New Risk • May 15
New major risk - Revenue and earnings growth Earnings have declined by 1.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 1.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (8.7% net profit margin). Buy Or Sell Opportunity • May 11
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at US$34.44. The fair value is estimated to be US$43.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has declined by 15%. Revenue is forecast to grow by 7.6% in 2 years. Earnings are forecast to grow by 92% in the next 2 years. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: FFO per share: US$1.0 (up from US$1.02 in 1Q 2025). Revenue: US$78.3m (up 8.9% from 1Q 2025). Funds from operations (FFO): US$25.2m (up 2.4% from 1Q 2025). FFO margin: 32% (down from 34% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 10
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.02 to US$0.57 per share. Revenue forecast steady at US$304.2m. Net income forecast to grow 45% next year vs 13% decline forecast for Retail REITs industry in the US. Consensus price target down from US$45.50 to US$43.50. Share price rose 2.4% to US$33.87 over the past week. Buy Or Sell Opportunity • Apr 09
Now 20% undervalued Over the last 90 days, the stock has risen 4.2% to US$33.66. The fair value is estimated to be US$42.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Upcoming Dividend • Apr 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 April 2026. Payment date: 30 April 2026. Trailing yield: 7.0%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.6%). Announcement • Mar 24
Saul Centers, Inc., Annual General Meeting, May 08, 2026 Saul Centers, Inc., Annual General Meeting, May 08, 2026. Location: 7501 wisconsin avenue, bethesda, maryland, United States Declared Dividend • Mar 19
Fourth quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th April 2026 Payment date: 30th April 2026 Dividend yield will be 7.1%, which is higher than the industry average of 5.2%. Announcement • Mar 17
Saul Centers Declares Quarterly Dividend on Its Common Stock, Payable on April 30, 2026 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2026, to holders of record on April 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Buy Or Sell Opportunity • Mar 10
Now 20% undervalued Over the last 90 days, the stock has risen 9.5% to US$34.06. The fair value is estimated to be US$42.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Reported Earnings • Mar 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: FFO per share: US$4.0 (down from US$4.43 in FY 2024). Revenue: US$289.8m (up 7.8% from FY 2024). Funds from operations (FFO): US$96.7m (down 9.5% from FY 2024). FFO margin: 33% (down from 40% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 January 2026. Payment date: 30 January 2026. Trailing yield: 7.3%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (4.9%). Price Target Changed • Dec 10
Price target decreased by 9.3% to US$44.00 Down from US$48.50, the current price target is provided by 1 analyst. New target price is 41% above last closing price of US$31.11. Stock is down 23% over the past year. The company is forecast to post earnings per share of US$1.21 for next year compared to US$1.64 last year. Declared Dividend • Dec 08
Third quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th January 2026 Payment date: 30th January 2026 Dividend yield will be 7.8%, which is higher than the industry average of 5.2%. Announcement • Dec 05
Saul Centers Declares Quarterly Dividends, Payable on January 30, 2026 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 30, 2026, to holders of record on January 15, 2026. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Announcement • Nov 27
Saul Centers, Inc. Announces Resignation of John E. Chapoton from the Board of Directors, Effective November 25, 2025 On November 25, 2025, John E. Chapoton resigned from the Board of Directors of Saul Centers, Inc. (the “Company”), effective as of the same date. Mr. Chapoton’s resignation is not the result of any disagreement with the Company about its operations, policies or practices. Reported Earnings • Nov 07
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.32 (down from US$0.48 in 3Q 2024). Revenue: US$72.0m (up 7.0% from 3Q 2024). Net income: US$7.69m (down 34% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 39%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Oct 10
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 October 2025. Payment date: 31 October 2025. Trailing yield: 7.8%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%). Declared Dividend • Sep 26
Second quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th October 2025 Payment date: 31st October 2025 Dividend yield will be 7.4%, which is higher than the industry average of 5.2%. Announcement • Sep 24
Saul Centers, Inc. Declares Quarterly Dividend on Common Stock, Payable on October 31, 2025 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on October 31, 2025, to holders of record on October 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Reported Earnings • Aug 10
Second quarter 2025 earnings released: FFO per share: US$1.1 (vs US$1.18 in 2Q 2024) Second quarter 2025 results: FFO per share: US$1.1 (down from US$1.18 in 2Q 2024). Revenue: US$70.8m (up 5.8% from 2Q 2024). Funds from operations (FFO): US$25.4m (down 11% from 2Q 2024). FFO margin: 36% (down from 43% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 July 2025. Payment date: 31 July 2025. Trailing yield: 6.9%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%). Declared Dividend • Jun 16
First quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th July 2025 Payment date: 31st July 2025 Dividend yield will be 6.9%, which is higher than the industry average of 5.2%. Announcement • Jun 13
Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2025 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2025, to holders of record on July 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Recent Insider Transactions • May 18
Chairman & CEO recently bought US$335k worth of stock On the 14th of May, Bernard Saul bought around 10k shares on-market at roughly US$33.49 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Bernard's only on-market trade for the last 12 months. Reported Earnings • May 09
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: FFO per share: US$1.0 (down from US$1.14 in 1Q 2024). Revenue: US$71.9m (up 7.7% from 1Q 2024). Funds from operations (FFO): US$24.6m (down 11% from 1Q 2024). FFO margin: 34% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to US$32.91. The fair value is estimated to be US$41.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Upcoming Dividend • Apr 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 April 2025. Payment date: 30 April 2025. Trailing yield: 7.3%. Within top quartile of American dividend payers (5.1%). Higher than average of industry peers (5.5%). Buy Or Sell Opportunity • Apr 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to US$33.05. The fair value is estimated to be US$42.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Announcement • Mar 26
Saul Centers, Inc., Annual General Meeting, May 09, 2025 Saul Centers, Inc., Annual General Meeting, May 09, 2025. Location: hyatt regency bethesda, one bethesda metro center, bethesda, maryland, United States Declared Dividend • Mar 10
Fourth quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th April 2025 Payment date: 30th April 2025 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%. Announcement • Mar 07
Saul Centers, Inc. Declares Quarterly Dividend, Payable on April 30, 2025 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2025, to holders of record on April 15, 2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$1.64 (down from US$1.73 in FY 2023). Revenue: US$268.8m (up 4.5% from FY 2023). Net income: US$39.5m (down 4.9% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 17
Saul Centers, Inc. Announces Resignation of J. Page Lansdale from Board of Director On January 9, 2025, J. Page Lansdale resigned from the Board of Directors of Saul Centers, Inc. Mr. Lansdale’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Upcoming Dividend • Jan 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 January 2025. Payment date: 31 January 2025. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.5%). Higher than average of industry peers (4.9%). Price Target Changed • Dec 17
Price target increased by 8.0% to US$47.00 Up from US$43.50, the current price target is provided by 1 analyst. New target price is 17% above last closing price of US$40.17. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of US$1.71 for next year compared to US$1.73 last year. New Risk • Dec 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Declared Dividend • Dec 08
Third quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th January 2025 Payment date: 31st January 2025 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%. Announcement • Dec 06
Saul Centers, Inc. Declares Quarterly Dividend, Payable on January 31, 2025 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2025, to holders of record on January 15,
2025. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. New Risk • Nov 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.48 (up from US$0.42 in 3Q 2023). Revenue: US$67.3m (up 5.5% from 3Q 2023). Net income: US$11.7m (up 17% from 3Q 2023). Profit margin: 17% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 October 2024. Payment date: 31 October 2024. Trailing yield: 5.8%. Within top quartile of American dividend payers (4.3%). Higher than average of industry peers (4.7%). Declared Dividend • Sep 23
Second quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th October 2024 Payment date: 31st October 2024 Dividend yield will be 5.9%, which is higher than the industry average of 5.2%. New Risk • Sep 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding). New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding). New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.9% increase in shares outstanding). Reported Earnings • Aug 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.48 (up from US$0.43 in 2Q 2023). Revenue: US$66.9m (up 5.1% from 2Q 2023). Net income: US$11.6m (up 12% from 2Q 2023). Profit margin: 17% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 08
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 15 July 2024. Payment date: 31 July 2024. Trailing yield: 6.4%. Within top quartile of American dividend payers (4.8%). Higher than average of industry peers (5.3%). Declared Dividend • Jun 24
First quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 15th July 2024 Payment date: 31st July 2024 Dividend yield will be 6.5%, which is higher than the industry average of 5.2%. Announcement • Jun 21
Saul Centers, Inc. Declares Quarterly Dividends on Common Stock, Payable on July 31, 2024 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2024, to holders of record on July 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Major Estimate Revision • May 15
