Profile: Saul Centers Inc (BFS.N)
26 May 2017
Saul Centers, Inc., 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 through two segments: Shopping Centers and Mixed-Use Properties. The Company conducts its business through the Saul Holdings Limited Partnership (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, primarily in the Washington, District of Columbia/Baltimore metropolitan area. As of December 31, 2016, the Company's properties (the Portfolio Properties) consisted of 49 shopping center properties (the Shopping Centers), six mixed-use properties, which consists of office, retail and multi-family residential uses (the Mixed-Use Properties) and three (non-operating) development properties.
As of December 31, 2016, the Company owned, developed and operated a real estate portfolio consisting of 55 operating properties, totaling approximately 9.4 million square feet of gross leasable area (GLA), and three development parcels. The properties are located primarily in the Washington, District of Columbia/Baltimore, Maryland metropolitan area. As of December 31, 2016, the operating property portfolio consisted of 49 neighborhood and community Shopping Centers, and six Mixed-Use Properties totaling approximately 7.9 million and 1.5 million square feet of commercial GLA, respectively. Its portfolio properties include Ashburn Village, Ashland Square Phase I, Beacon Center, Boulevard, Countryside Marketplace, Cruse MarketPlace, Germantown, Great Eastern, Jamestown Place, Kentlands Place, Leesburg Pike Plaza, Shops at Monocacy, Northrock, Olney, Avenel Business Park and Washington Square.
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 one or more 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 160,900 square feet. The Shopping Centers are anchored by various tenants and other tenants offering day-to-day necessities and services. As of December 31, 2016, 39 of the Shopping Centers were anchored by a grocery store.
As of December 31, 2016, the Company's Mixed-Use Properties were located in the Washington, District of Columbia metropolitan area and contained an aggregate GLA of approximately 1.5 million square feet, consisting of one million and 0.1 million square feet of office and retail space, respectively, and 515 apartments. Its 601 Pennsylvania Avenue is a nine-story, 227,000 square foot Class A office building (with a small amount of street level retail space) situated in a prime location in downtown Washington, District of Columbia. Washington Square at Old Town is a 236,000 square foot Class A mixed-use office/retail complex and located on a two-acre site along Alexandria's main street, North Washington Street, Old Town Alexandria, Virginia. Avenel Business Park is a 391,000 square foot research park located in the suburban Maryland, I-270 biotech corridor. As of December 31, 2016, the business park consisted of 12 one-story buildings built in six phases. Clarendon Center is a mixed-use Class A commercial and residential project located at the Clarendon Metro station in Arlington County, Virginia, which contains 171,600 square feet of office, 41,700 square feet of retail and 244 apartment units.
The Company's Park Van Ness, a 271-unit residential project with approximately 9,000 square feet of street-level retail, below street-level structured parking, and amenities, including a community room, landscaped courtyards, a fitness room, a wireless fidelity (WiFi) lounge/business center, and a rooftop pool and deck. The structure consists of 11 levels, five of which on the east side are below street level.
Saul Centers Inc
7501 Wisconsin Ave Ste 1500
BETHESDA MD 20814-6522