Profile: Saul Centers Inc (BFS.N)
17 Feb 2017
Saul Centers, Inc. (Saul Centers), incorporated on June 10, 1993, operates as a real estate investment trust (REIT). The Company's principal business activity is the ownership, management and development of income-producing properties. The Company operates in two segments: Shopping Centers and Mixed-Use Properties. The Company conducts its business through Saul Holdings Limited Partnership (the Operating Partnership) and/or directly or indirectly owned subsidiaries. The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, located in the Washington, District of Columbia (DC)/Baltimore metropolitan area.
The Company is the owner, developer and operator of a real estate portfolio composed of over 50 operating properties, totaling approximately 9.3 million square feet of gross leasable area (GLA), and approximately three development parcels. The operating property portfolio consists of over 50 neighborhood and community Shopping Centers, and over six Mixed-Use Properties totaling approximately 7.9 million and over 1.4 million square feet of GLA, respectively. Two retail tenants of the Company include Giant Food, a tenant at nine Shopping Centers and Safeway a tenant at eight Shopping Centers.
Community and neighborhood shopping centers are anchored by a grocery store, discount department store or drug store. These anchors offer day-to-day necessities rather than apparel and luxury goods. Regional malls are anchored by a full-service department store. The Shopping Center properties range in size from 19,000 to 573,500 square feet of GLA, with six in over 300,000 square feet, and average approximately 157,900 square feet. The Shopping Centers are anchored by various tenants and other tenants offering day-to-day necessities and services. Thirty-one of the Shopping Centers are anchored by a grocery store.
Approximately five of the six Mixed-Use Properties are located in the Washington, D.C. metropolitan area and contain an aggregate GLA of approximately 1.3 million square feet, consisting of over one million and 96.4 thousand square feet of office and retail space, respectively, and over 240 apartments. The sixth Mixed-Use Property is located in Tulsa, Oklahoma and contains GLA of over 197,000 square feet. The Mixed-Use Properties represent three distinct styles of facilities, are located in differing commercial environments with distinctive demographic characteristics and are geographically removed from one another.
The Company's 601 Pennsylvania Avenue is approximately nine-story, over 227,000 square foot office building (with a small amount of street level retail space) and situated in downtown Washington, D.C. Washington Square at Old Town is over 236,000 square-foot mixed-use office/retail complex and located on approximately two-acre site along Alexandria's main street, North Washington Street, Virginia. Avenel Business Park is approximately 391,000 square foot research park located in the suburban Maryland, I-270 biotech corridor. The business park consists of over 10 one-story buildings built in over six phases. Clarendon Center is a mixed-use commercial and residential project located at the Clarendon Metro station in Arlington County, Virginia, which contains over 171,600 square feet of office, approximately 41,700 square feet of retail and over 240 apartment units. Crosstown Business Center is approximately 197,000 square foot flex office/warehouse property located in Tulsa, Oklahoma. The property is located in close proximity to Tulsa's international airport and roadways.
Saul Centers Inc
7501 Wisconsin Ave Ste 1500
BETHESDA MD 20814-6522