BETHESDA, Md., Feb. 24, 2022 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real
estate investment trust ("REIT"), announced its operating results
for the quarter ended December 31, 2021 ("2021 Quarter").
Total revenue for the 2021 Quarter increased to $60.2 million from $58.3
million for the quarter ended December 31, 2020 ("2020
Quarter"). Net income increased to $15.9 million for the 2021 Quarter from
$11.7 million for the 2020 Quarter.
The Waycroft mixed-use development opened in April 2020 and, as of December 31, 2021, was
97.1% leased. Concurrent with the opening in April 2020, interest, real estate taxes and all
other costs associated with the residential portion of the
property, including depreciation, began to be charged to expense,
while revenue continued to grow as occupancy increased. As a
result, net income for the 2021 Quarter was favorably impacted by
$0.8 million, compared to the
2020 Quarter, due to increased occupancy at The Waycroft. Net
income for the 2021 Quarter also increased compared to the 2020
Quarter due to (a) lower credit losses on operating lease
receivables and corresponding reserves (collectively, $1.4 million), (b) lower interest expense,
primarily due to lower average interest rates and lower outstanding
debt balances, exclusive of The Waycroft (collectively,
$0.6 million), and (c) higher base
rent in the Shopping Center portfolio ($0.5 million). Net income available to common
stockholders was $9.4 million
($0.40 per diluted share) for the
2021 Quarter compared to $6.6 million ($0.28 per diluted share) for the 2020
Quarter.
Same property revenue increased 3.4% and same property operating
income increased 5.6% for the 2021 Quarter compared to the 2020
Quarter. We define same property revenue as total revenue
minus the revenue of properties not in operation for the entirety
of the comparable reporting periods. We define same property
operating income as net income plus (a) interest expense, net and
amortization of deferred debt costs, (b) depreciation and
amortization of deferred leasing costs, (c) general and
administrative expenses and (d) change in fair value of derivatives
minus (e) gain on sale of property and (f) the results of
properties that were not in operation for the entirety of the
comparable periods. Shopping Center same property operating
income increased 4.9% and Mixed-Use same property operating income
increased 7.8%. The increase in Shopping Center same property
operating income was primarily the result of (a) lower credit
losses on operating lease receivables and corresponding reserves
(collectively, $0.9 million), (b)
higher base rent ($0.5 million), and
(c) higher recovery income, net of expenses ($0.2 million). The increase in Mixed-Use
same property operating income was primarily the result of
(a) higher base rent ($0.7
million), (b) lower credit losses on operating lease
receivables and corresponding reserves (collectively, $0.5 million) partially offset by (c) lower
recovery income, net of expenses ($0.4
million). Same property revenue and same property
operating income are non-GAAP supplemental performance measures
that the Company considers meaningful in measuring its operating
performance. Reconciliations of same property revenue and
same property operating income to property revenue and property
operating income are attached to this press release.
For the year ended December 31, 2021 ("2021 Period"), total
revenue increased to $239.2 million
from $225.2 million for the year
ended December 31, 2020 ("2020 Period"). Net income
increased to $61.6 million for the
2021 Period from $50.3 million for
the 2020 Period. The increase in net income was primarily due to
(a) lower credit losses on operating lease receivables and
corresponding reserves (collectively, $6.2
million), (b) lower interest expense due to lower average
interest rates, exclusive of The Waycroft ($2.5 million), (c) higher parking income, net of
expenses ($0.7 million) and (d)
higher percentage rent due to increased sales reported by anchor
and retail tenants at multiple Shopping Centers ($0.6 million). Net income available to common
stockholders was $37.2 million
($1.57 per diluted share) for the
2021 Period compared to $29.2 million ($1.25 per diluted share) for the 2020
Period.
Same property revenue increased 1.5% and same property operating
income increased 1.7% for the 2021 Period compared to the 2020
Period. Shopping Center same property operating income
increased 5.7% and Mixed-Use same property operating income
decreased 11.5%. Shopping Center same property operating
income increased primarily due to (a) lower credit losses
on operating lease receivables and corresponding reserves
(collectively, $5.2 million) and
(b) higher base rent ($2.0 million).
Mixed-Use same property operating income decreased primarily due to
lower base rent ($4.3 million).
As of December 31, 2021, 92.0% of the commercial portfolio
was leased (all properties except the residential portfolio),
compared to 92.5% at December 31, 2020. On a same
property basis, 92.0% of the portfolio was leased at
December 31, 2021, compared to 92.5% at December 31,
2020. The residential portfolio was 97.1% leased at
December 31, 2021, compared to 85.5% at December 31,
2020.
