Saul Centers (BFS)
Market Price (10/15/2026): $29.425 | Market Cap: $717.2 MilSector: Real Estate | Industry: Retail REITs
Saul Centers (BFS)
Market Price (10/15/2026): $29.425Market Cap: $717.2 MilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 14% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Evolution of Physical Retail, and Urban & Suburban Development Trends. Themes include Necessity-Based Retail, and Mixed-Use Community Development. | Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -96% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 223% Key risksBFS key risks include [1] high financial leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.6%, FCF Yield is 14% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Evolution of Physical Retail, and Urban & Suburban Development Trends. Themes include Necessity-Based Retail, and Mixed-Use Community Development. |
| Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -96% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 223% |
| Key risksBFS key risks include [1] high financial leverage, Show more. |
Qualitative Assessment
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Saul Centers (BFS) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates significantly impacted the broader REIT sector, including Saul Centers.
The FTSE Nareit All Equity REIT index experienced a total return decline of 6.06% in fiscal Q3 2026 (July 1 to September 30, 2026), with the retail REIT sector facing an even steeper drop of 10.53%. This sector-wide downturn was driven primarily by rising interest rates, as the 10-year Treasury yield reached 5.26% on September 29, 2026, a year-long high. The Federal Reserve's stance of "higher for longer" rates, with a median year-end 2026 federal funds rate expectation of 3.75% to 4.00%, increased borrowing costs and made REITs less appealing compared to fixed-income alternatives, pressuring real estate valuations and cap rates.
2. Increased operating costs from the Hampden House development weighed on Saul Centers' profitability.
Saul Centers' fiscal Q2 2026 (ended June 30, 2026) earnings, reported on August 6, 2026, revealed a decrease in GAAP net income to $11.5 million from $14.2 million year-over-year. This decline was largely attributed to the initial operations of Hampden House, a mixed-use development that opened on October 1, 2025. The project adversely impacted net income by $4.0 million in fiscal Q2 2026, with $2.9 million related to interest expense and amortization of deferred debt costs. Costs associated with Hampden House are expensed while occupancy is still ramping up, creating a drag on reported earnings. As of early August 2026, 64.2% of the residential units and 85.1% of the retail space at Hampden House were leased and occupied, indicating ongoing lease-up efforts.
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Saul Centers (BFS) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Macroeconomic headwinds from rising interest rates significantly impacted the broader REIT sector, including Saul Centers.
The FTSE Nareit All Equity REIT index experienced a total return decline of 6.06% in fiscal Q3 2026 (July 1 to September 30, 2026), with the retail REIT sector facing an even steeper drop of 10.53%. This sector-wide downturn was driven primarily by rising interest rates, as the 10-year Treasury yield reached 5.26% on September 29, 2026, a year-long high. The Federal Reserve's stance of "higher for longer" rates, with a median year-end 2026 federal funds rate expectation of 3.75% to 4.00%, increased borrowing costs and made REITs less appealing compared to fixed-income alternatives, pressuring real estate valuations and cap rates.
2. Increased operating costs from the Hampden House development weighed on Saul Centers' profitability.
Saul Centers' fiscal Q2 2026 (ended June 30, 2026) earnings, reported on August 6, 2026, revealed a decrease in GAAP net income to $11.5 million from $14.2 million year-over-year. This decline was largely attributed to the initial operations of Hampden House, a mixed-use development that opened on October 1, 2025. The project adversely impacted net income by $4.0 million in fiscal Q2 2026, with $2.9 million related to interest expense and amortization of deferred debt costs. Costs associated with Hampden House are expensed while occupancy is still ramping up, creating a drag on reported earnings. As of early August 2026, 64.2% of the residential units and 85.1% of the retail space at Hampden House were leased and occupied, indicating ongoing lease-up efforts.
3. Persistent valuation concerns, despite declining earnings and profit margins, contributed to the stock's underperformance.
