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Saul Centers

NYSE:BFS.PRD
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BFS.PRD
NYSE
$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Saul 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) 49 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.3 million square feet of leasable area and (b) four land and development properties. The last earnings update was 20 days ago. More info.


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BFS.PRD Share Price and Events
7 Day Returns
0.7%
NYSE:BFS.PRD
1.2%
US REITs
1.6%
US Market
1 Year Returns
7.2%
NYSE:BFS.PRD
15.2%
US REITs
2.6%
US Market
BFS.PRD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Saul Centers (BFS.PRD) 0.7% 0.2% 4.2% 7.2% - -
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • BFS.PRD underperformed the REITs industry which returned 15.2% over the past year.
  • BFS.PRD outperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
BFS.PRD
Industry
5yr Volatility vs Market

BFS.PRD Value

 Is Saul Centers undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Saul Centers to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Saul Centers.

NYSE:BFS.PRD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BFS.PRD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (61.45%))
0.859
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.859 * 5.96%)
7.85%

Discounted Cash Flow Calculation for NYSE:BFS.PRD using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Saul Centers is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Saul Centers is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:BFS.PRD DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.85%)
2019 82.18 Analyst x2 76.20
2020 83.41 Analyst x3 71.72
2021 88.33 Analyst x1 70.42
2022 91.29 Est @ 3.36% 67.48
2023 94.18 Est @ 3.17% 64.56
2024 97.05 Est @ 3.04% 61.68
2025 99.90 Est @ 2.94% 58.87
2026 102.78 Est @ 2.88% 56.16
2027 105.69 Est @ 2.84% 53.55
2028 108.66 Est @ 2.8% 51.05
Present value of next 10 years cash flows $631.69
NYSE:BFS.PRD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $108.66 × (1 + 2.73%) ÷ (7.85% – 2.73%)
$2,181.39
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,181.39 ÷ (1 + 7.85%)10
$1,024.82
NYSE:BFS.PRD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $631.69 + $1,024.82
$1,656.51
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,656.51 / 30.63
$24.36
NYSE:BFS.PRD Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NYSE:BFS.PRD represents 0.44416x of NYSE:BFS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.44416x
Value per Share
(Listing Adjusted, USD)
= Value per Share (USD) x Listing Adjustment Factor
= $ 24.36 x 0.44416
$10.82
Value per share (USD) From above. $10.82
Current discount Discount to share price of $24.50
= -1 x ($24.50 - $10.82) / $10.82
-126.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Saul Centers is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Saul Centers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Saul Centers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BFS.PRD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.76
NYSE:BFS Share Price ** NYSE (2019-05-21) in USD $55.16
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Saul Centers.

NYSE:BFS.PRD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BFS Share Price ÷ EPS (both in USD)

= 55.16 ÷ 1.76

31.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Saul Centers is good value based on earnings compared to the US REITs industry average.
  • Saul Centers is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Saul Centers's expected growth come at a high price?
Raw Data
NYSE:BFS.PRD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 31.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
5.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:BFS.PRD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 31.4x ÷ 5.5%

5.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Saul Centers is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Saul Centers's assets?
Raw Data
NYSE:BFS.PRD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $7.91
NYSE:BFS Share Price * NYSE (2019-05-21) in USD $55.16
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
NYSE:BFS.PRD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BFS Share Price ÷ Book Value per Share (both in USD)

= 55.16 ÷ 7.91

6.97x

* Primary Listing of Saul Centers.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Saul Centers is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Saul Centers's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Saul Centers has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BFS.PRD Future Performance

 How is Saul Centers expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Saul Centers expected to grow at an attractive rate?
  • Saul Centers's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Saul Centers's earnings growth is positive but not above the United States of America market average.
  • Saul Centers's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BFS.PRD Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BFS.PRD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 5.5%
NYSE:BFS.PRD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 3.7%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BFS.PRD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BFS.PRD Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 259 1
2020-12-31 242 43 2
2019-12-31 238 39 1
NYSE:BFS.PRD Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 232 116 40
2018-12-31 228 110 36
2018-09-30 226 104 35
2018-06-30 225 99 33
2018-03-31 225 98 32
2017-12-31 227 103 36
2017-09-30 222 93 36
2017-06-30 219 93 35
2017-03-31 216 89 34
2016-12-31 214 89 33
2016-09-30 216 95 33
2016-06-30 215 94 33