Funds From Operations ("FFO") available to common stockholders
and noncontrolling interests (after deducting preferred stock
dividends and extinguishment of issuance costs upon redemption of
preferred shares) increased to $25.5
million ($0.78 and $0.75 per basic and diluted share, respectively)
in the 2021 Quarter from $22.1 million ($0.71 per basic and diluted share) in the 2020
Quarter. FFO is a non-GAAP supplemental earnings measure that
the Company considers meaningful in measuring its operating
performance. A reconciliation of FFO to net income is
attached to this press release. The increase in FFO available
to common stockholders and noncontrolling interests was primarily
due to (a) lower credit losses on operating lease receivables and
corresponding reserves (collectively, $1.4 million), (b) increased occupancy at
The Waycroft ($0.8 million), (c)
lower interest expense, primarily due to lower average interest
rates and lower outstanding debt balances, exclusive of The
Waycroft (collectively, $0.6 million)
and (d) higher base rent in the Shopping Center portfolio
($0.5 million).
FFO available to common stockholders and noncontrolling
interests (after deducting preferred stock dividends and
extinguishment of issuance costs upon redemption of preferred
shares) increased 12.0% to $100.7 million ($3.14 and $3.04 per
basic and diluted share, respectively) in the 2021 Period from
$90.0 million ($2.88 per basic and diluted share) in the 2020
Period. FFO available to common stockholders and
noncontrolling interests increased primarily due to (a) lower
credit losses on operating lease receivables and corresponding
reserves (collectively, $6.2
million), (b) lower interest expense, primarily due to lower
average interest rates, exclusive of The Waycroft ($2.5 million) and (c) increased occupancy at The
Waycroft ($2.0 million).
On March 11, 2020, the World
Health Organization declared a novel strain of coronavirus
("COVID-19") a pandemic, and on March 13,
2020, the United States
declared a national emergency with respect to COVID-19. As a
result, the COVID-19 pandemic is negatively affecting almost every
industry directly or indirectly.
The actions taken by federal, state and local governments to
mitigate the spread of COVID-19 by ordering closure of nonessential
businesses and ordering residents to generally stay at home, and
subsequent phased re-openings, have resulted in many of our tenants
announcing mandated or temporary closures of their operations
and/or requesting adjustments to their lease terms. Overall,
there remains significant uncertainty around the long-term economic
impact of the COVID-19 pandemic, which could have a material and
adverse effect on or cause disruption to our business or financial
condition, results from operations, cash flows and the market value
and trading price of our securities.
While the Company's grocery store, pharmacy, bank and home
improvement store tenants have generally remained fully open
throughout the COVID-19 pandemic, many restaurants have operated
with reduced hours and/or limited indoor seating, supplemented with
delivery and curbside pick-up, and most health, beauty supply and
services, fitness centers, and other non-essential businesses have
re-opened, some with limited customer capacity. As of
February 18, 2022, payments by tenants of contractual base
rent and operating expense and real estate tax recoveries totaled
approximately 99%, and 97% for the fourth quarter of 2021 and
January 2022, respectively.
During 2021, the Company generally did not charge late fees or
delinquent interest on past due payments and, in limited cases,
rent deferral agreements have been negotiated to allow tenants
temporary relief where needed. For additional discussion of how the
COVID-19 pandemic has impacted the Company's business, please see
Part 2, Item 7 (Management's Discussion and Analysis of Financial
Condition and Results of Operations) of our Annual Report on Form
10-K for the year ended December 31, 2021.
When taking into account the amount of time elapsed since the
due date of the payment, we continue to experience sequential
improvement in our collection rates. The following table
summarizes the Company's consolidated total collections of the
first quarter, second quarter, third quarter, fourth quarter and
January 2022 rent billings as of
February 18, 2022:
|
Retail
|
Office
|
Residential
|
Total
|
2021 First
Quarter
|
99 %
|
100 %
|
99 %
|
99 %
|
2021 Second
Quarter
|
99 %
|
100 %
|
99 %
|
99 %
|
2021 Third
Quarter
|
99 %
|
100 %
|
99 %
|
99 %
|
2021 Fourth
Quarter
|
98 %
|
100 %
|
99 %
|
99 %
|
January
2022
|
97 %
|
99 %
|
99 %
|
97 %
|
Although we are and will continue to be actively engaged in rent
collection efforts related to uncollected rent, and we continue to
work with certain tenants who have requested rent deferrals, we can
provide no assurance that such efforts or our efforts in future
periods will be successful, particularly in the event that the
COVID-19 pandemic and restrictions intended to prevent its spread
continue for a prolonged period. As of January 31, 2022,
approximately 69% of the amount of rent deferred, or approximately
$6.3 million, has come due. Of the
amount that has come due, $6.1
million has been paid.