As of September 29, 2026, Saul Centers traded at a price-to-earnings (P/E) ratio of 31.5x, which remained higher than the US Retail REITs industry average of 26.2x and a peer average of 19.9x, even after the recent stock price decline. This elevated valuation comes amidst a challenging earnings trend, with the company experiencing a 25.8% decline in earnings over the last year and an average annual decrease of 5.2% over the past five years. Concurrently, profit margins for Saul Centers slipped from 11.5% to 7.8%, further intensifying scrutiny on its valuation relative to its profitability.
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Stock Movement Drivers
Fundamental Drivers
The -21.3% change in BFS stock from 6/30/2026 to 10/14/2026 was primarily driven by a -16.6% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.39 | 29.43 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 296 | 302 | 2.0% |
| Net Income Margin (%) | 12.4% | 11.5% | -7.2% |
| P/E Multiple | 24.7 | 20.6 | -16.6% |
| Shares Outstanding (Mil) | 24 | 24 | -0.2% |
| Cumulative Contribution | -21.3% |
Market Drivers
6/30/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BFS | -21.3% | |
| Market (SPY) | 3.1% | 7.9% |
| Sector (XLRE) | -5.8% | 54.3% |
Fundamental Drivers
The -9.7% change in BFS stock from 3/31/2026 to 10/14/2026 was primarily driven by a -10.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.58 | 29.43 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 290 | 302 | 4.3% |
| Net Income Margin (%) | 12.9% | 11.5% | -10.9% |
| P/E Multiple | 21.1 | 20.6 | -2.4% |
| Shares Outstanding (Mil) | 24 | 24 | -0.4% |
| Cumulative Contribution | -9.7% |
Market Drivers
3/31/2026 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BFS | -9.7% | |
| Market (SPY) | 18.6% | 2.5% |
| Sector (XLRE) | 2.5% | 59.8% |
Fundamental Drivers
The -7.7% change in BFS stock from 9/30/2025 to 10/14/2026 was primarily driven by a -25.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.87 | 29.43 | -7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 278 | 302 | 8.7% |
| Net Income Margin (%) | 15.5% | 11.5% | -25.6% |
| P/E Multiple | 17.9 | 20.6 | 15.0% |
| Shares Outstanding (Mil) | 24 | 24 | -0.7% |
| Cumulative Contribution | -7.7% |
Market Drivers
9/30/2025 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BFS | -7.7% | |
| Market (SPY) | 16.5% | 0.1% |
| Sector (XLRE) | 1.1% | 53.4% |
Fundamental Drivers
The -16.6% change in BFS stock from 9/30/2023 to 10/14/2026 was primarily driven by a -42.8% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10142026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.27 | 29.43 | -16.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 250 | 302 | 20.8% |
| Net Income Margin (%) | 20.2% | 11.5% | -42.8% |
| P/E Multiple | 16.8 | 20.6 | 22.5% |
| Shares Outstanding (Mil) | 24 | 24 | -1.4% |
| Cumulative Contribution | -16.6% |
Market Drivers
9/30/2023 to 10/14/2026| Return | Correlation | |
|---|---|---|
| BFS | -16.6% | |
| Market (SPY) | 86.2% | 30.6% |
| Sector (XLRE) | 33.8% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BFS Return | 67% | -23% | -3% | -1% | -19% | -6% | -6% |
| Peers Return | 64% | -11% | 9% | 17% | -4% | 9% | 95% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| BFS Win Rate | 83% | 33% | 42% | 50% | 50% | 50% | |
| Peers Win Rate | 82% | 38% | 57% | 62% | 43% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BFS Max Drawdown | -11% | -34% | -23% | -12% | -24% | -22% | |
| Peers Max Drawdown | -12% | -31% | -20% | -12% | -19% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FRT, KIM, REG, BRX, KRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/14/2026 (YTD)
How Low Can It Go
| Event | BFS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.4% | -18.8% |
| % Gain to Breakeven | 11.6% | 23.1% |
| Time to Breakeven | 302 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.1% | -9.5% |
| % Gain to Breakeven | 12.5% | 10.5% |
| Time to Breakeven | 59 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.9% | -6.7% |
| % Gain to Breakeven | 26.4% | 7.1% |
| Time to Breakeven | 219 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 412 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.8% | -19.2% |
| % Gain to Breakeven | 13.4% | 23.8% |
| Time to Breakeven | 24 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -14.3% | -3.7% |
| % Gain to Breakeven | 16.7% | 3.9% |
