BFS on NYSE

SAUL CENTERS, INC.

American real estate investment trust, incorporated in Maryland. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerBFS on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersBethesda, Maryland1
  • Incorporated inMD2
  • Business address7501 Wisconsin Avenue, Suite 1500, Bethesda, Md 208142
  • Filer categoryAccelerated filer2

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Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of Saul Centers.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

67.4%Operating margin4
12.9%Net margin4
7.8%Revenue growth, 20254
12.2%Return on equity4
1.52×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs63¢$181.6M
  • Interest24¢$70.7M
  • Profit13¢$37.5M

Out of $289.8M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid57¢$57.1M
  • Kept or used elsewhere43¢$42.6M

Out of $99.8M of cash from operations.4

Financial statements

Revenue56784$289.8M in 2025+25% since 2019
0$100.0M$200.0M$300.0M2019: $231.5M$231.5M20192020: $225.2M$225.2M2020−3%2021: $239.2M$239.2M2021+6%2022: $245.9M$245.9M2022+3%2023: $257.2M$257.2M2023+5%2024: $268.8M$268.8M2024+5%2025: $289.8M$289.8M2025+8%
Gross profit567$190.1M in 2023+9% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $173.6M$173.6M20192020: $166.8M$166.8M2020−4%2021: $177.6M$177.6M2021+6%2022: $181.3M$181.3M2022+2%2023: $190.1M$190.1M2023+5%
Operating income84$195.3M in 2025+8% since 2022
0$100.0M$200.0M$300.0M2022: $180.5M$180.5M20222023: $189.4M$189.4M2023+5%2024: $203.8M$203.8M2024+8%2025: $195.3M$195.3M2025−4%
Net income56784$37.5M in 2025−27% since 2019
0$20.0M$40.0M$60.0M2019: $51.7M$51.7M20192020: $40.4M$40.4M2020−22%2021: $48.4M$48.4M2021+20%2022: $50.2M$50.2M2022+4%2023: $52.7M$52.7M2023+5%2024: $50.6M$50.6M2024−4%2025: $37.5M$37.5M2025−26%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Rental revenue$284.4M$261.2M$249.1M
Other$5.5M$7.7M$8.2M
Total revenue$289.8M$268.8M$257.2M
Property operating expenses$52.0M$41.7M$37.5M
Real estate taxes$32.4M$30.3M$29.6M
Interest expense, net and amortization of deferred debt costs$70.5M$53.7M$49.2M
Depreciation and amortization of deferred leasing costs$58.8M$50.5M$48.4M
General and administrative$26.9M$25.1M$23.5M
Total expenses$240.7M$201.3M$188.2M
Gains on dispositions of properties$120.0K$181.0K$0
Net income$49.2M$67.7M$69.0M
Income attributable to noncontrolling interests-$11.7M-$17.1M-$16.3M
Net income attributable to Saul Centers, Inc.$37.5M$50.6M$52.7M
Preferred stock dividends-$11.2M-$11.2M-$11.2M
Net income available to common stockholders$26.3M$39.5M$41.5M
Basic (in usd per share)$1.09$1.64$1.73
Diluted (in usd per share)$1.09$1.63$1.73

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Leadership

Who has led SAUL CENTERS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. B. Francis Saul Ii.2006–now

Chair

  1. B. Francis Saul Ii.2021–now

President

  1. Thomas H. McCormick2013–2014
  2. James Page Lansdale2017–2019
  3. B. Francis Saul Ii.2020–2021

Chief financial officer

  1. Scott Schneider V.2006–2020
  2. Carlos Lawrence Heard2021–now
2010201520202025
Board members and other officers (42)

Former names

  • SAUL CENTERS INCOct 30, 1996 to Feb 27, 20202

Timeline

  1. Jan 5, 2006New chief executive B. Francis Saul Ii. becomes CEO13

Filings

367 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 283 insider forms, 16 large holders, 17 other. The latest 20:

