Saul Centers, Inc. (BFS) 10-Year Financial Performance & Capital Metrics

BFS • • REIT / Real Estate

Real EstateRetail REITsGrocery-Anchored Shopping CentersRegional Grocery-Anchored Focus

AboutSaul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.Show more

Revenue $269M +4.5%
FFO $101M
FFO/Share 4.19 -0.3%
FFO Payout 56.25% +0.3%
FFO per Share 4.19 -0.3%
NOI Margin 73.2% -0.9%
FFO Margin 37.62% -4.3%
ROE 10.07% -1.9%
ROA 2.46% -10.7%
Debt/Assets 72.08% +3.6%
Net Debt/EBITDA 8.87 +38.3%
Book Value/Share 20.76 -1.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 56.2%
✓High NOI margin of 73.2%

✗Weaknesses

✗High debt to equity ratio of 3.1x
✗Dividend payout exceeds 100% of earnings

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.64%

5Y3.03%

3Y3.97%

TTM5.46%

Profit (Net Income) CAGR

10Y0.76%

5Y-0.42%

3Y1.53%

TTM-29.89%

EPS CAGR

10Y0.57%

5Y-6.16%

3Y1.26%

TTM-35.2%

ROCE

10Y Avg5.72%

5Y Avg5.73%

3Y Avg7.09%

Latest6.91%

Peer Comparison

Regional Grocery-Anchored Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CDR-PBCedar Realty Trust, Inc.	250.49M	18.26	130.43	-0.24%	16.76%	88.23%		2.54
CDR-PCCedar Realty Trust, Inc.	242.95M	17.71	126.50	-0.24%	16.76%	88.23%		2.54
BFSSaul Centers, Inc.	779.97M	31.95	19.60	4.53%	13.83%	8.06%	15.54%	3.06
WHLRWheeler Real Estate Investment Trust, Inc.	3.5M	1.68	0	2.2%	49.2%	53.39%	98.86%	4.32
WHLRDWheeler Real Estate Investment Trust, Inc.	12.58M	38.33	-0.00	2.2%	49.2%	54.24%	27.53%	4.32
WHLRPWheeler Real Estate Investment Trust, Inc.	1.77M	5.40	-0.02	2.2%	49.2%	54.24%	100%	4.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	209.08M	217.07M	227.28M	227.9M	231.53M	225.21M	239.22M	245.86M	257.21M	268.85M
Revenue Growth %	0.01%	0.04%	0.05%	0%	0.02%	-0.03%	0.06%	0.03%	0.05%	0.05%
Property Operating Expenses	50.23M	52.21M	54.69M	55.58M	57.93M	58.42M	61.63M	64.52M	67.14M	72.06M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	17.27M	18.99M	19.08M	18.87M	20.79M	116.47M	115.95M	115.95M	23.46M	75.57M
G&A Expenses	16.35M	17.5M	18.18M	18.46M	20.79M	19.11M	20.25M	22.39M	23.46M	25.07M
EBITDA+	96.2M	215.89M	225.04M	183.14M	193.33M	101.44M	111.92M	114.36M	215.04M	171.72M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	43.27M	160.18M	164.44M	120.59M	40.53M	51.13M	50.27M	48.97M	48.43M	50.5M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	52.93M	55.71M	60.6M	62.55M	152.8M	50.32M	61.65M	65.39M	166.61M	121.22M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	45.16M	45.68M	47.23M	45.04M	41.83M	0	45.42M	43.94M	47.2M	53.7M
Interest Coverage	1.17x	1.22x	1.28x	1.39x	3.65x	-	1.36x	1.49x	3.53x	2.26x
Non-Operating Income	-43.73M	-45.35M	46.94M	1.1M	46.33M	-45.09M	-43.72M	-42.03M	48.43M	0
Pretax Income+	52.93M	56.72M	60.67M	63.06M	64.2M	50.32M	61.65M	65.39M	69.03M	67.7M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	-33.35M	-33.86M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	42.47M	45.28M	48.26M	50.55M	51.72M	40.38M	48.39M	50.19M	52.69M	50.65M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.1%	0.07%	0.07%	0.05%	0.02%	-0.22%	0.2%	0.04%	0.05%	-0.04%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.03%	1.4%	0.04%	-0.2%	-0.46%	-0.01%	0.08%	0.01%	0.02%	0%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.42	1.52	1.63	2.25	2.24	1.25	1.57	1.63	1.73	1.63
