 4.04 | % | Apr-2028 | 41,753 | (bb) | 31,844 | 3.51 | % | Jun-2028 | |||||||||||||||||
31,844 | (cc) | 33,140 | 3.51 | % | Jun-2028 | 16,543 | (cc) | 17,011 | 3.99 | % | Sep-2028 | |||||||||||||||||
17,011 | (dd) | 17,462 | 3.99 | % | Sep-2028 | 28,679 | (dd) | 29,444 | 3.69 | % | Mar-2030 | |||||||||||||||||
29,444 | (ee) | — | 3.69 | % | Mar-2030 | 15,357 | (ee) | 15,748 | 3.99 | % | Apr-2030 | |||||||||||||||||
15,748 | (ff) | — | 3.99 | % | Apr-2030 | 70,144 | (ff) | 45,208 | 4.88 | % | Sep-2032 | |||||||||||||||||
45,208 | (gg) | 5,391 | 4.88 | % | Sep-2032 | 11,446 | (gg) | 11,282 | 8.00 | % | Apr-2034 | |||||||||||||||||
11,282 | (hh) | 11,119 | 8.00 | % | Apr-2034 | |||||||||||||||||||||||
Total fixed rate | 832,441 | 784,757 | 5.53 | % | 9.2 Years | 844,292 | 832,441 | 5.48 | % | 8.5 Years | ||||||||||||||||||
Variable rate loans: | ||||||||||||||||||||||||||||
28,000 | (ii) | 43,000 | LIBOR + 1.45 | % | Jun-2018 | 49,000 | (hh) | 28,000 | LIBOR + 1.45 | % | Jun-2018 | |||||||||||||||||
— | (jj) | 14,525 | LIBOR + 1.65 | % | Feb-2016 | 14,482 | (ii) | 14,801 | LIBOR + 1.65 | % | Feb-2018 | |||||||||||||||||
14,801 | (kk) | 15,106 | LIBOR + 1.65 | % | Feb-2017 | |||||||||||||||||||||||
Total variable rate | $ | 42,801 | $ | 72,631 | LIBOR + 1.94 | % | 2.0 Years | $ | 63,482 | $ | 42,801 | 2.22 | % | 1.3 Years | ||||||||||||||
Total notes payable | $ | 875,242 | $ | 857,388 | 5.35 | % | 8.9 Years | $ | 907,774 | $ | 875,242 | 5.25 | % | 8.0 Years |
* | Interest rate and scheduled maturity data presented as of December 31, |
(a) |
The loan is collateralized by Washington Square and requires equal monthly principal and interest payments of $264,000 based upon a 27.5-year amortization schedule and a final payment of $28.0 million at loan maturity. Principal of |
The loan is collateralized by three shopping centers, Broadlands Village, The Glen and Kentlands Square I, and requires equal monthly principal and interest payments of $306,000 based upon a 25-year amortization schedule and a final payment of $28.4 million at loan maturity. Principal of |
The loan is collateralized by Olde Forte Village and requires equal monthly principal and interest payments of $98,000 based upon a 25-year amortization schedule and a final payment of $9.0 million at loan maturity. Principal of |
The loan is collateralized by Countryside and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.3 million at loan maturity. Principal of |
The loan is collateralized by Briggs Chaney MarketPlace and requires equal monthly principal and interest payments of $133,000 based upon a 25-year amortization schedule and a final payment of $12.2 million at loan maturity. Principal of |
The loan is collateralized by Shops at Monocacy and requires equal monthly principal and interest payments of $112,000 based upon a 25-year amortization schedule and a final payment of $10.6 million at loan maturity. Principal of |
The loan is collateralized by Boca Valley Plaza and requires equal monthly principal and interest payments of $75,000 based upon a 30-year amortization schedule and a final payment of $9.1 million at loan maturity. Principal of |
The loan is collateralized by Palm Springs Center and requires equal monthly principal and interest payments of $75,000 based upon a 25-year amortization schedule and a final payment of $7.1 million at loan maturity. Principal of |
The loan and a corresponding interest-rate swap closed on June 29, 2010 and are collateralized by Thruway. On a combined basis, the loan and the interest-rate swap require equal monthly principal and interest payments of $289,000 based upon a 25-year amortization schedule and a final payment of $34.8 million at loan maturity. Principal of |
The loan is collateralized by Jamestown Place and requires equal monthly principal and interest payments of $66,000 based upon a 25-year amortization schedule and a final payment of $6.1 million at loan maturity. Principal of |
The loan is collateralized by Hunt Club Corners and requires equal monthly principal and interest payments of $42,000 based upon a 30-year amortization schedule and a final payment of $5.0 million, at loan maturity. Principal of |
The loan is collateralized by Lansdowne Town Center and requires monthly principal and interest payments of $230,000 based on a 30-year amortization schedule and a final payment of $28.2 million at loan maturity. Principal of |
The loan is collateralized by Orchard Park and requires equal monthly principal and interest payments of $73,000 based upon a 30-year amortization schedule and a final payment of $8.6 million at loan maturity. Principal of |
The loan is collateralized by BJ’s Wholesale and requires equal monthly principal and interest payments of $80,000 based upon a 30-year amortization schedule and a final payment of $9.3 million at loan maturity. Principal of |
The loan is collateralized by Great Falls shopping center. The loan consists of three notes which require equal monthly principal and interest payments of $138,000 based upon a weighted average 26-year amortization schedule and a final payment of $6.3 million at maturity. Principal of |
The loan is collateralized by Leesburg Pike and requires equal monthly principal and interest payments of $135,000 based upon a 25-year amortization schedule and a final payment of $11.5 million at loan maturity. Principal of |
The loan is collateralized by Village Center and requires equal monthly principal and interest payments of $119,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of |
The loan is collateralized by White Oak and requires equal monthly principal and interest payments of $193,000 based upon a 24.4 year weighted amortization schedule and a final payment of $18.5 million at loan maturity. The loan was previously collateralized by Van Ness Square. During 2012, the Company substituted White Oak as the collateral and borrowed an additional $10.5 million. Principal of |
The loan is collateralized by Avenel Business Park and requires equal monthly principal and interest payments of $246,000 based upon a 25-year amortization schedule and a final payment of $20.9 million at loan maturity. Principal of |
The loan is collateralized by Ashburn Village and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $20.5 million at loan maturity. Principal of |
The loan is collateralized by Ravenwood and requires equal monthly principal and interest payments of $111,000 based upon a 25-year amortization schedule and a final payment of $10.1 million at loan maturity. Principal of |
The loan is collateralized by Clarendon Center and requires equal monthly principal and interest payments of $753,000 based upon a 25-year amortization schedule and a final payment of $70.5 million at loan maturity. Principal of |
