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Saul Centers, Inc.

BFS

Saul Centers, Inc. • NYSE
$31.10 ▼ -0.10% (-0.03)
Market Cap $759.22 M
52w High $41.28
52w Low $29.16
Dividend Yield 2.36%
P/E 27.28
Volume 39.04K
Outstanding Shares 24.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $72.004M ▲ $6.658M ▼ $10.489M ▼ 14.567% ▼ $0.43 ▲ $41.661M ▼
Q2-2025 $70.834M ▼ $20.513M ▼ $10.72M ▲ 15.134% ▲ $0.33 ▲ $44.508M ▲
Q1-2025 $71.856M ▲ $20.535M ▼ $9.799M ▲ 13.637% ▲ $0.29 ▲ $43.537M ▲
Q4-2024 $67.924M ▲ $21.901M ▼ $8.09M ▼ 11.91% ▼ $0.22 ▼ $41.526M ▼
Q3-2024 $67.288M $29.965M $14.481M 21.521% $0.6 $43.343M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.788M ▲ $2.168B ▲ $1.682B ▲ $316.626M ▼
Q2-2025 $5.303M ▼ $2.14B ▲ $1.651B ▲ $322.378M ▼
Q1-2025 $6.492M ▼ $2.131B ▲ $1.64B ▲ $328.367M ▼
Q4-2024 $10.299M ▲ $2.126B ▲ $1.625B ▲ $335.754M ▼
Q3-2024 $7.197M $2.113B $1.604B $341.846M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.996M ▼ $20.631M ▼ $-19.541M ▲ $5.395M ▲ $6.485M ▲ $20.631M ▼
Q2-2025 $14.181M ▲ $26.604M ▼ $-30.084M ▼ $2.291M ▲ $-1.189M ▲ $26.604M ▼
Q1-2025 $12.848M ▲ $30.374M ▲ $-24.484M ▲ $-9.697M ▼ $-3.807M ▼ $30.374M ▲
Q4-2024 $10.358M ▼ $28.776M ▲ $-43.721M ▲ $18.047M ▼ $3.102M ▲ $28.776M ▲
Q3-2024 $19.592M $26.489M $-54.817M $28.662M $334K $26.489M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Mixed Use Properties
Mixed Use Properties
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Shopping Centers
Shopping Centers
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Saul Centers shows a steady, slow-growing income profile. Rental revenue has inched up over the past five years, and core profitability has been relatively stable. Margins look healthy for a retail-focused REIT, and net income and earnings per share have held in a fairly narrow range. One recent year stands out with unusually strong operating profit, which may reflect one‑off items rather than a new, higher baseline. Overall, the income statement suggests a resilient, cash‑generating portfolio, but not a fast‑growing one.

Balance Sheet

Balance Sheet The balance sheet is built around a growing base of real estate assets, which is what you’d expect for a REIT. Debt has risen meaningfully over the period and now represents a large share of the capital structure, while equity has edged down. Cash on hand is very small, which is typical for REITs that pay out much of their earnings. The main takeaway is that the company is leaning more on borrowing to fund its properties, which can amplify both returns and risk, especially in a higher interest rate or tighter credit environment.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been steady and comfortably positive, underlining the reliability of rent collections. Free cash flow has generally tracked operating cash flow closely, helped by modest capital spending in most recent years, although investment outlays can be lumpy when new projects ramp. This pattern points to a business that reliably converts its property portfolio into cash, with enough flexibility to fund development while still supporting shareholder payouts, as is typical for a REIT.

Competitive Edge

Competitive Edge Saul Centers’ edge comes more from strategy and location than from scale. It is tightly focused on the Washington, D.C. and Baltimore region, with a portfolio anchored by grocery stores and other everyday‑needs retailers. This kind of tenant mix has historically held up well in different economic cycles and against online competition. Deep local knowledge and long‑standing tenant relationships add to the stability of occupancy and rents. On the other hand, heavy geographic concentration and exposure to evolving retail and office trends in one corridor are key structural risks to monitor.

Innovation and R&D

Innovation and R&D The company’s “innovation” is strategic rather than technological. It has been shifting from pure shopping centers toward mixed‑use, transit‑oriented projects that blend residential, office, and retail in walkable environments. Flagship developments like Twinbrook Quarter and earlier projects such as Clarendon Center show an ability to execute complex, multi‑phase urban projects and to densify existing land. Saul Centers uses standard property management tools rather than cutting‑edge tech, but its real differentiation lies in how it repositions sites and curates tenant mixes. Future proof points include how quickly its mixed‑use projects lease up, how well it adapts to hybrid work and experiential retail, and whether it more visibly integrates sustainability practices.

Summary

Putting it together, Saul Centers looks like a steady, regionally focused retail and mixed‑use REIT built on necessity‑oriented tenants and prime locations in the D.C. corridor. Its income statement and cash flows reflect stability rather than rapid growth, while the balance sheet shows a clear tilt toward higher leverage over time. The company’s competitive strength lies in local expertise, grocery‑anchored centers, and mixed‑use development capability, which together create a durable but geographically concentrated moat. Future performance will hinge on successful execution of its development pipeline, managing its debt load in changing rate environments, and staying aligned with shifting patterns in how people live, shop, and work in its core markets.

NEWS

November 6, 2025 · 4:11 PM UTC

Saul Centers, Inc. Reports Third Quarter 2025 Earnings

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October 27, 2025 · 9:25 AM UTC

CORRECTING AND REPLACING: Dateline Advances BFS, Prepares to Test Gold & REE Targets

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October 27, 2025 · 8:00 AM UTC

Dateline Advances BFS, Prepares to Test Gold & REE Targets

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September 23, 2025 · 5:16 PM UTC

Saul Centers Declares Quarterly Dividends

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