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.

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.

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)

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.

Key Business Risks for Saul Centers (BFS)

1. 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.
2. 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.
3. 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.

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.

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.

Saul Centers (BFS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. 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.
2. 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.
3. 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.

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.