The loan is collateralized by Severna Park MarketPlace and requires equal monthly principal and interest payments of $207,000 based upon a 25-year amortization schedule and a final payment of $20.3 million at loan maturity. Principal of |
The loan is collateralized by Kentlands Square II and requires equal monthly principal and interest payments of $240,000 based upon a 25-year amortization schedule and a final payment of $23.1 million at loan maturity. Principal of |
The loan is collateralized by Cranberry Square and requires equal monthly principal and interest payments of $113,000 based upon a 25-year amortization schedule and a final payment of $10.9 million at loan maturity. Principal of |
The loan in the original amount of $73.0 million closed in May 2012, is collateralized by Seven Corners and requires equal monthly principal and interest payments of $463,200 based upon a 25-year amortization schedule and a final payment of $42.3 million at loan maturity. Principal of |
The loan is collateralized by Hampshire Langley and requires equal monthly principal and interest payments of $95,400 based upon a 25 -year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of |
The loan is collateralized by Beacon Center and requires equal monthly principal and interest payments of |
The loan is collateralized by Seabreeze Plaza and requires equal monthly principal and interest payments of $94,900 based upon a 25-year amortization schedule and a final payment of $9.5 million at loan maturity. Principal of |
The loan is collateralized by Shops at Fairfax and Boulevard shopping centers and requires equal monthly principal and interest payments totaling $153,300 based upon a 25-year amortization schedule and a final payment of $15.5 million at maturity. Principal of |
The loan is a $71.6 million construction-to-permanent facility that is collateralized by and will finance a portion of the construction costs of Park Van Ness. During the construction period, interest will be funded by the loan. After conversion to a permanent loan, monthly principal and interest payments totaling $413,500 will be required based upon a 25-year amortization schedule. A final payment of $39.6 million will be due at maturity. |
The Company entered into a sale-leaseback transaction with its Olney property and is accounting for that transaction as a secured financing. The arrangement requires monthly payments of $60,400 which increase by 1.5% on May 1, 2015, and every May 1 thereafter. The arrangement provides for a final payment of $14.7 million and has an implicit interest rate of 8.0%. Negative amortization in |
The loan is a $275.0 million unsecured revolving credit facility. Interest accrues at a rate equal to the sum of one-month LIBOR plus a spread of 145 basis points. The line may be extended at the Company’s option for one year with payment of a fee of 0.15%. Monthly payments, if required, are interest only and vary depending upon the amount outstanding and the applicable interest rate for any given month. |
The loan is collateralized by Metro Pike Center and requires monthly principal and interest payments of approximately $48,000 and a final payment of |
(in thousands) | Balloon Payments | Scheduled Principal Amortization | Total | Balloon Payments | Scheduled Principal Amortization | Total | ||||||||||||||||
2016 | $ | — | $ | 24,655 | $ | 24,655 | ||||||||||||||||
2017 | 14,430 | 25,798 | 40,228 | $ | — | $ | 26,418 | $ | 26,418 | |||||||||||||
2018 | 55,748 | (a) | 25,903 | 81,651 | 90,865 | (a) | 26,394 | 117,259 | ||||||||||||||
2019 | 60,793 | 24,616 | 85,409 | 60,793 | 25,037 | 85,830 | ||||||||||||||||
2020 | 61,163 | 21,893 | 83,056 | 61,163 | 22,331 | 83,494 | ||||||||||||||||
2021 | 11,011 | 21,859 | 32,870 | |||||||||||||||||||
Thereafter | 432,565 | 127,678 | 560,243 | 452,142 | 109,761 | 561,903 | ||||||||||||||||
$ | 624,699 | $ | 250,543 | $ | 875,242 | |||||||||||||||||
Principal amount | $ | 675,974 | $ | 231,800 | 907,774 | |||||||||||||||||
Unamortized deferred debt costs | 7,485 | |||||||||||||||||||||
Net | $ | 900,289 |
(in thousands) | Year ended December 31, | ||||||||||
2016 | 2015 | 2014 | |||||||||
Interest incurred | $ | 46,867 | $ | 45,898 | $ | 45,396 | |||||
Amortization of deferred debt costs | 1,343 | 1,433 | 1,327 | ||||||||
Capitalized interest | (2,527 | ) | (2,166 | ) | (689 | ) | |||||
Total | $ | 45,683 | $ | 45,165 | $ | 46,034 |
(in thousands) | Year ended December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
Interest incurred | $ | 45,898 | $ | 45,396 | $ | 45,502 | |||||
Amortization of deferred debt costs | 1,433 | 1,327 | 1,257 | ||||||||
Capitalized interest | (2,166 | ) | (689 | ) | (170 | ) | |||||
Total | $ | 45,165 | $ | 46,034 | $ | 46,589 |
6. | LEASE AGREEMENTS |
(in thousands) | ||||||
2016 | $ | 154,983 | ||||
2017 | 140,786 | $ | 154,489 | |||
2018 | 122,922 | 138,724 | ||||
2019 | 100,845 | 117,135 | ||||
2020 | 80,559 | 97,155 | ||||
2021 | 78,248 | |||||
Thereafter | 273,328 | 245,218 | ||||
$ | 873,423 | $ | 830,969 |
7. | LONG-TERM LEASE OBLIGATIONS |
Year ending December 31, | |||||||||||||||||||||||||||
(In thousands) | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||||||||
Beacon Center | $ | 60 | $ | 60 | $ | 60 | $ | 60 | $ | 60 | $ | 2,482 | $ | 2,782 | |||||||||||||
Olney | 56 | 56 | 56 | 57 | 62 | 3,697 | 3,984 | ||||||||||||||||||||
Southdale | 60 | 60 | 60 | 60 | 60 | 2,825 | 3,125 | ||||||||||||||||||||
Total | $ | 176 | $ | 176 | $ | 176 | $ | 177 | $ | 182 | $ | 9,004 | $ | 9,891 |
(in thousands) | |||
2017 | $ | 56 | |
2018 | 56 | ||
2019 | 57 | ||
2020 | 62 | ||
2021 | 62 | ||
Thereafter | 3,636 | ||
$ | 3,929 |
8. | STOCKHOLDERS’ EQUITY AND NONCONTROLLING INTEREST |
9. | RELATED PARTY TRANSACTIONS |
10. | STOCK OPTION PLAN |
SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data) | SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data) | SAUL CENTERS, INC. Notes to Consolidated Financial Statements (Dollars in thousands, except per share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options issued | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Directors | Directors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grant date | 5/1/2006 | 4/27/2007 | 4/25/2008 | 4/24/2009 | 5/7/2010 | 5/13/2011 | 5/4/2012 | 5/10/2013 | 5/9/2014 | 5/8/2015 | Subtotals | 4/27/2007 | 4/25/2008 | 4/24/2009 | 5/7/2010 | 5/13/2011 | 5/4/2012 | 5/10/2013 | 5/9/2014 | 5/8/2015 | 5/6/2016 | Subtotals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total grant | 30,000 | 30,000 | 30,000 | 32,500 | 32,500 | 32,500 | 35,000 | 35,000 | 30,000 | 35,000 | 322,500 | 30,000 | 30,000 | 32,500 | 32,500 | 32,500 | 35,000 | 35,000 | 30,000 | 35,000 | 32,500 | 325,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested | 30,000 | 30,000 | 30,000 | 32,500 | 32,500 | 32,500 | 35,000 | 35,000 | 30,000 | 35,000 | 322,500 | 30,000 | 30,000 | 32,500 | 32,500 | 32,500 | 35,000 | 35,000 | 30,000 | 35,000 | 32,500 | 325,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised | 20,000 | 5,000 | 7,500 | 22,500 | 15,000 | 15,000 | 15,000 | 12,500 | 7,500 | 5,000 | 125,000 | 10,000 | 12,500 | 25,000 | 17,500 | 17,500 | 17,500 | 15,000 | 10,000 | 5,000 | — | 130,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | 2,500 | 7,500 | 7,500 | — | 2,500 | 2,500 | — | — | — | — | 22,500 | 7,500 | 7,500 | — | 2,500 | 2,500 | — | — | — | — | — | 20,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercisable at December 31, 2015 | 7,500 | 17,500 | 15,000 | 10,000 | 15,000 | 15,000 | 20,000 | 22,500 | 22,500 | 30,000 | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercisable at December 31, 2016 | 12,500 | 10,000 | 7,500 | 12,500 | 12,500 | 17,500 | 20,000 | 20,000 | 30,000 | 32,500 | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining unexercised | 7,500 | 17,500 | 15,000 | 10,000 | 15,000 | 15,000 | 20,000 | 22,500 | 22,500 | 30,000 | 175,000 | 12,500 | 10,000 | 7,500 | 12,500 | 12,500 | 17,500 | 20,000 | 20,000 | 30,000 | 32,500 | 175,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ | 40.35 | $ | 54.17 | $ | 50.15 | $ | 32.68 | $ | 38.76 | $ | 41.82 | $ | 39.29 | $ | 44.42 | $ | 47.03 | $ | 51.07 | $ | 54.17 | $ | 50.15 | $ | 32.68 | $ | 38.76 | $ | 41.82 | $ | 39.29 | $ | 44.42 | $ | 47.03 | $ | 51.07 | $ | 57.74 | ||||||||||||||||||||||||||||||||||||||||||||||||
Volatility | 0.206 | 0.225 | 0.237 | 0.344 | 0.369 | 0.358 | 0.348 | 0.333 | 0.173 | 0.166 | 0.225 | 0.237 | 0.344 | 0.369 | 0.358 | 0.348 | 0.333 | 0.173 | 0.166 | 0.166 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | 9.0 | 8.0 | 7.0 | 6.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 8.0 | 7.0 | 6.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed yield | 5.93 | % | 4.39 | % | 4.09 | % | 4.54 | % | 4.23 | % | 4.16 | % | 4.61 | % | 4.53 | % | 4.48 | % | 4.54 | % | 4.39 | % | 4.09 | % | 4.54 | % | 4.23 | % | 4.16 | % | 4.61 | % | 4.53 | % | 4.48 | % | 4.54 | % | 3.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free rate | 5.11 | % | 4.65 | % | 3.49 | % | 2.19 | % | 2.17 | % | 1.86 | % | 0.78 | % | 0.82 | % | 1.63 | % | 1.50 | % | 4.65 | % | 3.49 | % | 2.19 | % | 2.17 | % | 1.86 | % | 0.78 | % | 0.82 | % | 1.63 | % | 1.50 | % | 1.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total value at grant date | $ | 144 | $ | 285 | $ | 255 | $ | 223 | $ | 288 | $ | 297 | $ | 257 | $ | 278 | $ | 110 | $ | 125 | $ | 2,262 | $ | 285 | $ | 255 | $ | 223 | $ | 288 | $ | 298 | $ | 257 | $ | 278 | $ | 110 | $ | 125 | $ | 151 | $ | 2,270 | ||||||||||||||||||||||||||||||||||||||||||||
Expensed in previous years | 144 | 285 | 255 | 223 | 288 | 297 | 257 | — | — | — | 1,749 | 285 | 255 | 223 | 288 | 298 | 257 | 278 | — | — | — | 1,884 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2013 | — | — | — | — | — | — | — | 278 | — | — | 278 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2014 | — | — | — | — | — | — | — | — | 110 | — | 110 | — | — | — | — | — | — | — | 110 | — | — | 110 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2015 | — | — | — | — | — | — | — | — | — | 125 | 125 | — | — | — | — | — | — | — | — | 125 | — | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2016 | — | — | — | — | — | — | — | — | — | 151 | 151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future expense | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Officers | Officers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grant date | 4/27/2007 | 5/13/2011 | 5/4/2012 | 5/10/2013 | 5/9/2014 | 5/8/2015 | Subtotals | Grand Totals | 4/27/2007 | 5/13/2011 | 5/4/2012 | 5/10/2013 | 5/9/2014 | 5/8/2015 | 5/6/2016 | Subtotals | Grand Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total grant | 135,000 | 162,500 | 242,500 | 202,500 | 170,000 | 190,000 | 1,102,500 | 1,425,000 | 135,000 | 162,500 | 242,500 | 202,500 | 170,000 | 190,000 | 194,000 | 1,296,500 | 1,621,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested | 67,500 | 118,750 | 81,875 | 91,250 | 42,500 | — | 401,875 | 724,375 | 67,500 | 118,750 | 107,500 | 131,875 | 85,000 | 47,500 | — | 558,125 | 883,125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercised | 14,097 | 58,754 | 40,625 | 24,375 | 3,125 | — | 140,976 | 265,976 | 67,500 | 92,915 | 91,205 | 68,750 | 31,250 | 6,250 | — | 357,870 | 487,870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | 67,500 | 43,750 | 135,000 | 30,000 | — | — | 276,250 | 298,750 | 67,500 | 43,750 | 135,000 | 30,625 | 1,250 | 1,875 | — | 280,000 | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercisable at December 31, 2015 | 53,403 | 59,996 | 41,250 | 66,875 | 39,375 | — | 260,899 | 435,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercisable at December 31, 2016 | — | 25,835 | 16,295 | 63,125 | 53,750 | 41,250 | — | 200,255 | 375,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining unexercised | 53,403 | 59,996 | 66,875 | 148,125 | 166,875 | 190,000 | 685,274 | 860,274 | — | 25,835 | 16,295 | 103,125 | 137,500 | 181,875 | 194,000 | 658,630 | 833,630 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price | $ | 54.17 | $ | 41.82 | $ | 39.29 | $ | 44.42 | $ | 47.03 | $ | 51.07 | $ | 54.17 | $ | 41.82 | $ | 39.29 | $ | 44.42 | $ | 47.03 | $ | 51.07 | $ | 57.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volatility | 0.233 | 0.330 | 0.315 | 0.304 | 0.306 | 0.298 | 0.233 | 0.330 | 0.315 | 0.304 | 0.306 | 0.298 | 0.185 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected life (years) | 6.5 | 8.0 | 8.0 | 8.0 | 7.0 | 7.0 | 6.5 | 8.0 | 8.0 | 8.0 | 7.0 | 7.0 | 7.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed yield | 4.13 | % | 4.81 | % | 5.28 | % | 5.12 | % | 4.89 | % | 4.94 | % | 4.13 | % | 4.81 | % | 5.28 | % | 5.12 | % | 4.89 | % | 4.94 | % | 3.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk-free rate | 4.61 | % | 2.75 | % | 1.49 | % | 1.49 | % | 2.17 | % | 1.89 | % | 4.61 | % | 2.75 | % | 1.49 | % | 1.49 | % | 2.17 | % | 1.89 | % | 1.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross value at grant date | $ | 1,339 | $ | 1,367 | $ | 1,518 | $ | 1,401 | $ | 1,350 | $ | 1,585 | $ | 8,560 | $ | 10,822 | $ | 1,339 | $ | 1,366 | $ | 1,518 | $ | 1,401 | $ | 1,350 | $ | 1,585 | $ | 1,137 | $ | 9,696 | $ | 11,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated forfeitures | 62 | 368 | 890 | 280 | 169 | 142 | 1,911 | 1,911 | 62 | 368 | 845 | 280 | 169 | 142 | 87 | 1,953 | 1,953 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in previous years | 1,277 | 457 | 105 | — | — | — | 1,839 | 3,588 | 1,277 | 692 | 262 | 209 | — | — | — | 2,440 | 4,324 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2013 | — | 236 | 157 | 209 | — | — | 602 | 880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2014 | — | 217 | 157 | 284 | 197 | — | 855 | 965 | — | 217 | 157 | 284 | 197 | — | — | 855 | 965 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2015 | — | 89 | 157 | 269 | 295 | 241 | 1,051 | 1,176 | — | 89 | 157 | 269 | 295 | 241 | — | 1,051 | 1,176 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expensed in 2016 | — | 97 | 269 | 295 | 361 | 175 | 1,197 | 1,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future expense | — | — | 52 | 359 | 689 | 1,202 | 2,302 | 2,302 | — | — | — | 90 | 394 | 841 | 875 | 2,200 | 2,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average term of remaining future expense | 2.7 | years | 2.5 | years |
