FORM |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class: | Trading symbol: | Name of exchange on which registered: | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | |||||
(Dollars in thousands, except per share amounts) | March 31, 2024 | December 31, 2023 | |||||||||
Assets | |||||||||||
Real estate investments | |||||||||||
Land | $ | $ | |||||||||
Buildings and equipment | |||||||||||
Construction in progress | |||||||||||
Accumulated depreciation | ( | ( | |||||||||
Total real estate investments, net | |||||||||||
Cash and cash equivalents | |||||||||||
Accounts receivable and accrued income, net | |||||||||||
Deferred leasing costs, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Mortgage notes payable, net | $ | $ | |||||||||
Revolving credit facility payable, net | |||||||||||
Term loan facility payable, net | |||||||||||
Construction loans payable, net | |||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Deferred income | |||||||||||
Dividends and distributions payable | |||||||||||
Total liabilities | |||||||||||
Equity | |||||||||||
Preferred stock, | |||||||||||
Series D Cumulative Redeemable, | |||||||||||
Series E Cumulative Redeemable, | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Distributions in excess of accumulated earnings | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total Saul Centers, Inc. equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
(Dollars in thousands, except per share amounts) | Three Months Ended March 31, | ||||||||||
2024 | 2023 | ||||||||||
Revenue | |||||||||||
Rental revenue | $ | $ | |||||||||
Other | |||||||||||
Total revenue | |||||||||||
Expenses | |||||||||||
Property operating expenses | |||||||||||
Real estate taxes | |||||||||||
Interest expense, net and amortization of deferred debt costs | |||||||||||
Depreciation and amortization of deferred leasing costs | |||||||||||
General and administrative | |||||||||||
Total expenses | |||||||||||
Net Income | |||||||||||
Noncontrolling interests | |||||||||||
Income attributable to noncontrolling interests | ( | ( | |||||||||
Net income attributable to Saul Centers, Inc. | |||||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income available to common stockholders | $ | $ | |||||||||
Per share net income available to common stockholders | |||||||||||
Basic and diluted | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2024 | 2023 | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income | |||||||||||
Change in unrealized gain on cash flow hedge | ( | ||||||||||
Total comprehensive income | |||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | |||||||||
Total comprehensive income attributable to Saul Centers, Inc. | |||||||||||
Preferred stock dividends | ( | ( | |||||||||
Total comprehensive income available to common stockholders | $ | $ |
(Dollars in thousands, except per share amounts) | Preferred Stock | Common Stock | Additional Paid-in Capital | Partnership Units in Escrow | Distributions in Excess of Accumulated Earnings | Accumulated Other Comprehensive Income | Total Saul Centers, Inc. | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain/loss on cash flow hedge | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss on cash flow hedge | — | — | — | — | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Distributions payable preferred stock: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Series D, $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Series E, $ | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions payable common stock ($ | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
(Dollars in thousands) | 2024 | 2023 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of deferred leasing costs | |||||||||||
Amortization of deferred debt costs | |||||||||||
Non-cash compensation costs of stock and option grants | |||||||||||
Credit losses (recoveries) on operating lease receivables, net | ( | ||||||||||
Decrease in accounts receivable and accrued income | |||||||||||
Additions to deferred leasing costs | ( | ( | |||||||||
Decrease in other assets | |||||||||||
Increase in accounts payable, accrued expenses and other liabilities | |||||||||||
Decrease in deferred income | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to real estate investments | ( | ( | |||||||||
Additions to development and redevelopment projects | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from mortgage notes payable | |||||||||||
Repayments on mortgage notes payable | ( | ( | |||||||||
Proceeds from revolving credit facility | |||||||||||
Repayments on revolving credit facility | ( | ( | |||||||||
Proceeds from construction loans payable | |||||||||||
Additions to deferred debt costs | ( | ||||||||||
Proceeds from the issuance of: | |||||||||||
Common stock | |||||||||||
Partnership units | |||||||||||
Distributions to: | |||||||||||
Series D preferred stockholders | ( | ( | |||||||||
Series E preferred stockholders | ( | ( | |||||||||
Common stockholders | ( | ( | |||||||||
Noncontrolling interests | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities | $ | $ |
(In thousands) | March 31, 2024 | December 31, 2023 | |||||||||
Twinbrook Quarter (1) | $ | $ | |||||||||
Hampden House (2) | |||||||||||
Other | |||||||||||
Total | $ | $ |
(In thousands) | Principal Payments | ||||||||||
April 1 through December 31, 2024 | $ | ||||||||||
2025 | (a) | ||||||||||
2026 | |||||||||||
2027 | (b) | ||||||||||
2028 | |||||||||||
2029 | |||||||||||
Thereafter | |||||||||||
Principal amount | |||||||||||
Unamortized deferred debt costs | |||||||||||
Net | $ |
Three Months Ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Interest incurred | $ | $ | |||||||||
Amortization of deferred debt costs | |||||||||||
Capitalized interest | ( | ( | |||||||||
Interest expense | |||||||||||
Less: Interest income | |||||||||||
Interest expense, net and amortization of deferred debt costs | $ | $ |
Average Shares/Options Outstanding | |||||||||||
Three Months Ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Weighted average common stock outstanding-Basic | |||||||||||
Effect of dilutive options | |||||||||||
Weighted average common stock outstanding-Diluted | |||||||||||
Non-dilutive options | |||||||||||
Years non-dilutive options were issued | 2014 through 2022 | 2013 through 2022 | |||||||||
Number of Shares | Weighted Average Exercise Price per share | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding at January 1 | $ | $ | ||||||||||||||||||
Granted | ||||||||||||||||||||
Exercised | ||||||||||||||||||||
Expired/Forfeited | ( | |||||||||||||||||||
Outstanding at March 31 | ||||||||||||||||||||
Exercisable at March 31 |
(In thousands) | Fair Values of Derivative Instruments | |||||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
Derivative Instrument | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
Interest rate swaps | Other Assets | $ | Other Assets | $ | ||||||||||||||||
(In thousands) | The Effect of Hedge Accounting on Other Comprehensive Income (OCI) | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Amount of gain (loss) recognized in OCI | $ | $ | ( | |||||||||||
Location of gain (loss) reclassified from OCI into income | Interest expense, net and amortization of deferred debt costs | Interest expense, net and amortization of deferred debt costs | ||||||||||||
Amount of (gain) loss reclassified from OCI into income | $ | ( | $ | ( |
Financial Information By Segment | |||||||||||||||||||||||
(In thousands) | Shopping Centers | Mixed-Use Properties | Corporate and Other | Consolidated Totals | |||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Real estate rental operations: | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Expenses | ( | ( | ( | ||||||||||||||||||||
Income from real estate | |||||||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | ( | ( | |||||||||||||||||||||
Depreciation and amortization of deferred leasing costs | ( | ( | ( | ||||||||||||||||||||
General and administrative | ( | ( | |||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | ||||||||||||||||||
Capital investment | $ | $ | $ | $ | |||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, | 2023 to 2024 Change | |||||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | Percent | ||||||||||||||||||||||
Base rent | $ | 53,098 | $ | 51,448 | $ | 1,650 | 3.2 | % | ||||||||||||||||||
Expense recoveries | 10,566 | 8,912 | 1,654 | 18.6 | % | |||||||||||||||||||||
Percentage rent | 878 | 903 | (25) | (2.8) | % | |||||||||||||||||||||
Other property revenue | 1,099 | 470 | 629 | 133.8 | % | |||||||||||||||||||||