| Time to Breakeven | 149 days | 6 days |
In The Past
Saul Centers's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BFS | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.9% | -6.7% |
| % Gain to Breakeven | 26.4% | 7.1% |
| Time to Breakeven | 219 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 412 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.1% | -17.9% |
| % Gain to Breakeven | 30.0% | 21.8% |
| Time to Breakeven | 188 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -63.1% | -53.4% |
| % Gain to Breakeven | 171.2% | 114.4% |
| Time to Breakeven | 1530 days | 1085 days |
In The Past
Saul Centers's stock fell -10.4% during the 2025 US Tariff Shock. Such a loss loss requires a 11.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Saul Centers (BFS)
Saul Centers, Inc. (BFS) is a self-managed and self-administered equity real estate investment trust (REIT). As a REIT, the company primarily generates revenue by acquiring, managing, and leasing a portfolio of income-producing real estate properties. This business model allows investors to participate in the ownership and income stream of real estate assets.
The company's main products and services revolve around its diverse real estate portfolio, which includes 60 properties with approximately 9.8 million square feet of leasable area. This portfolio is predominantly comprised of 50 community and neighborhood shopping centers, seven mixed-use properties, and three land and development properties. Saul Centers provides commercial space for a variety of tenants, ranging from retailers and restaurants to service providers.
Saul Centers primarily serves the metropolitan Washington, DC, and Baltimore areas, with approximately 85% of its property operating income generated from properties within this concentrated region. Its primary customers are the businesses and retailers that lease space within its shopping centers and mixed-use developments, providing essential goods and services to local communities.
```AI Analysis | Feedback
Here are a few analogies for Saul Centers:
- It's like a regional Kimco Realty, focused on owning and managing neighborhood shopping centers primarily in the Washington, DC/Baltimore area.
- Think of it as a highly regionalized Federal Realty Investment Trust, owning retail and mixed-use properties primarily in the DC/Baltimore metro.
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Saul Centers, Inc. (BFS) provides the following services:
- Retail Property Leasing: Offering leasable space in community and neighborhood shopping centers to various tenants.
- Mixed-Use Property Leasing: Providing leasable space within integrated properties that combine retail, residential, and/or office uses.
- Real Estate Development: Developing land and properties for future income generation, primarily through leasing.
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Saul Centers (BFS) is a Real Estate Investment Trust (REIT) that owns and manages a portfolio of shopping centers and mixed-use properties. Therefore, its primary customers are the businesses that lease space within its properties.
Based on the company's public filings, its major customers (tenants) are primarily national and regional retailers. The largest tenants based on total minimum rent include:
- Giant Food (private company, subsidiary of Ahold Delhaize)
- Safeway (subsidiary of Albertsons Companies, Inc., NYSE: ACI)
- CVS Pharmacy (subsidiary of CVS Health Corporation, NYSE: CVS)
- TJX Companies (NYSE: TJX)
- Harris Teeter (subsidiary of The Kroger Co., NYSE: KR)
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B. Francis Saul II, Chairman and Chief Executive Officer
B. Francis Saul II was appointed Chief Executive Officer in June 1993. He is the grandson of the company's founder, Bernard Francis Saul. Saul Centers Inc. was formed to continue and expand the shopping center business previously owned and conducted by the B. F. Saul Real Estate Investment Trust, the B. F. Saul Company, and certain other affiliated entities, all of which are controlled by B. Francis Saul II and his family. He holds a bachelor's degree from Villanova University and an LLB from the University of Virginia School of Law. The Saul family maintains majority control of Saul Centers and holds over 80% of the total voting power through a dual-class share structure, effectively controlling director elections and major corporate decisions.