With cash balances of over $12.8
million and borrowing capacity of approximately $208.8 million on January 31, 2022, the
Company believes that it has sufficient liquidity and flexibility
to meet the needs of the Company's operations as the effects of the
COVID-19 pandemic continue to evolve.
Saul Centers is a self-managed,
self-administered equity REIT headquartered in Bethesda, Maryland. Saul Centers currently operates and manages a
real estate portfolio comprised of 61 properties which includes (a)
57 community and neighborhood Shopping Centers and Mixed-Use
properties with approximately 9.8 million square feet of leasable
area and (b) four land and development properties.
Approximately 85% of the Company's property operating income is
generated from properties in the metropolitan Washington, DC/Baltimore area.
Safe Harbor Statement
Certain matters discussed within this press release may be
deemed to be forward-looking statements within the meaning of the
federal securities laws. For these statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations
reflected in the forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. These factors include, but are not limited to, the
risk factors described in our Annual Report on Form 10-K filed on
February 24, 2022, and include the following: (i) general
adverse economic and local real estate conditions, (ii) the
inability of major tenants to continue paying their rent
obligations due to bankruptcy, insolvency or a general downturn in
their business, (iii) financing risks, such as the inability to
obtain equity, debt or other sources of financing or refinancing on
favorable terms to the Company, (iv) the Company's ability to raise
capital by selling its assets, (v) changes in governmental
laws and regulations and management's ability to estimate the
impact of such changes, (vi) the level and volatility of interest
rates and management's ability to estimate the impact thereof,
(vii) the availability of suitable acquisition, disposition,
development and redevelopment opportunities, and risks related to
acquisitions not performing in accordance with our expectations,
(viii) increases in operating costs, (ix) changes in the
dividend policy for the Company's common and preferred stock and
the Company's ability to pay dividends at current levels, (x) the
reduction in the Company's income in the event of multiple lease
terminations by tenants or a failure by multiple tenants to occupy
their premises in a shopping center, (xi) impairment charges,
(xii) unanticipated changes in the Company's intention or ability
to prepay certain debt prior to maturity and (xiii) an epidemic or
pandemic (such as the outbreak and worldwide spread of COVID-19),
and the measures that international, federal, state and local
governments, agencies, law enforcement and/or health authorities
implement to address it, which may (as with COVID-19) precipitate
or exacerbate one or more of the above-mentioned and/or other
risks, and significantly disrupt or prevent us from operating our
business in the ordinary course for an extended period. Given
these uncertainties, readers are cautioned not to place undue
reliance on any forward-looking statements that we make, including
those in this press release. Except as may be required by
law, we make no promise to update any of the forward-looking
statements as a result of new information, future events or
otherwise. You should carefully review the risks and risk
factors included in our Annual Report on Form 10-K filed with the
Securities and Exchange Commission on February 24, 2022.
Saul Centers,
Inc.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
December
31,
|
(Dollars in
thousands, except per share amounts)
|
2021
|
|
2020
|
Assets
|
|
|
|
Real estate
investments
|
|
|
|
Land
|
$
511,529
|
|
$
511,482
|
Buildings and
equipment
|
1,566,686
|
|
1,543,837
|
Construction in
progress
|
205,911
|
|
69,477
|
|
2,284,126
|
|
2,124,796
|
Accumulated
depreciation
|
(650,113)
|
|
(607,706)
|
|
1,634,013
|
|
1,517,090
|
Cash and cash
equivalents
|
14,594
|
|
26,856
|
Accounts receivable
and accrued income, net
|
58,659
|
|
64,917
|
Deferred leasing
costs, net
|
24,005
|
|
26,872
|
Other
assets
|
15,490
|
|
9,837
|
Total
assets
|
$
1,746,761
|
|
$
1,645,572
|
Liabilities
|
|
|
|
Mortgage notes
payable
|
$
941,456
|
|
$
827,603
|
Term loan facility
payable
|
99,233
|
|
74,791
|
Revolving credit
facility payable
|
103,167
|
|
103,913
|
Construction loan
payable
|
—
|
|
144,607
|
Dividends and
distributions payable
|
21,672
|
|
19,448
|
Accounts payable,
accrued expenses and other liabilities
|
25,558
|
|
24,384
|
Deferred
income
|
25,188
|
|
23,293
|
Total
liabilities
|
1,216,274
|
|
1,218,039
|
Equity
|
|
|
|
Preferred stock, 1,000,000 shares authorized:
|
|
|
|
Series D Cumulative
Redeemable, 30,000 shares issued and outstanding
|
75,000
|
|
75,000
|
Series E Cumulative
Redeemable, 44,000 shares issued and outstanding
|
110,000
|
|
110,000
|
Common stock, $0.01
par value, 42,000,000 and 40,000,000 shares authorized,
respectively, 23,840,471 and 23,476,626 shares issued and
outstanding, respectively
|
238
|
|
235
|
Additional paid-in
capital
|
436,609
|
|
420,625
|
Partnership units in
escrow
|
39,650
|
|
—
|
Distributions in
excess of accumulated earnings
|
(256,448)
|
|
(241,535)
|
Total Saul Centers,
Inc. equity
|
405,049
|
|
364,325
|
Noncontrolling
interests
|
125,438
|
|
63,208
|
Total
equity
|
530,487
|
|
427,533
|
Total liabilities and
equity
|
$
1,746,761
|
|
$
1,645,572
|
Saul Centers,
Inc.