Credit (losses) recoveries on operating lease receivables, net | (342) | 96 | (438) | NM | ||||||||||||||||||||||
Rental revenue | 65,299 | 61,829 | 3,470 | 5.6 | % | |||||||||||||||||||||
Other revenue | 1,393 | 1,220 | 173 | 14.2 | % | |||||||||||||||||||||
Total revenue | $ | 66,692 | $ | 63,049 | $ | 3,643 | 5.8 | % |
Three Months Ended March 31, | 2023 to 2024 Change | ||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | Percent | |||||||||||||||||||
Property operating expenses | $ | 10,545 | $ | 8,785 | $ | 1,760 | 20.0 | % | |||||||||||||||
Real estate taxes | 7,623 | 7,495 | 128 | 1.7 | % | ||||||||||||||||||
Interest expense, net and amortization of deferred debt costs | 12,448 | 11,821 | 627 | 5.3 | % | ||||||||||||||||||
Depreciation and amortization of deferred leasing costs | 12,029 | 12,017 | 12 | 0.1 | % | ||||||||||||||||||
General and administrative | 5,784 | 5,268 | 516 | 9.8 | % | ||||||||||||||||||
Total expenses | $ | 48,429 | $ | 45,386 | $ | 3,043 | 6.7 | % |
(in thousands) | Three Months Ended March 31, | |||||||||||||
2024 | 2023 | |||||||||||||
Total revenue | $ | 66,692 | $ | 63,049 | ||||||||||
Less: Acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same property revenue | $ | 66,692 | $ | 63,049 | ||||||||||
Shopping Centers | $ | 46,932 | $ | 44,225 | ||||||||||
Mixed-Use properties | 19,760 | 18,824 | ||||||||||||
Total same property revenue | $ | 66,692 | $ | 63,049 | ||||||||||
Total Shopping Center revenue | $ | 46,932 | $ | 44,225 | ||||||||||
Less: Shopping Center acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same Shopping Center revenue | $ | 46,932 | $ | 44,225 | ||||||||||
Total Mixed-Use property revenue | $ | 19,760 | $ | 18,824 | ||||||||||
Less: Mixed-Use acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same Mixed-Use revenue | $ | 19,760 | $ | 18,824 |
Three Months Ended March 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Office mixed-use properties (1) | $ | 9,753 | $ | 9,145 | ||||||||||
Residential mixed-use properties (residential activity) (2) | 8,838 | 8,532 | ||||||||||||
Residential mixed-use properties (retail activity) (3) | 1,169 | 1,147 | ||||||||||||
Total Mixed-Use same property revenue | $ | 19,760 | $ | 18,824 |
Three Months Ended March 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Net income | $ | 18,263 | $ | 17,663 | ||||||||||
Add: Interest expense, net and amortization of deferred debt costs | 12,448 | 11,821 | ||||||||||||
Add: Depreciation and amortization of deferred leasing costs | 12,029 | 12,017 | ||||||||||||
Add: General and administrative | 5,784 | 5,268 | ||||||||||||
Property operating income | 48,524 | 46,769 | ||||||||||||
Less: Acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same property operating income | $ | 48,524 | $ | 46,769 | ||||||||||
Shopping Centers | $ | 35,969 | $ | 34,965 | ||||||||||
Mixed-Use properties | 12,555 | 11,804 | ||||||||||||
Total same property operating income | $ | 48,524 | $ | 46,769 | ||||||||||
Shopping Center operating income | $ | 35,969 | $ | 34,965 | ||||||||||
Less: Shopping Center acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same Shopping Center operating income | $ | 35,969 | $ | 34,965 | ||||||||||
Mixed-Use property operating income | $ | 12,555 | $ | 11,804 | ||||||||||
Less: Mixed-Use acquisitions, dispositions and development properties | — | — | ||||||||||||
Total same Mixed-Use property operating income | $ | 12,555 | $ | 11,804 |
Three Months Ended March 31, | ||||||||||||||
(In thousands) | 2024 | 2023 | ||||||||||||
Office mixed-use properties (1) | $ | 6,221 | $ | 5,708 | ||||||||||
Residential mixed-use properties (residential activity) (2) | 5,472 | 5,289 | ||||||||||||
Residential mixed-use properties (retail activity) (3) | 862 | 807 | ||||||||||||
Total Mixed-Use same property operating income | $ | 12,555 | $ | 11,804 |
Three Months Ended March 31, | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
Net cash provided by operating activities | $ | 33,828 | $ | 36,098 | |||||||
Net cash used in investing activities | (45,569) | (43,156) | |||||||||
Net cash provided by financing activities | 10,413 | 5,591 | |||||||||
Net decrease in cash and cash equivalents | $ | (1,328) | $ | (1,467) |
Three Months Ended March 31, | |||||||||||
(In thousands, except per share amounts) | 2024 | 2023 | |||||||||
Net income | $ | 18,263 | $ | 17,663 | |||||||
Add: | |||||||||||
Real estate depreciation and amortization | 12,029 | 12,017 | |||||||||
FFO | 30,292 | 29,680 | |||||||||
Subtract: | |||||||||||
Preferred stock dividends | (2,798) | (2,798) | |||||||||
FFO available to common stockholders and noncontrolling interests | $ | 27,494 | $ | 26,882 | |||||||
Weighted average shares and units: | |||||||||||
Basic | 34,348 | 33,323 | |||||||||
Diluted (2) | 34,352 | 34,031 | |||||||||
Basic FFO per share available to common stockholders and noncontrolling interests | $ | 0.80 | $ | 0.81 | |||||||
Diluted FFO per share available to common stockholders and noncontrolling interests | $ | 0.80 | $ | 0.79 |
Average Commercial Rents per Square Foot | ||||||||||||||||||||||||||
Three Months Ended March 31, | 2023 to 2024 Change | |||||||||||||||||||||||||
2024 | 2023 | Amount | Percent | |||||||||||||||||||||||
Base rent | $ | 21.08 | $ | 20.65 | $ | 0.43 | 2.08 | % | ||||||||||||||||||
Effective rent | $ | 19.50 | $ | 19.08 | $ | 0.42 | 2.20 | % | ||||||||||||||||||
Total Properties | Total Square Footage | Percent Leased | |||||||||||||||||||||||||||||||||
Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | ||||||||||||||||||||||||||||||
March 31, 2024 | 50 | 7 | 7,878,088 | 1,136,885 | 95.6 | % | 87.1 | % | |||||||||||||||||||||||||||
March 31, 2023 | 50 | 7 | 7,876,330 | 1,136,885 | 95.2 | % | 84.6 | % |
Commercial Property Leasing Activity | Average Base Rent per Square Foot | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Square Feet | Number of Leases | New/Renewed Leases | Expiring Leases | |||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | Shopping Centers | Mixed-Use | ||||||||||||||||||||||||||||||||||||||||||||||
2024 | 234,443 | 17,697 | 67 | 4 | $ | 26.57 | $ | 28.21 | $ | 23.67 | $ | 24.29 | |||||||||||||||||||||||||||||||||||||||||
2023 | 366,354 | 76,180 | 85 | 9 | 20.84 | 31.30 | 19.41 | 33.66 |
Commercial Property Leasing Activity | ||||||||||||||||||||
New Leases | First Generation/Development Leases | Renewed Leases | ||||||||||||||||||
Number of leases | 24 | — | 47 | |||||||||||||||||
Square feet | 78,234 | — | 173,906 | |||||||||||||||||
Per square foot average annualized: | ||||||||||||||||||||
Base rent | $ | 29.85 | $ | — | $ | 25.26 | ||||||||||||||
Tenant improvements | (4.27) | — | (0.10) | |||||||||||||||||
Leasing costs | (0.93) | — | — | |||||||||||||||||
Rent concessions | (0.47) | — | (0.11) | |||||||||||||||||
Effective rents | $ | 24.18 | $ | — | $ | 25.05 | ||||||||||||||
Expiring Commercial Property Leases | Total | |||||||
Square feet | 561,273 | |||||||
Average base rent per square foot | $ | 22.10 | ||||||
Estimated market base rent per square foot | $ | 22.30 |
Residential Property Leasing Activity | Average Rent per Square Foot | |||||||||||||||||||
Three Months Ended March 31, | Number of leases | New/Renewed Leases | Expiring Leases | |||||||||||||||||
2024 | 181 | $ | 3.65 | $ | 3.59 | |||||||||||||||
2023 | 138 | 3.45 | 3.38 |
31. | ||||||||||||||
32. | ||||||||||||||
99. | (a) | |||||||||||||
101. | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, formatted in Inline Extensible Business Reporting Language (“Inline XBRL”): (i) consolidated balance sheets, (ii) consolidated statements of operations, (iii) consolidated statements of equity and comprehensive income, (iv) consolidated statements of cash flows, and (v) the notes to the consolidated financial statements. | |||||||||||||
104. | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document and included in Exhibit 101). |
SAUL CENTERS, INC. (Registrant) | |||||
Date: May 2, 2024 | /s/ D. Todd Pearson | ||||
D. Todd Pearson President and Chief Operating Officer | |||||
Date: May 2, 2024 | /s/ Joel A. Friedman | ||||
Joel A. Friedman Executive Vice President, Chief Accounting Officer and Treasurer (principal accounting officer) | |||||
Date: May 2, 2024 | /s/ Carlos L. Heard | ||||
Carlos L. Heard Senior Vice President and Chief Financial Officer (principal financial officer) |