Carlos L. Heard, Senior Vice President - Chief Financial Officer
Carlos L. Heard has served as Senior Vice President and Chief Financial Officer of Saul Centers, Inc. since April 2021. Prior to this role, he held various acquisitions, development, and finance positions within the B. F. Saul organization. His career also includes a period in capital markets and commercial real estate at Chevy Chase Bank from 1998 to 2009.
D. Todd Pearson, President and Chief Operating Officer
D. Todd Pearson is the President and Chief Operating Officer of Saul Centers. He also serves as a Director on the board. Mr. Pearson joined the company in 2019.
Bettina T. Guevara, Executive Vice President - Chief Legal and Administrative Officer, and Secretary
Bettina T. Guevara holds the title of Executive Vice President, Chief Legal and Administrative Officer, and Secretary at Saul Centers.
Joel A. Friedman, Executive Vice President - Chief Accounting Officer and Treasurer
Joel A. Friedman is the Executive Vice President, Chief Accounting Officer and Treasurer for Saul Centers, Inc.
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Key Business Risks for Saul Centers (BFS)
- Geographic Concentration and Local Economic Headwinds: Saul Centers generates approximately 85% of its property operating income from properties located in the metropolitan Washington, D.C./Baltimore area. This high geographic concentration makes the company particularly vulnerable to regional economic downturns, adverse market conditions, and potential reductions in the federal government's workforce, which can significantly impact commercial occupancy and rent growth in the area.
- Tenant Solvency and Retail Sector Dynamics: As a REIT primarily focused on community and neighborhood shopping centers and mixed-use properties, Saul Centers faces risks related to the financial health and rent payment capabilities of its tenants. The company's reliance on "anchor" tenants in its shopping centers also poses a risk, as the loss of such tenants could significantly impact occupancy and rental income. Furthermore, the broader retail sector is experiencing shifting dynamics, including the growth of e-commerce and evolving consumer behaviors, which can challenge performance and valuations for retail-focused REITs.
- Interest Rate and Debt-Related Risks: REITs, including Saul Centers, typically utilize substantial borrowings to finance acquisitions and developments. Consequently, the company is exposed to interest rate fluctuations. Rising interest rates can lead to increased borrowing costs, making it more expensive to finance new projects or refinance existing debt. This can negatively impact cash flow, profitability, and property valuations, potentially leading to liquidity issues.
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The continued and evolving shift of consumer spending towards e-commerce and online retail channels poses a clear emerging threat. This trend directly impacts the demand for physical retail space, potentially leading to increased vacancies, downward pressure on rental rates, and greater competition for tenants within Saul Centers' shopping center and mixed-use portfolio, particularly as consumer behaviors increasingly favor digital shopping experiences and last-mile delivery solutions over traditional brick-and-mortar visits for certain types of goods.
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The addressable markets for Saul Centers' main products and services, primarily community and neighborhood shopping centers and mixed-use properties, are concentrated within the metropolitan Washington, D.C./Baltimore area.
The retail real estate market in this region represents a significant addressable market. The Washington D.C. metropolitan area alone has approximately 81 million square feet of total retail inventory. Additionally, the Baltimore retail market encompasses about 118.3 million square feet of retail space. Combining these figures, the estimated total retail inventory for the broader Washington, D.C./Baltimore metropolitan area is over 199 million square feet.
In terms of investment, the Washington, D.C. retail market alone recorded $1.8 billion in sales over the past year as of Q3 2025. This includes $938 million in Northern Virginia, $868 million in the District, and $571 million in Suburban Maryland during that period. Retail property fundamentals in the Washington D.C. area remain strong, with average asking rents reaching $34.00 per square foot as of Q3 2025. The vacancy rate in the D.C. metro retail market was a low 4.1% as of Q3 2025. The Baltimore retail market, while experiencing some negative absorption in Q1 2025 due to chain store closures, still exhibits strong demand for high-quality retail space.