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$259.5m to US$264.7m. EPS estimate increased from US$1.39 to US$1.59 per share. Net income forecast to shrink 13% next year vs 0.1% decline forecast for Retail REITs industry in the US. Consensus price target of US$43.50 unchanged from last update. Share price rose 3.4% to US$37.31 over the past week. Reported Earnings • May 03
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.45 (up from US$0.45 in 1Q 2023). Revenue: US$66.7m (up 5.8% from 1Q 2023). Net income: US$13.6m (up 27% from 1Q 2023). Profit margin: 20% (up from 17% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Apr 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Upcoming Dividend • Apr 05
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 30 April 2024. Trailing yield: 6.3%. Within top quartile of American dividend payers (4.7%). Higher than average of industry peers (5.2%). Announcement • Apr 03
Saul Centers, Inc., Annual General Meeting, May 17, 2024 Saul Centers, Inc., Annual General Meeting, May 17, 2024, at 11:00 US Eastern Standard Time. Location: Hyatt Regency Bethesda, One Bethesda Maryland United States Agenda: To consider and elect five directors to serve until the annual meeting of stockholders in 2027; to consider and ratify the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; to consider approve the Company's 2024 Stock Incentive Plan; and to consider other business matters. Declared Dividend • Mar 18
Fourth quarter dividend of US$0.59 announced Dividend of US$0.59 is the same as last year. Ex-date: 12th April 2024 Payment date: 30th April 2024 Dividend yield will be 6.4%, which is higher than the industry average of 5.2%. Announcement • Mar 15
Saul Centers, Inc. Declares Quarterly Dividends, Payable on April 30, 2024 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on April 30, 2024, to holders of record on April 15, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. New Risk • Mar 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Recent Insider Transactions • Mar 10
Independent Director recently sold US$236k worth of stock On the 7th of March, James Lansdale sold around 6k shares on-market at roughly US$37.89 per share. This transaction amounted to 92% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$1.7m more than they sold in the last 12 months. New Risk • Mar 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$1.73 (vs US$1.63 in FY 2022) Full year 2023 results: EPS: US$1.73 (up from US$1.63 in FY 2022). Revenue: US$257.2m (up 4.6% from FY 2022). Net income: US$41.5m (up 6.4% from FY 2022). Profit margin: 16% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 05
Upcoming dividend of US$0.59 per share at 6.0% yield Eligible shareholders must have bought the stock before 12 January 2024. Payment date: 31 January 2024. Trailing yield: 6.0%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (5.0%). Announcement • Dec 08
Saul Centers Declares Quarterly Dividend Payable on January 31, 2024 Saul Centers, Inc. has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on January 31, 2024, to holders of record on January 16, 2024. The common dividend is unchanged from the amount paid in the previous quarter and the amount paid in the prior year's comparable quarter. Announcement • Nov 17
Saul Centers, Inc. Announces Executive Changes, Effective December 31, 2023 On October 12, 2023, Saul Centers, Inc. filed a Current Report on Form 8-K to report that, on October 10, 2023, Christopher H. Netter announced he will retire as Executive Vice President – Leasing of the Company effective December 31, 2023. The Form 8-K is hereby amended to report that, on November 16, 2023, the Company and Mr. Netter entered into a consulting agreement pursuant to which, following his retirement, Mr. Netter will serve as a consultant to the Company from January 1, 2024 through June 30, 2024. During the Consulting Period, the Company will pay Mr. Netter a consulting fee of $470,000 for his services, which will be paid in six equal monthly installments. The Consulting Agreement also provides for certain confidentiality and non-disclosure provisions, and a release of claims for the benefit of the Company. As previously reported, the Company is conducting a retained search for Mr. Netter’s replacement. Zachary Friedlis, Senior Vice President and Director of Retail Leasing, will serve in this role in the interim. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.42 (vs US$0.38 in 3Q 2022) Third quarter 2023 results: EPS: US$0.42 (up from US$0.38 in 3Q 2022). Revenue: US$63.8m (up 4.4% from 3Q 2022). Net income: US$10.0m (up 9.5% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 13
Saul Centers, Inc. Announces the Resignation of Christopher H. Netter as Executive Vice President – Leasing, Effective December 31, 2023 Saul Centers, Inc. announced that on October 10, 2023, Christopher H. Netter tendered his resignation as Executive Vice President – Leasing of the company. Mr. Netter will retire effective December 31, 2023, for personal reasons. The Company intends to commence a retained search for his replacement. Upcoming Dividend • Oct 06
Upcoming dividend of US$0.59 per share at 6.8% yield Eligible shareholders must have bought the stock before 13 October 2023. Payment date: 31 October 2023. Trailing yield: 6.8%. Within top quartile of American dividend payers (5.2%). Higher than average of industry peers (6.1%). Recent Insider Transactions • Sep 22