Exhibit 99 (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of March 31, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2024 | 2023 | 2022 | 2021 | 2020 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashbrook Marketplace | Ashburn, VA | 85,819 | 2018 (2019) | 13.7 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lidl, Planet Fitness, Starbucks, Dunkin Donuts, Valvoline, Cafe Rio, McAlisters Deli, Apple Federal Credit Union | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashburn Village | Ashburn, VA | 221,596 | 1994-2006 | 26.4 | 96 | % | 95 | % | 96 | % | 95 | % | 97 | % | Giant Food, Hallmark, McDonald's, Burger King, Dunkin Donuts, Kinder Care, Blue Ridge Grill | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beacon Center | Alexandria, VA | 359,671 | 1972 (1993/99/07) | 32.3 | 99 | % | 100 | % | 100 | % | 99 | % | 100 | % | Lowe's Home Improvement Center, Giant Food, Home Goods, Outback Steakhouse, Marshalls, Party Depot, Panera Bread, TGI Fridays, Starbucks, Famous Dave's, Chipotle, Capital One Bank, Wendy's | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 121,365 | 2004 | 12.7 | 100 | % | 100 | % | 97 | % | 88 | % | 99 | % | Publix, Palm Beach Fitness, Anima Domus, Foxtail Coffee | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Boulevard | Fairfax, VA | 49,140 | 1994 (1999/09) | 5.0 | 100 | % | 100 | % | 96 | % | 97 | % | 100 | % | Panera Bread, Party City, Petco, Capital One Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Briggs Chaney MarketPlace | Silver Spring, MD | 194,258 | 2004 | 18.2 | 98 | % | 98 | % | 95 | % | 97 | % | 98 | % | Global Food, Ross Dress For Less, Advance Auto Parts, McDonald's, Dunkin Donuts, Enterprise Rent-A-Car, Dollar Tree, Dollar General, Salon Plaza, Chipotle | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Broadlands Village | Ashburn, VA | 174,438 | 2003/4/6 | 24.0 | 100 | % | 96 | % | 92 | % | 90 | % | 96 | % | Aldi Grocery, The All American Steakhouse, Bonefish Grill, Dollar Tree, Starbucks, Minnieland Day Care, LA Fitness, Chase Bank, X-Golf, Inova Go Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Burtonsville Town Square | Burtonsville, MD | (4) | 139,928 | 2017 | 26.3 | 100 | % | 100 | % | 100 | % | 100 | % | 99 | % | Giant Food, Petco, Starbucks, Greene Turtle, Capital One Bank, CVS Pharmacy, Roy Rogers, Mr. Tire, Taco Bell | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Countryside Marketplace | Sterling, VA | 137,804 | 2004 | 16.0 | 88 | % | 91 | % | 91 | % | 92 | % | 95 | % | Lotte Plaza Market, CVS Pharmacy, Starbucks, McDonald's, 7-Eleven, VA ABC | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cranberry Square | Westminster, MD | 141,450 | 2011 | 18.9 | 100 | % | 100 | % | 97 | % | 87 | % | 96 | % | Giant Food, Giant Gas Station, Staples, Party City, Wendy's, Sola Salons, Ledo Pizza, Hallmark | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cruse MarketPlace | Cumming, GA | 78,686 | 2004 | 10.6 | 96 | % | 91 | % | 94 | % | 92 | % | 94 | % | Publix, Orange Theory, Anytime Fitness | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Flagship Center | Rockville, MD | 21,500 | 1972, 1989 | 0.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Chase Bank, Bank of America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
French Market | Oklahoma City, OK | 246,148 | 1974 (1984/98) | 13.8 | 63 | % | 79 | % | 75 | % | 76 | % | 99 | % | Burlington Coat Factory, Staples, Petco, The Tile Shop, Lakeshore Learning Center, Dollar Tree, Verizon, Raising Cane's, Skechers | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Germantown | Germantown, MD | 18,982 | 1992 | 2.7 | 95 | % | 100 | % | 100 | % | 100 | % | 100 | % | CVS Pharmacy, Jiffy Lube | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Glen | Woodbridge, VA | 136,440 | 1994 (2005) | 14.7 | 100 | % | 99 | % | 94 | % | 98 | % | 96 | % | Safeway, Panera Bread, Five Guys, Chipotle | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Great Falls Center | Great Falls, VA | 91,666 | 2008 | 11.0 | 100 | % | 100 | % | 98 | % | 98 | % | 98 | % | Safeway, CVS Pharmacy, Trustar Bank, Starbucks, Subway | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampshire Langley | Takoma Park, MD | 131,700 | 1972 (1979) | 9.9 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Mega Mart, Starbucks, Chuck E. Cheese, Sardi's Chicken, Capital One Bank, Kool Smiles, Wells Fargo | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hunt Club Corners | Apopka, FL | 107,103 | 2006 | 13.9 | 100 | % | 98 | % | 96 | % | 99 | % | 100 | % | Publix, Pet Supermarket, Boost Mobile | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jamestown Place | Altamonte Springs, FL | 96,201 | 2005 | 10.9 | 98 | % | 100 | % | 100 | % | 100 | % | 100 | % | Carrabas Italian Grill, Orlando Health, Crunch Fitness, AT&T | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square I | Gaithersburg, MD | 119,694 | 2002 | 11.5 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Lowe's Home Improvement Center, Chipotle, Starbucks, Shake Shack | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of March 31, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2024 | 2023 | 2022 | 2021 | 2020 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Square II and Kentlands Pad | Gaithersburg, MD | 253,052 | 2011 | 23.4 | 100 | % | 95 | % | 97 | % | 96 | % | 99 | % | Giant Food, At Home, Party City, Panera Bread, Hallmark, Chick-Fil-A, Coal Fire Pizza, Cava Mezza Grill, Truist Bank, Hand & Stone Massage, Crumbl Cookie, Quincy's Restaurant | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Kentlands Place | Gaithersburg, MD | 40,697 | 2005 | 3.4 | 94 | % | 74 | % | 86 | % | 75 | % | 93 | % | Bonefish Grill, F45 Training | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lansdowne Town Center | Leesburg, VA | 196,817 | 2006 | 23.3 | 94 | % | 94 | % | 88 | % | 92 | % | 90 | % | Harris Teeter, CVS Pharmacy, Panera Bread, Starbucks, Ford's Oyster House, Fusion Learning, Chick-Fil-A, Chase Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leesburg Pike Plaza | Baileys Crossroads, VA | 97,752 | 1966 (1982/95) | 9.4 | 100 | % | 100 | % | 100 | % | 93 | % | 93 | % | CVS Pharmacy, Capital One Bank, Five Guys, Dollar Tree, Advanced Auto | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lumberton Plaza | Lumberton, NJ | 192,718 | 1975 (1992/96) | 23.3 | 67 | % | 66 | % | 66 | % | 66 | % | 68 | % | Aldi, Family Dollar, Big Lots, Burger King, Big Rich Fitness, Enterprise Rent-A-Car, Five Below | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Metro Pike Center | Rockville, MD | 67,488 | 2010 | 4.6 | 96 | % | 83 | % | 85 | % | 84 | % | 87 | % | McDonald's, Dunkin Donuts, 7-Eleven, Palm Beach Tan, Mattress Warehouse, Salvation Army, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Monocacy | Frederick, MD | 111,341 | 2004 | 13.0 | 98 | % | 100 | % | 98 | % | 100 | % | 97 | % | Giant Food, Panera Bread, Five Guys, California Tortilla, Firehouse Subs, Comcast, NTB | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Northrock | Warrenton, VA | 100,032 | 2009 | 15.4 | 94 | % | 96 | % | 94 | % | 99 | % | 99 | % | Harris Teeter, Longhorn Steakhouse, Ledo's Pizza, Capital One Bank, Novant Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Olde Forte Village | Ft. Washington, MD | 143,577 | 2003 | 16.0 | 96 | % | 98 | % | 98 | % | 95 | % | 94 | % | Safeway, Advance Auto Parts, Dollar Tree, McDonald's, Wendy's, Ledo's Pizza, M&T Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Olney | Olney, MD | 53,765 | 1975 (1990) | 3.7 | 95 | % | 98 | % | 93 | % | 93 | % | 93 | % | Walgreens, Olney Grille, Ledo's Pizza, Popeye's, Sardi's Fusion | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Orchard Park | Dunwoody, GA | 87,365 | 2007 | 10.5 | 96 | % | 99 | % | 100 | % | 99 | % | 99 | % | Kroger, Jett Ferry Dental | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Palm Springs Center | Altamonte Springs, FL | 126,446 | 2005 | 12.0 | 98 | % | 98 | % | 97 | % | 100 | % | 100 | % | Publix, Duffy's Sports Grill, Toojay's Deli, The Tile Shop, Rockler Tools, Humana Health, Sola Salons | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ravenwood | Baltimore, MD | 93,328 | 1972 (2006) | 8.0 | 92 | % | 95 | % | 93 | % | 97 | % | 97 | % | Giant Food, Dominos, Bank of America | |||||||||||||||||||||||||||||||||||||||||||||||||||||