|
Consolidated
Statements of Operations
|
(In thousands, except
per share amounts)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(unaudited)
|
|
|
Revenue
|
|
|
|
|
|
Rental
revenue
|
$
58,881
|
|
$
57,115
|
|
$
234,515
|
|
$
220,281
|
Other
|
1,359
|
|
1,169
|
|
4,710
|
|
4,926
|
Total
revenue
|
60,240
|
|
58,284
|
|
239,225
|
|
225,207
|
Expenses
|
|
|
|
|
|
|
|
Property operating
expenses
|
8,461
|
|
7,994
|
|
32,881
|
|
28,857
|
Real estate
taxes
|
6,625
|
|
7,534
|
|
28,747
|
|
29,560
|
Interest expense, net
and amortization of deferred debt costs
|
10,865
|
|
12,508
|
|
45,424
|
|
46,519
|
Depreciation and
amortization of deferred leasing costs
|
12,420
|
|
13,532
|
|
50,272
|
|
51,126
|
General and
administrative
|
6,019
|
|
5,318
|
|
20,252
|
|
19,107
|
Total
expenses
|
44,390
|
|
46,886
|
|
177,576
|
|
175,169
|
Gain on sale of
property
|
—
|
|
278
|
|
—
|
|
278
|
Net
Income
|
15,850
|
|
11,676
|
|
61,649
|
|
50,316
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
Income attributable to
noncontrolling interests
|
(3,607)
|
|
(2,253)
|
|
(13,260)
|
|
(9,934)
|
Net income
attributable to Saul Centers, Inc.
|
12,243
|
|
9,423
|
|
48,389
|
|
40,382
|
Preferred stock
dividends
|
(2,799)
|
|
(2,798)
|
|
(11,194)
|
|
(11,194)
|
Net income
available to common stockholders
|
$
9,444
|
|
$
6,625
|
|
$
37,195
|
|
$
29,188
|
Per share net
income available to common stockholders
|
|
|
|
|
|
|
|
Basic
|
$
0.40
|
|
$
0.28
|
|
$
1.57
|
|
$
1.25
|
Diluted
|
$
0.40
|
|
$
0.28
|
|
$
1.57
|
|
$
1.25
|
|
|
|
|
|
|
|
|
Weighted Average
Common Stock:
|
|
|
|
|
|
|
|
Common
stock
|
23,765
|
|
23,437
|
|
23,655
|
|
23,356
|
Effect of dilutive
options
|
22
|
|
—
|
|
7
|
|
1
|
Diluted weighted
average common stock
|
23,787
|
|
23,437
|
|
23,662
|
|
23,357
|
Reconciliation of
net income to FFO available to common stockholders and
noncontrolling interests (1)
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended December
31,
|
|
(In thousands,
except per share amounts)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Net income
|
$
15,850
|
|
$
11,676
|
|
$
61,649
|
|
$
50,316
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Gain on sale of
property
|
—
|
|
(278)
|
|
—
|
|
(278)
|
|
Add:
|
|
|
|
|
|
|
|
|
Real estate
depreciation and amortization
|
12,420
|
|
13,532
|
|
50,272
|
|
51,126
|
|
FFO
|
28,270
|
|
24,930
|
|
111,921
|
|
101,164
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
(2,799)
|
|
(2,798)
|
|
(11,194)
|
|
(11,194)
|
|
FFO available to common
stockholders and noncontrolling interests
|
$
25,471
|
|
$
22,132
|
|
$
100,727
|
|
$
89,970
|
|
Weighted average
shares and units:
|
|
|
|
|
|
|
|
|
Basic
|
32,795
|
|
31,368
|
|
32,029
|
|
31,266
|
|
Diluted
(2)
|
33,762
|
|
31,368
|
|
33,098
|
|
31,267
|
|
Basic FFO per share
available to common stockholders and noncontrolling
interests
|
$
0.78
|
|
$
0.71
|
|
$
3.14
|
|
$
2.88
|
|
Diluted FFO per share
available to common stockholders and noncontrolling
interests.