EPS Growth %	-0.08%	0.07%	0.07%	0.38%	-0%	-0.44%	0.26%	0.04%	0.06%	-0.06%
EPS (Basic)	1.42	1.53	1.64	2.26	2.25	1.25	1.57	1.63	1.73	1.64
Diluted Shares Outstanding	21.2M	21.61M	22.01M	22.43M	23.05M	23.36M	23.66M	23.97M	24.05M	24.14M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.3B	1.34B	1.42B	1.53B	1.62B	1.65B	1.75B	1.83B	1.99B	2.13B
Asset Growth %	0.03%	0.03%	0.06%	0.07%	0.06%	0.02%	0.06%	0.05%	0.09%	0.07%
Real Estate & Other Assets+	41.06M	1.28B	-1.39B	1.45B	1.55B	1.55B	1.67B	1.76B	1.93B	2.07B
PP&E (Net)	1.2B	1.24B	1.32B	1.42B	0	0	0	0	0	0
Investment Securities	0	-1000K	0	-1000K	0	0	0	0	0	0
Total Current Assets+	65.74M	66.41M	70.21M	73.63M	71.58M	91.77M	73.25M	69.6M	64.44M	61.25M
Cash & Equivalents	10M	8.32M	10.91M	14.58M	13.9M	26.86M	14.59M	13.28M	8.41M	10.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	0	-5.64M	0	0	0	0
Intangible Assets	1.8K	2.4M	0	656.1K	0	0	0	0	0	0
Total Liabilities	950.42M	969.78M	1.03B	1.1B	1.17B	1.22B	1.22B	1.31B	1.49B	1.63B
Total Debt+	875.24M	900.29M	958.62M	1.02B	1.09B	1.15B	1.14B	1.22B	1.39B	1.53B
Net Debt	865.24M	891.97M	947.71M	1.01B	1.08B	1.12B	1.13B	1.21B	1.38B	1.52B
Long-Term Debt	839.81M	900.29M	947.01M	1.02B	1B	1.05B	1.04B	1.06B	1.11B	1.35B
Short-Term Borrowings	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	29.9M	180M	180M	180M	0	0	0	0	0	0
Total Current Liabilities+	71.07M	87.01M	102.38M	96.9M	140.86M	147.75M	150.4M	227.37M	354.67M	256.12M
Accounts Payable	27.69M	20.84M	23.12M	32.42M	35.2M	24.38M	25.56M	42.98M	57.02M	46.16M
Deferred Revenue	32.11M	30.7M	29.08M	28.85M	0	0	0	0	0	0
Other Liabilities	7.43M	2.93M	15.01M	2.7M	0	0	0	0	0	0
Total Equity+	353.73M	373.25M	393.1M	425.22M	443.36M	427.53M	530.49M	521.8M	504.43M	501.12M
Equity Growth %	0.04%	0.06%	0.05%	0.08%	0.04%	-0.04%	0.24%	-0.02%	-0.03%	-0.01%
Shareholders Equity	303.33M	318.5M	334.4M	355.91M	374.98M	364.32M	405.05M	400.48M	348.39M	335.75M
Minority Interest	50.4M	54.74M	58.7M	69.31M	68.38M	63.21M	125.44M	121.32M	156.04M	165.37M
Common Stock	213K	217K	221K	227K	232K	235K	238K	240K	241K	243K
Additional Paid-in Capital	305.01M	328.17M	352.59M	384.53M	410.93M	420.63M	436.61M	446.3M	449.96M	454.09M
Retained Earnings	-181.89M	-189.88M	-198.41M	-208.85M	-221.18M	-241.53M	-256.45M	-273.56M	-288.82M	-306.54M
Preferred Stock	180M	180M	180M	180M	185M	185M	185M	185M	185M	185M
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%
Return on Equity (ROE)	0.12%	0.12%	0.13%	0.12%	0.12%	0.09%	0.1%	0.1%	0.1%	0.1%
Debt / Assets	0.67%	0.67%	0.67%	0.67%	0.67%	0.7%	0.65%	0.67%	0.7%	0.72%
Debt / Equity	2.47x	2.41x	2.44x	2.40x	2.46x	2.69x	2.16x	2.34x	2.75x	3.06x
Net Debt / EBITDA	8.99x	4.13x	4.21x	5.50x	5.57x	11.08x	10.09x	10.58x	6.41x	8.87x
Book Value per Share	16.69	17.27	17.86	18.96	19.23	18.30	22.42	21.77	20.97	20.76