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||
Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | Shares | Weighted Average Exercise Price | |||||||||||||||||||||||||||||
Outstanding at January 1 | 748,208 | $ | 44.79 | 753,625 | $ | 42.55 | 570,840 | $ | 41.04 | 860,274 | $ | 46.58 | 748,208 | $ | 44.79 | 753,625 | $ | 42.55 | ||||||||||||||||||||||
Granted | 225,000 | 51.07 | 200,000 | 47.03 | 237,500 | 44.42 | 226,500 | 57.74 | 225,000 | 51.07 | 200,000 | 47.03 | ||||||||||||||||||||||||||||
Exercised | (112,934 | ) | 43.67 | (167,917 | ) | 37.71 | (49,715 | ) | 33.15 | (246,894 | ) | 45.59 | (112,934 | ) | 43.67 | (167,917 | ) | 37.71 | ||||||||||||||||||||||
Expired/Forfeited | — | — | (37,500 | ) | 43.56 | (5,000 | ) | 52.16 | (6,250 | ) | 45.31 | — | — | (37,500 | ) | 43.56 | ||||||||||||||||||||||||
Outstanding December 31 | 860,274 | 46.58 | 748,208 | 44.79 | 753,625 | 42.55 | 833,630 | 49.92 | 860,274 | 46.58 | 748,208 | 44.79 | ||||||||||||||||||||||||||||
Exercisable at December 31 | 435,899 | 380,708 | 44.85 | 413,000 | 42.42 | 375,255 | 46.68 | 435,899 | 45.33 | 380,708 | 44.85 |
(Dollars in thousands) | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Increase (decrease) in fair value: | ||||||||||||||||||||||
Recognized in earnings | $ | (10 | ) | $ | (10 | ) | $ | (7 | ) | $ | (6 | ) | $ | (10 | ) | $ | (10 | ) | ||||
Recognized in other comprehensive income | 124 | (675 | ) | 2,897 | 678 | 124 | (675 | ) | ||||||||||||||
Total | $ | 114 | $ | (685 | ) | $ | 2,890 | $ | 672 | $ | 114 | $ | (685 | ) |
Total Distributions to | Dividend Reinvestments | Total Distributions to | Dividend Reinvestments | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except per share amounts) | Preferred Stockholders | Common Stockholders | Limited Partnership Unitholders | Common Stock Shares Issued | Discounted Share Price | Limited Partnership Units Issued | Average Unit Price | Preferred Stockholders | Common Stockholders | Limited Partnership Unitholders | Common Stock Shares Issued | Discounted Share Price | Limited Partnership Units Issued | Average Unit Price | ||||||||||||||||||||||||||||||||||||
Distributions during 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
October 31 | $ | 3,094 | $ | 10,168 | $ | 3,478 | 44,176 | $ | 57.18 | 30,891 | $ | 57.18 | ||||||||||||||||||||||||||||||||||||||
July 31 | 3,094 | 10,133 | 3,465 | 39,487 | 65.64 | 26,897 | 65.64 | |||||||||||||||||||||||||||||||||||||||||||
April 30 | 3,094 | 10,029 | 3,449 | 48,854 | 51.59 | 34,201 | 51.59 | |||||||||||||||||||||||||||||||||||||||||||
January 31 | 3,093 | 9,142 | 3,141 | 54,280 | 49.24 | 32,769 | 49.24 | |||||||||||||||||||||||||||||||||||||||||||
Total 2016 | $ | 12,375 | $ | 39,472 | $ | 13,533 | 186,797 | 124,758 | ||||||||||||||||||||||||||||||||||||||||||
Distributions during 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||
October 31 | $ | 3,094 | $ | 9,106 | $ | 3,129 | 47,313 | $ | 55.73 | 28,936 | $ | 55.73 | $ | 3,094 | $ | 9,106 | $ | 3,129 | 47,313 | $ | 55.73 | 28,936 | $ | 55.73 | ||||||||||||||||||||||||||
July 31 | 3,094 | 9,081 | 3,115 | 56,003 | 50.30 | 32,041 | 50.30 | 3,094 | 9,081 | 3,115 | 56,003 | 50.30 | 32,041 | 50.30 | ||||||||||||||||||||||||||||||||||||
April 30 | 3,094 | 9,055 | 3,104 | 54,921 | 50.21 | 25,264 | 50.21 | 3,094 | 9,055 | 3,104 | 54,921 | 50.21 | 25,264 | 50.21 | ||||||||||||||||||||||||||||||||||||
January 31 | 3,093 | 8,403 | 2,880 | 42,975 | 56.74 | 20,796 | 56.74 | 3,093 | 8,403 | 2,880 | 42,975 | 56.74 | 20,796 | 56.74 | ||||||||||||||||||||||||||||||||||||
Total 2015 | $ | 12,375 | $ | 35,645 | $ | 12,228 | 201,212 | 107,037 | $ | 12,375 | $ | 35,645 | $ | 12,228 | 201,212 | 107,037 | ||||||||||||||||||||||||||||||||||
Distributions during 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||
October 31 | $ | 3,856 | $ | 8,348 | $ | 2,879 | 40,142 | $ | 52.71 | $ | 3,856 | $ | 8,348 | $ | 2,879 | 40,142 | $ | 52.71 | ||||||||||||||||||||||||||||||||
July 31 | 3,206 | 8,314 | 2,879 | 57,696 | 46.79 | 3,206 | 8,314 | 2,879 | 57,696 | 46.79 | ||||||||||||||||||||||||||||||||||||||||
April 30 | 3,206 | 8,269 | 2,838 | 60,212 | 44.14 | 104,831 | $ | 44.77 | 3,206 | 8,269 | 2,838 | 60,212 | 44.14 | 104,831 | $ | 44.77 | ||||||||||||||||||||||||||||||||||
January 31 | 3,206 | 7,415 | 2,521 | 39,588 | 45.15 | 91,352 | 45.80 | 3,206 | 7,415 | 2,521 | 39,588 | 45.15 | 91,352 | 45.80 | ||||||||||||||||||||||||||||||||||||
Total 2014 | $ | 13,474 | $ | 32,346 | $ | 11,117 | 197,638 | 196,183 | $ | 13,474 | $ | 32,346 | $ | 11,117 | 197,638 | 196,183 | ||||||||||||||||||||||||||||||||||
Distributions during 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
October 31 | $ | 3,206 | $ | 7,388 | $ | 2,489 | 48,836 | $ | 46.27 | 88,309 | $ | 46.93 | ||||||||||||||||||||||||||||||||||||||
July 31 | 3,206 | 7,327 | 2,489 | 138,019 | 45.21 | |||||||||||||||||||||||||||||||||||||||||||||
April 30 | 4,364 | 7,272 | 2,489 | 142,839 | 42.85 | |||||||||||||||||||||||||||||||||||||||||||||
January 31 | 3,785 | 7,218 | 2,489 | 145,468 | 41.67 | |||||||||||||||||||||||||||||||||||||||||||||
Total 2013 | $ | 14,561 | $ | 29,205 | $ | 9,956 | 475,162 | 88,309 |
INTERIM RESULTS (Unaudited) |
(In thousands, except per share amounts) | 2015 | 2016 | ||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||
Revenue | $ | 52,088 | $ | 51,711 | $ | 52,376 | $ | 52,902 | $ | 56,926 | $ | 52,710 | $ | 53,233 | $ | 54,201 | ||||||||||||||
Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests | 12,687 | 12,922 | 13,238 | 14,083 | 16,381 | 13,250 | 12,722 | 13,360 | ||||||||||||||||||||||
Gain on sales of properties | — | 11 | — | — | — | — | — | 1,013 | ||||||||||||||||||||||
Net income attributable to Saul Centers, Inc. | 10,207 | 10,396 | 10,615 | 11,250 | 12,948 | 10,627 | 10,239 | 11,465 | ||||||||||||||||||||||
Net income available to common stockholders | 7,113 | 7,302 | 7,522 | 8,156 | 9,854 | 7,533 | 7,146 | 8,371 | ||||||||||||||||||||||
Net income available to common stockholders per diluted share | 0.33 | 0.35 | 0.36 | 0.38 | 0.46 | 0.35 | 0.33 | 0.38 |