Mixed-use developments, which often include a retail component, are also a growing part of the addressable market in the region. In Montgomery County, a suburb of Washington D.C., mixed-use development comprised nearly 50 percent of new commercial and multi-family development delivered between 2010 and 2020, with pipeline projects showing an increasing trend towards mixed-use, approaching 60 percent. These developments predominantly feature ground-floor retail with residential or office spaces above. Notable projects include the proposed The Ox in Fairfax, which will feature arts, entertainment, retail, hospitality, and food-and-beverage, and the Baltimore Peninsula redevelopment, which is expected to span as much as 18 million square feet of space including shopping, dining, and entertainment when fully built out.
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Saul Centers (BFS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Leasing and Stabilization of New Development Projects: Recently opened mixed-use properties, such as Twinbrook Quarter Phase I and Hampden House, are expected to significantly contribute to revenue as they move past initial operational costs and achieve higher occupancy rates. For example, Hampden House, which opened in October 2025, had leased 35.5% of its residential units by February 2026, with continued lease-up anticipated to boost funds from operations (FFO) and cash flow.
- Increased Occupancy Rates in Existing Commercial and Residential Portfolios: The company has demonstrated a positive trend in occupancy, with its commercial portfolio reaching 95.2% leased as of December 31, 2024, up from 94.1% in the prior year. Residential leasing also improved to 98.3% (excluding the newly opened Hampden House apartments). Continued gains in occupancy across its established properties will directly translate to higher rental income.
- Rental Rate Growth and Positive Same-Property Revenue Trends: Despite some one-time impacts, Saul Centers' core assets have shown stability and growth potential. Excluding a one-time rental payment in Q4 2024, same-property revenue increased by 6.8% in Q4 2025, indicating the company's ability to achieve rental rate adjustments and maintain strong performance from its existing portfolio.
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Share Issuance
- Saul Centers operates a Dividend Reinvestment and Share Purchase Plan, enabling shareholders to automatically reinvest cash dividends or partnership distributions into newly issued common stock at a 3% discount from the market price.
- The number of outstanding common shares has shown a gradual increase, rising from approximately 23.7 million as of October 31, 2021, to about 23.98 million as of April 29, 2024.
- Approximately 1.4 million limited partnership units, convertible into common stock related to the Twinbrook Quarter contribution, were released from escrow, with half in October 2021 and the remainder in October 2023.
Outbound Investments
- Saul Centers focuses on the acquisition, development, and redevelopment of real estate properties within its existing portfolio and target markets, rather than making strategic investments in other companies.
- The company acquired a property near Twinbrook in Rockville, Maryland, for $62.5 million as part of its development strategy.
- Management continuously evaluates opportunities for acquiring land parcels for retail and mixed-use development and acquiring operating properties to enhance operating income and cash flow growth.
Capital Expenditures
- Significant development projects include the opening of Hampden House on October 1, 2025, which consists of 366 apartment units and 10,100 square feet of retail space, and the delivery of Twinbrook Quarter Phase I on October 1, 2024, featuring 452 apartment units and a supermarket.
- As of December 31, 2025, Saul Centers had unfunded contractual payment obligations for property acquisitions and developments totaling approximately $239.7 million.
- The primary focus of capital expenditures is on the development, redevelopment, and renovation of community and neighborhood shopping centers and mixed-use properties, particularly in the metropolitan Washington, D.C./Baltimore area.