|
$
0.75
|
|
$
0.71
|
|
$
3.04
|
|
$
2.88
|
|
|
(1)
|
The National
Association of Real Estate Investment Trusts (NAREIT) developed FFO
as a relative non-GAAP financial measure of
performance of an equity REIT in order to recognize that
income-producing real estate historically has not depreciated on
the basis
determined under GAAP. FFO is defined by NAREIT as net income,
computed in accordance with GAAP, plus real estate depreciation
and amortization, and excluding impairment charges on depreciable
real estate assets and gains or losses from property dispositions.
FFO
does not represent cash generated from operating activities in
accordance with GAAP and is not necessarily indicative of cash
available to
fund cash needs, which is disclosed in the Company's Consolidated
Statements of Cash Flows for the applicable periods. There are
no
material legal or functional restrictions on the use of FFO. FFO
should not be considered as an alternative to net income, its most
directly
comparable GAAP measure, as an indicator of the Company's operating
performance, or as an alternative to cash flows as a measure of
liquidity. Management considers FFO a meaningful supplemental
measure of operating performance because it primarily excludes
the
assumption that the value of the real estate assets diminishes
predictably over time (i.e. depreciation), which is contrary to
what the
Company believes occurs with its assets, and because industry
analysts have accepted it as a performance measure. FFO may not
be
comparable to similarly titled measures employed by other
REITs.
|
|
|
(2)
|
Beginning March 5,
2021, fully diluted shares and units includes 1,416,071 limited
partnership units that were held in escrow related to
the contribution of Twinbrook Quarter by 1592 Rockville Pike. Half
of the units held in escrow were released on October 18, 2021.
The
remaining units held in escrow are scheduled to be released on
October 18, 2023.
|
Reconciliation of
total revenue to same property revenue (3)
|
|
(in
thousands)
|
|
Three Months
Ended
December 31,
|
|
Year Ended December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Total
revenue
|
|
$
60,240
|
|
$
58,284
|
|
$
239,225
|
|
$
225,207
|
Less: Acquisitions,
dispositions and development properties
|
|
—
|
|
—
|
|
(15,596)
|
|
(4,790)
|
Total same property
revenue
|
|
$
60,240
|
|
$
58,284
|
|
$
223,629
|
|
$
220,417
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
|
$
42,746
|
|
$
41,618
|
|
$
169,681
|
|
$
161,854
|
Mixed-Use
properties
|
|
17,494
|
|
16,666
|
|
53,948
|
|
58,563
|
Total same property
revenue
|
|
$
60,240
|
|
$
58,284
|
|
$
223,629
|
|
$
220,417
|
|
|
|
|
|
|
|
|
|
Total Shopping
Center revenue
|
|
$
42,746
|
|
$
41,618
|
|
$
169,681
|
|
$
161,854
|
Less: Shopping Center
acquisitions, dispositions and development properties
|
|
—
|
|
—
|
|
—
|
|
—
|
Total same Shopping
Center revenue
|
|
$
42,746
|
|
$
41,618
|
|
$
169,681
|
|
$
161,854
|
|
|
|
|
|
|
|
|
|
Total Mixed-Use
property revenue
|
|
$
17,494
|
|
$
16,666
|
|
$
69,544
|
|
$
63,353
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
|
—
|
|
—
|
|
(15,596)
|
|
(4,790)
|
Total same Mixed-Use
revenue
|
|
$
17,494
|
|
$
16,666
|
|
$
53,948
|
|
$
58,563
|
|
(3) Same property
revenue is a non-GAAP financial measure of performance that
improves the comparability of reporting periods by
excluding the results of properties that were not in operation for
the entirety of the comparable reporting periods. Same
property revenue
adjusts property revenue by subtracting the revenue of properties
not in operation for the entirety of the comparable reporting
periods. Same
property revenue is a measure of the operating performance of the
Company's properties but does not measure the Company's performance
as
a whole. Same property revenue should not be considered as an
alternative to total revenue, its most directly comparable GAAP
measure, as
an indicator of the Company's operating performance.