(In thousands, except per share amounts) | 2014 | 2015 | ||||||||||||||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||||||||
Revenue | $ | 52,947 | $ | 52,286 | $ | 50,595 | $ | 51,264 | $ | 52,088 | $ | 51,711 | $ | 52,376 | $ | 52,902 | ||||||||||||||
Operating income before loss on early extinguishment of debt, gain on casualty settlement, and noncontrolling interests | 12,713 | 14,423 | 12,479 | 12,314 | 12,687 | 12,922 | 13,238 | 14,083 | ||||||||||||||||||||||
Gain on sales of properties | — | 6,069 | — | — | — | 11 | — | — | ||||||||||||||||||||||
Net income attributable to Saul Centers, Inc. | 10,287 | 16,054 | 10,106 | 10,496 | 10,207 | 10,396 | 10,615 | 11,250 | ||||||||||||||||||||||
Net income available to common stockholders | 7,081 | 12,847 | 6,900 | 5,274 | 7,113 | 7,302 | 7,522 | 8,156 | ||||||||||||||||||||||
Net income available to common stockholders per diluted share | 0.34 | 0.62 | 0.33 | 0.25 | 0.33 | 0.35 | 0.36 | 0.38 |
BUSINESS SEGMENTS |
SAUL CENTERS, INC. Notes to Consolidated Financial Statements | SAUL CENTERS, INC. Notes to Consolidated Financial Statements | SAUL CENTERS, INC. Notes to Consolidated Financial Statements | ||||||||||||||||||||||||||||
(In thousands) | Shopping | Mixed-Use | Corporate | Consolidated | Shopping | Mixed-Use | Corporate | Consolidated | ||||||||||||||||||||||
As of or for the year ended December 31, 2016 | Centers | Properties | and Other | Totals | ||||||||||||||||||||||||||
Real estate rental operations: | ||||||||||||||||||||||||||||||
Revenue | $ | 160,179 | $ | 56,840 | $ | 51 | $ | 217,070 | ||||||||||||||||||||||
Expenses | (34,931 | ) | (18,770 | ) | — | (53,701 | ) | |||||||||||||||||||||||
Income from real estate | 125,248 | 38,070 | 51 | 163,369 | ||||||||||||||||||||||||||
Interest expense and amortization of deferred debt costs | — | — | (45,683 | ) | (45,683 | ) | ||||||||||||||||||||||||
General and administrative | — | — | (17,496 | ) | (17,496 | ) | ||||||||||||||||||||||||
Subtotal | 125,248 | 38,070 | (63,128 | ) | 100,190 | |||||||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | (29,964 | ) | (14,453 | ) | — | (44,417 | ) | |||||||||||||||||||||||
Acquisition related costs | (60 | ) | — | — | (60 | ) | ||||||||||||||||||||||||
Change in fair value of derivatives | — | — | (6 | ) | (6 | ) | ||||||||||||||||||||||||
Gain on sale of property | — | 1,013 | — | 1,013 | ||||||||||||||||||||||||||
Net income (loss) | $ | 95,224 | $ | 24,630 | $ | (63,134 | ) | $ | 56,720 | |||||||||||||||||||||
Capital investment | $ | 64,044 | $ | 27,001 | $ | — | $ | 91,045 | ||||||||||||||||||||||
Total assets | $ | 976,545 | $ | 358,419 | $ | 8,061 | $ | 1,343,025 | ||||||||||||||||||||||
As of or for the year ended December 31, 2015 | Centers | Properties | and Other | Totals | ||||||||||||||||||||||||||
Real estate rental operations: | ||||||||||||||||||||||||||||||
Revenue | $ | 156,110 | $ | 52,916 | $ | 51 | $ | 209,077 | $ | 156,110 | $ | 52,916 | $ | 51 | $ | 209,077 | ||||||||||||||
Expenses | (33,877 | ) | (17,266 | ) | — | (51,143 | ) | (33,877 | ) | (17,266 | ) | — | (51,143 | ) | ||||||||||||||||
Income from real estate | 122,233 | 35,650 | 51 | 157,934 | 122,233 | 35,650 | 51 | 157,934 | ||||||||||||||||||||||
Interest expense and amortization of deferred debt costs | — | — | (45,165 | ) | (45,165 | ) | — | — | (45,165 | ) | (45,165 | ) | ||||||||||||||||||
General and administrative | — | — | (16,353 | ) | (16,353 | ) | — | — | (16,353 | ) | (16,353 | ) | ||||||||||||||||||
Subtotal | 122,233 | 35,650 | (61,467 | ) | 96,416 | 122,233 | 35,650 | (61,467 | ) | 96,416 | ||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | (30,171 | ) | (13,099 | ) | — | (43,270 | ) | (30,171 | ) | (13,099 | ) | — | (43,270 | ) | ||||||||||||||||
Acquisition related costs | (84 | ) | — | — | (84 | ) | (84 | ) | — | — | (84 | ) | ||||||||||||||||||
Predevelopment expenses | (57 | ) | (75 | ) | — | (132 | ) | (57 | ) | (75 | ) | — | (132 | ) | ||||||||||||||||
Change in fair value of derivatives | — | — | (10 | ) | (10 | ) | — | — | (10 | ) | (10 | ) | ||||||||||||||||||
Gain on sale of property | 11 | — | — | 11 | 11 | — | — | 11 | ||||||||||||||||||||||
Net income (loss) | $ | 91,932 | $ | 22,476 | $ | (61,477 | ) | $ | 52,931 | $ | 91,932 | $ | 22,476 | $ | (61,477 | ) | $ | 52,931 | ||||||||||||
Capital investment | $ | 17,159 | $ | 52,460 | $ | — | $ | 69,619 | $ | 17,159 | $ | 52,460 | $ | — | $ | 69,619 | ||||||||||||||
Total assets | $ | 936,542 | $ | 356,400 | $ | 11,203 | $ | 1,304,145 | $ | 931,256 | $ | 354,254 | $ | 9,898 | $ | 1,295,408 | ||||||||||||||
As of or for the year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Real estate rental operations: | ||||||||||||||||||||||||||||||
Revenue | $ | 154,385 | $ | 52,632 | $ | 75 | $ | 207,092 | ||||||||||||||||||||||
Expenses | (33,781 | ) | (15,732 | ) | — | (49,513 | ) | |||||||||||||||||||||||
Income from real estate | 120,604 | 36,900 | 75 | 157,579 | ||||||||||||||||||||||||||
Interest expense and amortization of deferred debt costs | — | — | (46,034 | ) | (46,034 | ) | ||||||||||||||||||||||||
General and administrative | — | — | (16,961 | ) | (16,961 | ) | ||||||||||||||||||||||||
Subtotal | 120,604 | 36,900 | (62,920 | ) | 94,584 | |||||||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | (28,082 | ) | (13,121 | ) | — | (41,203 | ) | |||||||||||||||||||||||
Acquisition related costs | (949 | ) | — | — | (949 | ) | ||||||||||||||||||||||||
Predevelopment expenses | — | (503 | ) | — | (503 | ) | ||||||||||||||||||||||||
Change in fair value of derivatives | — | — | (10 | ) | (10 | ) | ||||||||||||||||||||||||
Gain on sale of property | 6,069 | — | — | 6,069 | ||||||||||||||||||||||||||
Net income (loss) | $ | 97,642 | $ | 23,276 | $ | (62,930 | ) | $ | 57,988 | |||||||||||||||||||||
Capital investment | $ | 66,508 | $ | 23,760 | $ | — | $ | 90,268 | ||||||||||||||||||||||
Total assets | $ | 946,819 | $ | 307,901 | $ | 12,267 | $ | 1,266,987 | ||||||||||||||||||||||
SAUL CENTERS, INC. Notes to Consolidated Financial Statements (continued) | SAUL CENTERS, INC. Notes to Consolidated Financial Statements (continued) | SAUL CENTERS, INC. Notes to Consolidated Financial Statements (continued) | ||||||||||||||||||||||||||||
(In thousands) | Shopping | Mixed-Use | Corporate | Consolidated | Shopping | Mixed-Use | Corporate | Consolidated | ||||||||||||||||||||||
As of or for the year ended December 31, 2013 | Centers | Properties | and Other | Totals | ||||||||||||||||||||||||||
As of or for the year ended December 31, 2014 | Centers | Properties | and Other | Totals | ||||||||||||||||||||||||||
Real estate rental operations: | ||||||||||||||||||||||||||||||
Revenue | $ | 145,219 | $ | 52,609 | $ | 69 | $ | 197,897 | $ | 154,385 | $ | 52,632 | $ | 75 | $ | 207,092 | ||||||||||||||
