Intrinsic value of Saul Centers - BFS

Previous Close

$53.50

  Intrinsic Value

$777.86

stock screener

  Rating & Target

str. buy

+999%

Previous close

$53.50

 
Intrinsic value

$777.86

 
Up/down potential

+999%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as BFS.

We calculate the intrinsic value of BFS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  238
  249
  261
  273
  286
  300
  315
  330
  346
  363
  381
  399
  419
  440
  461
  484
  508
  533
  560
  587
  617
  647
  679
  713
  749
  786
  825
  866
  909
  955
Variable operating expenses, $m
  101
  106
  111
  116
  122
  127
  133
  140
  147
  154
  159
  166
  175
  183
  192
  202
  212
  222
  233
  245
  257
  270
  283
  297
  312
  328
  344
  361
  379
  398
Fixed operating expenses, $m
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
Total operating expenses, $m
  122
  128
  133
  139
  145
  151
  157
  165
  173
  180
  186
  193
  203
  211
  221
  232
  242
  253
  265
  277
  290
  304
  318
  332
  348
  365
  382
  400
  418
  438
Operating income, $m
  115
  121
  127
  134
  141
  149
  157
  165
  174
  183
  195
  206
  216
  228
  240
  253
  266
  280
  295
  310
  326
  343
  361
  380
  400
  421
  443
  466
  491
  516
EBITDA, $m
  264
  277
  291
  305
  321
  337
  354
  371
  390
  410
  431
  452
  475
  500
  525
  552
  580
  609
  640
  673
  707
  743
  781
  821
  863
  907
  953
  1,002
  1,053
  1,106
Interest expense (income), $m
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Earnings before tax, $m
  115
  121
  127
  134
  141
  149
  157
  165
  174
  183
  195
  206
  216
  228
  240
  252
  266
  280
  294
  310
  326
  343
  361
  380
  400
  421
  443
  466
  491
  516
Tax expense, $m
  31
  33
  34
  36
  38
  40
  42
  45
  47
  49
  53
  55
  58
  62
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
  126
  132
  139
Net income, $m
  84
  88
  93
  98
  103
  109
  114
  120
  127
  134
  143
  150
  158
  166
  175
  184
  194
  204
  215
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  377

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -207
  -216
  -227
  -238
  -249
  -261
  -274
  -287
  -301
  -316
  -331
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
  -536
  -563
  -591
  -620
  -651
  -683
  -717
  -753
  -791
  -830
Adjusted assets (=assets-cash), $m
  -207
  -216
  -227
  -238
  -249
  -261
  -274
  -287
  -301
  -316
  -331
  -347
  -364
  -382
  -401
  -421
  -442
  -464
  -487
  -511
  -536
  -563
  -591
  -620
  -651
  -683
  -717
  -753
  -791
  -830
Revenue / Adjusted assets
  -1.150
  -1.153
  -1.150
  -1.147
  -1.149
  -1.149
  -1.150
  -1.150
  -1.150
  -1.149
  -1.151
  -1.150
  -1.151
  -1.152
  -1.150
  -1.150
  -1.149
  -1.149
  -1.150
  -1.149
  -1.151
  -1.149
  -1.149
  -1.150
  -1.151
  -1.151
  -1.151
  -1.150
  -1.149
  -1.151
Average production assets, $m
  1,469
  1,538
  1,611
  1,688
  1,770
  1,855
  1,945
  2,039
  2,138
  2,243
  2,353
  2,468
  2,589
  2,717
  2,851
  2,992
  3,140
  3,295
  3,458
  3,630
  3,810
  3,999
  4,198
  4,407
  4,626
  4,856
  5,098
  5,352
  5,619
  5,899
Working capital, $m
  -1,076
  -1,127
  -1,181
  -1,237
  -1,297
  -1,359
  -1,425
  -1,494
  -1,567
  -1,644
  -1,724
  -1,809
  -1,898
  -1,991
  -2,089
  -2,192
  -2,301
  -2,415
  -2,534
  -2,660
  -2,792
  -2,931
  -3,077
  -3,230
  -3,390
  -3,559
  -3,736
  -3,922
  -4,118
  -4,323
Total debt, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Total liabilities, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Total equity, $m
  -207
  -217
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -349
  -366
  -384
  -403
  -423
  -444
  -465
  -489
  -513
  -538
  -565
  -593
  -623
  -654
  -686
  -720
  -756
  -794
  -833
Total liabilities and equity, $m
  -206
  -216
  -227
  -238
  -249
  -261
  -274
  -287
  -301
  -316
  -331
  -348
  -365
  -382
  -401
  -421
  -442
  -463
  -487
  -511
  -536
  -563
  -591
  -621
  -651
  -683
  -717
  -753
  -791
  -830
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004
  1.004

