$BFS
SAUL CENTERS, INC.

2024 Q2 Form 10-Q Financial Statement

#000090725424000042 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $66.94M $66.69M
YoY Change 5.08% 5.78%
Cost Of Revenue $17.26M $18.17M
YoY Change 4.95% 11.6%
Gross Profit $49.68M $48.52M
YoY Change 5.12% 3.75%
Gross Profit Margin 74.21% 72.76%
Selling, General & Admin $6.102M $5.784M
YoY Change 7.47% 9.79%
% of Gross Profit 12.28% 11.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.00M $12.03M
YoY Change -0.93% 0.1%
% of Gross Profit 24.16% 24.79%
Operating Expenses $18.28M $18.16M
YoY Change 2.32% 5.62%
Operating Profit $31.40M $30.37M
YoY Change 6.82% 2.67%
Interest Expense $12.31M $12.48M
YoY Change -0.44% 4.61%
% of Operating Profit 39.18% 41.09%
Other Income/Expense, Net
YoY Change
Pretax Income $19.49M $18.26M
YoY Change 13.39% 3.4%
Income Tax
% Of Pretax Income
Net Earnings $14.45M $13.63M
YoY Change 9.77% 0.95%
Net Earnings / Revenue 21.58% 20.44%
Basic Earnings Per Share $0.48 $0.45
Diluted Earnings Per Share $0.48 $0.45
COMMON SHARES
Basic Shares Outstanding 23.98M shares 23.98M shares
Diluted Shares Outstanding 24.12M shares 24.10M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.863M $7.079M
YoY Change -40.18% -40.07%
Cash & Equivalents $6.863M $7.079M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $53.33M $53.81M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.19M $60.89M
YoY Change -5.09% -5.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.975B $1.932B
YoY Change 9.26% 9.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $25.83M $23.93M
YoY Change 13.31% 4.71%
Total Long-Term Assets $2.011B $1.969B
YoY Change 9.12% 9.19%
TOTAL ASSETS
Total Short-Term Assets $60.19M $60.89M
Total Long-Term Assets $2.011B $1.969B
Total Assets $2.072B $2.030B
YoY Change 8.65% 8.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.12M $60.59M
YoY Change 36.65% 14.99%
Accrued Expenses $2.200M $2.400M
YoY Change -24.14% -22.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $95.56M $86.12M
YoY Change 24.61% 10.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.443B $1.409B
YoY Change 11.47% 12.61%
Other Long-Term Liabilities $20.42M $21.61M
YoY Change -6.5% -5.92%
Total Long-Term Liabilities $1.463B $1.430B
YoY Change 11.17% 12.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.56M $86.12M
Total Long-Term Liabilities $1.463B $1.430B
Total Liabilities $1.559B $1.516B
YoY Change 11.91% 12.14%
SHAREHOLDERS EQUITY
Retained Earnings -$294.9M -$292.2M
YoY Change 4.99% 5.48%
Common Stock $241.0K $241.0K
YoY Change 0.42% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $345.7M $347.1M
YoY Change
Total Liabilities & Shareholders Equity $2.072B $2.030B
YoY Change 8.65% 8.69%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $14.45M $13.63M
YoY Change 9.77% 0.95%
Depreciation, Depletion And Amortization $12.00M $12.03M
YoY Change -0.93% 0.1%
Cash From Operating Activities $32.13M $33.83M
YoY Change -1.42% -6.29%
INVESTING ACTIVITIES
Capital Expenditures $44.81M $45.57M
YoY Change -20.29% 5.59%
Acquisitions
YoY Change
Other Investing Activities $181.0K
YoY Change
Cash From Investing Activities -$44.63M -$45.57M
YoY Change -20.61% 5.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.28M $10.41M
YoY Change -47.25% 86.25%
NET CHANGE
Cash From Operating Activities 32.13M $33.83M
Cash From Investing Activities -44.63M -$45.57M
Cash From Financing Activities 12.28M $10.41M
Net Change In Cash -216.0K -$1.328M
YoY Change -36.28% -9.48%
FREE CASH FLOW
Cash From Operating Activities $32.13M $33.83M
Capital Expenditures $44.81M $45.57M
Free Cash Flow -$12.68M -$11.74M
YoY Change -46.33% 66.35%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q1 us-gaap Income Loss Attributable To Noncontrolling Interest
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CY2024Q1 bfs Minimum Percentage Of Taxable Income Distribution To Shareholders
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CY2024Q1 us-gaap Number Of Stores
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CY2024Q1 us-gaap Use Of Estimates
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The most significant estimates and assumptions relate to collectability of operating lease receivables and impairment of real estate properties. Actual results could differ from those estimates.</span></div>
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:5pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the prior year financial statements to conform to the presentation used as of and for the three months ended March 31, 2024.</span></div>
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CY2022Q3 bfs Number Of Interest Rate Swaps
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CY2023Q4 us-gaap Real Estate Gross At Carrying Value
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1520000000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments Remainder Of Fiscal Year
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75457000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments In Year One
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326086000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndBalloonPaymentsInYearTwo
163051000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndBalloonPaymentsInYearThree
126589000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndBalloonPaymentsInYearFour
44770000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAndBalloonPaymentsInYearFive
52627000 usd
CY2024Q1 bfs Long Term Debt Maturities Repayments Of Principal And Balloon Payments After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAndBalloonPaymentsAfterYearFive
638711000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1427291000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18641000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
1408650000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18600000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
19300000 usd
CY2024Q1 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
11300000 usd
CY2023Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
