Welcome to our dedicated page for Saul Ctrs SEC filings (Ticker: BFS), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Saul Centers, Inc. (NYSE: BFS) SEC filings page brings together the company’s official regulatory documents, including Forms 10-K, 10-Q and 8-K, along with registration statements and other required reports. Saul Centers identifies itself in these filings as a self-managed, self-administered equity REIT organized in Maryland, with common stock and depositary shares for its 6.125% Series D and 6.000% Series E Cumulative Redeemable Preferred Stock listed on the New York Stock Exchange.
Through its periodic reports, Saul Centers provides detail on its portfolio of 62 properties, which includes community and neighborhood shopping centers, mixed-use properties and non-operating land and development properties. Filings describe that over 85% of the company’s property operating income or property net operating income is generated by properties in the metropolitan Washington, D.C./Baltimore area. Investors can review how the company presents non-GAAP measures such as funds from operations (FFO), same property revenue and same property net operating income, and how these reconcile to GAAP metrics.
Current reports on Form 8-K offer insight into specific material events, such as changes to the company’s senior unsecured credit facility, entry into a new credit agreement, and certain governance developments. One 8-K describes a $600,000,000 senior unsecured credit facility for the operating partnership, with a revolving credit line and term loan, and outlines key financial covenants related to leverage and coverage ratios. Other 8-K filings report on quarterly financial results or director changes.
On this page, AI-powered tools can help interpret lengthy filings by highlighting key sections on portfolio composition, leasing, development activity, capital structure and covenant requirements. Users can quickly locate information on quarterly and annual results, preferred stock terms, and material credit agreements, and use AI summaries to understand how these disclosures relate to the company’s shopping center and mixed-use real estate operations.
Saul Centers, Inc. had an executive vice president, chief accounting officer and treasurer file an amended Form 4 for a prior transaction dated May 17, 2025. The filing corrects the reported post-transaction beneficial ownership in the company stock fund within the executive’s 401(k) plan to 4,775.57 shares of common stock, following the exempt acquisition of 27 common shares as dividend equivalents when a restricted stock award vested on that date.
The filing also lists the executive’s holdings of Series D and Series E preferred stock, multiple employee stock option grants expiring between 2026 and 2033, and performance share awards scheduled to settle in 2029 and 2030.
Saul Centers, Inc. director reported an insider transaction involving phantom stock units converting into common shares. On 01/05/2026, 3,690 shares of common stock were acquired at $31.5 per share through the exercise of phantom stock under the company’s deferred compensation arrangements.
Following this transaction, the director beneficially owns 20,605 shares of Saul Centers common stock directly. The filing also lists multiple director stock options, each covering 2,500 shares of common stock with exercise prices between $33.79 and $59.41 and expirations from 2026 through 2033. In addition, 3,689.856 phantom stock derivative units remain beneficially owned, linked to the company’s Deferred Compensation Plan and the director’s Deferred Fee Agreement.
Saul Centers, Inc. director reported updated equity holdings, including both common stock and deferred compensation awards. The filing shows beneficial ownership of 16,915 shares of common stock held directly.
In the deferred compensation program, the director holds a series of director stock options covering multiple grants of 2,500 shares of common stock each, with exercise prices ranging from $33.79 to $59.41 and expiration dates between May 6, 2026 and May 12, 2033.
The report also discloses an acquisition on January 2, 2026 of 634.316 phantom stock shares at a reference price of $31.53 under the company’s Deferred Compensation Plan for Directors, bringing total phantom stock holdings to 7,379.856 shares, which include 135.486 shares previously awarded as dividend reinvestments.
Saul Centers, Inc. (BFS) reported a board-level change. On November 25, 2025, director John E. Chapoton resigned from the company’s Board of Directors, effective the same day. The company states that his resignation was not due to any disagreement regarding its operations, policies, or practices, indicating that this is presented as an orderly governance transition rather than a dispute-driven departure. Saul Centers’ common stock and its Series D and Series E preferred stock depositary shares continue to trade on the New York Stock Exchange.
Saul Centers, Inc. (BFS)300 shares of the company’s Series D Preferred Stock at $20.55 per share, bringing his beneficial ownership in that series to 4,000 shares held directly.