Peer Outperformance in Retail REITs
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BFS | Saul Centers | 6.5% | 20.8x | 4.9% | 5.1% | -14.5% | — |
| SPG | Simon Property | 8.6% | 14.1x | 18.9% | 117.2% | 90.8% | +105pp |
| MAC | Macerich | 5.3% | -36.4x | 39.0% | 133.6% | 58.9% | +73pp |
| IVT | InvenTrust Properties | 8.6% | 152.2x | 12.6% | 29.1% | 49.5% | +64pp |
| BRX | Brixmor Property | 4.4% | 19.4x | 6.3% | 54.1% | 44.9% | +59pp |
| PECO | Phillips Edison | 8.1% | 33.1x | 16.3% | 22.4% | 39.4% | +54pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 16.9% | 57.5% | 58.1% | WELL 211% · CTRE 125% · OHI 120% |
| Retail REITs ← | 22 | 10.1% | 36.1% | 25.3% | SKT 152% · SPG 91% · MAC 59% |
| Other Specialized REITs | 11 | 8.2% | 24.5% | 19.2% | IRM 220% · OUT 59% · LAMR 59% |
| Real Estate Development | 6 | -13.7% | 17.9% | 11.3% | JOE 58% |
| Hotel & Resort REITs | 16 | 48.4% | 42.3% | 5.4% | HST 83% · RHP 75% · DRH 69% |
| Industrial REITs | 11 | 12.2% | 30.6% | -1.3% | EGP 29% · FR 24% · PLD 16% |
| Diversified REITs | 13 | 10.3% | 36.3% | -13.9% | WPC 12% · EPRT 10% · LXP 8% |
| Single-Family Residential REITs | 4 | -3.0% | -1.2% | -19.8% | AMH -10% · ELS -19% · INVH -21% |
| Multi-Family Residential REITs | 13 | -2.9% | 6.2% | -24.0% | ESS -2% · VMRK -11% · IRT -16% |
| Office REITs | 18 | -9.1% | 26.4% | -34.6% | CDP 48% · HIW -8% · SLG -9% |
| Real Estate Services | 24 | -23.2% | -18.7% | -37.6% | CBRE 32% · JLL 16% · NMRK -15% |
| Telecom Tower REITs | 3 | -0.9% | -1.1% | -39.5% | AMT -20% · SBAC -39% · CCI -40% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 28.28 |
| Mkt Cap | 8.7 |
| Rev LTM | 1,369 |
| Op Inc LTM | 491 |
| FCF LTM | 507 |
| FCF 3Y Avg | 481 |
| CFO LTM | 658 |
| CFO 3Y Avg | 619 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 6.3% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 7.4% |
| Op Mgn LTM | 35.9% |
| Op Mgn 3Y Avg | 35.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 49.2% |
| CFO/Rev 3Y Avg | 49.0% |
| FCF/Rev LTM | 41.4% |
| FCF/Rev 3Y Avg | 43.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Shopping Centers | 188 | 186 | 179 | 171 | 170 |
| Mixed-Use Properties | 92 | 90 | 78 | 74 | 70 |
| Revenue adjustments | 10 | -7 | 1 | 1 | |
| Corporate and Other | 0 | ||||
| Total | 290 | 269 | 257 | 246 | 239 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2015 |
|---|---|---|---|---|---|
| Shopping Centers | 142 | 145 | 140 | 135 | 122 |
| Mixed-Use Properties | 53 | 59 | 49 | 46 | 36 |
| Revenue adjustments | 10 | -7 | 1 | 1 | |
| General and administrative | -27 | -25 | -23 | -22 | |
| Depreciation and amortization of deferred leasing costs | -59 | -51 | -48 | -49 | |
| Adjustment | -105 | ||||
| Corporate and Other | 0 | ||||
| Total | 120 | 121 | 118 | 110 | 53 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Shopping Centers | 112 | 107 | 105 | 96 | 103 |
| Mixed-Use Properties | 29 | 26 | 22 | 20 | 25 |
| Corporate and Other | -73 | -67 | -66 | -66 | -63 |
| Total | 69 | 65 | 62 | 50 | 64 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mixed-Use Properties | 1,249 | 1,207 | 1,057 | 886 | 778 |
