BETHESDA, Md., Sept. 17, 2019 /PRNewswire/ -- Saul Centers, Inc. (BFS) (the "Company") today announced that it has closed an underwritten public offering of 4,000,000 depositary shares ("Series E Depositary Shares"), each representing a 1/100th fractional interest in a share of its newly designated 6.000% Series E Cumulative Redeemable Preferred Stock, at a price of $25.00 per depositary share. The joint book-running managers for the offering were Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated, B. Riley FBR, Inc. and D.A. Davidson & Co.
Today the Company also called for the redemption of 4,200,000 depositary shares ("Series C Depositary Shares"), each representing a 1/100th fractional interest in a share of its 6.875% Series C Cumulative Redeemable Preferred Stock (the "Depositary Shares", CUSIP: 804395 606; NYSE: BFSPrC). The Series C Depositary Shares will be redeemed for cash on October 17, 2019, at $25.00 per share, plus all accumulated and unpaid distributions to, but not including, the redemption date, for an aggregate redemption price of $25.07638 per Depositary Share.
The redemptions will be made in accordance with The Depositary Trust Company's procedures. The Series C Depositary Shares shall be surrendered for payment of the redemption price to Continental Stock Transfer & Trust Company, the redemption and paying agent. From and after the redemption date, no Series C Depositary Shares will remain outstanding and dividends will cease to accrue on the Depositary Shares, regardless of whether they were surrendered for payment.
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 49 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.3 million square feet of leasable area and (b) four land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.
Statements in this press release that are not strictly historical are "forward-looking" statements.
Forward-looking statements involve known and unknown risks, which may cause the Company's actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of our tenants, the availability of capital, and risks related to our status as a REIT. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's Securities and Exchange Commission ("SEC") filings, including, but not limited to, the Company's Annual Report on Form 10-K. Copies of each filing may be obtained from the Company or the SEC. Such forward-looking statements should be regarded solely as reflections of the Company's current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.
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