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  88
  93
  98
  103
  109
  114
  120
  127
  134
  143
  150
  158
  166
  175
  184
  194
  204
  215
  226
  238
  251
  264
  278
  292
  307
  323
  340
  358
  377
Depreciation, amort., depletion, $m
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  235
  247
  259
  272
  285
  299
  314
  330
  346
  363
  381
  400
  420
  441
  463
  486
  510
  535
  562
  590
Funds from operations, $m
  233
  244
  256
  269
  282
  296
  311
  327
  343
  360
  378
  397
  417
  438
  460
  483
  508
  534
  561
  589
  619
  651
  684
  718
  755
  793
  833
  876
  920
  967
Change in working capital, $m
  -48
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
  -205
Cash from operations, $m
  281
  295
  310
  325
  342
  359
  377
  396
  416
  437
  458
  481
  506
  531
  558
  587
  616
  648
  680
  715
  751
  789
  829
  871
  915
  962
  1,011
  1,062
  1,116
  1,172
Maintenance CAPEX, $m
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -272
  -285
  -299
  -314
  -330
  -346
  -363
  -381
  -400
  -420
  -441
  -463
  -486
  -510
  -535
  -562
New CAPEX, $m
  -64
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -172
  -180
  -189
  -199
  -209
  -219
  -230
  -242
  -254
  -267
  -280
Cash from investing activities, $m
  -204
  -216
  -227
  -238
  -250
  -262
  -275
  -288
  -303
  -318
  -334
  -350
  -368
  -386
  -406
  -426
  -447
  -469
  -493
  -518
  -543
  -570
  -599
  -629
  -660
  -693
  -728
  -764
  -802
  -842
Free cash flow, $m
  77
  79
  83
  87
  92
  97
  102
  107
  113
  119
  124
  131
  138
  145
  153
  161
  169
  178
  188
  198
  208
  219
  231
  243
  255
  269
  283
  298
  314
  330
Issuance/(repayment) of debt, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Issuance/(repurchase) of shares, $m
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Cash from financing (excl. dividends), $m  
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Total cash flow (excl. dividends), $m
  68
  69
  73
  76
  80
  85
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  156
  165
  173
  183
  192
  203
  213
  225
  237
  249
  262
  276
  291
Retained Cash Flow (-), $m
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
Prev. year cash balance distribution, $m
  198
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
Cash available for distribution, $m
  275
  79
  83
  87
  92
  97
  102
  107
  113
  119
  124
  131
  138
  145
  153
  161
  169
  178
  188
  198
  208
  219
  231
  243
  256
  269
  283
  298
  314
  330
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  275
  79
  83
  87
  92
  97
  102
  107
  113
  119
  124
  131
  138
  145
  153
  161
  169
  178
  188
  198
  208
  219
  231
  243
  256
  269
  283
  298
  314
  330
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Saul Centers, Inc. operates as a real estate investment trust. The Company's principal business activity is the ownership, management and development of income-producing properties. It operates through two segments: Shopping Centers and Mixed-Use Properties. The Company, which conducts all of its activities through its subsidiaries, the Saul Holdings Limited Partnership (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 in the Washington, District of Columbia/Baltimore metropolitan area. As of December 31, 2016, it properties (the Current 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.

FINANCIAL RATIOS  of  Saul Centers (BFS)

Valuation Ratios
P/E Ratio 25.8
Price to Sales 5.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 282.1%
Total Debt to Equity 282.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 15%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76%
Gross Margin - 3 Yr. Avg. 76.1%
EBITDA Margin 66.8%
EBITDA Margin - 3 Yr. Avg. 68.1%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 25.4%
Pre-Tax Margin 26.3%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 20.7%
Net Profit Margin - 3 Yr. Avg. 21.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 115.6%

BFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BFS stock intrinsic value calculation we used $227 million for the last fiscal year's total revenue generated by Saul Centers. The default revenue input number comes from 2017 income statement of Saul Centers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BFS stock valuation model: a) initial revenue growth rate of 4.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 0%, whose default value for BFS is calculated based on our internal credit rating of Saul Centers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Saul Centers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BFS stock the variable cost ratio is equal to 42.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $21 million in the base year in the intrinsic value calculation for BFS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Saul Centers.