11503 Rockville Pk / 5541 Nicholson Ln | Rockville, MD | 40,249 | 2010 / 2012 | 3.0 | 57 | % | 57 | % | 61 | % | 61 | % | 61 | % | Dr. Boyd's Pet Resort, Metropolitan Emergency Animal Clinic | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1500/1580/1582 Rockville Pike | Rockville, MD | 105,428 | 2012/2014 | 10.2 | 100 | % | 98 | % | 100 | % | 100 | % | 97 | % | Party City, CVS Pharmacy | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Seabreeze Plaza | Palm Harbor, FL | 146,673 | 2005 | 18.4 | 97 | % | 96 | % | 93 | % | 96 | % | 98 | % | Publix, Petco, Planet Fitness, Vision Works | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace at Sea Colony | Bethany Beach, DE | 21,677 | 2008 | 5.1 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Armand's Pizza, Candy Kitchen, Summer Salts, Fin's Alehouse, Vacasa | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Seven Corners | Falls Church, VA | 573,481 | 1973 (1994-7/07) | 31.6 | 100 | % | 98 | % | 98 | % | 99 | % | 97 | % | The Home Depot, Giant Food, Michaels Arts & Crafts, Barnes & Noble, Ross Dress For Less, Ski Chalet, Off-Broadway Shoes, JoAnn Fabrics, Starbucks, Red Robin Gourmet Burgers, Chipotle, Wendy's, Burlington Coat Factory, Mattress Warehouse, J. P. Morgan Chase, Five Below, Raising Canes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Severna Park Marketplace | Severna Park, MD | 254,011 | 2011 | 20.6 | 94 | % | 95 | % | 89 | % | 89 | % | 100 | % | Giant Food, Kohl's, Office Depot, Goodyear, Chipotle, McDonald's, Five Guys, Jersey Mike's, Bath & Body Works, Wells Fargo, MOD Pizza, Petco, AT&T | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of March 31, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2024 | 2023 | 2022 | 2021 | 2020 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shopping Centers (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shops at Fairfax | Fairfax, VA | 68,762 | 1975 (1993/99) | 6.7 | 100 | % | 100 | % | 98 | % | 97 | % | 98 | % | 99 Ranch | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Smallwood Village Center | Waldorf, MD | 173,341 | 2006 | 25.1 | 92 | % | 91 | % | 80 | % | 81 | % | 66 | % | Safeway, CVS Pharmacy, Family Dollar | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southdale | Glen Burnie, MD | 485,628 | 1972 (1986) | 39.8 | 99 | % | 100 | % | 95 | % | 94 | % | 98 | % | The Home Depot, Michaels Arts & Crafts, Marshalls, PetSmart, Value City Furniture, Athletic Warehouse, Starbucks, Gallo Clothing, Office Depot, The Tile Shop, Mercy Health Care, Massage Envy, Potbelly, Capital One Bank, Chipotle, Banfield Pet Hospital, Glory Days Grill, Bank of America, Grocery Outlet | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Southside Plaza | Richmond, VA | 371,761 | 1972 | 32.8 | 96 | % | 95 | % | 98 | % | 97 | % | 98 | % | Super Fresh, Citi Trends, City of Richmond, McDonald's, Burger King, Kool Smiles, Crafty Crab, Roses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
South Dekalb Plaza | Atlanta, GA | 163,418 | 1976 | 14.6 | 94 | % | 94 | % | 94 | % | 87 | % | 87 | % | Big Lots, Emory Clinic, Roses, Deal $, Humana Oak Street Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Thruway | Winston-Salem, NC | 367,399 | 1972 (1997) | 31.5 | 96 | % | 91 | % | 87 | % | 80 | % | 94 | % | Harris Teeter, Trader Joe's, Talbots, Hanes Brands, Jos. A. Bank, Chico's, Loft, FedEx Office, New Balance, Aveda Salon, Carter's Kids, McDonald's, Chick-Fil-A, Wells Fargo Bank, Francesca's Collections, Great Outdoor Provision Company, White House / Black Market, Soma, J. Crew, Chop't, Lululemon, Orange Theory, Athleta, Sephora, O2 Fitness, Hallmark, Sleep Number, The Good Feet Store, Hand & Stone Massage, Golf Galaxy | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Village Center | Centreville, VA | 145,651 | 1990 | 17.2 | 94 | % | 90 | % | 87 | % | 88 | % | 97 | % | Giant Food, Starbucks, McDonald's, Pet Supplies Plus, Bikram Yoga, Truist Bank, Vitality Fitness | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Westview Village | Frederick, MD | 103,186 | 2009 | 11.6 | 100 | % | 99 | % | 93 | % | 92 | % | 99 | % | Silver Diner, Sleepy's, Music & Arts, Firehouse Subs, CiCi's Pizza, Café Rio, Five Guys, Regus, Krispy Kreme, Wendy's, State Employees Credit Union (SECU), GNC, Moby Dick's House of Kabobs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
White Oak | Silver Spring, MD | 480,676 | 1972 (1993) | 27.9 | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | Giant Food, Sears, Walgreens, Sarku Japan | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Shopping Centers | (1) | 7,878,088 | 766.7 | 95.6 | % | 95.2 | % | 93.9 | % | 93.1 | % | 95.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saul Centers, Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Current Portfolio Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Percentage Leased as of March 31, | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | 2024 | 2023 | 2022 | 2021 | 2020 | Anchor / Significant Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed-Use Properties (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Avenel Business Park | Gaithersburg, MD | 390,683 | 1981-2000 | 37.1 | 97 | % | 96 | % | 90 | % | 95 | % | 94 | % | General Services Administration, Gene Dx, Inc., American Type Culture Collection, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center-North Block | Arlington, VA | (4) | 108,386 | 2010 | 0.6 | 89 | % | 86 | % | 85 | % | 83 | % | 83 | % | AT&T Mobility, Chipotle, Airlines Reporting Corporation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center-South Block | Arlington, VA | (4) | 104,894 | 2010 | 1.3 | 53 | % | 71 | % | 88 | % | 86 | % | 96 | % | Trader Joe's, Circa, Burke & Herbert Bank, South Block Blends, Keppler Speakers Bureau, Leadership Institute, Massage Envy | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Clarendon Center Residential-South Block (244 units) | Arlington, VA | (4) | 188,671 | 2010 | 99 | % | 99 | % | 96 | % | 98 | % | 97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness- Residential (271 units) | Washington, DC | (4) | 214,600 | 2016 | 1.4 | 99 | % | 97 | % | 97 | % | 95 | % | 96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Van Ness-Retail | Washington, DC | (4) | 8,847 | 2016 | 76 | % | 32 | % | 100 | % | 100 | % | 100 | % | Sfoglina Pasta House, Rosedale | |||||||||||||||||||||||||||||||||||||||||||||||||||||
601 Pennsylvania Ave. | Washington, DC | 227,651 | 1973 (1986) | 1.0 | 82 | % | 79 | % | 78 | % | 79 | % | 94 | % | National Gallery of Art, American Assn. of Health Plans, Southern Company, Regus, Capital Grille | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington Square | Alexandria, VA | 236,376 | 1975 (2000) | 2.0 | 87 | % | 75 | % | 71 | % | 78 | % | 90 | % | Academy of Managed Care Pharmacy, Cooper Carry, National PACE Association, International Information Systems Security Certification Consortium, Trader Joe's, FedEx Office, Talbots | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The Waycroft-Residential (491 units) | Arlington, VA | (4) | 404,709 | 2020 | 2.8 | 98 | % | 98 | % | 97 | % | 98 | % | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Waycroft-Retail | Arlington, VA | (4) | 60,048 | 2020 | 100 | % | 100 | % | 100 | % | 90 | % | N/A | Target, Enterprise Rent-A-Car, Silver Diner, Salon Lofts | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Mixed-Use Properties | (1) | 1,944,865 | 46.2 | 87.1 | % | 84.6 | % | 83.4 | % | 86.0 | % | 92.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio | (1) | 9,822,953 | 812.9 | 94.6 | % | 93.9 | % | 92.5 | % | 92.2 | % | 95.3 | % | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | Leasable Area (Square Feet) | Year Acquired or Developed (Renovated) | Land Area (Acres) | Development Activity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land and Development Parcels | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hampden House | Bethesda, MD | 2018 | 0.6 | Above grade construction of the structure is nearing completion and has topped out at the roof level. Exterior sheathing and window installation have begun. Interior framing and installation of mechanical, electrical and plumbing infrastructure is underway. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twinbrook Quarter | Rockville, MD | 2021 | 8.2 | Sitework and ground floor retail façade work continues around all four sides of the building. Apartment unit construction is in process on levels 2 through 12 and work is in process on the lobbies and interior amenity spaces. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ashland Square Phase II | Manassas, VA | 2004 | 17.3 | Marketing to grocers and other retail businesses, with a development timetable yet to be finalized. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Market | New Market, MD | 2005 | 35.5 | Parcel will accommodate retail development in excess of 120,000 square feet near I-70, east of Frederick, Maryland. A development timetable has not been determined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Development Properties | 61.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Percentage leased is a percentage of rentable square feet leased for commercial space and a percentage of units leased for apartments. Prior year leased percentages, including 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Total percentage leased is for commercial space only. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | For the purposes of the property count listed elsewhere in this document, residential and commercial are combined. The residential units at Clarendon South, Park Van Ness and The Waycroft are all part of the same building as the commercial tenants at those locations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | Property is LEED certified. |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 24,099,077 | 24,082,887 |
