Saul Centers, Inc. Financial Ratios — BFS-PD Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	2.42	2.78	2.57	3.81	3.31	3.43	3.49	3.43	3.29	2.47	2.85	2.8	2.75	2.46	1.75
Return on Capital (%)	8.01	8.32	8.22	9.07	8.29	8.39	8.39	7.9	7.3	6.62	6.69	6.28	6.2	5.64	5.86
Return on Invested Capital (%)	7.64	7.83	7.57	8.53	8.14	8.14	8.21	7.67	7.14	6.2	6.58	6.43	6.5	6.18	5.82
Gross Margin (%)	75.18	75.74	76.26	76.42	75.98	75.94	75.83	75.54	74.98	74.06	74.24	73.76	73.9	73.2	70.85
EBITDA Margin (%)	65.96	67.66	68.22	67.9	67.72	67.22	67.8	67.42	66	42.87	44.76	44.73	45.95	45.09	41.28
Operating Margin (%)	45.6	46.52	43.39	48.01	47.02	46.75	47.61	47.23	45.98	42.87	44.76	44.73	45.95	45.09	41.28
Incremental Operating Margin (%)	4.72	56.38	-32.83	147.26	-55.62	39.6	67.75	-45.87	-19.86	156.84	75.02	43.77	72.28	26.11	-7.48
Pretax Margin (%)	17.45	18.6	17.61	28	25.32	26.14	26.81	27.75	27.73	22.34	25.77	26.6	26.84	25.18	16.98
Profit Margin (%)	15.37	17.56	15.6	22.67	20.31	20.86	21.32	22.25	22.34	17.93	20.23	20.42	20.49	18.84	12.94
Net Income to Common Margin (%)	6.67	9.59	8.53	16.22	14.39	15.16	15.86	16.85	17.06	12.96	15.55	15.86	16.13	14.68	9.08
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	144.18	105.7	119.95	58.3	69.87	70.76	73.43	73.37	75.62	100.67	79.98	80.01	76.48	77.34	114.91
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	832	828	820	857	867	900	959	1,022	1,091	1,151	1,144	1,223	1,387	1,533	1,602
ST Debt	8	38	- -	43	27	48	61	45	86	104	103	162	275	186	145
LT Debt	824	790	820	814	840	852	898	977	1,005	1,047	1,041	1,061	1,112	1,346	1,457
Total Debt/EBITDA	7.25	6.44	6.07	6.1	6.12	6.17	6.25	6.67	7.14	11.92	10.68	11.12	11.74	12.64	13.39
Net Debt/EBITDA	7.15	6.34	5.95	6.01	6.05	6.11	6.18	6.58	7.05	11.64	10.55	11	11.67	12.56	13.31
Total Debt/EBIT	10.49	9.36	9.55	8.62	8.81	8.87	8.9	9.52	10.25	11.92	10.68	11.12	11.74	12.64	13.39
Net Debt/EBIT	10.34	9.22	9.35	8.5	8.71	8.79	8.8	9.39	10.12	11.64	10.55	11	11.67	12.56	13.31
EBITDA to Interest Expense	2.62	2.68	2.98	3.15	3.24	3.29	3.35	3.53	3.77	2.14	2.45	2.62	2.5	2.35	1.77
EBITDA-CapEx/Interest Expense	-1.53	2.68	2.56	3.15	3.24	3.29	3.35	3.53	3.77	2.14	2.45	2.62	2.5	2.35	1.77
EBIT to Interest Expense	1.81	1.84	1.89	2.22	2.25	2.29	2.35	2.47	2.62	2.14	2.45	2.62	2.5	2.35	1.77
Interest Expense	44	48	45	45	44	44	46	43	41	45	44	42	47	52	68
Common Equity/Total Assets	-12.11	-12.81	-14.38	-13.7	-13.89	-14.03	-13.88	-13.64	-13.65	-14.66	-14.67	-14.91	-14.47	-14.4	-15.6
Long-Term Debt/Equity (%)	280.99	257.01	260.23	240.05	237.42	228.29	228.41	229.65	226.64	244.89	196.18	203.33	220.5	268.62	305.31
Long-Term Debt/Capital (%)	90.52	88.53	94.68	89.44	91.58	90.01	89.8	91.88	89.43	90.43	86.86	84.48	77.27	85.38	90.01
Long-Term Debt/Total Assets (%)	69.08	65.42	68.41	64.28	64.83	63.44	63.12	63.93	62.09	63.63	59.58	57.87	55.78	63.31	67.38
Total Debt/Equity (%)	283.72	269.38	260.23	252.73	244.96	241.2	243.86	240.31	246.12	269.2	215.62	234.36	274.96	305.84	335.63
Total Debt/Capital (%)	91.4	92.79	94.68	94.16	94.49	95.1	95.88	96.15	97.11	99.4	95.47	97.37	96.36	97.2	98.95
Total Debt/Total Assets (%)	69.75	68.56	68.41	67.67	66.89	67.03	67.39	66.9	67.43	69.94	65.48	66.7	69.55	72.08	74.07
Net Debt to Equity	279.51	265.43	254.75	249.15	242.14	238.97	241.09	236.88	242.98	262.92	212.87	231.82	273.3	303.78	333.8
Net Debt/Capital (%)	91.29	92.69	94.57	94.08	94.43	95.06	95.83	96.09	97.08	99.39	95.42	97.34	96.33	97.19	98.95
EBITDA	115	129	135	141	142	146	153	153	153	97	107	110	118	121	120
EBITDA-CapEx	-67	129	116	141	142	146	153	153	153	97	107	110	118	121	120
Operating Income (Loss)	79	88	86	99	98	101	108	107	106	97	107	110	118	121	120