Expenses | (30,729 | ) | (17,213 | ) | — | (47,942 | ) | (33,781 | ) | (15,732 | ) | — | (49,513 | ) | ||||||||||||||||
Income from real estate | 114,490 | 35,396 | 69 | 149,955 | 120,604 | 36,900 | 75 | 157,579 | ||||||||||||||||||||||
Interest expense and amortization of deferred debt costs | — | — | (46,589 | ) | (46,589 | ) | — | — | (46,034 | ) | (46,034 | ) | ||||||||||||||||||
General and administrative | — | — | (14,951 | ) | (14,951 | ) | — | — | (16,961 | ) | (16,961 | ) | ||||||||||||||||||
Subtotal | 114,490 | 35,396 | (61,471 | ) | 88,415 | 120,604 | 36,900 | (62,920 | ) | 94,584 | ||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | (27,340 | ) | (21,790 | ) | — | (49,130 | ) | (28,082 | ) | (13,121 | ) | — | (41,203 | ) | ||||||||||||||||
Acquisition related costs | (106 | ) | — | — | (106 | ) | (949 | ) | — | — | (949 | ) | ||||||||||||||||||
Predevelopment expenses | — | (3,910 | ) | — | (3,910 | ) | — | (503 | ) | — | (503 | ) | ||||||||||||||||||
Loss on early extinguishment of debt | — | — | (497 | ) | (497 | ) | ||||||||||||||||||||||||
Gain on casualty settlement | 77 | — | — | 77 | ||||||||||||||||||||||||||
Change in fair value of derivatives | — | — | (7 | ) | (7 | ) | — | — | (10 | ) | (10 | ) | ||||||||||||||||||
Gain on sale of property | 6,069 | — | — | 6,069 | ||||||||||||||||||||||||||
Net income (loss) | $ | 87,121 | $ | 9,696 | $ | (61,975 | ) | $ | 34,842 | $ | 97,642 | $ | 23,276 | $ | (62,930 | ) | $ | 57,988 | ||||||||||||
Capital investment | $ | 18,232 | $ | 8,207 | $ | — | $ | 26,439 | $ | 66,508 | $ | 23,760 | $ | — | $ | 90,268 | ||||||||||||||
Total assets | $ | 888,109 | $ | 293,512 | $ | 17,054 | $ | 1,198,675 | $ | 939,267 | $ | 305,579 | $ | 12,267 | $ | 1,257,113 | ||||||||||||||
Subsequent Events |
SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2015 (Dollars in Thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in Thousands) | SAUL CENTERS, INC. Real Estate and Accumulated Depreciation December 31, 2016 (Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs | Buildings | Costs | Buildings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalized | Basis at Close of Period | and | Capitalized | Basis at Close of Period | and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Basis | Subsequent to Acquisition | Land | Buildings and Improvements | Leasehold Interests | Total | Accumulated Depreciation | Book Value | Related Debt | Date of Construction | Date Acquired | Improvements Depreciable Lives in Years | Initial Basis | Subsequent to Acquisition | Land | Buildings and Improvements | Leasehold Interests | Total | Accumulated Depreciation | Book Value | Related Debt | Date of Construction | Date Acquired | Improvements Depreciable Lives in Years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashburn Village, Ashburn, VA | $ | 11,431 | $ | 19,713 | $ | 6,764 | $ | 24,380 | $ | — | $ | 31,144 | $ | 11,578 | $ | 19,566 | $ | 29,564 | 1994 & 2000-6 | 3/94 | 40 | $ | 11,431 | $ | 20,159 | $ | 6,764 | $ | 24,826 | $ | — | $ | 31,590 | $ | 12,247 | $ | 19,343 | $ | 28,822 | 1994 & 2000-6 | 3/94 | 40 | |||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase I, Dumfries, VA | 1,178 | 7,503 | 1,178 | 7,503 | — | 8,681 | 1,108 | 7,573 | — | 2007, 2013 | 12/04 | 20 & 50 | 1,178 | 7,503 | 1,178 | 7,503 | — | 8,681 | 1,440 | 7,241 | — | 2007, 2013 | 12/04 | 20 & 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Center, Alexandria, VA | 1,493 | 18,172 | — | 18,571 | 1,094 | 19,665 | 13,156 | 6,509 | 31,844 | 1960 & 1974 | 1/72 | 40 & 50 | 24,161 | 18,402 | 22,668 | 19,895 | — | 42,563 | 13,721 | 28,842 | 41,753 | 1960 & 1974 | 1/72, 11/16 | 40 & 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BJ’s Wholesale Club, Alexandria, VA | 22,623 | — | 22,623 | — | — | 22,623 | — | 22,623 | 11,365 | 3/08 | — | 22,623 | — | 22,623 | — | — | 22,623 | — | 22,623 | 11,129 | 3/08 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boca Valley Plaza, Boca Raton, FL | 16,720 | 1,434 | 5,735 | 12,419 | — | 18,154 | 3,877 | 14,277 | 10,587 | 2/04 | 40 | 16,720 | 1,616 | 5,735 | 12,601 | — | 18,336 | 4,279 | 14,057 | 10,277 | 2/04 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Boulevard, Fairfax, VA | 4,883 | 4,461 | 3,687 | 5,657 | — | 9,344 | 2,379 | 6,965 | 17,666 | 1969, 1999 & 2009 | 4/94 | 40 | 4,883 | 4,461 | 3,687 | 5,657 | — | 9,344 | 2,594 | 6,750 | 17,207 | 1969, 1999 & 2009 | 4/94 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Briggs Chaney MarketPlace, Silver Spring, MD | 27,037 | 3,497 | 9,789 | 20,745 | — | 30,534 | 6,684 | 23,850 | 15,064 | 4/04 | 40 | 27,037 | 3,806 | 9,789 | 21,054 | — | 30,843 | 7,249 | 23,594 | 14,325 | 4/04 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadlands Village, Ashburn, VA | 5,316 | 26,745 | 5,300 | 26,761 | — | 32,061 | 9,101 | 22,960 | 17,964 | 2002-3, 2004 & 2006 | 3/02 | 40 & 50 | 5,316 | 27,392 | 5,300 | 27,408 | — | 32,708 | 9,954 | 22,754 | 17,050 | 2003, 2004 & 2006 | 3/02 | 40 & 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Countryside Marketplace, Sterling, VA | 28,912 | 3,286 | 7,666 | 24,532 | — | 32,198 | 7,278 | 24,920 | 15,098 | 2/04 | 40 | 28,912 | 3,712 | 7,666 | 24,958 | — | 32,624 | 8,012 | 24,612 | 14,335 | 2/04 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cranberry Square, Westminster, MD | 31,578 | 512 | 6,700 | 25,390 | — | 32,090 | 2,736 | 29,354 | 18,150 | 9/11 | 40 | 31,578 | 635 | 6,700 | 25,513 | — | 32,213 | 3,408 | 28,805 | 17,630 | 9/11 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cruse MarketPlace, Cumming, GA | 12,226 | 239 | 3,901 | 8,564 | — | 12,465 | 2,531 | 9,934 | — | 3/04 | 40 | 12,226 | 369 | 3,901 | 8,694 | — | 12,595 | 2,793 | 9,802 | — | 3/04 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flagship Center, Rockville, MD | 160 | 9 | 169 | — | — | 169 | — | 169 | — | 1972 | 1/72 | — | 160 | 9 | 169 | — | — | 169 | — | 169 | — | 1972 | 1/72 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
French Market, Oklahoma City, OK | 5,781 | 13,858 | 1,118 | 18,521 | — | 19,639 | 10,080 | 9,559 | — | 1972 & 1998 | 3/74 | 50 | 5,781 | 13,790 | 1,118 | 18,453 | — | 19,571 | 10,629 | 8,942 | — | 1972 & 1998 | 3/74 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germantown, Germantown, MD | 3,576 | 990 | 2,034 | 2,532 | — | 4,566 | 2,154 | 2,412 | — | 1990 | 8/93 | 40 | 2,034 | 567 | 2,034 | 567 | — | 2,601 | 241 | 2,360 | — | 1990 | 8/93 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