Common stock, shares outstanding | 24,099,077 | 24,082,887 |
Series D Cumulative Redeemable, 30,000 shares issued and outstanding | ||
Cumulative redeemable preferred stock, shares issued | 30,000 | 30,000 |
Cumulative redeemable preferred stock, shares outstanding | 30,000 | 30,000 |
Series E Cumulative Redeemable, 44,000 shares issued and outstanding | ||
Cumulative redeemable preferred stock, shares issued | 44,000 | 44,000 |
Cumulative redeemable preferred stock, shares outstanding | 44,000 | 44,000 |
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue | ||
Rental revenue | $ 65,299 | $ 61,829 |
Other | 1,393 | 1,220 |
Total revenue | 66,692 | 63,049 |
Expenses | ||
Property operating expenses | 10,545 | 8,785 |
Real estate taxes | 7,623 | 7,495 |
Interest expense, net and amortization of deferred debt costs | 12,448 | 11,821 |
Depreciation and amortization of deferred leasing costs | 12,029 | 12,017 |
General and administrative | 5,784 | 5,268 |
Total expenses | 48,429 | 45,386 |
Net income | 18,263 | 17,663 |
Noncontrolling interests | ||
Income attributable to noncontrolling interests | (4,633) | (4,161) |
Net income attributable to Saul Centers, Inc. | 13,630 | 13,502 |
Preferred stock dividends | (2,798) | (2,798) |
Net income available to common stockholders | $ 10,832 | $ 10,704 |
Per share net income available to common stockholders | ||
Basic (in USD per share) | $ 0.45 | $ 0.45 |
Diluted (in USD per share) | $ 0.45 | $ 0.45 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,263 | $ 17,663 |
Other comprehensive income | ||
Change in unrealized gain on cash flow hedge | 1,804 | (2,014) |
Total comprehensive income | 20,067 | 15,649 |
Comprehensive income attributable to noncontrolling interests | (5,173) | (3,597) |
Total comprehensive income attributable to Saul Centers, Inc. | 14,894 | 12,052 |
Preferred stock dividends | (2,798) | (2,798) |
Total comprehensive income available to common stockholders | $ 12,096 | $ 9,254 |
Consolidated Statement of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Limited Partner |
Series D Cumulative Redeemable, 30,000 shares issued and outstanding |
Series E Cumulative Redeemable, 44,000 shares issued and outstanding |
Total Saul Centers, Inc. |
Total Saul Centers, Inc.
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
|
Total Saul Centers, Inc.
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
|
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Partnership Units in Escrow |
Distributions in Excess of Accumulated Earnings |
Distributions in Excess of Accumulated Earnings
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
|
Distributions in Excess of Accumulated Earnings
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
|
Accumulated Other Comprehensive Income |
Noncontrolling Interests |
Noncontrolling Interests
Limited Partner
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2022 | $ 521,802 | $ 400,484 | $ 185,000 | $ 240 | $ 446,301 | $ 39,650 | $ (273,559) | $ 2,852 | $ 121,318 | ||||||||
Issuance of shares of common stock: | |||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 543 | 543 | 543 | ||||||||||||||
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock | 290 | 290 | 290 | ||||||||||||||
Net income | 17,663 | 13,502 | 13,502 | 4,161 | |||||||||||||
Change in unrealized gain on cash flow hedge | (2,014) | (1,450) | (1,450) | (564) | |||||||||||||
Distributions payable preferred stock: | |||||||||||||||||
Preferred stock distributions | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | |||||||||||
Distributions payable, common stock and partnership units | (19,651) | (14,165) | (14,165) | (5,486) | |||||||||||||
Ending Balance at Mar. 31, 2023 | 515,835 | 396,406 | 185,000 | 240 | 447,134 | 39,650 | (277,020) | 1,402 | 119,429 | ||||||||
Beginning Balance at Dec. 31, 2023 | 504,429 | 348,389 | 185,000 | 241 | 449,959 | 0 | (288,825) | 2,014 | 156,040 | ||||||||
Issuance of shares of common stock: | |||||||||||||||||
Issuance of shares pursuant to dividend reinvestment plan | 603 | $ 11,741 | 603 | 603 | $ 11,741 | ||||||||||||
Shares due to share grants, exercise of stock options and issuance of directors’ deferred stock | 219 | 219 | 219 | ||||||||||||||
Net income | 18,263 | 13,630 | 13,630 | 4,633 | |||||||||||||
Change in unrealized gain on cash flow hedge | 1,804 | 1,264 | 1,264 | 540 | |||||||||||||
Distributions payable preferred stock: | |||||||||||||||||
Preferred stock distributions | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | $ (1,148) | $ (1,650) | |||||||||||
Distributions payable, common stock and partnership units | (20,330) | (14,220) | (14,220) | (6,110) | |||||||||||||
Ending Balance at Mar. 31, 2024 | $ 513,931 | $ 347,087 | $ 185,000 | $ 241 | $ 450,781 | $ 0 | $ (292,213) | $ 3,278 | $ 166,844 |
Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Shares pursuant to dividend reinvestment plan | 16,007 | 13,227 |
Shares due to exercise of employee stock options and issuance of directors' deferred stock | 183 | 699 |
Limited Partner | ||
Issuance of partnership units pursuant to dividend reinvestment plan (in shares) | 306,512 | |
Dividend Distributions Payable | ||
Distributions payable common stock, per share (in usd per share) | $ 0.59 | $ 0.59 |
Distributions partnership units, per unit (in usd per share) | 0.59 | 0.59 |
Series D Cumulative Redeemable, 30,000 shares issued and outstanding | Dividend Distributions Payable | ||
Distributions payable on preferred stock, per share (in usd per share) | 38.28 | 38.28 |
Series E Cumulative Redeemable, 44,000 shares issued and outstanding | Dividend Distributions Payable | ||
Distributions payable on preferred stock, per share (in usd per share) | $ 37.50 | $ 37.50 |
Organization, Basis of Presentation |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation | Organization, Basis of Presentation Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of Saul Centers. The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of March 31, 2024, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. The Shopping Centers, a majority of which are anchored by one or more major tenants and 34 of which are anchored by a grocery store, offer primarily day-to-day necessities and services. Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.9% of the Company's total revenue for the three months ended March 31, 2024. No other tenant individually accounted for 2.5% or more of the Company’s total revenue, excluding lease termination fees, for the three months ended March 31, 2024. The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of March 31, 2024 and December 31, 2023, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation. The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 69.8% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Our significant accounting policies disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 have not changed significantly in number or composition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates. Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. Evaluating and estimating uncollectable lease payments and related receivables requires significant judgement by management and is based on the best information available to management at the time of evaluation. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures” (“ASU 2023-07”). ASU 2023-07 enhances disclosures of significant segment expenses and other segment items regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit (loss) to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Retrospective adoption to all periods presented is required. The Company does not expect the adoption ASU 2023-07 will impact our consolidated financial statements and we are evaluating the impact it will have on our related disclosures. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the three months ended March 31, 2024.