Management considers same property revenue a meaningful
supplemental measure of
operating performance because it is not affected by the cost of the
Company's funding, the impact of depreciation and amortization
expenses,
gains or losses from the acquisition and sale of operating real
estate assets, general and administrative expenses or other gains
and losses that
relate to ownership of the Company's properties. Management
believes the exclusion of these items from same property revenue is
useful
because the resulting measure captures the actual revenue generated
and actual expenses incurred by operating the Company's
properties.
Other REITs may use different methodologies for calculating same
property revenue. Accordingly, the Company's same property
revenue
may not be comparable to those of other REITs.
|
|
Reconciliation of
net income to same property operating income (4)
|
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended December
31,
|
|
(In
thousands)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Net
income
|
$
15,850
|
|
$
11,676
|
|
$
61,649
|
|
$
50,316
|
|
Add: Interest
expense, net and amortization of deferred debt costs
|
10,865
|
|
12,508
|
|
45,424
|
|
46,519
|
|
Add: Depreciation and
amortization of deferred leasing costs
|
12,420
|
|
13,532
|
|
50,272
|
|
51,126
|
|
Add: General and
administrative
|
6,019
|
|
5,318
|
|
20,252
|
|
19,107
|
|
Less: Gain on sale of
property
|
—
|
|
(278)
|
|
—
|
|
(278)
|
|
Property operating
income
|
45,154
|
|
42,756
|
|
177,597
|
|
166,790
|
|
Less: Acquisitions,
dispositions and development properties
|
—
|
|
—
|
|
(9,312)
|
|
(1,271)
|
|
Total same property
operating income
|
$
45,154
|
|
$
42,756
|
|
$
168,285
|
|
$
165,519
|
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
$
34,050
|
|
$
32,460
|
|
$
133,897
|
|
$
126,656
|
|
Mixed-Use
properties
|
11,104
|
|
10,296
|
|
34,388
|
|
38,863
|
|
Total same property
operating income
|
$
45,154
|
|
$
42,756
|
|
$
168,285
|
|
$
165,519
|
|
|
|
|
|
|
|
|
|
|
Shopping Center
operating income
|
$
34,050
|
|
$
32,460
|
|
$
133,897
|
|
$
126,656
|
|
Less: Shopping Center
acquisitions, dispositions and development properties
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same Shopping
Center operating income
|
$
34,050
|
|
$
32,460
|
|
$
133,897
|
|
$
126,656
|
|
|
|
|
|
|
|
|
|
|
Mixed-Use property
operating income
|
$
11,104
|
|
$
10,296
|
|
$
43,700
|
|
$
40,134
|
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
—
|
|
—
|
|
(9,312)
|
|
(1,271)
|
|
Total same Mixed-Use
property operating income
|
$
11,104
|
|
$
10,296
|
|
$
34,388
|
|
$
38,863
|
|
(4) Same
property operating income is a non-GAAP financial measure of
performance that improves the comparability of reporting
periods
by excluding the results of properties that were not in operation
for the entirety of the comparable reporting periods. Same
property operating
income adjusts property operating income by subtracting the results
of properties that were not in operation for the entirety of the
comparable
periods. Same property operating income is a measure of the
operating performance of the Company's properties but does not
measure the
Company's performance as a whole. Same property operating
income should not be considered as an alternative to property
operating
income, its most directly comparable GAAP measure, as an indicator
of the Company's operating performance. Management considers
same
property operating income a meaningful supplemental measure of
operating performance because it is not affected by the cost of
the
Company's funding, the impact of depreciation and amortization
expenses, gains or losses from the acquisition and sale of
operating real
estate assets, general and administrative expenses or other gains
and losses that relate to ownership of the Company's
properties.
Management believes the exclusion of these items from property
operating income is useful because the resulting measure captures
the actual
revenue generated and actual expenses incurred by operating the
Company's properties. Other REITs may use different
methodologies for
calculating same property operating income. Accordingly, same
property operating income may not be comparable to those of other
REITs.
|
View original
content:https://www.prnewswire.com/news-releases/saul-centers-inc-reports-fourth-quarter-2021-earnings-301490190.html
SOURCE Saul Centers, Inc.