Chairman & CEO recently bought US$369k worth of stock On the 21st of September, Bernard Saul bought around 10k shares on-market at roughly US$36.94 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.8m worth in shares. Price Target Changed • Aug 13
Price target increased by 7.9% to US$41.00 Up from US$38.00, the current price target is provided by 1 analyst. New target price is 5.8% above last closing price of US$38.76. Stock is down 23% over the past year. The company posted earnings per share of US$1.63 last year. Recent Insider Transactions • Aug 13
Chairman & CEO recently bought US$242k worth of stock On the 9th of August, Bernard Saul bought around 6k shares on-market at roughly US$37.51 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$1.3m worth in shares. New Risk • Aug 05
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 137% Dividend yield: 6.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Dividend is not well covered by earnings (137% payout ratio). Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: US$0.43 (vs US$0.43 in 2Q 2022) Second quarter 2023 results: EPS: US$0.43 (up from US$0.43 in 2Q 2022). Revenue: US$63.7m (up 5.7% from 2Q 2022). Net income: US$10.4m (up 1.4% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of US$0.59 per share at 6.5% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 31 July 2023. Trailing yield: 6.5%. Within top quartile of American dividend payers (5.0%). Higher than average of industry peers (5.2%). Recent Insider Transactions • May 12
President & COO recently bought US$116k worth of stock On the 9th of May, David Pearson bought around 4k shares on-market at roughly US$33.00 per share. This transaction increased David's direct individual holding by 2x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth US$364k. This was David's only on-market trade for the last 12 months. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: US$0.45 (vs US$0.44 in 1Q 2022) First quarter 2023 results: EPS: US$0.45 (up from US$0.44 in 1Q 2022). Revenue: US$63.0m (up 1.5% from 1Q 2022). Net income: US$10.7m (up 1.3% from 1Q 2022). Profit margin: 17% (in line with 1Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Retail REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 07
Upcoming dividend of US$0.59 per share at 6.2% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 28 April 2023. Trailing yield: 6.2%. Within top quartile of American dividend payers (4.9%). Higher than average of industry peers (5.3%). Recent Insider Transactions • Mar 30
Chairman & CEO recently bought US$364k worth of stock On the 23rd of March, Bernard Saul bought around 10k shares on-market at roughly US$36.35 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bernard has been a buyer over the last 12 months, purchasing a net total of US$794k worth in shares. Recent Insider Transactions • Mar 24
Chairman & CEO recently bought US$104k worth of stock On the 16th of March, Bernard Saul bought around 3k shares on-market at roughly US$36.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$266k. Bernard has been a buyer over the last 12 months, purchasing a net total of US$430k worth in shares. Price Target Changed • Mar 10
Price target decreased by 14% to US$42.00 Down from US$49.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of US$38.07. Stock is down 18% over the past year. The company posted earnings per share of US$1.63 last year. Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: US$1.63 (vs US$1.57 in FY 2021) Full year 2022 results: EPS: US$1.63 (up from US$1.57 in FY 2021). Revenue: US$245.9m (up 2.8% from FY 2021). Net income: US$39.0m (up 4.9% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buying Opportunity • Jan 31
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$51.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year. Buying Opportunity • Jan 14
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be US$51.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to grow by 0.1% in the next year. Upcoming Dividend • Jan 06
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 13 January 2023. Payment date: 31 January 2023. Trailing yield: 6.1%. Within top quartile of American dividend payers (4.4%). Higher than average of industry peers (3.9%). Price Target Changed • Nov 21
Price target decreased to US$49.00 Down from US$53.33, the current price target is an average from 3 analysts. New target price is 13% above last closing price of US$43.38. Stock is down 19% over the past year. The company posted earnings per share of US$1.57 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 9 highly experienced directors. Senior VP of Residential Design, Market Research & Residential Marketing Initiatives and Director Willoughby Laycock was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: US$0.38 (vs US$0.44 in 3Q 2021) Third quarter 2022 results: EPS: US$0.38 (down from US$0.44 in 3Q 2021). Revenue: US$61.1m (up 1.4% from 3Q 2021). Net income: US$9.15m (down 12% from 3Q 2021). Profit margin: 15% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 07
Upcoming dividend of US$0.59 per share Eligible shareholders must have bought the stock before 14 October 2022. Payment date: 31 October 2022. Trailing yield: 6.5%. Within top quartile of American dividend payers (4.6%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.43 (vs US$0.42 in 2Q 2021) Second quarter 2022 results: EPS: US$0.43 (up from US$0.42 in 2Q 2021). Revenue: US$60.3m (flat on 2Q 2021). Net income: US$10.2m (up 2.7% from 2Q 2021). Profit margin: 17% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 4.7%, compared to a 7.9% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year.