Saul Centers, Inc. Reports First Quarter Earnings

Apr 25, 2001, 01:00 ET from Saul Centers, Inc.

    CHEVY CHASE, Md., April 25 /PRNewswire/ -- Saul Centers, Inc. (NYSE:   BFS),
 an equity real estate investment trust (REIT), announced its first quarter
 operating results.  Funds From Operations (FFO) increased 12.3% to $9,632,000
 in the quarter ended March 31, 2001 compared to $8,580,000 for the same
 quarter in 2000.  On a per share basis, FFO was $.50 per share for the 2001
 first quarter, a 9.1% increase over the same quarter last year.  Approximately
 30% of the FFO improvement was derived from our 235,000 square foot Washington
 Square development.  FFO is presented on a fully converted basis and is the
 most widely accepted measure of operating performance for REITs.  FFO is
 defined as net income before extraordinary items and before real estate
 depreciation and amortization.
     Total revenues for the 2001 first quarter increased 9.4% to $21,236,000
 compared to $19,407,000 for the 2000 quarter.  Operating income before
 minority interests was $6,051,000, or $.32 per share, representing a per share
 increase of 6.3% over the comparable 2000 quarter.  After deducting minority
 interests, the company reported net income of $4,034,000 or $.29 per share for
 the 2001 quarter, a per share increase of 10.4% compared to net income of
 $3,516,000 or $.26 per share for the 2000 quarter (basic and diluted).
     Same center net operating income in the shopping center portfolio grew
 4.8% for the 2001 first quarter compared to the same period in 2000.  Same
 property net operating income in the office portfolio grew 7.9% for the 2001
 first quarter.  Overall same property net operating income for the total
 portfolio grew 5.6% for the 2001 first quarter.  As of March 31, 2001, 92.9%
 of the portfolio was leased.  The company has two properties in the lease-up
 phase of their development, Washington Square at Old Town Alexandria, Virginia
 and Crosstown Business Center, which were 54.8% and 68.4% leased.  Excluding
 the two lease-up phase development properties, the remainder of the property
 portfolio was 95.3% leased.
     Saul Centers, Inc. operates and manages a real estate portfolio of 33
 community and neighborhood shopping center and office properties totaling
 approximately 6.1 million square feet of gross leasable area, with over 81% of
 the cash flow generated from properties in the metropolitan Washington,
 D.C./Baltimore area.
 
                               Saul Centers, Inc.
                Condensed Consolidated Statements of Operations
                   ($ in thousands, except per share amounts)
 
                                                  Three Months Ended March 31,
                                                         2001           2000
     Revenue
       Base rent                                      $17,285        $15,647
       Other revenue                                    3,951          3,760
         Total revenue                                 21,236         19,407
 
     Operating Expenses
       Property and administrative expenses             5,116          4,936
       Interest expense                                 6,351          5,788
       Amortization of deferred debt costs                137            103
       Depreciation and amortization                    3,581          3,047
         Total operating expenses                      15,185         13,874
 
     Operating Income                                   6,051          5,533
 
     Minority Interests
       Minority share of income                        (1,634)        (1,538)
       Distributions in excess of earnings               (383)          (479)
         Total minority interests                      (2,017)        (2,017)
 
     Net Income                                        $4,034         $3,516
 
     Per Share Amounts:
       Net income (basic and diluted)                   $0.29          $0.26
       Funds From Operations                            $0.50          $0.46
       Weighted average shares outstanding:
         Common stock                              13,955,398     13,424,324
         Fully converted                           19,127,639     18,596,565
 
 
                     Condensed Consolidated Balance Sheets
                                ($ in thousands)
 
                                                     March 31,   December 31,
                                                      2001           2000
     Assets
       Real estate investments                       $440,165       $433,009
       Accumulated depreciation                      (127,341)      (124,180)
       Other assets                                    27,018         25,621
         Total assets                                $339,842       $334,450
 
     Liabilities and Stockholders' Equity (Deficit)
       Notes payable                                 $347,970       $343,453
       Other liabilities                               22,268         22,152
       Stockholders' equity (deficit)                 (30,396)       (31,155)
         Total liabilities and stockholders'
          equity (deficit)                            339,842       $334,450
 