  1. Oct 1, 20264 EDGAR
  2. Sep 30, 20264 EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 6, 20268-K EDGAR
  5. Jul 2, 20264 EDGAR
  6. Jun 1, 20264 EDGAR
  7. May 19, 20264 EDGAR
  8. May 19, 20264 EDGAR
  9. May 19, 20264 EDGAR
  10. May 19, 20264 EDGAR
  11. May 19, 20264 EDGAR
  12. May 19, 20264 EDGAR
  13. May 19, 20264 EDGAR
  14. May 19, 20264 EDGAR
  15. May 19, 20264 EDGAR
  16. May 19, 20264 EDGAR
  17. May 19, 20264 EDGAR
  18. May 19, 20264 EDGAR
  19. May 12, 20264 EDGAR
  20. May 12, 20264 EDGAR

The 367 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

59 open-market trades by officers, directors and large owners since October 2021: 38 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Friedman Joel AlbertExec VP, CAO & TreasurerBuy200$18.53$3.7KForm 4
May 28, 2026Pearson David ToddPresident & COOBuy2,600$34.75$90.3KForm 4
Mar 30, 2026Heard Carlos LawrenceSenior Vice President & CFOBuy500$20.60$10.3KForm 4
Nov 20, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy300$20.55$6.2KForm 4
Nov 18, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy600$20.35$12.2KForm 4
Nov 17, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy600$20.54$12.3KForm 4
Nov 14, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.50$9.2KForm 4
Nov 13, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.60$9.3KForm 4
Nov 12, 2025Pearson David ToddPresident & COOBuy3,348$29.86$100.0KForm 4
Nov 12, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.70$9.3KForm 4
Nov 12, 2025Collich JohnSr. VP, Chief Acq. & Dev. Off.Buy2,000$29.99$60.0KForm 4
Nov 11, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.85$9.4KForm 4
May 21, 2025Guevara Bettina T.Exec. VP /Chf Legal & Adm OffBuy210$33.00$6.9KForm 4
May 21, 2025Pearson David ToddPresident & COOBuy1,362$32.96$44.9KForm 4
May 14, 2025SAUL B FRANCIS IIChairman & CEOBuy2,821$33.22$93.7KForm 4
May 13, 2025SAUL B FRANCIS IIChairman & CEOBuy7,179$33.59$241.1KForm 4
Dec 17, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy300$21.69$6.5KForm 4
Sep 27, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy200$23.25$4.7KForm 4
May 7, 2024Friedlis Zachary MaxwellSr. VP-Director of LeasingBuy600$20.84$12.5KForm 4
May 7, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy200$20.75$4.2KForm 4

All 59 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,254,667$84.3M0.0%+141,990
Vanguard Portfolio Management LLC1,302,765$48.7M0.0%−13,515
Adage Capital Partners Gp, L.l.c.723,198$27.0M0.0%−11,603
State Street Corp570,914$21.3M0.0%+51,504
Vanguard Capital Management LLC550,628$20.6M0.0%−32,655
Principal Financial Group Inc416,391$15.6M0.0%−182,803
Geode Capital Management, LLC361,256$13.5M0.0%+25,608
Morgan Stanley342,206$12.8M0.0%+79,488
Ameriprise Financial Inc235,690$8.8M0.0%+24,432
Dimensional Fund Advisors LP202,295$7.6M0.0%+50
Renaissance Technologies LLC177,074$6.6M0.0%−9,400
Northern Trust Corp160,294$6.0M0.0%+11,145
Invesco Ltd.157,772$5.9M0.0%−3,716
Charles Schwab Investment Management Inc137,612$5.1M0.0%+3,203
Bank of New York Mellon Corp120,616$4.5M0.0%+4,381
Nuveen, LLC98,475$3.7M0.0%+68,731
Cary Street Partners Financial LLC96,630$3.6M0.1%+4,430
Jpmorgan Chase & Co94,508$3.6M0.0%+6,260
Goldman Sachs Group Inc94,476$3.5M0.0%+14,776
Vanguard Fiduciary Trust Co90,866$3.4M0.0%+4,081
Two Sigma Investments, LP90,518$3.4M0.0%+33,495
Man Group plc89,375$3.3M0.0%−119,474
Arrowstreet Capital, Limited Partnership87,852$3.3M0.0%+8,270
Denali Advisors LLC71,500$2.7M0.3%No change
Dean Investment Associates, LLC66,078$2.5M0.3%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+97.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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