750/730/726 N. Glebe Road, Arlington, VA | 46,312 | 1,994 | 44,831 | 3,475 | — | 48,306 | 697 | 47,609 | — | 08/14, 12/14, 09/15 | 3 & 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Glen, Woodbridge, VA | 12,918 | 7,734 | 5,300 | 15,352 | — | 20,652 | 7,899 | 12,753 | 8,622 | 1993 & 2005 | 6/94 | 40 | 12,918 | 7,767 | 5,300 | 15,385 | — | 20,685 | 8,498 | 12,187 | 8,172 | 1993 & 2005 | 6/94 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Eastern, District Heights, MD | 4,993 | 10,678 | 3,785 | 11,886 | — | 15,671 | 8,023 | 7,648 | — | 1958 & 1960 | 1/72 | 40 | 4,993 | 10,678 | 3,785 | 11,886 | — | 15,671 | 8,293 | 7,378 | — | 1958 & 1960 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Falls Center, Great Falls, VA | 41,750 | 2,986 | 14,766 | 29,970 | — | 44,736 | 5,876 | 38,860 | 14,177 | 3/08 | 40 | 41,750 | 3,113 | 14,766 | 30,097 | — | 44,863 | 6,802 | 38,061 | 13,401 | 3/08 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampshire Langley, Takoma, MD | 3,159 | 3,350 | 1,856 | 4,653 | — | 6,509 | 3,484 | 3,025 | 16,826 | 1960 | 1/72 | 40 | 3,159 | 3,394 | 1,856 | 4,697 | — | 6,553 | 3,604 | 2,949 | 16,352 | 1960 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunt Club Corners, Apopka, FL | 12,584 | 3,165 | 4,822 | 10,927 | — | 15,749 | 2,931 | 12,818 | 5,959 | 6/06, 12/12 | 40 | 12,584 | 3,831 | 4,822 | 11,593 | — | 16,415 | 3,343 | 13,072 | 5,809 | 6/06, 12/12 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jamestown Place, Altamonte Springs, FL | 14,055 | 1,161 | 4,455 | 10,761 | — | 15,216 | 2,829 | 12,387 | 8,025 | 11/05 | 40 | 14,055 | 1,174 | 4,455 | 10,774 | — | 15,229 | 3,153 | 12,076 | 7,685 | 11/05 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square I, Gaithersburg, MD | 14,379 | 328 | 5,006 | 9,701 | — | 14,707 | 3,206 | 11,501 | 7,180 | 2002 | 9/02 | 40 | 14,379 | 328 | 5,006 | 9,701 | — | 14,707 | 3,460 | 11,247 | 6,813 | 2002 | 9/02 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square II, Gaithersburg, MD | 76,723 | 1,188 | 22,800 | 55,111 | — | 77,911 | 5,925 | 71,986 | 38,842 | 9/11, 9/13 | 40 | 76,723 | 1,327 | 22,800 | 55,250 | — | 78,050 | 7,503 | 70,547 | 37,701 | 9/11, 9/13 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Place, Gaithersburg, MD | 1,425 | 7,202 | 1,425 | 7,202 | — | 8,627 | 3,176 | 5,451 | — | 2005 | 1/04 | 50 | 1,425 | 7,220 | 1,425 | 7,220 | — | 8,645 | 3,446 | 5,199 | — | 2005 | 1/04 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lansdowne Town Center, Leesburg, VA | 6,545 | 36,364 | 6,546 | 36,363 | — | 42,909 | 11,352 | 31,557 | 34,420 | 2006 | 11/02 | 50 | 6,545 | 36,813 | 6,546 | 36,812 | — | 43,358 | 12,546 | 30,812 | 33,571 | 2006 | 11/02 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leesburg Pike Plaza, Baileys Crossroads, VA | 2,418 | 6,173 | 1,132 | 7,459 | — | 8,591 | 5,700 | 2,891 | 16,348 | 1965 | 2/66 | 40 | 2,418 | 6,243 | 1,132 | 7,529 | — | 8,661 | 5,815 | 2,846 | 15,917 | 1965 | 2/66 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lumberton Plaza, Lumberton, NJ | 4,400 | 11,170 | 950 | 14,620 | — | 15,570 | 12,109 | 3,461 | — | 1975 | 12/75 | 40 | 4,400 | 11,170 | 950 | 14,620 | — | 15,570 | 12,431 | 3,139 | — | 1975 | 12/75 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Pike Center, Rockville, MD | 33,123 | 3,090 | 26,064 | 10,149 | — | 36,213 | 973 | 35,240 | 14,801 | 12/10 | 40 | 33,123 | 3,760 | 26,064 | 10,819 | — | 36,883 | 1,172 | 35,711 | 14,482 | 12/10 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Monocacy, Frederick, MD | 9,541 | 13,926 | 9,260 | 14,207 | — | 23,467 | 4,635 | 18,832 | 13,387 | 2003-4 | 11/03 | 50 | 9,541 | 13,926 | 9,260 | 14,207 | — | 23,467 | 5,101 | 18,366 | 12,725 | 2004 | 11/03 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northrock, Warrenton, VA | 12,686 | 15,167 | 12,686 | 15,167 | — | 27,853 | 2,813 | 25,040 | 15,748 | 2009 | 01/08 | 50 | 12,686 | 15,217 | 12,686 | 15,217 | — | 27,903 | 3,343 | 24,560 | 15,357 | 2009 | 01/08 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Olde Forte Village, Ft. Washington, MD | 15,933 | 6,514 | 5,409 | 17,038 | — | 22,447 | 6,112 | 16,335 | 10,928 | 2003-4 | 07/03 | 40 | 15,933 | 6,575 | 5,409 | 17,099 | — | 22,508 | 6,639 | 15,869 | 10,372 | 2004 | 07/03 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Olney, Olney, MD | 1,884 | 1,706 | — | 3,590 | — | 3,590 | 3,275 | 315 | 11,282 | 1972 | 11/75 | 40 | 1,884 | 1,792 | — | 3,676 | — | 3,676 | 3,259 | 417 | 11,446 | 1972 | 11/75 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Park, Dunwoody, GA | 19,377 | 814 | 7,751 | 12,440 | — | 20,191 | 2,703 | 17,488 | 10,492 | 7/07 | 40 | 19,377 | 950 | 7,751 | 12,576 | — | 20,327 | 3,064 | 17,263 | 10,253 | 7/07 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Springs Center, Altamonte Springs, FL | 18,365 | 1,375 | 5,739 | 14,001 | — | 19,740 | 3,648 | 16,092 | 9,127 | 3/05 | 40 | 18,365 | 1,393 | 5,739 | 14,019 | — | 19,758 | 4,128 | 15,630 | 8,697 | 3/05 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravenwood, Baltimore, MD | 1,245 | 4,097 | 703 | 4,639 | — | 5,342 | 2,771 | 2,571 | 15,360 | 1959 & 2006 | 1/72 | 40 | 1,245 | 4,175 | 703 | 4,717 | — | 5,420 | 2,922 | 2,498 | 14,961 | 1959 & 2006 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD | 26,561 | — | 22,113 | 4,448 | — | 26,561 | 584 | 25,977 | — | 10/10 12/12 | 40 | 26,561 | — | 22,113 | 4,448 | — | 26,561 | 695 | 25,866 | — | 10/10 12/12 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1500/1580/1582/1584 Rockville Pike, Rockville, MD | 51,149 | 906 | 43,863 | 8,192 | — | 52,055 | 3,281 | 48,774 | — | 12/12, 1/14, 4/14, 12/14 | 5, 10, 5, 4 | 51,149 | 1,093 | 43,863 | 8,379 | — | 52,242 | 4,605 | 47,637 | — | 12/12, 1/14, 4/14, 12/14 | 5, 10, 5, 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seabreeze Plaza, Palm Harbor, FL | 24,526 | 1,525 | 8,665 | 17,386 | — | 26,051 | 4,566 | 21,485 | 17,011 | 11/05 | 40 | 24,526 | 1,539 | 8,665 | 17,400 | — | 26,065 | 5,079 | 20,986 | 16,543 | 11/05 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Market Place at Sea Colony, Bethany Beach, DE | 2,920 | 106 | 1,147 | 1,879 | — | 3,026 | 373 | 2,653 | — | 3/08 | 40 | 2,920 | 170 | 1,147 | 1,943 | — | 3,090 | 429 | 2,661 | — | 3/08 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Corners, Falls Church, VA | 4,848 | 43,692 | 4,913 | 43,627 | — | 48,540 | 26,614 | 21,926 | 67,850 | 1956 & 1997 | 7/73 | 40 | 4,848 | 44,062 | 4,913 | 43,997 | — | 48,910 | 27,710 | 21,200 | 66,210 | 1956 & 1997 | 7/73 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Severna Park Marketplace, Severna Park, MD | 63,254 | 86 | 12,700 | 50,640 | — | 63,340 | 5,381 | 57,959 | 34,133 | 9/11 | 40 | 63,254 | 92 | 12,700 | 50,646 | — | 63,346 | 6,651 | 56,695 | 33,097 | 9/11 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Fairfax, Fairfax, VA | 2,708 | 9,924 | 992 | 11,640 | — | 12,632 | 7,259 | 5,373 | 11,778 | 1975 & 1999 | 6/75 | 50 | 2,708 | 9,923 | 992 | 11,639 | — | 12,631 | 7,627 | 5,004 | 11,472 | 1975 & 1999 | 6/75 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Smallwood Village Center, Waldorf, MD | 17,819 | 7,619 | 6,402 | 19,036 | — | 25,438 | 5,763 | 19,675 | — | 1/06 | 40 | 17,819 | 7,662 | 