Saul Centers : 2021 Annual Report

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%
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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.

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						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
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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.

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Mixed Use Development

The Waycroft

Arlington, VA

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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.

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					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
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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.

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