Toggle SGML Header (+)


Section 1: 10-Q (10-Q)

Document
330.010.010.0113803721910213107137422004113406false--12-31Q3201900009072540.520.520.520.530.530.530.010.014000000040000000227392072311601322739207231160130.0130.01350.520.520.520.530.530.53P1Y42.9728.9242.9738.2842.9738.2842.9738.2842.9738.2842.9738.285.831000000100000042000300000420003000044000420003000004200030000440006975085202201500120347998041057533000012083214857644000107398808826472200548548772164530000 0000907254 2019-01-01 2019-09-30 0000907254 2019-10-31 0000907254 us-gaap:CommonStockMember 2019-01-01 2019-09-30 0000907254 us-gaap:SeriesDPreferredStockMember 2019-01-01 2019-09-30 0000907254 us-gaap:SeriesEPreferredStockMember 2019-01-01 2019-09-30 0000907254 2019-09-30 0000907254 2018-12-31 0000907254 bfs:SeriesCCumulativePreferredStockMember 2018-12-31 0000907254 bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-12-31 0000907254 bfs:SeriesDCumulativeRedeemablePreferredStockMember 2019-09-30 0000907254 bfs:SeriesCCumulativePreferredStockMember 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2018-12-31 0000907254 2019-07-01 2019-09-30 0000907254 2018-07-01 2018-09-30 0000907254 2018-01-01 2018-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesECumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2019-07-01 2019-09-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0000907254 us-gaap:ParentMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesECumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000907254 us-gaap:PreferredStockMember 2019-09-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2019-07-01 2019-09-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-07-01 2019-09-30 0000907254 us-gaap:CommonStockMember 2019-09-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2019-07-01 2019-09-30 0000907254 us-gaap:PreferredStockMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2019-09-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0000907254 us-gaap:RetainedEarningsMember 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000907254 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000907254 us-gaap:ParentMember 2019-09-30 0000907254 us-gaap:RetainedEarningsMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember 2019-07-01 2019-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2019-07-01 2019-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000907254 us-gaap:PreferredStockMember 2019-03-31 0000907254 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000907254 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000907254 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000907254 us-gaap:RetainedEarningsMember 2019-03-31 0000907254 us-gaap:ParentMember 2018-12-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2019-01-01 2019-03-31 0000907254 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000907254 us-gaap:NoncontrollingInterestMember 2019-06-30 0000907254 us-gaap:NoncontrollingInterestMember 2018-12-31 0000907254 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000907254 2019-04-01 2019-06-30 0000907254 us-gaap:ParentMember 2019-04-01 2019-06-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000907254 us-gaap:CommonStockMember 2019-06-30 0000907254 us-gaap:DividendDeclaredMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2019-01-01 2019-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000907254 2019-01-01 2019-03-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000907254 us-gaap:PreferredStockMember 2019-06-30 0000907254 us-gaap:NoncontrollingInterestMember 2019-03-31 0000907254 us-gaap:ParentMember 2019-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000907254 us-gaap:ParentMember 2019-01-01 2019-03-31 0000907254 us-gaap:PreferredStockMember 2018-12-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2019-01-01 2019-03-31 0000907254 2019-03-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2019-04-01 2019-06-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000907254 2019-06-30 0000907254 us-gaap:RetainedEarningsMember 2018-12-31 0000907254 us-gaap:CommonStockMember 2018-12-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2019-01-01 2019-03-31 0000907254 us-gaap:ParentMember 2019-06-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000907254 us-gaap:CommonStockMember 2019-03-31 0000907254 us-gaap:RetainedEarningsMember 