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.28	0.15	0.52	0.15	0.14	0.1	0.11	0.15	0.1	0.18	0.1	0.06	0.02	0.04	0.04
Current Ratio	1.25	0.73	1.96	0.78	0.94	0.76	0.69	0.76	0.51	0.62	0.49	0.31	0.18	0.24	0.34
Quick Ratio	1.16	0.68	1.84	0.73	0.88	0.7	0.63	0.71	0.47	0.62	0.49	0.31	0.18	0.24	0.34
CFO/Avg Current Liab	1.04	1.27	1.31	1.52	1.18	1.14	1.09	1.11	0.97	0.54	0.79	0.64	0.4	0.4	0.43
Common Equity/Total Assets	-12.11	-12.81	-14.38	-13.7	-13.89	-14.03	-13.88	-13.64	-13.65	-14.66	-14.67	-14.91	-14.47	-14.4	-15.6
Long-Term Debt/Equity (%)	280.99	257.01	260.23	240.05	237.42	228.29	228.41	229.65	226.64	244.89	196.18	203.33	220.5	268.62	305.31
Long-Term Debt/Capital (%)	90.52	88.53	94.68	89.44	91.58	90.01	89.8	91.88	89.43	90.43	86.86	84.48	77.27	85.38	90.01
Long-Term Debt/Total Assets (%)	69.08	65.42	68.41	64.28	64.83	63.44	63.12	63.93	62.09	63.63	59.58	57.87	55.78	63.31	67.38
Total Debt/Equity (%)	283.72	269.38	260.23	252.73	244.96	241.2	243.86	240.31	246.12	269.2	215.62	234.36	274.96	305.84	335.63
Total Debt/Capital (%)	91.4	92.79	94.68	94.16	94.49	95.1	95.88	96.15	97.11	99.4	95.47	97.37	96.36	97.2	98.95
Total Debt/Total Assets (%)	69.75	68.56	68.41	67.67	66.89	67.03	67.39	66.9	67.43	69.94	65.48	66.7	69.55	72.08	74.07
CFO/Total Liabilities	6.19	8.71	8.32	9.33	9.44	9.19	10.05	10.01	9.82	6.43	9.74	9.24	7.9	7.46	5.92
CFO/CapEx	0.31	- -	3.84	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.21	0.2	0.23	0.21	0.21	0.2	0.19	0.17	0.12	0.08	0.08	0.02	-0.05	- -	0.02