10600000 usd
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
18084000 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
15513000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
564000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
559000 usd
CY2024Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
6168000 usd
CY2023Q1 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
4142000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
12480000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
11930000 usd
CY2024Q1 us-gaap Interest Income Operating
InterestIncomeOperating
32000 usd
CY2023Q1 us-gaap Interest Income Operating
InterestIncomeOperating
109000 usd
CY2024Q1 bfs Noncash Interest Expense Accretion And Amortization Of Deferred Finance Fees
NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees
12448000 usd
CY2023Q1 bfs Noncash Interest Expense Accretion And Amortization Of Deferred Finance Fees
NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees
11821000 usd
CY2024Q1 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
4600000 usd
CY2023Q1 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
4200000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24094000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24026000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24097000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24026000 shares
CY2024Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.06
CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
118000 usd
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
111800 usd
CY2024Q1 bfs Deferred Compensation Arrangement With Individual Contributions By Plan Participants Percentage Of Salary Maximum
DeferredCompensationArrangementWithIndividualContributionsByPlanParticipantsPercentageOfSalaryMaximum
0.02
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
49300 usd
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
63000 usd
CY2024Q1 bfs Deferred Compensation Arrangement With Individual Employer Contribution Percentage Deferred Compensation
DeferredCompensationArrangementWithIndividualEmployerContributionPercentageDeferredCompensation
3
CY2023Q1 bfs Deferred Compensation Arrangement With Individual Employer Contribution Percentage Deferred Compensation
DeferredCompensationArrangementWithIndividualEmployerContributionPercentageDeferredCompensation
3
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Recorded Liability
DeferredCompensationArrangementWithIndividualRecordedLiability
3200000 usd
CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Recorded Liability
DeferredCompensationArrangementWithIndividualRecordedLiability
3300000 usd
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
1991 shares
CY2023Q2 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
117382 shares
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1700000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1820000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.41
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1197380 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2024Q1 bfs Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodIntrinsicValue
0 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
240625 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
52.41
CY2024Q1 bfs Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodIntrinsicValue
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1579375 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48.95
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1008150 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
997375 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
52.15
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
141000 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2023Q3 us-gaap Share Price
SharePrice
38.49
CY2023Q3 bfs Share Based Compensation Arrangement By Share Based Payment Award Options Grants Since Inception
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsSinceInception
1400000 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M18D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y10M24D
CY2024Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
947800000 usd
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
957900000 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
1150000000 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
1130000000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2411000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-1618000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-608000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-396000 usd
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Revenues
Revenues
66692000 usd
CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
18168000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
48524000 usd
CY2024Q1 bfs Noncash Interest Expense Accretion And Amortization Of Deferred Finance Fees
NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees
12448000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12029000 usd
CY2024Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5784000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
18263000 usd
CY2024Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
45569000 usd
CY2024Q1 us-gaap Assets
Assets
2030306000 usd
CY2023Q1 us-gaap Revenues
Revenues
63049000 usd
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
16280000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
46769000 usd
CY2023Q1 bfs Noncash Interest Expense Accretion And Amortization Of Deferred Finance Fees
NoncashInterestExpenseAccretionAndAmortizationOfDeferredFinanceFees
11821000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12017000 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5268000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
17663000 usd
CY2023Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43156000 usd
CY2023Q1 us-gaap Assets
Assets
1868005000 usd

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