| Shopping Centers | 903 | 903 | 918 | 928 | 947 |
| Other assets | 11 | 17 | 19 | 20 | |
| Corporate and Other | 22 | ||||
| Total | 2,163 | 2,126 | 1,994 | 1,833 | 1,747 |
Price Behavior
| Market Price | $29.43 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 08/19/1993 | |
| Distance from 52W High | -22.3% | |
| 50 Days | 200 Days | |
| DMA Price | $31.89 | $33.68 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -7.7% | -12.6% |
| 3M | 1YR | |
| Volatility | 14.9% | 19.4% |
| Downside Capture | 116.27 | 7.72 |
| Upside Capture | -12.70 | 4.98 |
| Correlation (S&P 500) | 17.8% | -1.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.18 | 0.27 | 0.10 | 0.04 | 0.01 | 0.42 |
| Up Beta | -0.03 | 0.16 | -0.23 | -0.36 | -0.21 | 0.38 |
| Down Beta | 0.26 | 0.59 | 0.40 | 0.08 | 0.16 | 0.50 |
| Up Capture | -28% | -13% | -28% | 8% | 4% | 12% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 13 | 22 | 53 | 119 | 371 |
| Down Capture | 131% | 109% | 88% | 34% | 4% | 70% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 15 | 28 | 41 | 71 | 129 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BFS | |
|---|---|---|---|---|
| BFS | -3.2% | 19.4% | -0.30 | - |
| Sector ETF (XLRE) | 4.1% | 14.2% | 0.05 | 53.3% |
| Equity (SPY) | 17.1% | 12.7% | 0.96 | -1.7% |
| Gold (GLD) | -0.6% | 29.4% | -0.02 | -6.5% |
| Commodities (DBC) | 49.3% | 20.7% | 1.82 | -25.5% |
| Real Estate (VNQ) | 5.7% | 13.7% | 0.15 | 56.6% |
| Bitcoin (BTCUSD) | -27.9% | 43.7% | -0.63 | -15.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BFS | |
|---|---|---|---|---|
| BFS | -8.5% | 24.7% | -0.39 | - |
| Sector ETF (XLRE) | 1.6% | 19.1% | -0.02 | 67.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.60 | 46.6% |
| Gold (GLD) | 17.9% | 18.9% | 0.76 | 7.8% |
| Commodities (DBC) | 10.0% | 19.5% | 0.39 | 7.5% |
| Real Estate (VNQ) | 1.2% | 18.8% | -0.05 | 70.2% |
| Bitcoin (BTCUSD) | 8.5% | 51.8% | 0.34 | 15.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BFS | |
|---|---|---|---|---|
| BFS | -7.4% | 32.7% | -0.16 | - |
| Sector ETF (XLRE) | 6.3% | 20.4% | 0.26 | 65.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 52.6% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 4.5% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 18.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 71.4% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 0.6% | 3.6% | -3.8% |
| 5/7/2026 | 2.9% | -2.2% | 6.8% |
| 2/27/2026 | 0.4% | 0.9% | -4.1% |
| 11/6/2025 | 2.4% | 0.1% | 3.0% |
| 8/7/2025 | -0.1% | -0.4% | -0.4% |
| 5/8/2025 | 0.4% | 1.8% | 6.1% |
| 2/28/2025 | -1.9% | -1.1% | -3.7% |
| 11/7/2024 | 2.0% | -3.7% | -1.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 12 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 1.9% | 2.5% | 6.1% |
| Median Negative | -2.9% | -3.2% | -2.8% |
| Max Positive | 4.1% | 14.3% | 31.3% |
| Max Negative | -4.8% | -6.0% | -11.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 0.6% | 3.6% | -3.8% |
| 5/7/2026 | 2.9% | -2.2% | 6.8% |
| 2/27/2026 | 0.4% | 0.9% | -4.1% |
| 11/6/2025 | 2.4% | 0.1% | 3.0% |
| 8/7/2025 | -0.1% | -0.4% | -0.4% |
| 5/8/2025 | 0.4% | 1.8% | 6.1% |
| 2/28/2025 | -1.9% | -1.1% | -3.7% |