2019-06-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2019-04-01 2019-06-30 0000907254 us-gaap:DividendDeclaredMember 2019-01-01 2019-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2019-01-01 2019-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000907254 us-gaap:ParentMember 2018-04-01 2018-06-30 0000907254 us-gaap:CommonStockMember 2018-06-30 0000907254 us-gaap:PreferredStockMember 2017-12-31 0000907254 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000907254 2018-04-01 2018-06-30 0000907254 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendDeclaredMember 2018-01-01 2018-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000907254 2017-12-31 0000907254 2018-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2018-04-01 2018-06-30 0000907254 2018-01-01 2018-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000907254 us-gaap:ParentMember 2018-01-01 2018-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000907254 us-gaap:DividendPaidMember bfs:SeriesCCumulativePreferredStockPaidMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2018-04-01 2018-06-30 0000907254 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000907254 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0000907254 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000907254 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember 2018-04-01 2018-06-30 0000907254 us-gaap:PreferredStockMember 2018-01-01 2018-03-31 0000907254 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000907254 us-gaap:RetainedEarningsMember 2018-06-30 0000907254 us-gaap:ParentMember 2018-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendPaidMember bfs:SeriesCCumulativePreferredStockPaidMember 2018-01-01 2018-03-31 0000907254 us-gaap:CommonStockMember 2017-12-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2018-01-01 2018-03-31 0000907254 us-gaap:ParentMember 2017-12-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendPaidMember bfs:SeriesCCumulativePreferredStockPaidMember us-gaap:ParentMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-01-01 2018-03-31 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000907254 us-gaap:NoncontrollingInterestMember 2018-03-31 0000907254 us-gaap:PreferredStockMember 2018-06-30 0000907254 us-gaap:CommonStockMember 2018-03-31 0000907254 us-gaap:ParentMember 2018-03-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000907254 2018-03-31 0000907254 us-gaap:NoncontrollingInterestMember 2018-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2018-04-01 2018-06-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-04-01 2018-06-30 0000907254 us-gaap:PreferredStockMember 2018-03-31 0000907254 us-gaap:RetainedEarningsMember 2017-12-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000907254 us-gaap:RetainedEarningsMember 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000907254 us-gaap:NoncontrollingInterestMember 2017-12-31 0000907254 us-gaap:DividendDeclaredMember us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:ParentMember 2018-07-01 2018-09-30 0000907254 us-gaap:PreferredStockMember 2018-09-30 0000907254 us-gaap:CommonStockMember 2018-07-01 2018-09-30 0000907254 us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000907254 us-gaap:ParentMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember us-gaap:ParentMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:ParentMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-07-01 2018-09-30 0000907254 us-gaap:DividendDeclaredMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000907254 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-09-30 0000907254 us-gaap:CommonStockMember 2018-09-30 0000907254 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0000907254 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesCCumulativePreferredStockMember 2018-07-01 2018-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesDCumulativeRedeemablePreferredStockMember us-gaap:RetainedEarningsMember 2018-07-01 2018-09-30 0000907254 us-gaap:ParentMember 2018-09-30 0000907254 us-gaap:RetainedEarningsMember 2018-09-30 0000907254 us-gaap:DividendDeclaredMember bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-07-01 2019-09-30 0000907254 bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-01-01 2018-03-31 0000907254 us-gaap:CommonStockMember 2019-07-01 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-07-01 2019-09-30 0000907254 