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Saul Centers's earnings are expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
  • Saul Centers's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BFS.PRD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Saul Centers Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BFS.PRD Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NYSE:BFS.PRD Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.76
2018-12-31 1.61
2018-09-30 1.58
2018-06-30 1.51
2018-03-31 1.46
2017-12-31 1.64
2017-09-30 1.64
2017-06-30 1.59
2017-03-31 1.56
2016-12-31 1.53
2016-09-30 1.53
2016-06-30 1.55

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Saul Centers will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Saul Centers's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Saul Centers has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BFS.PRD Past Performance

  How has Saul Centers performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Saul Centers's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Saul Centers's year on year earnings growth rate has been positive over the past 5 years.
  • Saul Centers's 1-year earnings growth exceeds its 5-year average (23.3% vs 4.9%)
  • Saul Centers's earnings growth has exceeded the US REITs industry average in the past year (23.3% vs 16%).
Earnings and Revenue History
Saul Centers's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Saul Centers Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BFS.PRD Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 231.55 39.60 18.85
2018-12-31 227.90 35.96 18.46
2018-09-30 225.97 35.12 18.21
2018-06-30 225.19 33.30 18.43
2018-03-31 224.85 32.13 18.30
2017-12-31 227.21 35.88 18.18
2017-09-30 221.78 35.79 18.17
2017-06-30 218.78 34.54 17.84
2017-03-31 215.61 33.66 17.74
2016-12-31 214.02 32.90 17.50
2016-09-30 215.77 32.69 17.14
2016-06-30 214.91 33.07 16.91
2016-03-31 213.92 32.83 16.64
2015-12-31 209.08 30.09 16.35
2015-09-30 205.04 27.21 16.13
2015-06-30 203.36 26.59 16.17
2015-03-31 203.93 32.13 16.05
2014-12-31 203.59 32.10 15.86
2014-09-30 204.87 33.52 15.56
2014-06-30 203.94 32.81 15.23
2014-03-31 200.46 23.35 15.13
2013-12-31 197.90 11.66 14.95
2013-09-30 196.04 6.91 14.80
2013-06-30 193.73 4.93 14.57
2013-03-31 192.29 5.83 14.43
2012-12-31 190.09 14.52 14.27
2012-09-30 188.29 19.93 14.16
2012-06-30 183.73 17.44 14.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Saul Centers has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Saul Centers used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Saul Centers's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Saul Centers's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Saul Centers has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BFS.PRD Health

 How is Saul Centers's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Saul Centers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Saul Centers is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Saul Centers's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Saul Centers's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Saul Centers Company Filings, last reported 1 month ago.

NYSE:BFS.PRD Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 430.33 1,023.52 11.46
2018-12-31 425.22 1,022.25 14.58
2018-09-30 416.80 1,013.21 9.77
2018-06-30 406.33 967.38 6.43
2018-03-31 393.36 964.69 8.98
2017-12-31 393.10 958.62 10.91
2017-09-30 388.13 963.65 9.39
2017-06-30 384.46 965.36 12.40
2017-03-31 379.31 971.44 9.67
2016-12-31 373.25 900.29 8.32
2016-09-30 370.01 870.51 9.84
2016-06-30 366.43 860.52 10.98
2016-03-31 358.02 868.79 15.35
2015-12-31 353.73 866.51 10.00
2015-09-30 348.00 873.00 8.92
2015-06-30 345.82 856.49 11.71
2015-03-31 342.99 856.45 12.12
2014-12-31 339.26 857.39 12.13
2014-09-30 339.29 849.27 13.02
2014-06-30 336.66 823.35 21.83
2014-03-31 320.41 817.54 15.35
2013-12-31 315.13 820.07 17.30
2013-09-30 308.60 828.72 11.70
2013-06-30 302.83 829.62 12.95
2013-03-31 299.40 833.19 8.48
2012-12-31 307.29 827.78 12.13
2012-09-30 298.92 834.26 33.50
2012-06-30 296.77 839.20 37.25
  • Saul Centers's level of debt (237.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (255% vs 237.8% today).
  • Debt is not well covered by operating cash flow (11.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Saul Centers's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Saul Centers has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BFS.PRD Dividends