Corporate tax rate of 27% is the nominal tax rate for Saul Centers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BFS stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BFS are equal to 618%.

Life of production assets of 10 years is the average useful life of capital assets used in Saul Centers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BFS is equal to -452.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Saul Centers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 22 million for Saul Centers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Saul Centers at the current share price and the inputted number of shares is $1.2 billion.

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DNKN Dunkin' Br 71.67 17.43  str.sell
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COMPANY NEWS

▶ Saul Centers Declares Quarterly Dividends   [Jun-21-18 04:05PM  PR Newswire]
▶ Saul Centers entering downtown Bethesda fray with Wisconsin Avenue buy   [May-04-18 08:04AM  American City Business Journals]
▶ Saul Centers: 1Q Earnings Snapshot   [May-03-18 07:03PM  Associated Press]
▶ B.F. Saul lands Wegmans for Twinbrook project   [Apr-24-18 01:52PM  American City Business Journals]
▶ The Hunt for HQ2: How a former shopping mall could become Amazon's second home   [Apr-16-18 05:00AM  American City Business Journals]
▶ Saul Centers Declares Quarterly Dividends   [Mar-15-18 04:30PM  PR Newswire]
▶ Saul Centers reports 4Q results   [Feb-28-18 05:03AM  Associated Press]
▶ Saul Centers, Inc. Reports Fourth Quarter 2017 Earnings   [Feb-27-18 04:43PM  PR Newswire]
▶ Saul Centers Declares Quarterly Dividends   [Dec-08-17 04:14PM  PR Newswire]
▶ Saul Centers reports 3Q results   [Nov-02-17 06:27PM  Associated Press]
▶ Saul Centers Declares Quarterly Dividends   [Sep-25-17 04:05PM  PR Newswire]
▶ Is There Now An Opportunity In Saul Centers Inc (BFS)?   [Sep-22-17 06:31PM  Simply Wall St.]
▶ Saul Centers Declares Quarterly Dividends   [Sep-21-17 04:05PM  PR Newswire]
▶ 3 REITs That Are Priced For Perfection   [Sep-19-17 08:20AM  Forbes]
▶ Saul lands $157M loan to partially finance massive Ballston project   [Aug-30-17 06:35PM  American City Business Journals]
▶ Saul Centers reports 2Q results   [Aug-05-17 01:10AM  Associated Press]
▶ Saul Centers reports 2Q results   [Aug-04-17 05:03AM  Associated Press]
▶ Saul Centers, Inc. Reports Second Quarter 2017 Earnings   [Aug-03-17 04:51PM  PR Newswire]
▶ Saul Centers Declares Quarterly Dividends   [Jun-22-17 04:50PM  PR Newswire]
▶ Small-format Target is coming to Ballston   [May-16-17 02:35PM  American City Business Journals]
▶ Saul Centers reports 1Q results   [May-05-17 05:02AM  Associated Press]
▶ Saul Centers, Inc. Reports First Quarter 2017 Earnings   [May-04-17 04:15PM  PR Newswire]
▶ Heres where these D.C.-area billionaires rank on Forbes 2017 list   [Mar-21-17 03:20PM  at bizjournals.com]
▶ Heres where these D.C.-area billionaires rank on Forbes 2017 list   [03:20PM  American City Business Journals]
▶ Saul Centers Declares Quarterly Dividends   [Mar-17-17 04:05PM  PR Newswire]
▶ Saul Centers reports 4Q results   [Mar-07-17 06:02PM  Associated Press]
▶ How Weis Markets, Inc. (WMK) Stacks Up Against Its Peers   [Dec-12-16 10:29PM  at Insider Monkey]
▶ Saul Centers Declares Quarterly Dividends   [Dec-09-16 04:05PM  PR Newswire]
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