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000907254 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000907254 bfs:SeriesCCumulativePreferredStockMember 2018-01-01 2018-03-31 0000907254 bfs:SeriesDCumulativeRedeemablePreferredStockMember 2018-01-01 2018-09-30 0000907254 bfs:SeriesCCumulativePreferredStockMember 2018-01-01 2018-09-30 0000907254 bfs:SeriesCCumulativePreferredStockMember 2019-01-01 2019-09-30 0000907254 bfs:SeriesDCumulativeRedeemablePreferredStockMember 2019-01-01 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-01-01 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2018-01-01 2018-09-30 0000907254 bfs:AshbrookMarketplaceMember 2018-01-01 2018-09-30 0000907254 bfs:GiantFoodMember 2019-09-30 0000907254 us-gaap:SalesRevenueNetMember 2019-01-01 2019-09-30 0000907254 bfs:GiantFoodMember 2019-01-01 2019-09-30 0000907254 bfs:CorporateHeadquartersMember 2019-01-01 0000907254 srt:MinimumMember 2018-12-31 0000907254 srt:MaximumMember 2019-01-01 0000907254 srt:MinimumMember 2019-09-30 0000907254 srt:MinimumMember 2019-01-01 0000907254 bfs:A2018AcquisitionsMember 2018-12-31 0000907254 bfs:A7316WisconsinAvenueMember 2018-12-31 0000907254 us-gaap:LeasesAcquiredInPlaceMember bfs:A2018AcquisitionsMember 2018-12-31 0000907254 bfs:BelowMarketLeasesMember bfs:A2018AcquisitionsMember 2018-12-31 0000907254 us-gaap:AboveMarketLeasesMember bfs:A2018AcquisitionsMember 2018-12-31 0000907254 us-gaap:LeasesAcquiredInPlaceMember bfs:A7316WisconsinAvenueMember 2018-12-31 0000907254 us-gaap:LeasesAcquiredInPlaceMember bfs:AshbrookMarketplaceMember 2018-12-31 0000907254 bfs:BelowMarketLeasesMember bfs:A7316WisconsinAvenueMember 2018-12-31 0000907254 bfs:AshbrookMarketplaceMember 2018-12-31 0000907254 us-gaap:AboveMarketLeasesMember bfs:A7316WisconsinAvenueMember 2018-12-31 0000907254 bfs:BelowMarketLeasesMember bfs:AshbrookMarketplaceMember 2018-12-31 0000907254 us-gaap:AboveMarketLeasesMember bfs:AshbrookMarketplaceMember 2018-12-31 0000907254 bfs:A7316WisconsinAvenueMember 2019-09-30 0000907254 bfs:A7316WisconsinAvenueMember 2018-12-31 0000907254 bfs:GlebeRoadMember 2019-09-30 0000907254 srt:OtherPropertyMember 2018-12-31 0000907254 srt:OtherPropertyMember 2019-09-30 0000907254 bfs:AshbrookMarketplaceMember 2018-12-31 0000907254 bfs:GlebeRoadMember 2018-12-31 0000907254 bfs:AshbrookMarketplaceMember 2019-09-30 0000907254 bfs:A2018AcquisitionsMember 2018-12-31 0000907254 bfs:AshbrookMarketplaceMember 2018-05-01 2018-05-31 0000907254 bfs:MixedUsePropertiesMember 2019-09-30 0000907254 bfs:A7316WisconsinAvenueMember 2018-09-30 0000907254 bfs:ShoppingCentersMember 2019-09-30 0000907254 bfs:A7316WisconsinAvenueMember 2018-09-01 2018-09-30 0000907254 bfs:ParcelAdjacentTo7316WisconsinAvenueMember 2018-12-01 2018-12-31 0000907254 srt:MaximumMember us-gaap:BuildingImprovementsMember 2019-01-01 2019-09-30 0000907254 srt:MaximumMember us-gaap:BuildingMember 2019-01-01 2019-09-30 0000907254 bfs:AshbrookMarketplaceMember bfs:BFSaulRealEstateInvestmentTrustMember 2018-05-01 2018-05-31 0000907254 bfs:NonoperatingDevelopmentPropertiesMember 2019-09-30 0000907254 srt:MinimumMember us-gaap:BuildingMember 2019-01-01 2019-09-30 0000907254 bfs:A7316WisconsinAvenueMember 2019-09-01 0000907254 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-09-30 0000907254 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-09-30 0000907254 bfs:NewFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0000907254 bfs:OldeForteVillageMember bfs:FourPointSixFiveMaturingJanuaryTwentyThirtyFourMember 2019-01-10 2019-01-10 0000907254 srt:ScenarioForecastMember bfs:ParkVanNessLoanMember 2020-10-01 0000907254 bfs:ParkVanNessLoanMember 2019-09-30 0000907254 srt:ScenarioForecastMember bfs:ParkVanNessLoanMember 2021-10-01 0000907254 us-gaap:RevolvingCreditFacilityMember bfs:NewFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0000907254 us-gaap:LetterOfCreditMember 2019-09-30 0000907254 bfs:OldeForteVillageMember bfs:FourPointSixFiveMaturingJanuaryTwentyThirtyFourMember 2019-01-10 0000907254 bfs:BroadlandsVillageMortgageMember 2019-09-30 0000907254 bfs:KentlandsSquareIIBankLoanMember bfs:FixedRateMortgageNotesPayableMember 2019-09-30 0000907254 bfs:UnsecuredRevolvingCreditFacilityMember 2019-09-30 0000907254 bfs:TermFacilityMember bfs:NewFacilityMember us-gaap:LineOfCreditMember 2019-09-30 0000907254 bfs:UnsecuredRevolvingCreditFacilityMember 2018-12-31 