 What is Saul Centers's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.84%
Current annual income from Saul Centers dividends. Estimated to be 3.92% next year.
If you bought $2,000 of Saul Centers shares you are expected to receive $77 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Saul Centers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Saul Centers's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BFS.PRD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BFS.PRD Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.28 1.00
2020-12-31 2.14 2.00
2019-12-31 2.12 2.00
NYSE:BFS.PRD Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-14 2.120 4.008
2018-12-06 2.120 4.040
2018-09-20 2.080 4.008
2018-06-21 2.080 3.746
2018-03-15 2.080 4.180
2017-12-08 2.080 3.779
2017-09-21 2.040 3.255
2017-06-22 2.040 3.407
2017-03-17 2.040 3.381
2016-12-09 2.040 3.160
2016-09-22 1.880 2.961
2016-06-23 1.880 2.894
2016-03-03 1.880 3.458
2015-12-03 1.720 3.408
2015-09-17 1.720 3.184
2015-06-18 1.720 3.386
2015-03-05 1.720 3.232
2014-12-04 1.600 2.835
2014-09-18 1.600 3.131
2014-06-19 1.600 3.264
2014-03-04 1.600 3.399
2013-12-05 1.440 3.059
2013-09-19 1.440 3.031
2013-06-20 1.440 3.176
2013-03-11 1.440 3.248
2012-12-06 1.440 3.336
2012-09-20 1.440 3.311
2012-06-21 1.440 3.369
2012-03-08 1.440 3.583
2011-12-02 1.440 4.025
2011-09-22 1.440 4.191
2011-06-23 1.440 3.935
2011-03-17 1.440 3.481
2010-12-02 1.440 3.136
2010-09-23 1.440 3.317
2010-06-24 1.440 3.406
2010-03-11 1.440 3.596
2009-12-04 1.440 4.224
2009-09-21 1.440 4.591
2009-06-18 1.560 4.969

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Saul Centers's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (49x coverage).
X
Income/ dividend checks
We assess Saul Centers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Saul Centers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Saul Centers has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BFS.PRD Management

 What is the CEO of Saul Centers's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bernard Saul
COMPENSATION $362,464
AGE 85
TENURE AS CEO 25.9 years
CEO Bio

Mr. Bernard Francis Saul, II, has been the Chairman and Chief Executive Officer of Saul Centers Inc., since June 1993. Mr. Saul has been the President, Chief Operating Officer and Chairman at B.F. Saul Company Inc since 1969. He has been the Chief Executive Officer and Chairman of the Board of Trustees at B.F. Saul Real Estate Investment Trust since 1969. Mr. Saul served as the Chairman, President and Chief Executive Officer of Chevy Chase Preferred Capital Corp since 1996. He served as Chairman and Chief Executive Officer of Chevy Chase Bank, F.S.B from 1969 to 2009. He serves as Chairman of the Board of Dearborn, L.L.C. Mr. Saul is the Chairman of the Board of Directors at Chevy Chase Financial Limited and Chevy Chase Property Company Limited. He serves as a Director at ASB Capital Management LLC. Mr. Saul has been Trustee at B.F. Saul Real Estate Investment Trust since 1964. He serves as Director at Derwood Investment Corporation. He has been a Director of Saul Centers Inc., since June 1993. Mr. Saul also is a Director Emeritus at Colonial Williamsburg Hotel Properties, Inc. and a member of the Folger Shakespeare Library. He is a member of the Trustees Council of the National Gallery of Art, Johns Hopkins Medicine Board and an Honorary Trustee of the Brookings Institute. He served as a Trustee of the National Geographic Society. Mr. Saul is Board of Visitors and Governors of Washington College.