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	88.9M	89.09M	103.45M	110.34M	115.38M	78.38M	118.38M	121.15M	117.73M	121.22M
Operating CF Growth %	0.03%	0%	0.16%	0.07%	0.05%	-0.32%	0.51%	0.02%	-0.03%	0.03%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	52.93M	56.72M	60.67M	63.06M	64.2M	50.32M	61.65M	65.39M	52.69M	50.65M
Depreciation & Amortization	43.27M	44.42M	45.69M	45.86M	46.33M	51.13M	50.27M	48.97M	48.43M	52.85M
Stock-Based Compensation	1.43M	1.6M	1.67M	1.77M	1.86M	1.44M	1.56M	1.52M	1.42M	1.72M
Other Non-Cash Items	39.14M	41.13M	42.47M	41.44M	1.34M	49.58M	50.98M	-171K	13.51M	17.73M
Working Capital Changes	-5.52M	-10.85M	-2.2M	3.9M	1.66M	-22.95M	4.19M	5.44M	1.67M	-1.74M
Cash from Investing+	-69.59M	-86.27M	-113.31M	-128.65M	-135.66M	-56.17M	-55.87M	-116.89M	-203.68M	-188.73M
Acquisitions (Net)	-45.87M	-27.23M	-22.84M	-76.26M	-113.77M	-37.06M	-28.23M	-101.11M	-177.49M	0
Purchase of Investments	-69.62M	-91.05M	-119.99M	-129.98M	0	-56.54M	-55.87M	-116.89M	0	0
Sale of Investments	32K	1000K	1000K	1000K	0	376K	0	1000K	0	0
Other Investing	-23.72M	-59.04M	-90.46M	-52.39M	-21.89M	-19.11M	28.23M	-34.79M	-26.2M	-188.73M
Cash from Financing+	-21.43M	-4.5M	12.44M	21.98M	19.61M	-9.26M	-74.77M	-5.58M	81.08M	69.4M
Dividends Paid	-48.02M	-51.85M	-56.95M	-58.71M	-60.96M	-60.58M	-62.16M	-66.72M	-67.92M	-68.09M
Common Dividends	-35.65M	-39.47M	-44.58M	-46.31M	-48.57M	-49.38M	-50.96M	-55.52M	-56.72M	-56.89M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	-75.01M	0	0	0	0	0	0
Other Financing	-6.85M	-6.75M	-11.12M	-13.83M	-14.47M	-17.96M	-21.82M	-30.69M	-20.84M	-11.32M
Net Change in Cash+	-2.13M	-1.68M	2.59M	3.67M	-673K	12.95M	-12.26M	-1.31M	-4.87M	1.89M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	12.13M	10M	8.32M	10.91M	14.58M	13.9M	26.86M	14.59M	13.28M	8.41M
Cash at End	10M	8.32M	10.91M	14.58M	13.9M	26.86M	14.59M	13.28M	8.41M	10.3M
Free Cash Flow+	88.9M	89.09M	103.45M	110.34M	115.38M	134.55M	118.38M	140.16M	117.73M	121.22M
FCF Growth %	0.03%	0%	0.16%	0.07%	0.05%	0.17%	-0.12%	0.18%	-0.16%	0.03%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.05	9.51	9.66	7.63	4	3.92	4.17	4.14	4.2	4.19
FFO Payout Ratio	41.57%	19.21%	20.96%	27.06%	52.64%	53.97%	51.65%	55.99%	56.09%	56.25%
NOI Margin	75.98%	75.95%	75.94%	75.61%	74.98%	74.06%	74.24%	73.76%	73.9%	73.2%
Net Debt / EBITDA	8.99x	4.13x	4.21x	5.50x	5.57x	11.08x	10.09x	10.58x	6.41x	8.87x
Debt / Assets	67.11%	67.03%	67.39%	66.9%	67.43%	69.94%	65.48%	66.7%	69.55%	72.08%
Interest Coverage	1.17x	1.22x	1.28x	1.39x	3.65x	-	1.36x	1.49x	3.53x	2.26x
Book Value / Share	16.69	17.27	17.86	18.96	19.23	18.3	22.42	21.77	20.97	20.76
Revenue Growth	0.96%	3.82%	4.71%	0.27%	1.59%	-2.73%	6.22%	2.77%	4.62%	4.53%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Shopping Centers	-	-	195.11M	200.53M	164.67M	167.89M	161.85M	169.68M	172.06M	179.35M
Shopping Centers Growth	-	-	-	2.78%	-17.88%	1.95%	-3.59%	4.84%	1.40%	4.24%
Mixed Use Properties	-	-	75.61M	82.27M	63.23M	63.64M	63.35M	69.54M	73.81M	77.86M
Mixed Use Properties Growth	-	-	-	8.81%	-23.14%	0.64%	-0.45%	9.77%	6.13%	5.49%
Corporate and Other	75K	51K	-	-	-	-	-	-	-	-
Corporate and Other Growth	-	-32.00%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Saul Centers, Inc. (BFS) has a price-to-earnings (P/E) ratio of 19.6x. This is roughly in line with market averages.

Growth & Financials

Saul Centers, Inc. (BFS) reported $282.6M in revenue for fiscal year 2024. This represents a 62% increase from $174.4M in 2011.

Saul Centers, Inc. (BFS) grew revenue by 4.5% over the past year. Growth has been modest.

Yes, Saul Centers, Inc. (BFS) is profitable, generating $39.1M in net income for fiscal year 2024 (18.8% net margin).

Dividend & Returns

Yes, Saul Centers, Inc. (BFS) pays a dividend with a yield of 7.38%. This makes it attractive for income-focused investors.

Saul Centers, Inc. (BFS) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

Industry Metrics

Saul Centers, Inc. (BFS) generated Funds From Operations (FFO) of $96.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Saul Centers, Inc. (BFS) offers a 7.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

...