ANNUAL PRESENTATION
2021
Portfolio Composition
(measured by Property Operating Income)
- In 2020, over 75% of property operating income was generated by shopping centers
24.1% | Shopping Centers |
75.9% | 2020 - 75.9% / 2010 - 77.2% |
Shopping Centers |
Mixed-Use | Mixed Use |
2020 - 24.1% / 2010 - 22.8% |
- In 2020, approximately 85% of property operating income was generated by properties located in the greater Washington, D.C. / Baltimore area
15.0% | D.C./Baltimore | |
85.0% | D.C./Baltimore | 2020 - 85.0% / 2010 - 85.0% |
Other | Other | |
2020 - 15.0% / 2010 - 15.0% | ||
Annual PresentationAnnual- M yPresentation7, 2021 - May 7, 2021 | 2 |
While overall portfolio size has grown, our property type and geographic focus have remained consistent. Approximately 76% of our 2020 property operating income is generated by shopping centers, compared to 77% ten years earlier.
Comprising the remaining 24% of our portfolio property operating income are mixed-use properties - up from 23% in 2010. Given that our development pipeline is primarily focused on Washington, DC metropolitan area mixed-use properties, we expect an increasing percentage of our total property operating income to be generated by our mixed-use assets in future years.
Annual Presentation - May 7, 2021 | 2 |
Portfolio Growth | |||||||||||||||||
(measured by Property Operating Income) | |||||||||||||||||
$180 | $180 | ||||||||||||||||
(in millions) | $160 | $160 | |||||||||||||||
$140 | $140 | ||||||||||||||||
$120 | $120 | ||||||||||||||||
Income | |||||||||||||||||
$100 | $100 | ||||||||||||||||
Operating | $80 | $80 | |||||||||||||||
$60 | $60 | ||||||||||||||||
Property | $40 | $40 | |||||||||||||||
$20 | $20 | ||||||||||||||||
$0 | $0 | ||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |
Growth Since Inception: | |||||||||||||||||
Operating properties: 29 to 57 | |||||||||||||||||
Leasable area: 5.3 million to 9.8 million square feet | |||||||||||||||||
Property operating income: 5.2% compounded annual growth | |||||||||||||||||
Annual5/10/2021Presentation - May 7, 2021 | 3 |
As a result of the pandemic, property operating income decreased 3.9% in 2020 compared to 2019. On a same property basis, property operating income declined 5.0% at shopping centers, 5.9% at commercial mixed- use properties, 5.3% at residential mixed-use properties, and 5.2% for all properties.
Annual Presentation - May 7, 2021 | 3 |
Mixed Use Development
The Waycroft
Arlington, VA
Annual Presentation - May 7, 2021 | 4 |
In April 2020, the Company delivered The Waycroft, our largest mixed- use development to date. The Waycroft is comprised of 491 apartment units and 60,100 square feet of retail space on North Glebe Road in Arlington, Virginia. The retail space is currently 90% leased. Target became operational in August 2020 and the other small shop retail tenants became operational in late 2020. Additional small shop tenants will continue to open over the course of the coming year.
Annual Presentation - May 7, 2021 | 4 |
The Waycroft | ||||||||||
Arlington, VA | ||||||||||
Leasing Snapshot (as of 4/30/2021) | ||||||||||
Use Type | RSF | Leased SF | Vacant | Leased Pct | ||||||
Residential | 404,709 | 400,588 | 4,121 | 99% | ||||||
Anchor Retail | 41,501 | 41,501 | - | 100% | ||||||
Shop Space Retail | 18,599 | 12,634 | 5,965 | 68% | ||||||
Project Total | 464,809 | 454,688 | 10,086 | 98% | ||||||
Residential Leasing Percentage Since Delivery | 99.0% | |||||||||
100% | 97.6% | |||||||||
89.2% | ||||||||||
82.3% | ||||||||||
80% | 68.8% | 75.8% | ||||||||
60% | 60.7% | |||||||||
48.1% | 52.3% | |||||||||
41.8% | ||||||||||
38.7% | ||||||||||
40% | ||||||||||
24.6% | ||||||||||
20% | 7.5% | 15.1% | ||||||||
0% | Mar-20 | Apr-20 | May-20 | Jun-20 | Jul-20 | Aug-20 | Sep-20Oct-20Nov-20 | Dec-20Jan-21Feb-21Mar-21 | Apr-21 | |
April 2021 percentage reflects April 30, 2021 leasing data | ||||||||||
Annual Presentation - May 7, 2021 | 5/10/2021 | 5 |
Early in 2020, the Rosslyn-Ballston corridor apartment market softened, which required concessions of up to two months during lease up. Nevertheless, we were able to lease an average of 40 units per month and The Waycroft is 99.0% leased as of April 30, 2021. The market has begun to strengthen and our most recent leases have not required concessions.
Annual Presentation - May 7, 2021 | 5 |
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Saul Centers Inc. published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 20:37:00 UTC.