0000907254 srt:ScenarioForecastMember bfs:ParkVanNessLoanMember 2019-10-01 0000907254 us-gaap:RevolvingCreditFacilityMember bfs:NewFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000907254 bfs:TermFacilityMember bfs:NewFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-09-30 0000907254 us-gaap:StockOptionMember 2019-01-01 2019-09-30 0000907254 us-gaap:StockOptionMember 2018-01-01 2018-09-30 0000907254 us-gaap:StockOptionMember 2018-07-01 2018-09-30 0000907254 us-gaap:StockOptionMember 2019-07-01 2019-09-30 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-09-23 2019-09-23 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-09-23 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-09-17 2019-09-17 0000907254 bfs:SeriesECumulativeRedeemablePreferredStockMember 2019-09-17 0000907254 bfs:AshbrookMarketplaceMember bfs:BFSaulRealEstateInvestmentTrustMember 2018-05-09 2018-05-09 0000907254 bfs:AshbrookMarketplaceMember bfs:BFSaulRealEstateInvestmentTrustMember 2016-08-01 2016-08-31 0000907254 bfs:A2019Member 2019-09-30 0000907254 bfs:A2016Member 2019-09-30 0000907254 2019-09-30 2019-09-30 0000907254 srt:OfficerMember us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0000907254 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-09-30 0000907254 bfs:A2017Member 2019-09-30 0000907254 bfs:May112018Member srt:OfficerMember 2019-01-01 2019-09-30 0000907254 bfs:May112018Member srt:DirectorMember 2019-01-01 2019-09-30 0000907254 bfs:May32019Member srt:DirectorMember 2019-01-01 2019-09-30 0000907254 bfs:May32019Member srt:OfficerMember 2019-01-01 2019-09-30 0000907254 us-gaap:InterestRateSwapMember 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2018-07-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2018-07-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2019-07-01 2019-09-30 0000907254 us-gaap:RealEstateMember 2019-07-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2019-07-01 2019-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2018-07-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2019-07-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:MixedUsePropertiesMember 2018-07-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:ShoppingCentersMember 2018-07-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember us-gaap:RealEstateMember 2018-07-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember us-gaap:RealEstateMember 2019-07-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:ShoppingCentersMember 2019-07-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:MixedUsePropertiesMember 2019-07-01 2019-09-30 0000907254 us-gaap:RealEstateMember 2018-07-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:ShoppingCentersMember 2019-01-01 2019-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2018-01-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2019-01-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:ShoppingCentersMember 2019-01-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:MixedUsePropertiesMember 2018-01-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-09-30 0000907254 us-gaap:RealEstateMember 2019-01-01 2019-09-30 0000907254 us-gaap:RealEstateMember 2018-01-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember bfs:MixedUsePropertiesMember 2018-01-01 2018-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:MixedUsePropertiesMember 2019-01-01 2019-09-30 0000907254 us-gaap:OperatingSegmentsMember us-gaap:RealEstateMember bfs:ShoppingCentersMember 2018-01-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember us-gaap:RealEstateMember 2018-01-01 2018-09-30 0000907254 us-gaap:CorporateNonSegmentMember us-gaap:RealEstateMember 2019-01-01 2019-09-30 0000907254 bfs:SeriesCCumulativePreferredStockMember us-gaap:SubsequentEventMember 2019-10-17 0000907254 bfs:LeaseholdInterestContributedInContributionAgreementMember bfs:BFSaulRealEstateInvestmentTrustMember us-gaap:SubsequentEventMember 2019-11-05 0000907254 bfs:LandContributedInContributionAgreementMember bfs:BFSaulRealEstateInvestmentTrustMember us-gaap:SubsequentEventMember 2019-11-05 0000907254 us-gaap:SubsequentEventMember bfs:ContributionAgreementMember 2019-11-05 2019-11-05 iso4217:USD xbrli:shares bfs:tenant xbrli:pure xbrli:shares bfs:partnership utreg:acre bfs:lease_option bfs:store bfs:property iso4217:USD bfs:segment
Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-12254
 