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Real Estate |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate Construction In Progress Construction in progress includes land, preconstruction and development costs of active projects. Preconstruction costs include legal, zoning and permitting costs and other project carrying costs incurred prior to the commencement of construction. Development costs include direct construction costs and indirect costs incurred subsequent to the start of construction such as architectural, engineering, construction management and carrying costs consisting of interest, real estate taxes and insurance. Construction in progress as of March 31, 2024 and December 31, 2023, is composed of the following:
(1) Includes capitalized interest of $29.1 million and $25.5 million, as of March 31, 2024 and December 31, 2023, respectively. (2) Includes capitalized interest of $15.7 million and $14.1 million, as of March 31, 2024 and December 31, 2023, respectively. Leases We lease Shopping Centers and Mixed-Use Properties to lessees in exchange for monthly rental payments and, where applicable, reimbursement for property taxes, insurance, and certain property operating expenses. Our leases have been determined to be operating leases and generally range in term from to 15 years. Some of our leases have termination options and/or extension options. Termination options allow the lessee and/or lessor to terminate the lease prior to the end of the lease term, provided certain conditions are met. Termination options generally require advance notification from the lessee and/or lessor and payment of a termination fee. Termination fees are recognized as revenue over the modified lease term. Extension options are subject to terms and conditions stated in the lease. An operating lease right of use asset and corresponding lease liability related to our headquarters sublease are reflected in other assets and other liabilities, respectively. The sublease expires on February 28, 2027. The right of use asset and corresponding lease liability totaled $2.3 million and $2.4 million, respectively, at March 31, 2024. Deferred Leasing Costs Deferred leasing costs primarily consist of initial direct costs incurred in connection with successful property leasing and amounts attributed to in-place leases associated with acquired properties. Such amounts are capitalized and amortized, using the straight-line method, over the term of the lease or the remaining term of an acquired lease. Initial direct costs primarily consist of leasing commissions, which are incremental costs paid to third-party brokers and lease commissions paid to certain employees when obtaining a lease that would not have been incurred if the lease had not been obtained. Unamortized deferred costs are charged to expense if the applicable lease is terminated prior to expiration of the initial lease term. Collectively, deferred leasing costs totaled $23.9 million and $23.7 million, net of accumulated amortization of $54.2 million and $53.7 million, as of March 31, 2024 and December 31, 2023, respectively. Amortization expense, included in depreciation and amortization of deferred leasing costs in the Consolidated Statements of Operations, totaled $1.0 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. Real Estate Investment Properties Depreciation is calculated using the straight-line method and estimated useful lives of generally between 35 and 50 years for base buildings, or a shorter period if management determines that the building has a shorter useful life, and up to 20 years for certain other improvements that extend the useful lives. Leasehold improvement expenditures are capitalized when certain criteria are met, including when the Company supervises construction and will own the improvements. Tenant improvements are amortized, over the shorter of the lives of the related leases or the useful life of the improvements, using the straight-line method. Depreciation expense in the Consolidated Statements of Operations totaled $11.0 million and $11.0 million for the three months ended March 31, 2024 and 2023, respectively. Repairs and maintenance expense totaled $5.0 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively, and is included in property operating expenses in the Consolidated Statements of Operations. The Company did not recognize an impairment loss on any of its real estate during the three months ended March 31, 2024 or 2023.
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Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership |
3 Months Ended |
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Mar. 31, 2024 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership | Noncontrolling Interests - Holders of Convertible Limited Partnership Units in the Operating Partnership As of March 31, 2024, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the “Saul Organization”) held an aggregate 28.8% limited partnership interest in the Operating Partnership represented by approximately 9.9 million convertible limited partnership units. These units are convertible into shares of Saul Centers’ common stock, at the option of the unit holder, on a one-for-one basis provided that, in accordance with the Company’s Articles of Incorporation, the rights may not be exercised at any time that the Saul Organization beneficially owns or will own after the exercise, directly or indirectly, in the aggregate more than 39.9% of the value of the outstanding common stock and preferred stock of Saul Centers, excluding shares credited to directors' deferred fee accounts (See Note 8). As of March 31, 2024, approximately 659,000 units could be converted into shares of Saul Centers common stock. As of March 31, 2024, a third party investor holds a 1.4% limited partnership interest in the Operating Partnership represented by 469,740 convertible limited partnership units. At the option of the unit holder, these units are convertible into shares of Saul Centers’ common stock on a one-for-one basis; provided that, in lieu of the delivery of Saul Centers’ common stock, Saul Centers may, in its sole discretion, deliver cash in an amount equal to the value of such Saul Centers’ common stock. The impact of the aggregate 30.2% limited partnership interest in the Operating Partnership held by parties other than Saul Centers is reflected as Noncontrolling Interests in the accompanying consolidated financial statements. Weighted average fully diluted partnership units and common stock outstanding for the three months ended March 31, 2024 and 2023, was approximately 34.4 million and 34.0 million, respectively.
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Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs At March 31, 2024, the Company had a $525.0 million senior unsecured credit facility (the “Credit Facility”) comprised of a $425.0 million revolving credit facility and a $100.0 million term loan. The revolving credit facility matures on August 29, 2025, and may be extended by the Company for additional year, subject to satisfaction of certain conditions. The term loan matures on February 26, 2027. Interest accrues at the Secured Overnight Financing Rate (“SOFR”) plus 10 basis points plus an applicable spread, which is determined by certain leverage tests. As of March 31, 2024, the applicable spread for borrowings was 140 basis points related to the revolving credit facility and 135 basis points related to the term loan. Letters of credit may be issued under the Credit Facility. On March 31, 2024, based on the value of the Company’s unencumbered properties calculated in accordance with the terms of the Credit Facility, approximately $127.6 million was available and undrawn under the Credit Facility and $374.0 million was outstanding. On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. The effective date of each swap agreement is October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt is being treated as fixed-rate debt for disclosure purposes beginning September 30, 2022. The Company has designated the agreements as cash flow hedges for accounting purposes. As of March 31, 2024, the fair value of the interest-rate swaps totaled approximately $4.5 million, which is included in Other assets in the Consolidated Balance Sheets. The change in value during the period is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. During the second quarter of 2023, the Company commenced drawing on its $145.0 million construction-to-permanent loan related to the residential and retail portions of Phase I of the Twinbrook Quarter development project. As of March 31, 2024, the balance of the loan was $90.3 million, net of unamortized deferred debt costs. During the fourth quarter of 2023, the Company commenced drawing on its $133.0 million loan related to the Hampden House development project. As of March 31, 2024, the balance of the loan was $18.6 million, net of unamortized deferred debt costs. Saul Centers and certain consolidated subsidiaries of the Operating Partnership have guaranteed the payment obligations of the Operating Partnership under the Credit Facility. The Operating Partnership is the guarantor of (a) the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad (totaling $27.1 million at March 31, 2024), (b) a portion of The Waycroft mortgage (approximately $23.6 million of the $148.1 million outstanding balance at March 31, 2024, (c) the Ashbrook Marketplace mortgage (totaling $20.1 million at March 31, 2024), and (d) a portion of the Avenel Business Park mortgage (approximately $6.3 million of the $21.3 million outstanding balance at March 31, 2024). The Company provides a repayment guaranty of 100% of the loan secured by Twinbrook Quarter during construction and lease-up. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of March 31, 2024, the loan balance and the amount guaranteed were $92.8 million. The Company also provides the lender with a 100% construction completion guaranty. The Company provides a limited repayment guaranty of $26.6 million during construction and lease-up for the loan secured by Hampden House. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of March 31, 2024, the loan balance and the amount guaranteed was $21.4 million. The Company also provides the lender with a 100% construction completion guaranty. All other notes payable are non-recourse. The principal amount of the Company’s outstanding debt totaled approximately $1.43 billion at March 31, 2024, of which approximately $1.15 billion was fixed-rate debt and approximately $274.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.56 billion as of March 31, 2024. At December 31, 2023, the principal amount of the Company’s outstanding debt totaled approximately $1.41 billion, of which $1.13 billion was fixed rate debt and $276.0 million was unhedged variable rate debt outstanding under the Credit Facility. The carrying amount of the properties collateralizing the notes payable totaled approximately $1.52 billion as of December 31, 2023. At March 31, 2024, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows:
(a) Includes $274.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility. Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaling $18.6 million and $19.3 million, net of accumulated amortization of $11.3 million and $10.6 million, at March 31, 2024 and December 31, 2023, respectively, are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2024 and 2023, were as follows:
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Equity |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | Equity The consolidated statements of operations for the three months ended March 31, 2024 and 2023, reflect noncontrolling interests of $4.6 million and $4.2 million, respectively, representing income attributable to limited partnership units not held by Saul Centers. At March 31, 2024, the Company had outstanding 3.0 million depositary shares, each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock (the “Series D Stock”). The depositary shares are redeemable at the Company's option, in whole or in part, at the $25.00 liquidation preference, plus accrued but unpaid dividends up to, but not including, the redemption date. The depositary shares pay an annual dividend of $1.53125 per share, equivalent to 6.125% of the $25.00 liquidation preference. The Series D Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. At March 31, 2024, the Company had outstanding 4.4 million depositary shares, each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Stock”). The depositary shares may be redeemed at the Company’s option, in whole or in part, on or after September 17, 2024, at the $25.00 liquidation preference, plus accrued but unpaid dividends up to, but not including, the redemption date. The depositary shares pay an annual dividend of $1.50 per share, equivalent to 6.000% of the $25.00 liquidation preference. The Series E Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and is not convertible into any other securities of the Company except in connection with certain changes in control or delisting events. Investors in the depositary shares generally have no voting rights, but will have limited voting rights if the Company fails to pay dividends for six or more quarters (whether or not declared or consecutive) and in certain other events. Per Share Data Per share data for net income (basic and diluted) is computed using weighted average shares of common stock. Convertible limited partnership units and employee stock options are the Company’s potentially dilutive securities. For all periods presented, the convertible limited partnership units are non-dilutive. The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution.