6,402 | 19,079 | — | 25,481 | 6,492 | 18,989 | — | 1/06 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southdale, Glen Burnie, MD | 3,650 | 21,366 | — | 24,394 | 622 | 25,016 | 20,890 | 4,126 | — | 1962 & 1986 | 1/72 | 40 | 18,895 | 22,684 | 15,245 | 26,334 | — | 41,579 | 20,763 | 20,816 | — | 1962 & 1986 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southside Plaza, Richmond, VA | 6,728 | 10,357 | 1,878 | 15,207 | — | 17,085 | 11,595 | 5,490 | — | 1958 | 1/72 | 40 | 6,728 | 10,647 | 1,878 | 15,497 | — | 17,375 | 11,910 | 5,465 | — | 1958 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Dekalb Plaza, Atlanta, GA | 2,474 | 4,130 | 703 | 5,901 | — | 6,604 | 4,491 | 2,113 | — | 1970 | 2/76 | 40 | 2,474 | 4,186 | 703 | 5,957 | — | 6,660 | 4,658 | 2,002 | — | 1970 | 2/76 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thruway, Winston-Salem, NC | 4,778 | 23,579 | 5,496 | 22,756 | 105 | 28,357 | 14,760 | 13,597 | 40,360 | 1955 & 1965 | 5/72 | 40 | 7,848 | 23,925 | 7,692 | 24,081 | — | 31,773 | 15,673 | 16,100 | 39,213 | 1955 & 1965 | 5/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Village Center, Centreville, VA | 16,502 | 1,971 | 7,851 | 10,622 | — | 18,473 | 6,003 | 12,470 | 14,197 | 1990 | 8/93 | 40 | 16,502 | 2,354 | 7,851 | 11,005 | — | 18,856 | 6,346 | 12,510 | 13,832 | 1990 | 8/93 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Westview Village, Frederick, MD | 6,047 | 22,499 | 6,047 | 22,499 | — | 28,546 | 5,310 | 23,236 | — | 2009 | 11/07, 02/15 | 50 | 6,047 | 24,230 | 6,047 | 24,230 | — | 30,277 | 6,422 | 23,855 | — | 2009 | 11/07, 02/15 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
White Oak, Silver Spring, MD | 6,277 | 5,357 | 4,649 | 6,985 | — | 11,634 | 5,758 | 5,876 | 25,088 | 1958 & 1967 | 1/72 | 40 | 6,277 | 5,357 | 4,649 | 6,985 | — | 11,634 | 5,906 | 5,728 | 24,504 | 1958 & 1967 | 1/72 | 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Buildings / Improvements | 221 | 221 | 221 | 95 | 126 | — | 211 | 211 | 211 | 103 | 108 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shopping Centers | 766,970 | 393,939 | 389,369 | 769,719 | 1,821 | 1,160,909 | 295,522 | 865,387 | 629,243 | 760,099 | 401,402 | 384,647 | 776,854 | — | 1,161,501 | 316,158 | 845,343 | 621,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use Properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenel Business Park, Gaithersburg, MD | 21,459 | 28,896 | 3,756 | 46,599 | — | 50,355 | 33,503 | 16,852 | 29,714 | 1981-2000 | 12/2/1984 | 35 & 40 | 21,459 | 30,504 | 3,756 | 48,207 | — | 51,963 | 35,261 | 16,702 | 28,945 | 1981-2000 | 12/84 | 35 & 40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center, Arlington, VA (1) | 12,753 | 185,129 | 16,287 | 181,595 | — | 197,882 | 27,412 | 170,470 | 112,299 | 2010 | 7/73, 1/96 & 4/02 | 50 | 12,753 | 185,436 | 16,287 | 181,902 | — | 198,189 | 32,314 | 165,875 | 109,144 | 2010 | 7/73, 1/96 & 4/02 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness, Washington, DC | 2,242 | 286 | 90,676 | 2,242 | 90,676 | — | 92,918 | 1,831 | 91,087 | 70,144 | 2016 | 7/73 & 2/11 | 50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
601 Pennsylvania Ave., Washington, DC | 5,479 | 65,773 | 5,667 | 65,585 | — | 71,252 | 47,842 | 23,410 | — | 1986 | 7/73 | 35 | 5,479 | 66,158 | 5,667 | 65,970 | — | 71,637 | 49,856 | 21,781 | — | 1986 | 7/73 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Square, Alexandria, VA | 2,034 | 53,631 | 544 | 55,121 | — | 55,665 | 21,091 | 34,574 | 30,778 | 1952 & 2000 | 7/73 | 50 | 2,034 | 54,945 | 544 | 56,435 | — | 56,979 | 22,859 | 34,120 | 29,428 | 2000 | 7/73 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Mixed-Use Properties | 41,725 | 333,429 | 26,254 | 348,900 | — | 375,154 | 129,848 | 245,306 | 172,791 | 43,967 | 427,719 | 28,496 | 443,190 | — | 471,686 | 142,121 | 329,565 | 237,661 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Land | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase II, Manassas, VA | 5,292 | 1,736 | 7,028 | — | — | 7,028 | — | 7,028 | — | 12/04 | 5,292 | 1,813 | 7,029 | 76 | — | 7,105 | — | 7,105 | — | 12/04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Market, New Market, MD | 2,088 | 286 | 2,374 | — | — | 2,374 | — | 2,374 | — | 9/05 | 2,088 | 286 | 2,374 | — | — | 2,374 | — | 2,374 | — | 9/05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness, Washington, DC | 2,242 | 75,003 | 2,242 | 75,003 | — | 77,245 | — | 77,245 | 45,208 | 07/73 and 02/11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North Glebe Road, Arlington, VA | 52,067 | 6,080 | — | 58,147 | — | 58,147 | — | 58,147 | — | — | 8/14-8/16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Development Land | 9,622 | 77,025 | 11,644 | 75,003 | — | 86,647 | — | 86,647 | 45,208 | 59,447 | 8,179 | 9,403 | 58,223 | — | 67,626 | — | 67,626 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 818,317 | $ | 804,393 | $ | 427,267 | $ | 1,193,622 | $ | 1,821 | $ | 1,622,710 | $ | 425,370 | $ | 1,197,340 | $ | 847,242 | $ | 863,513 | $ | 837,300 | $ | 422,546 | $ | 1,278,267 | $ | — | $ | 1,700,813 | $ | 458,279 | $ | 1,242,534 | $ | 858,774 |
(1) | Includes the North and South Blocks and Residential |
Base building | Generally 35 - 50 years or a shorter period if management determines that | |
the building has a shorter useful life. | ||
Building components | Up to 20 years | |
Tenant improvements | The shorter of the term of the lease or the useful life | |
of the improvements |
(In thousands) | 2015 | 2014 | 2013 | 2016 | 2015 | 2014 | ||||||||||||||||
Total real estate investments: | ||||||||||||||||||||||
Balance, beginning of year | $ | 1,560,159 | $ | 1,459,439 | $ | 1,466,068 | $ | 1,622,710 | $ | 1,560,159 | $ | 1,459,439 | ||||||||||
Acquisitions | 4,894 | 70,921 | 5,124 | 48,123 | 4,894 | 70,921 | ||||||||||||||||
Improvements | 70,067 | 34,417 | 21,991 | 35,826 | 70,067 | 34,417 | ||||||||||||||||
Retirements | (1,981 | ) | (4,618 | ) | (33,744 | ) | (5,846 | ) | (1,981 | ) | (4,618 | ) | ||||||||||
Transfers to assets held for sale | (10,429 | ) | — | — | — | (10,429 | ) | — | ||||||||||||||
Balance, end of year | $ | 1,622,710 | $ | 1,560,159 | $ | 1,459,439 | $ | 1,700,813 | $ | 1,622,710 | $ | 1,560,159 | ||||||||||
Total accumulated depreciation: | ||||||||||||||||||||||
Balance, beginning of year | $ | 396,617 | $ | 364,663 | $ | 353,305 | $ | 425,370 | $ | 396,617 | $ | 364,663 | ||||||||||
Depreciation expense | 37,698 | 35,933 | 43,204 | 38,755 | 37,698 | 35,933 | ||||||||||||||||
Retirements | (1,911 | ) | (3,979 | ) | (31,846 | ) | (5,846 | ) | (1,911 | ) | (3,979 | ) | ||||||||||
Transfers to assets held for sale | (7,034 | ) | $ | — | — | — | $ | (7,034 | ) | — | ||||||||||||
Balance, end of year | $ | 425,370 | $ | 396,617 | $ | 364,663 | $ | 458,279 | $ | 425,370 | $ | 396,617 |