SAUL CENTERS INC.
(Exact name of registrant as specified in its charter)
Maryland
52-1833074
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
7501 Wisconsin Avenue, Bethesda, Maryland 20814
(Address of principal executive office) (Zip Code)
Registrant’s telephone number, including area code (301) 986-6200
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Name of exchange on which registered:
Trading symbol:
Common Stock, $0.01 par value
New York Stock Exchange
BFS
6.125% Series D Preferred Stock, $0.01 par value
New York Stock Exchange
BFS/PRD
6.000% Series E Preferred Stock, $0.01 par value
New York Stock Exchange
BFS/PRE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.    Yes       No  
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

-1-

Table of Contents

 
Large accelerated filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  
Number of shares of common stock, par value $0.01 per share outstanding as of October 31, 2019: 23.1 million.
 

-2-

Table of Contents

SAUL CENTERS, INC.
Table of Contents
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

-3-

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements


CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
(Dollars in thousands, except per share amounts)
September 30,
2019
 
December 31,
2018
Assets
 
 
 
Real estate investments
 
 
 
Land
$
450,256

 
$
488,918

Buildings and equipment
1,284,315

 
1,273,275

Construction in progress
317,798

 
185,972

 
2,052,369

 
1,948,165

Accumulated depreciation
(553,829
)
 
(525,518
)
 
1,498,540

 
1,422,647

Cash and cash equivalents
52,269

 
14,578

Accounts receivable and accrued income, net
55,207

 
53,876

Deferred leasing costs, net
24,947

 
28,083

Prepaid expenses, net
9,357

 
5,175

Other assets
6,444

 
3,130

Total assets
$
1,646,764

 
$
1,527,489

Liabilities
 
 
 
Notes payable
$
846,525

 
$
880,271

Term loan facility payable
74,666

 
74,591

Revolving credit facility payable

 
45,329

Construction loan payable
93,537

 
21,655

Dividends and distributions payable
19,634

 
19,153

Accounts payable, accrued expenses and other liabilities
39,741

 
32,419

Deferred income
27,224

 
28,851

Total liabilities
1,101,327

 
1,102,269

Equity
 
 
 
Preferred stock, 1,000,000 shares authorized:
 
 
 
Series C Cumulative Redeemable, 42,000 shares issued and outstanding
105,000

 
105,000

Series D Cumulative Redeemable, 30,000 shares issued and outstanding
75,000

 
75,000

Series E Cumulative Redeemable, 44,000 and 0 shares issued and outstanding, respectively
110,000

 

Common stock, $0.01 par value, 40,000,000 shares authorized, 23,116,013 and 22,739,207 shares issued and outstanding, respectively
231

 
227

Additional paid-in capital
401,395

 
384,533

Distributions in excess of accumulated earnings
(215,334
)
 
(208,593
)
Accumulated other comprehensive loss
(343
)
 
(255
)
Total Saul Centers, Inc. equity
475,949

 
355,912

Noncontrolling interests
69,488

 
69,308

Total equity
545,437

 
425,220

Total liabilities and equity
$
1,646,764

 
$
1,527,489

The Notes to Financial Statements are an integral part of these statements.

-4-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
(Dollars in thousands, except per share amounts)
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
Rental revenue
$
55,487

 
$
55,733

 
$
168,242

 
$
165,693

Other
1,565

 
1,177

 
6,701

 
3,407

Total revenue
57,052

 
56,910

 
174,943

 
169,100

Expenses
 
 
 
 
 
 
 
Property operating expenses
7,525

 
6,910

 
22,641

 
20,766

Real estate taxes
7,114

 
6,937

 
21,081

 
20,559

Interest expense, net and amortization of deferred debt costs
10,325

 
10,974

 
32,185

 
33,568

Depreciation and amortization of deferred leasing costs
12,018

 
11,256

 
35,185

 
33,956

General and administrative
4,742

 
4,141

 
14,696

 
13,208

Total expenses
41,724

 
40,218

 
125,788

 
122,057

Change in fair value of derivatives

 
10

 

 
(2
)
Gain on sale of property

 

 

 
509

Net Income
15,328

 
16,702

 
49,155

 
47,550

Noncontrolling interests
 
 
 
 
 
 
 
Income attributable to noncontrolling interests
(3,102
)
 
(3,547
)
 
(10,250
)
 
