SAUL CENTERS, INC.

Listed Company

BFS-PECIK 0000907254NYSEAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$289.84M

Net Income

$37.51M

Total Assets

$2.16B

Equity

$307.82M

Shares Out

24.50M

Op. Cash Flow

$99.80M

Business

Saul Centers, Inc. is a REIT that acquires, develops, owns and manages retail and mixed‑use real estate with a focus on grocery‑anchored shopping centers and transit‑oriented residential mixed‑use projects. It offers shopping centers and mixed‑use properties combining retail, office and multifamily residential uses, and provides development, redevelopment, leasing, property management and renovation services. Operations are conducted through an Operating Partnership, subsidiaries and limited partnerships and are organized into Shopping Centers, Mixed‑Use Properties and development properties. The Company primarily markets and leases space in the Washington, DC/Baltimore metropolitan area to national and local retailers, office tenants and residential renters.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue	284	261	249	241	235
Other	5	8	8	5	5
Total revenue	290	269	257	246	239
Property operating expenses	52	42	37	36	33
Real estate taxes	32	30	30	29	29
Interest expense, net and amortization of deferred debt costs	71	54	49	44	45
Depreciation and amortization of deferred leasing costs	59	51	48	49	50
General and administrative	27	25	23	22	20
Total expenses	241	201	188	180	178
Gains on dispositions of properties	120,000	181,000	0	0	0
Net income	49	68	69	65	62
Income attributable to noncontrolling interests	−12	−17	−16	−15	−13
Net income attributable to Saul Centers, Inc.	38	51	53	50	48
Preferred stock dividends	−11	−11	−11	−11	−11
Net income available to common stockholders	26	39	41	39	37
Basic (in usd per share)	1.09	1.64	1.73	1.63	1.57
Diluted (in usd per share)	1.09	1.63	1.73	1.63	1.57

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	596	562	512	512	512
Buildings and equipment	2,162	1,904	1,595	1,574	1,567
Construction in progress	110	326	515	322	206
Total	2,868	2,792	2,621	2,408	2,284
Accumulated depreciation	−812	−768	−729	−688	−650
Total real estate investments, net	2,056	2,024	1,892	1,720	1,634
Cash and cash equivalents	9	10	8	13	15
Accounts receivable and accrued income, net	61	51	56	56	—
Deferred leasing costs, net	26	26	24	22	24
Other assets	12	15	14	22	15
Total assets	2,163	2,126	1,994	1,833	1,747
Mortgage notes payable, net	1,064	1,048	935	962	941
Term loan facility payable, net	145	186	100	99	99
Term loan facility payable, net	139	100	275	162	103
Construction loans payable, net	255	199	77	0	0
Accounts payable, accrued expenses and other liabilities	37	46	57	43	26
Deferred income	23	23	23	23	25
Dividends and distributions payable	24	23	23	22	22
Total liabilities	1,685	1,625	1,490	1,312	1,216
Common stock, $0.01 par value, 50,000,000 shares authorized, 24,551,168 and 24,302,576 shares issued and outstanding, respectively	245,000	243,000	241,000	240,000	238,000
Additional paid-in capital	459	454	450	446	437
Distributions in excess of accumulated earnings	−338	−307	−289	−274	−256
Accumulated other comprehensive income	1	3	2	3	0
Total Saul Centers, Inc. equity	308	336	348	400	405
Noncontrolling interests	169	165	156	121	125
Total equity	477	501	504	522	530
Total liabilities and equity	2,163	2,126	1,994	1,833	1,747
Common stock, shares authorized (in shares)	50	50	40	40	40

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred debt costs	3	2	2	2	2
Non-cash compensation costs of stock and option grants	2	2	1	2	2
Credit losses on operating lease receivables, net	2	859,000	534,000	−88,000	812,000
(Increase) decrease in accounts receivable and accrued income	−12	4	−243,000	2	5
Additions to deferred leasing costs	−4	−6	−6	−3	−2
Decrease in other assets	474,000	742,000	453,000	5	−3
Increase (decrease) in accounts payable, accrued expenses and other liabilities	474,000	−691,000	2	524,000	−285,000
Increase (decrease) in deferred income	−193,000	285,000	−421,000	−2	2
Net cash provided by operating activities	100	121	118	121	118
Acquisition of real estate investments	−31,000	0	0	—	—
Additions to real estate investments	−43	−37	−26	−16	−21
Additions to development and redevelopment projects	−53	−152	−177	−101	−26
Proceeds from dispositions of properties	120,000	181,000	0	0	—
Net cash used in investing activities	−96	−189	−204	−117	−56
Proceeds from mortgage notes payable	61	220	15	200	0
Repayments on mortgage notes payable	−46	−106	−42	−174	−43
Proceeds from term loan facility	40	0	0	155	25
Proceeds from revolving credit facility	120	123	160	0	46
Repayments on revolving credit facility	−158	−212	−48	−97	−45
Proceeds from construction loans payable	56	121	83	0	11
Additions to deferred debt costs	−7	−3	−404,000	−10	−6
Common stock	3	2	2	8	14
Partnership units	19	16	2	—	—
Common stockholders	−57	−57	−57	−56	−51
Noncontrolling interests	−25	−24	−22	—	—
Net cash provided by (used in) financing activities	−6	69	81	−6	−75
Net increase (decrease) in cash and cash equivalents	−2	2	−5	−1	−12
Cash paid for interest	68	52	46	41	45
Accrued capital expenditures included in accounts payable, accrued expenses, and other liabilities	11	21	31	—	—

Filings

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