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Related Party Transactions |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Chairman and Chief Executive Officer, the President and Chief Operating Officer, the Executive Vice President-Chief Legal and Administrative Officer and the Executive Vice President-Chief Accounting Officer and Treasurer of the Company are also officers of various members of the Saul Organization and their management time is shared with the Saul Organization. Their annual compensation is fixed by the Compensation Committee of the Board, with the exception of the Executive Vice President-Chief Accounting Officer and Treasurer whose share of annual compensation allocated to the Company is determined by the shared services agreement (described below). The Company participates in a multiemployer 401K plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. Company contributions, which are included in general and administrative expense or property operating expenses in the Consolidated Statements of Operations, at the discretionary amount of up to 6% of the employee’s cash compensation, subject to certain limits, were $118,000 and $111,800 for the three months ended March 31, 2024 and 2023, respectively. All amounts contributed by employees and the Company are fully vested. The Company also participates in a multiemployer nonqualified deferred compensation plan with entities in the Saul Organization which covers those full-time employees who meet the requirements as specified in the plan. According to the plan, which can be modified or discontinued at any time, participating employees defer 2% of their compensation in excess of a specified amount. For the three months ended March 31, 2024 and 2023, the Company credited to employee accounts $49,300 and $63,000, respectively, which is the sum of accrued earnings and up to three times the amount deferred by employees and is included in general and administrative expense. All amounts contributed by employees and credited by the Company are fully vested. The cumulative unfunded liability under this plan was $3.2 million and $3.3 million, at March 31, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets. The Company and the Saul Organization are parties to a shared services agreement (the “Agreement”) that provides for the sharing of certain personnel and ancillary functions such as computer hardware, software, and support services and certain direct and indirect administrative personnel. The method for determining the cost of the shared services is provided for in the Agreement and is based upon head count, estimates of usage or estimates of time incurred, as applicable. The terms of the Agreement and the payments made thereunder are deemed reasonable by management and are reviewed annually by the Audit Committee of the Board, which consists entirely of independent directors. Net billings by the Saul Organization for the Company’s share of these ancillary costs and expenses for the three months ended March 31, 2024 and 2023, which included rental expense for the Company’s headquarters sublease, totaled approximately $3.0 million and $2.7 million, respectively. The amounts are generally expensed as incurred and are primarily reported as general and administrative expenses in the Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, accounts payable, accrued expenses and other liabilities included approximately $0.9 million and $1.1 million, respectively, representing amounts due to the Saul Organization for the Company’s share of these ancillary costs and expenses. The Company subleases its corporate headquarters space from a member of the Saul Organization. The sublease commenced in March 2002, expires in 2027, and provides for base rent increases of 3% per year, with payment of a pro-rata share of operating expenses over a base year amount. The Agreement requires each party to pay an allocation of total rental payments based on a percentage proportionate to the number of employees employed by each party. The Company’s rent expense for its headquarters location was $216,200 and $219,400 for the three months ended March 31, 2024 and 2023, respectively, and is included in general and administrative expense. The B. F. Saul Insurance Agency, Inc., a subsidiary of the B. F. Saul Company and a member of the Saul Organization, is a general insurance agency that receives commissions and fees in connection with the Company’s insurance program. Such commissions and fees amounted to $82,000 and $222,100 for the three months ended March 31, 2024 and 2023, respectively.
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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors | Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors In 2004, the Company established a stock incentive plan (the “Plan”), as amended. Under the Plan, options are granted at an exercise price not less than the market value of the common stock on the date of grant and expire ten years from the date of grant. Officer options vest ratably over four years following the grant and are charged to expense using the straight-line method over the vesting period. Director options vest immediately and are charged to expense as of the date of grant. The Company uses the fair value method to value and account for employee stock options. The fair value of options granted is determined at the time of the grant using the Black-Scholes model, a widely used method for valuing stock-based employee compensation, and the following assumptions: (1) Expected Volatility determined using the most recent trading history of the Company’s common stock (month-end closing prices) corresponding to the average expected term of the options; (2) Average Expected Term of the options based on prior exercise history, scheduled vesting and the expiration date; (3) Expected Dividend Yield determined by management after considering the Company’s current and historic dividend yield, the Company’s yield in relation to other retail REITs and the Company’s market yield at the grant date; and (4) a Risk-free Interest Rate based upon the market yields of US Treasury obligations with maturities corresponding to the average expected term of the options at the grant date. The Company amortizes the value of options granted ratably over the vesting period and includes the amounts as compensation expense in general and administrative expenses. Pursuant to the Plan, the Compensation Committee established a Deferred Compensation Plan for Directors for the benefit of the Company’s directors and their beneficiaries. Annually, directors are given the ability to make an election to defer all or part of their fees and have the option to have their fees paid in cash, in shares of common stock or in a combination of cash and shares of common stock upon separation from the Board. If a director elects to have their fees paid in stock, fees earned during a calendar quarter are aggregated and divided by the closing market price of the Company’s common stock on the first trading day of the following quarter to determine the number of shares to be credited to the director. During the three months ended March 31, 2024, 1,991 shares were credited to director’s deferred fee accounts and 7,970 shares were issued. As of March 31, 2024, the director's deferred fee accounts comprise 117,382 shares. During the three months ended March 31, 2024, stock option expense totaling $0.2 million was included in general and administrative expense in the Consolidated Statement of Operations. As of March 31, 2024, the estimated future expense related to unvested stock options was $1.7 million. The table below summarizes the option activity for the three months ended March 31, 2024:
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Fair Value of Financial Instruments |
3 Months Ended |
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Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reasonable estimates of their fair value. The aggregate fair value of the notes payable with fixed-rate payment terms was determined using Level 2 data in a discounted cash flow approach, which is based upon management’s estimate of borrowing rates and loan terms currently available to the Company for fixed-rate financing, would be approximately $947.8 million and $957.9 million, respectively, compared to the principal balance of $1.15 billion and $1.13 billion at March 31, 2024 and December 31, 2023, respectively. A change in any of the significant inputs may lead to a change in the Company’s fair value measurement of its debt. |
Derivatives and Hedging Activities |
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Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company’s objectives in using interest rate derivatives are to mitigate the volatility of interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses floating-to-fixed interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with certain variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that approximately $2.0 million will be reclassified from other comprehensive income and reflected as a decrease to interest expense. The Company carries its interest-rate swaps at fair value. The Company has determined the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy with the exception of the impact of counter-party risk, which was determined using Level 3 inputs and is not significant. Derivative instruments are classified within Level 2 of the fair value hierarchy because their values are determined using third-party pricing models that contain inputs that are derived from observable market data. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility, and correlations of such inputs. As of March 31, 2024, the fair value of the interest-rate swaps was approximately $4.5 million and is included in Other assets in the Consolidated Balance Sheets. The change in value during the period is reflected in Other Comprehensive Income in the Consolidated Statements of Comprehensive Income. The table below details the fair value and location of the interest rate swaps as of March 31, 2024 and December 31, 2023.
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Neither the Company nor the Current Portfolio Properties are subject to any material litigation, nor, to management’s knowledge, is any material litigation currently threatened against the Company, other than routine litigation and administrative proceedings arising in the ordinary course of business. Management believes that these items, individually or in the aggregate, will not have a material adverse impact on the Company or the Current Portfolio Properties.
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Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company has two reportable business segments: Shopping Centers and Mixed-Use Properties. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based upon income and cash flows from real estate of the combined properties in each segment. All of our properties within each segment generate similar types of revenues and expenses related to tenant rent, reimbursements and operating expenses. Although services are provided to a variety of tenants, the types of services provided to them are similar within each segment. The properties in each portfolio have similar economic characteristics and the nature of the products and services provided to our tenants and the method to distribute such services are consistent throughout the portfolio. Certain reclassifications have been made to prior year information to conform to the 2024 presentation.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has reviewed all events and transactions for the period subsequent to March 31, 2024, and determined there are no subsequent events required to be disclosed.
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Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Nature of Operations | The Company, which conducts all of its activities through its subsidiaries, Saul Holdings Limited Partnership, a Maryland limited partnership (the “Operating Partnership”) and two subsidiary limited partnerships (the “Subsidiary Partnerships,” and, collectively with the Operating Partnership, the “Partnerships”), engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-use properties, primarily in the Washington, DC/Baltimore metropolitan area. As of March 31, 2024, the Company’s properties (the “Current Portfolio Properties”) consisted of 50 shopping center properties (the “Shopping Centers”), seven mixed-use properties, which are comprised of office, retail and multi-family residential uses (the “Mixed-Use Properties”) and four (non-operating) land and development properties. Because the properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of credit risk related to these properties. The Shopping Centers, a majority of which are anchored by one or more major tenants
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Principles of Consolidation | The accompanying consolidated financial statements of the Company include the accounts of Saul Centers and its subsidiaries, including the Partnerships, which are majority owned by Saul Centers. Substantially all assets and liabilities of the Company as of March 31, 2024 and December 31, 2023, are comprised of the assets and liabilities of the Operating Partnership. Debt arrangements subject to recourse are described in Note 5. All significant intercompany balances and transactions have been eliminated in consolidation.