(9,265
)
Net income attributable to Saul Centers, Inc.
12,226

 
13,155

 
38,905

 
38,285

Extinguishment of issuance costs upon redemption of preferred shares

 

 

 
(2,328
)
Preferred stock dividends
(3,210
)
 
(2,953
)
 
(9,116
)
 
(9,309
)
Net income available to common stockholders
$
9,016

 
$
10,202

 
$
29,789

 
$
26,648

Per share net income available to common stockholders
 
 
 
 
 
 
 
Basic and diluted
$
0.39

 
$
0.45

 
$
1.30

 
$
1.19

Dividends declared per common share outstanding
$
0.53

 
$
0.52

 
$
1.59

 
$
1.56

The Notes to Financial Statements are an integral part of these statements.

-5-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands)
2019
 
2018
 
2019
 
2018
Net income
$
15,328

 
$
16,702

 
$
49,155

 
$
47,550

Other comprehensive income
 
 
 
 
 
 
 
Change in unrealized loss on cash flow hedge
55

 
173

 
(118
)
 
727

Total comprehensive income
15,383

 
16,875

 
49,037

 
48,277

Comprehensive income attributable to noncontrolling interests
(3,117
)
 
(3,592
)
 
(10,220
)
 
(9,453
)
Total comprehensive income attributable to Saul Centers, Inc.
12,266

 
13,283

 
38,817

 
38,824

Extinguishment of issuance costs upon redemption of preferred shares

 

 

 
(2,328
)
Preferred stock dividends
(3,210
)
 
(2,953
)
 
(9,116
)
 
(9,309
)
Total comprehensive income available to common stockholders
$
9,056

 
$
10,330

 
$
29,701

 
$
27,187

The Notes to Financial Statements are an integral part of these statements.

-6-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) 
(Dollars in thousands, except per share amounts)
Preferred
Stock
 
Common
Stock
 
Additional Paid-in
Capital
 
Distributions in Excess of Accumulated Earnings
 
Accumulated
Other Comprehensive
(Loss)
 
Total Saul
Centers, Inc.
 
Noncontrolling
Interests
 
Total
Balance, January 1, 2019
$
180,000

 
$
227

 
$
384,533

 
$
(208,593
)
 
$
(255
)
 
$
355,912

 
$
69,308

 
$
425,220

Issuance of 120,832 shares of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120,347 shares pursuant to dividend reinvestment plan

 
1

 
6,170

 

 

 
6,171

 

 
6,171

485 shares due to exercise of stock options and issuance of directors’ deferred stock

 
1

 
419

 

 

 
420

 

 
420

Issuance of 13,742 partnership units pursuant to dividend reinvestment plan

 

 

 

 

 

 
705

 
705

Net income

 

 

 
13,447

 

 
13,447

 
3,630

 
17,077

Change in unrealized loss on cash flow hedge

 

 

 

 
(34
)
 
(34
)
 
(12
)
 
(46
)
Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $38.28 per share

 

 

 
(1,148
)
 

 
(1,148
)
 

 
(1,148
)
Distributions payable common stock ($0.53/share) and distributions payable partnership units ($0.53/unit)

 

 

 
(12,108
)
 

 
(12,108
)
 
(4,155
)
 
(16,263
)
Balance, March 31, 2019
180,000

 
229

 
391,122

 
(210,207
)
 
(289
)
 
360,855

 
69,476

 
430,331

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuance of 148,576 shares of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
99,804 shares pursuant to dividend reinvestment plan

 
1

 
5,127

 

 

 
5,128

 

 
5,128

48,772 shares due to exercise of stock options and issuance of directors’ deferred stock

 

 
2,798

 

 

 
2,798

 

 
2,798

Issuance of 20,041 partnership units pursuant to dividend reinvestment plan

 

 

 

 

 

 
1,029

 
1,029

Net income

 

 

 
13,232

 

 
13,232

 
3,518

 
16,750

Change in unrealized loss on cash flow hedge

 

 

 

 
(95
)
 
(95
)
 
(32
)
 
(127
)
Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $38.28 per share

 

 

 
(1,148
)
 

 
(1,148
)
 

 
(1,148
)
Distributions payable common stock ($0.53/share) and distributions payable partnership units ($0.53/unit)

 

 

 
(12,181
)
 

 
(12,181
)
 
(4,166
)
 
(16,347
)
Balance, June 30, 2019
180,000

 
230

 
399,047

 
(212,109
)
 
(384
)
 
366,784

 
69,825

 
436,609

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 









-7-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(Unaudited) 
(Dollars in thousands, except per share amounts)
Preferred
Stock
 
Common
Stock
 
Additional Paid-in
Capital
 
Distributions in Excess of Accumulated Earnings
 
Accumulated
Other Comprehensive
(Loss)
 
Total Saul
Centers, Inc.
 