CEO Compensation
  • Bernard's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bernard's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Saul Centers management team in years:

8.5
Average Tenure
60
Average Age
  • The average tenure for the Saul Centers management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bernard Saul

TITLE
Chairman & CEO
COMPENSATION
$362K
AGE
85
TENURE
25.9 yrs

James Lansdale

TITLE
President
COMPENSATION
$1M
AGE
61
TENURE
5 yrs

Scott Schneider

TITLE
Senior VP
COMPENSATION
$734K
AGE
60
TENURE
26.3 yrs

Christopher Netter

TITLE
Senior Vice President of Retail Leasing
COMPENSATION
$736K
AGE
63
TENURE
21.3 yrs

John Collich

TITLE
Senior Vice President of Acquisitions & Development
COMPENSATION
$692K
AGE
58

Joel Friedman

TITLE
Senior VP & Chief Accounting Officer
AGE
60
TENURE
9.7 yrs

Ted Koutris

TITLE
Senior VP & Chief Information Officer
TENURE
0.3 yrs

Tina Kearns

TITLE
Executive VP and Chief Legal & Administrative Officer
AGE
58
TENURE
5.1 yrs

Dee Dee Russo

TITLE
Shareholder Relations Representative
TENURE
7.3 yrs

Ken Kovach

TITLE
Senior Vice President of Human Resources
Board of Directors Tenure

Average tenure and age of the Saul Centers board of directors in years:

9.1
Average Tenure
75
Average Age
  • The tenure for the Saul Centers board of directors is about average.
Board of Directors

Bernard Saul

TITLE
Chairman & CEO
COMPENSATION
$362K
AGE
85
TENURE
25.9 yrs

Philip Caraci

TITLE
Vice Chairman of the Board
COMPENSATION
$159K
AGE
79
TENURE
16.2 yrs

James Lansdale

TITLE
President
COMPENSATION
$1M
AGE
61
TENURE
4.9 yrs

Willoughby Laycock

TITLE
Senior VP of Residential & Director
AGE
30
TENURE
0.2 yrs

George Clancy

TITLE
Director
COMPENSATION
$67K
AGE
74
TENURE
7.2 yrs

H. Platts

TITLE
Director
COMPENSATION
$68K
AGE
70
TENURE
7.2 yrs

Mark Sullivan

TITLE
Director
COMPENSATION
$51K
AGE
76
TENURE
11.1 yrs

John Whitmore

TITLE
Director
COMPENSATION
$51K
AGE
85
TENURE
25.9 yrs

John Chapoton

TITLE
Director
COMPENSATION
$51K
AGE
81
TENURE
16.6 yrs

Andrew Saul

TITLE
Director
COMPENSATION
$51K
AGE
52
TENURE
4.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Saul Centers's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Saul Centers has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BFS.PRD News

Simply Wall St News

BFS.PRD Company Info

Description

Saul 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) 49 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.3 million square feet of leasable area and (b) four land and development properties. Over 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.

Details
Name: Saul Centers, Inc.
BFS.PRD
Exchange: NYSE
Founded: 1993
$1,665,747,052
$1,257,648,000
30,625,980
Website: http://www.saulcenters.com
Address: Saul Centers, Inc.
7501 Wisconsin Avenue,
Suite 1500E,
Bethesda,
Maryland, 20814,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BFS Common Stock New York Stock Exchange US USD 19. Aug 1993
DB SA4 Common Stock Deutsche Boerse AG DE EUR 19. Aug 1993
NYSE BFS.PRC DEP 1/100 PFD New York Stock Exchange US USD 05. Feb 2013
NYSE BFS.PRD 6.125% PFD CUM D New York Stock Exchange US USD 18. Jan 2018
Number of employees
Current staff
Staff numbers
110
Saul Centers employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 07:11
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.