| 11/7/2024 | 2.0% | -3.7% | -1.8% |
| 8/1/2024 | -1.7% | -2.8% | 3.3% |
| 5/2/2024 | -3.1% | -1.1% | -1.5% |
| 2/29/2024 | 2.6% | 4.8% | 5.0% |
| 11/2/2023 | 1.8% | -3.8% | 9.7% |
| 8/3/2023 | -3.6% | -0.8% | -2.0% |
| 5/4/2023 | -4.8% | -5.3% | -1.0% |
| 3/2/2023 | 0.5% | -6.0% | -3.8% |
| 11/8/2022 | -3.7% | 4.4% | 1.7% |
| 8/4/2022 | -1.3% | -3.2% | -11.9% |
| 5/5/2022 | 0.1% | -3.5% | -4.7% |
| 2/24/2022 | 1.9% | 2.2% | 8.3% |
| 11/4/2021 | 4.1% | 4.4% | 6.2% |
| 8/5/2021 | 2.1% | 1.8% | -0.6% |
| 5/6/2021 | -0.7% | -4.0% | 1.7% |
| 2/25/2021 | -2.9% | 2.5% | 12.5% |
| 11/5/2020 | -3.3% | 14.3% | 31.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 12 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 1.9% | 2.5% | 6.1% |
| Median Negative | -2.9% | -3.2% | -2.8% |
| Max Positive | 4.1% | 14.3% | 31.3% |
| Max Negative | -4.8% | -6.0% | -11.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 10/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Friedman, Joel Albert | Exec VP, CAO & Treasurer | Direct | Buy | 9302026 | 18.53 | 200 | 3,706 | 7,412 | Form |
| 2 | Pearson, David Todd | President & COO | Direct | Buy | 6012026 | 34.74 | 2,600 | 90,337 | 2,756,018 | Form |
| 3 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 4012026 | 20.60 | 500 | 10,300 | 92,700 | Form |
| 4 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11202025 | 20.55 | 300 | 6,165 | 82,200 | Form |
| 5 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11182025 | 20.35 | 600 | 12,210 | 75,295 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Friedman, Joel Albert | Exec VP, CAO & Treasurer | Direct | Buy | 9302026 | 18.53 | 200 | 3,706 | 7,412 | Form |
| 2 | Pearson, David Todd | President & COO | Direct | Buy | 6012026 | 34.74 | 2,600 | 90,337 | 2,756,018 | Form |
| 3 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 4012026 | 20.60 | 500 | 10,300 | 92,700 | Form |
| 4 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11202025 | 20.55 | 300 | 6,165 | 82,200 | Form |
| 5 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11182025 | 20.35 | 600 | 12,210 | 75,295 | Form |
| 6 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11182025 | 20.54 | 600 | 12,324 | 63,674 | Form |
| 7 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11182025 | 20.50 | 450 | 9,225 | 51,250 | Form |
| 8 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11132025 | 20.60 | 450 | 9,270 | 42,230 | Form |
| 9 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11132025 | 20.70 | 450 | 9,315 | 33,120 | Form |
| 10 | Collich, John | Sr. VP, Chief Acq. & Dev. Off. | Direct | Buy | 11132025 | 29.99 | 2,000 | 59,987 | 1,477,459 | Form |
| 11 | Pearson, David Todd | President & COO | Direct | Buy | 11132025 | 29.86 | 3,348 | 99,978 | 1,510,029 | Form |
| 12 | Heard, Carlos Lawrence | Senior Vice President & CFO | Direct | Buy | 11132025 | 20.85 | 450 | 9,382 | 23,978 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Retail REITs Resources |
| ICSC |
| Shopping Center Business |
| Chain Store Age - Real Estate |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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