Noncontrolling
Interests
 
Total
Issuance of 44,000 shares of Series E Cumulative preferred stock
110,000

 

 
(3,731
)
 

 

 
106,269

 

 
106,269

Issuance of 107,398 shares of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
105,753 shares pursuant to dividend reinvestment plan

 
1

 
5,673

 

 

 
5,674

 

 
5,674

1,645 shares due to exercise of stock options and issuance of directors’ deferred stock

 

 
406

 

 

 
406

 

 
406

Issuance of 13,406 partnership units pursuant to dividend reinvestment plan

 

 

 

 

 

 
720

 
720

Net income

 

 

 
12,226

 

 
12,226

 
3,102

 
15,328

Change in unrealized loss on cash flow hedge

 

 

 

 
41

 
41

 
14

 
55

Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $38.28 per share

 

 

 
(1,148
)
 

 
(1,148
)
 

 
(1,148
)
Series E, $5.83 per share

 

 

 
(257
)
 

 
(257
)
 

 
(257
)
Distributions payable common stock ($0.53/share) and distributions payable partnership units ($0.53/unit)

 

 

 
(12,241
)
 

 
(12,241
)
 
(4,173
)
 
(16,414
)
Balance, September 30, 2019
$
290,000

 
$
231

 
$
401,395

 
$
(215,334
)
 
$
(343
)
 
$
475,949

 
$
69,488

 
$
545,437



-8-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(Unaudited) 
(Dollars in thousands, except per share amounts)
Preferred
Stock
 
Common
Stock
 
Additional Paid-in
Capital
 
Distributions in Excess of Accumulated Earnings
 
Accumulated
Other Comprehensive
(Loss)
 
Total Saul
Centers, Inc.
 
Noncontrolling
Interests
 
Total
Balance, January 1, 2018
$
180,000

 
$
221

 
$
352,590

 
$
(197,710
)
 
$
(696
)
 
$
334,405

 
$
58,698

 
$
393,103

Issuance of 30,000 shares of Series D Cumulative preferred stock
75,000

 

 
(2,631
)
 

 

 
72,369

 

 
72,369

Redemption of 30,000 shares of Series C Cumulative preferred stock
(75,000
)
 

 
2,311

 
(2,328
)
 

 
(75,017
)
 

 
(75,017
)
Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
69,750 shares pursuant to dividend reinvestment plan

 
1

 
3,676

 

 

 
3,677

 

 
3,677

8,088 shares due to exercise of employee stock options and issuance of directors’ deferred shares

 

 
769

 

 

 
769

 

 
769

Issuance of 38,037 partnership units pursuant to dividend reinvestment plan

 

 

 

 

 

 
2,017

 
2,017

Net income

 

 

 
12,588

 

 
12,588

 
2,359

 
14,947

Change in unrealized loss on cash flow hedge

 

 

 

 
289

 
289

 
100

 
389

Preferred stock distributions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C

 

 

 
(730
)
 

 
(730
)
 

 
(730
)
Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $28.92 per share

 

 

 
(868
)
 

 
(868
)
 

 
(868
)
Distributions payable common stock ($0.52/share) and distributions payable partnership units ($0.52/unit)

 

 

 
(11,552
)
 

 
(11,552
)
 
(3,942
)
 
(15,494
)
Balance, March 31, 2018
180,000

 
222

 
356,715

 
(202,405
)
 
(407
)
 
334,125

 
59,232

 
393,357

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
85,202 shares pursuant to dividend reinvestment plan

 
1

 
4,050

 

 

 
4,051

 

 
4,051

2,647 shares due to exercise of stock options and issuance of directors’ deferred stock

 

 
648

 

 

 
648

 

 
648

Issuance of 219,102 partnership units

 