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Consolidation, Variable Interest Entity | The Operating Partnership is a variable interest entity (“VIE”) because the limited partners do not have substantive kick-out or participating rights. The Company is the primary beneficiary of the Operating Partnership because it has the power to direct its activities and the rights to absorb 69.8% of its net income. Because the Operating Partnership is consolidated into the financial statements of the Company, classification of it as a VIE has no impact on the consolidated financial statements of the Company.
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Basis of Presentation | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments necessary for the fair presentation of the financial position and results of operations of the Company for the interim periods have been included. All such adjustments are of a normal recurring nature. These consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2023, which are included in its Annual Report on Form 10-K. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to those instructions. The results of operations for interim periods are not necessarily indicative of results to be expected for the year.
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.
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Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts | Accounts Receivable, Accrued Income and Allowance for Doubtful Accounts Accounts receivable are primarily comprised of rental and reimbursement billings due from tenants, and straight-line rent receivables representing the cumulative amount of adjustments necessary to present rental income on a straight-line basis. Individual leases are assessed for collectability and, upon the determination that the collection of rents is not probable, accrued rent and accounts receivable are charged off, and the charge off is reflected as an adjustment to rental revenue. Revenue from leases where collection is not probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at the portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends.
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures” (“ASU 2023-07”). ASU 2023-07 enhances disclosures of significant segment expenses and other segment items regularly provided to the chief operating decision maker, extends certain annual disclosures to interim periods and permits more than one measure of segment profit (loss) to be reported under certain conditions. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Retrospective adoption to all periods presented is required. The Company does not expect the adoption ASU 2023-07 will impact our consolidated financial statements and we are evaluating the impact it will have on our related disclosures.
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Reclassifications | Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the three months ended March 31, 2024.
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Real Estate (Tables) |
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Schedule of Construction in Progress | Construction in progress as of March 31, 2024 and December 31, 2023, is composed of the following:
(1) Includes capitalized interest of $29.1 million and $25.5 million, as of March 31, 2024 and December 31, 2023, respectively. (2) Includes capitalized interest of $15.7 million and $14.1 million, as of March 31, 2024 and December 31, 2023, respectively.
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Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled Maturities of Debt, Including Scheduled Principal Amortization | At March 31, 2024, the future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows:
(a) Includes $274.0 million outstanding under the Credit Facility. (b) Includes $100.0 million outstanding under the Credit Facility.
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Interest Expense and Amortization of Deferred Debt Costs | Interest expense, net and amortization of deferred debt costs for the three months ended March 31, 2024 and 2023, were as follows:
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Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | The following table sets forth, for the indicated periods, weighted averages of the number of common shares outstanding, basic and diluted, the effect of dilutive options and the number of options which are not dilutive because the average price of the Company’s common stock was less than the exercise prices. The treasury stock method was used to measure the effect of the dilution.
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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Option Activity | The table below summarizes the option activity for the three months ended March 31, 2024:
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Derivatives and Hedging Activities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below details the fair value and location of the interest rate swaps as of March 31, 2024 and December 31, 2023.
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Reclassification out of Accumulated Other Comprehensive Income | The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three months ended March 31, 2024 and 2023.
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Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments |
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Real Estate - Schedule of Construction in Progress (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Real Estate [Line Items] | ||
Construction in progress | $ 557,711 | $ 514,553 |
Twinbrook Quarter | ||
Real Estate [Line Items] | ||
Construction in progress | 378,793 | 355,113 |
Accumulated capitalized interest costs | 29,100 | 25,500 |
Hampden House | ||
Real Estate [Line Items] | ||
Construction in progress | 163,903 | 142,240 |
Accumulated capitalized interest costs | 15,700 | 14,100 |
Other | ||
Real Estate [Line Items] | ||
Construction in progress | $ 15,015 | $ 17,200 |
Real Estate Transactions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Real Estate [Line Items] | |||
Right-of-use asset | $ 2,300 | ||
Operating lease liability | 2,400 | ||
Deferred leasing costs, net | 23,931 | $ 23,728 | |
Accumulated amortization deferred leasing cost | 54,200 | $ 53,700 | |
Depreciation expense | 11,000 | $ 11,000 | |
Repairs and maintenance expense | $ 5,000 | 3,300 | |
Minimum | |||
Real Estate [Line Items] | |||
Operating lease term of contract | 1 year | ||
Maximum | |||
Real Estate [Line Items] | |||
Operating lease term of contract | 15 years | ||
Building | Minimum | |||
Real Estate [Line Items] | |||
Estimated useful life | 35 years | ||
Building | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life | 50 years | ||
Building Improvements | Maximum | |||
Real Estate [Line Items] | |||
Estimated useful life | 20 years | ||
Lease Acquisition Costs | |||
Real Estate [Line Items] | |||
Amortization of intangible assets | $ 1,000 | $ 1,000 |
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Scheduled Maturities of Debt, Including Scheduled Principal Amortization (Details) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Principal Payments | ||
April 1 through December 31, 2024 | $ 75,457,000 | |
2025 | 326,086,000 | |
2026 | 163,051,000 | |
2027 | 126,589,000 | |
2028 | 44,770,000 | |
2029 | 52,627,000 | |
Thereafter | 638,711,000 | |
Principal amount | 1,427,291,000 | $ 1,410,000,000 |
Unamortized deferred debt costs | 18,641,000 | 19,300,000 |
Net | 1,408,650,000 | |
Outstanding line of credit | 272,909,000 | $ 274,715,000 |
Line of Credit | ||
Principal Payments | ||
Line of credit facility, maximum borrowing capacity | 525,000,000 | |
Unsecured Revolving Credit Facility | ||
Principal Payments | ||
Outstanding line of credit | 374,000,000 | |
Unsecured Revolving Credit Facility | Line of Credit | ||
Principal Payments | ||
Outstanding line of credit | 274,000,000 | |
Term Facility | Line of Credit | ||
Principal Payments | ||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 |
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs - Interest Expense and Amortization of Deferred Debt Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Debt Disclosure [Abstract] | ||
Interest incurred | $ 18,084 | $ 15,513 |
Amortization of deferred debt costs | 564 | 559 |
Capitalized interest | (6,168) | (4,142) |
Interest expense | 12,480 | 11,930 |
Less: Interest income | 32 | 109 |
Interest expense, net and amortization of deferred debt costs | $ 12,448 | $ 11,821 |
Equity - Per Share Data (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Class of Stock [Line Items] | ||
Weighted average common stock outstanding-Basic | 24,094 | 24,026 |
Effect of dilutive options | 3 | 0 |
Weighted average common stock outstanding-Diluted | 24,097 | 24,026 |
Non-dilutive options | ||
Class of Stock [Line Items] | ||
Non-dilutive options | 1,365 | 1,768 |
Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors - Summary of Option Activity (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Number of Shares | ||
Outstanding at beginning of period (in shares) | 1,820,000 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | 0 |
Expired/Forfeited (in shares) | (240,625) | |
Outstanding at end of period (in shares) | 1,579,375 | |
Exercisable at end of period (in shares) | 997,375 | |
Weighted Average Exercise Price per share | ||
Outstanding at beginning of period (in usd per share) | $ 49.41 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 0 | |
Expired/Forfeited (in usd per share) | 52.41 | |
Outstanding at end of period (in usd per share) | 48.95 | |
Exercisable at end of period (in usd per share) | $ 52.15 | |
Aggregate Intrinsic Value | ||
Outstanding at beginning of period | $ 1,197,380 | |
Granted | 0 | |
Exercised | 0 | |
Expired/Forfeited | 0 | |
Outstanding at end of period | 1,008,150 | |
Exercisable at end of period | $ 141,000 |
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Notes payable, aggregate fair value | $ 947.8 | $ 957.9 |
Notes payable, principal balance | $ 1,150.0 | $ 1,130.0 |
Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Fair Value of Financial Instruments [Line Items] | ||
Amount of (gain) loss reclassified from OCI into income | $ (608) | $ (396) |
Interest rate swaps | ||
Fair Value of Financial Instruments [Line Items] | ||
Amount of (gain) loss reclassified from OCI into income | 2,000 | |
Derivative asset | $ 4,500 |
Derivatives and Hedging Activities - Fair Value and Location of the Interest Rate Swaps, and the Effect of Designating the Interest Rate Swaps as Cash Flow Hedges (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Interest rate swaps | Other Assets | ||
Fair Value of Financial Instruments [Line Items] | ||
Fair Value | $ 4,546 | $ 2,742 |
Derivatives and Hedging Activities - Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Amount of gain (loss) recognized in OCI | $ 2,411 | $ (1,618) |
Amount of (gain) loss reclassified from OCI into income | $ (608) | $ (396) |
Business Segments - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Segment Reporting [Abstract] | |
Number of reportable business segments | 2 |
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