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SOURCE Saul Centers, Inc.
    CHEVY CHASE, Md., April 25 /PRNewswire/ -- Saul Centers, Inc. (NYSE:   BFS),
 an equity real estate investment trust (REIT), announced its first quarter
 operating results.  Funds From Operations (FFO) increased 12.3% to $9,632,000
 in the quarter ended March 31, 2001 compared to $8,580,000 for the same
 quarter in 2000.  On a per share basis, FFO was $.50 per share for the 2001
 first quarter, a 9.1% increase over the same quarter last year.  Approximately
 30% of the FFO improvement was derived from our 235,000 square foot Washington
 Square development.  FFO is presented on a fully converted basis and is the
 most widely accepted measure of operating performance for REITs.  FFO is
 defined as net income before extraordinary items and before real estate
 depreciation and amortization.
     Total revenues for the 2001 first quarter increased 9.4% to $21,236,000
 compared to $19,407,000 for the 2000 quarter.  Operating income before
 minority interests was $6,051,000, or $.32 per share, representing a per share
 increase of 6.3% over the comparable 2000 quarter.  After deducting minority
 interests, the company reported net income of $4,034,000 or $.29 per share for
 the 2001 quarter, a per share increase of 10.4% compared to net income of
 $3,516,000 or $.26 per share for the 2000 quarter (basic and diluted).
     Same center net operating income in the shopping center portfolio grew
 4.8% for the 2001 first quarter compared to the same period in 2000.  Same
 property net operating income in the office portfolio grew 7.9% for the 2001
 first quarter.  Overall same property net operating income for the total
 portfolio grew 5.6% for the 2001 first quarter.  As of March 31, 2001, 92.9%
 of the portfolio was leased.  The company has two properties in the lease-up
 phase of their development, Washington Square at Old Town Alexandria, Virginia
 and Crosstown Business Center, which were 54.8% and 68.4% leased.  Excluding
 the two lease-up phase development properties, the remainder of the property
 portfolio was 95.3% leased.
     Saul Centers, Inc. operates and manages a real estate portfolio of 33
 community and neighborhood shopping center and office properties totaling
 approximately 6.1 million square feet of gross leasable area, with over 81% of
 the cash flow generated from properties in the metropolitan Washington,
 D.C./Baltimore area.
 
                               Saul Centers, Inc.
                Condensed Consolidated Statements of Operations
                   ($ in thousands, except per share amounts)
 
                                                  Three Months Ended March 31,
                                                         2001           2000
     Revenue
       Base rent                                      $17,285        $15,647
       Other revenue                                    3,951          3,760
         Total revenue                                 21,236         19,407
 
     Operating Expenses
       Property and administrative expenses             5,116          4,936
       Interest expense                                 6,351          5,788
       Amortization of deferred debt costs                137            103
       Depreciation and amortization                    3,581          3,047
         Total operating expenses                      15,185         13,874
 
     Operating Income                                   6,051          5,533
 
     Minority Interests
       Minority share of income                        (1,634)        (1,538)
       Distributions in excess of earnings               (383)          (479)
         Total minority interests                      (2,017)        (2,017)
 
     Net Income                                        $4,034         $3,516
 
     Per Share Amounts:
       Net income (basic and diluted)                   $0.29          $0.26
       Funds From Operations                            $0.50          $0.46
       Weighted average shares outstanding:
         Common stock                              13,955,398     13,424,324
         Fully converted                           19,127,639     18,596,565
 
 
                     Condensed Consolidated Balance Sheets
                                ($ in thousands)
 
                                                     March 31,   December 31,
                                                      2001           2000
     Assets
       Real estate investments                       $440,165       $433,009
       Accumulated depreciation                      (127,341)      (124,180)
       Other assets                                    27,018         25,621
         Total assets                                $339,842       $334,450
 
     Liabilities and Stockholders' Equity (Deficit)
       Notes payable                                 $347,970       $343,453
       Other liabilities                               22,268         22,152
       Stockholders' equity (deficit)                 (30,396)       (31,155)
         Total liabilities and stockholders'
          equity (deficit)                            339,842       $334,450
 
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 SOURCE  Saul Centers, Inc.