 

 

 

 

 
10,805

 
10,805

Net income

 

 

 
12,542

 

 
12,542

 
3,359

 
15,901

Change in unrealized loss on cash flow hedge

 

 

 

 
122

 
122

 
43

 
165

Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $38.28 per share

 

 

 
(1,148
)
 

 
(1,148
)
 

 
(1,148
)
Distributions payable common stock ($0.52/share) and distributions payable partnership units ($0.52/unit)

 

 

 
(11,589
)
 

 
(11,589
)
 
(4,055
)
 
(15,644
)
Balance, June 30, 2018
180,000

 
223

 
361,413

 
(204,405
)
 
(285
)
 
336,946

 
69,384

 
406,330

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

-9-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(Unaudited) 

(Dollars in thousands, except per share amounts)
Preferred
Stock
 
Common
Stock
 
Additional Paid-in
Capital
 
Distributions in Excess of Accumulated Earnings
 
Accumulated
Other Comprehensive
(Loss)
 
Total Saul
Centers, Inc.
 
Noncontrolling
Interests
 
Total
Issuance of common stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
201,500 shares pursuant to dividend reinvestment plan

 
2

 
10,413

 

 

 
10,415

 

 
10,415

22,005 shares due to exercise of employee stock options, director share grant and issuance of directors’ deferred shares

 

 
1,210

 

 

 
1,210

 

 
1,210

Issuance of 13,107 partnership units

 

 

 

 

 

 
653

 
653

Net income

 

 

 
13,155

 

 
13,155

 
3,547

 
16,702

Change in unrealized loss on cash flow hedge

 

 

 

 
129

 
129

 
44

 
173

Distributions payable preferred stock:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series C, $42.97 per share

 

 

 
(1,805
)
 

 
(1,805
)
 

 
(1,805
)
Series D, $38.28 per share

 

 

 
(1,148
)
 

 
(1,148
)
 

 
(1,148
)
Distributions payable common stock ($0.52/share) and distributions payable partnership units ($0.52/unit)

 

 

 
(11,669
)
 

 
(11,669
)
 
(4,062
)
 
(15,731
)
Balance, September 30, 2018
$
180,000

 
$
225

 
$
373,036

 
$
(205,872
)
 
$
(156
)
 
$
347,233

 
$
69,566

 
$
416,799

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The Notes to Financial Statements are an integral part of these statements.

-10-

Table of Contents
Saul Centers, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
Nine months ended September 30,
(Dollars in thousands)
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
49,155

 
$
47,550

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Change in fair value of derivatives

 
2

Gain on sale of property

 
(509
)
Depreciation and amortization of deferred leasing costs
35,185

 
33,956

Amortization of deferred debt costs
1,130

 
1,224

Compensation costs of stock grants and options
1,501

 
1,434

Credit losses on operating lease receivables
986

 
530

Increase in accounts receivable and accrued income
(2,317
)
 
(1,846
)
Additions to deferred leasing costs
(1,380
)
 
(4,195
)
Increase in prepaid expenses
(4,182
)
 
(3,767
)
(Increase) decrease in other assets
(2,049
)
 
1,171

Increase in accounts payable, accrued expenses and other liabilities
5,696

 
2,681

Decrease in deferred income
(1,627
)
 
(3,358
)
Net cash provided by operating activities
82,098

 
74,873

Cash flows from investing activities:
 
 
 
Acquisitions of real estate investments (1)

 
(36,346
)
Additions to real estate investments
(13,398
)
 
(6,586
)
Additions to development and redevelopment projects
(91,657
)
 
(54,693
)
Repayment of note receivable

 
1,326

Net cash used in investing activities
(105,055
)
 
(96,299
)
Cash flows from financing activities:
 
 
 
Proceeds from notes payable
22,100

 

Repayments on notes payable
(55,992
)
 
(36,577
)
Proceeds from term loan facility

 
75,000

Proceeds from revolving credit facility
47,000

 
102,000

Repayments on revolving credit facility
(94,000
)
 
(86,000
)
Proceeds from construction loan
71,807

 
2,949

Additions to deferred debt costs
(432
)
 
(2,493
)
Proceeds from the issuance of:
 
 
 
Common stock
19,096

 
19,336