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	4.61	4.72	4.64	4.57	4.27	4.18	4.24	4.21	4.36	3.84	3.87	4.28	4.58	5.03	5.19
Days Sales Outstanding	79.26	77.28	78.65	79.9	85.42	87.33	86.15	86.69	83.7	95	94.27	85.35	79.72	72.62	70.36
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	1.85	1.83	1.97	2.24	1.96	2.15	2.49	2	1.71	1.96	2.47	1.88	1.34	1.4	2.04
Accounts Payable Turnover Days	196.82	199.54	184.83	163.23	186.12	169.63	146.71	182.38	213.01	186.14	147.89	193.85	271.82	261.32	178.83
Cash Conversion Cycle	-117.57	-122.26	-106.18	-83.33	-100.7	-82.3	-60.55	-95.69	-129.31	-91.15	-53.62	-108.5	-192.1	-188.7	-108.46
Inventory to Cash Days	79.26	77.28	78.65	79.9	85.42	87.33	86.15	86.69	83.7	95	94.27	85.35	79.72	72.62	70.36
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	12	12	17	12	10	8	11	15	14	27	15	13	8	10	9
+ Preferred Equity and Hybrid Capital	179	179	180	180	180	180	180	180	185	185	185	185	185	185	185
+ Minority/Non Controlling Interest	43	40	38	47	50	55	59	69	68	63	125	121	156	165	169
+ Total Debt	832	828	820	857	867	900	959	1,022	1,091	1,151	1,144	1,223	1,387	1,533	1,602
Enterprise Value	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947
Total Capital	910	892	866	911	917	947	1,000	1,063	1,124	1,158	1,198	1,256	1,439	1,577	1,619
Total Debt/Capital (%)	91.4	92.79	94.68	94.16	94.49	95.1	95.88	96.15	97.11	99.4	95.47	97.37	96.36	97.2	98.95
Total Debt / EV	0.8	0.8	0.8	0.8	0.8	0.8	0.81	0.81	0.82	0.84	0.79	0.81	0.81	0.82	0.82
EV/Sales	5.99	5.44	5.16	5.18	5.2	5.19	5.24	5.53	5.75	6.09	6.02	6.17	6.69	6.97	6.72
EV/EBITDA	9.09	8.04	7.56	7.62	7.68	7.72	7.73	8.2	8.71	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBIT	13.14	11.7	11.89	10.78	11.06	11.11	11.01	11.71	12.5	14.21	13.45	13.78	14.55	15.45	16.28
EV/Cash Flow to Firm	10.48	8.19	8.59	8.17	8.2	8.44	7.95	8.17	8.53	11.12	8.88	9.29	10.43	10.84	11.62
EV/Free Cash Flow to Firm	3.71	8.19	7.4	8.17	8.2	8.44	7.95	8.17	8.53	11.12	8.88	9.29	10.43	10.84	11.62
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	174	190	198	207	209	217	226	227	232	225	239	246	257	269	290
TTM EBITDA	115	129	135	141	142	146	153	153	153	97	107	110	118	121	120
TTM Operating Income	79	88	86	99	98	101	108	107	106	97	107	110	118	121	120
TTM Cash Flow to Firm	99	126	119	131	133	133	149	154	156	123	162	163	165	173	168
TTM Free Cash Flow to Firm	281	126	138	131	133	133	149	154	156	123	162	163	165	173	168

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	13.14	11.7	11.89	10.78	11.06	11.11	11.01	11.71	12.5	14.21	13.45	13.78	14.55	15.45	16.28
Enterprise Value	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947
Low Price	- -	- -	- -	- -	- -	- -	- -	20.67	20.62	12.35	24	19	19.01	19.87	19.3
EV/Sales	5.99	5.44	5.16	5.18	5.2	5.19	5.24	5.53	5.75	6.09	6.02	6.17	6.69	6.97	6.72
EV/EBITDA	9.09	8.04	7.56	7.62	7.68	7.72	7.73	8.2	8.71	14.21	13.45	13.78	14.55	15.45	16.28
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	5.99	5.44	5.16	5.18	5.2	5.19	5.24	5.53	5.75	6.09	6.02	6.17	6.69	6.97	6.72
EV/Sales High	5.99	5.44	5.16	5.18	5.2	5.19	5.24	5.53	5.75	6.09	6.02	6.17	6.69	6.97	6.72
EV/Sales Low	5.99	5.44	5.16	5.18	5.2	5.19	5.24	5.53	5.75	6.09	6.02	6.17	6.69	6.97	6.72
EV/EBITDA Average	9.09	8.04	7.56	7.62	7.68	7.72	7.73	8.2	8.71	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBITDA High	9.09	8.04	7.56	7.62	7.68	7.72	7.73	8.2	8.71	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBITDA Low	9.09	8.04	7.56	7.62	7.68	7.72	7.73	8.2	8.71	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBIT Average	13.14	11.7	11.89	10.78	11.06	11.11	11.01	11.71	12.5	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBIT High	13.14	11.7	11.89	10.78	11.06	11.11	11.01	11.71	12.5	14.21	13.45	13.78	14.55	15.45	16.28
EV/EBIT Low	13.14	11.7	11.89	10.78	11.06	11.11	11.01	11.71	12.5	14.21	13.45	13.78	14.55	15.45	16.28
Last Price	- -	- -	- -	- -	- -	- -	- -	20.89	26.5	24.25	26	20.9	23.5	21.36	20.81
High Price	- -	- -	- -	- -	- -	- -	- -	24.97	27.42	26.5	28.18	26.83	23.94	23.95	23.1
Enterprise Value Average	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947
Enterprise Value High	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947
Enterprise Value Low	1,042	1,035	1,021	1,072	1,087	1,127	1,186	1,257	1,331	1,372	1,440	1,516	1,720	1,873	1,947

Shares Outstanding	19	20	21	21	21	22	22	23	23	23	24	24	24	24	25
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Saul Centers, Inc.

Profitability (USD)

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