Saul Centers, Inc.

Saul Centers, Inc.

BFS
Saul Centers, Inc.US flagNew York Stock Exchange
35.30
USD
-0.23
- -
865.86MMarket Cap
Saul Centers, Inc.
BFS
(New York Stock Exchange)

Recent

price

35.30

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
8.93
9.21
9.67
9.72
9.97
9.9
10.09
10.33
10.15
10.06
9.64
10.11
10.26
10.69
11.17
12
12.16
Revenue per Share
1.18
0.61
0.93
0.83
1.62
1.42
1.53
1.64
1.71
1.72
1.25
1.57
1.63
1.73
1.64
1.09
1.05
Basic EPS, GAAP
-2.48
-6.67
3.99
2.67
4.17
4.21
4.14
4.72
4.93
5.01
3.36
5.01
5.06
4.89
5.04
4.13
4.05
Free Cash Flow per Basic Share
2.26
2.23
2.2
2.15
2.21
2.27
2.41
2.6
2.62
2.65
2.59
2.63
2.78
2.82
2.83
2.83
2.81
Dividend per Share
-7.05
-7.65
-7.87
-8.46
-8.36
-8.51
-8.76
-9.02
-9.31
-9.6
-10.33
-10.83
-11.41
-12
-12.73
-13.98
-14.19
Book Value per Share
3.31
6.03
6.51
6.64
7.67
8.22
8.99
9.73
10.96
11.23
10.38
14.61
14.05
13.28
13.14
12.1
11.84
Tangible Book Value per Share
18
19
20
20
21
21
22
22
22
23
23
24
24
24
24
24
24
Basic Weighted Avg Shares
163
174
190
198
207
209
217
226
227
232
225
239
246
257
269
290
296
Sales/Revenue/Turnover
48.3
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
41.1
Operating Margin (%)
28
35
40
49
41
43
44
46
46
46
51
50
49
48
51
59
60
Depreciation Expense
37
27
33
31
47
42
45
48
51
52
40
48
50
53
51
38
37
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
22.54
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
12.43
Profit Margin (%)
8
11
-21
32
-18
-4
-21
-32
-23
-69
-56
-77
-158
-290
-195
-136
-133
Working Capital
711
824
790
820
814
840
852
898
977
1,005
1,047
1,041
1,061
1,112
1,346
1,457
1,460
LT Debt
240
293
307
315
339
354
373
393
425
443
428
530
522
504
501
477
473
Total Equity
8.69
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
5.93
Return on Invested Capital (%)
8.75
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
6
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
185
145
138
LT Borrowings
1,403
1,457
1,460
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
185
185
185
Shares Outstanding
24
25
25
Market Capitalization
770
767
794

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
71
70
71
Cash, Cash Equivalents & STI
12
9
9
Accounts Receivable, Net
59
61
61
Inventories
- -
- -
- -
Total Current Liabilities
256
205
204
Payables & Accruals
71
61
66
ST Debt
185
145
138
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.34%
2.74%
-4.76%
Free Cash Flow
3.14%
7.17%
-17.68%
Net Income, GAAP
-0.29%
-0.26%
-25.94%
Sales/Revenue/Turnover
3.36%
5.19%
7.81%
Total Cash Common Dividend
4.92%
3.01%
0.44%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
67
67
67
68
269
2025
72
71
72
75
290
2026
78
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.45
0.48
0.48
0.22
1.64
2025
0.29
0.33
0.32
0.15
1.09
2026
0.26
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.71
0.7
0.7
0.71
2.83
2025
0.71
0.71
0.71
0.69
2.83
2026
0.7
- -
- -
- -
- -
Business
Saul Centers, Inc. is a self-managed, self-administered equity real estate investment trust (REIT) headquartered in Bethesda, Maryland, founded in 1993. The company operates and manages a real estate portfolio primarily consisting of community and neighborhood shopping centers; office properties; and mixed-use properties, totaling approximately 9.3 to 10.2 million square feet of leasable area across about 60 to 62 properties. The portfolio includes around 50 shopping centers and multiple mixed-use developments primarily located in the metropolitan Washington, D.C. and Baltimore areas, which generate approximately 85% of the company's property operating income. Saul Centers serves retail tenants including grocery stores, discount department stores, and drug stores, focusing on properties servicing day-to-day necessities and services. The company’s business segments include shopping centers and mixed-use properties. Recent major developments include the delivery of Twinbrook Quarter Phase 1 in Rockville, Maryland, in October 2024, featuring 452 apartment units, an 80,000 square foot Wegmans supermarket, and 25,000 square feet of ancillary retail space located adjacent to the Twinbrook Metro Station. This development represents a significant expansion in their mixed-use portfolio. As of early 2025, residential leasing at Twinbrook Quarter has been progressing with occupancy advancing steadily. Additionally, Saul Centers has ongoing investments in other significant projects such as Hampden House in Bethesda, Maryland. The company also continues to focus on internal growth, property renovations, expansions, and selective acquisition of operating properties to supplement its portfolio. In 2024, Saul Centers established a 2024 Stock Incentive Plan to incentivize employee performance and align interests with shareholders. The company reported mixed financial results in recent quarters with revenue and operating income growth driven by both shopping centers and mixed-use properties despite some net income fluctuations. Institutional investors including Goldman Sachs and Nuveen have recently increased stakes in the company, signaling market interest. Overall, Saul Centers operates as a regionally focused retail and commercial real estate firm with a core emphasis on community-centric shopping centers and mixed-use developments serving the Washington-Baltimore metropolitan market, employing strategic expansions and developments to support long-term growth.

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