The filing also lists existing equity incentives. Heard holds employee stock options to buy 10,000 shares of common stock granted 05/07/2021 at an exercise price of $43.89, 15,000 shares granted 05/13/2022 at $47.90, and 15,000 shares granted 05/12/2023 at $33.79. These options vest 25% per year over four years from each grant date and expire ten years after grant.
In addition, he holds performance share awards covering 1,600 common shares with a 05/17/2029 date and 2,000 common shares with a 05/09/2030 date, all reported as directly owned. The filing is made by one reporting person and confirms his role as Senior Vice President & CFO.
Saul Centers, Inc. (BFS)
The filing also shows beneficial ownership of 4,725.176 shares of Common Stock. In addition, he holds employee stock options for 10,000 shares of Common Stock at an exercise price of $43.89 expiring 05/07/2031, 15,000 shares at $47.90 expiring 05/13/2032, and 15,000 shares at $33.79 expiring 05/12/2033. These options vest 25% per year over four years from the grant date. He also holds performance shares covering 1,600 shares of Common Stock vesting on 05/17/2029 and 2,000 shares vesting on 05/09/2030.
Saul Centers, Inc. (BFS) disclosed insider purchases by Senior Vice President & CFO Carlos L. Heard. He bought 450 Series D Preferred shares on 11/11/2025 at $20.85, 450 on 11/12/2025 at $20.70, and 450 on 11/13/2025 at $20.60, totaling 1,350 shares. Following these trades, his direct holdings of Series D Preferred were 2,050 shares. He also held 4,725.176 shares of Common Stock, which the filing notes increased by a 5.924 share Dividend Reinvestment Plan award on October 31, 2025.
Derivative holdings include employee stock options for 10,000 shares at $43.89 expiring 05/07/2031, 15,000 at $47.90 expiring 05/13/2032, and 15,000 at $33.79 expiring 05/12/2033; options vest 25% per year over four years from grant. Performance shares listed: 1,600 and 2,000 underlying Common Stock with dates 05/17/2029 and 05/09/2030, respectively.
Saul Centers, Inc. (BFS)11/12/2025, the officer bought 2,000 shares of common stock at $29.9933 per share, a transaction coded “P.” Following this trade, the officer directly owned 49,259.62 common shares.
Separately, the filing lists 2,180 common shares held indirectly via an IRA (per footnote 1) and 2,824 common shares held indirectly by the officer’s spouse (per footnote 2). The footnotes also note dividend reinvestment plan awards that increased these balances (footnote 3 references added fractional shares). The officer also beneficially owns multiple employee stock options, each for 20,000 underlying shares with grant years 2016–2023 and stated expiration dates through 2033, plus performance shares of 1,200 and 1,500 with 2029 and 2030 dates.
Saul Centers, Inc. (BFS) reported an insider open‑market purchase. On 11/12/2025, the reporting person bought 3,348 shares of common stock at $29.862 per share.
Following the trade, the insider beneficially owned 50,566.916 shares directly, and 2,368.427 shares were held indirectly in a spouse’s IRA. The filer is listed as both Director and President & COO. Notes indicate recent increases from dividend reinvestment plan awards.
Saul Centers, Inc. (BFS) reported Q3 2025 results. Total revenue was $72.0 million, up from $67.3 million a year ago, driven by higher rental income. Net income available to common stockholders was $7.7 million, or $0.32 per share, compared with $11.7 million, or $0.48, last year as expenses rose.
Property net operating income was $49.8 million versus $49.0 million, while interest expense and amortization increased to $17.1 million from $12.2 million. For the nine months, revenue reached $214.7 million (from $200.9 million) and net income available to common stockholders was $22.6 million ($0.93 per share) versus $34.2 million ($1.42).
The company refinanced into a new $600.0 million credit facility (a $460.0 million revolver maturing July 30, 2029 and a $140.0 million term loan maturing July 28, 2028). At September 30, $330.0 million was outstanding with $101.1 million available; current spreads were 140 bps on the revolver and 135 bps on the term loan over SOFR. Principal debt totaled $1.612 billion. Construction in progress was $371.5 million, led by Hampden House at $256.3 million. Giant Food represented 4.7% of revenue for the nine months. Shares outstanding were 24,412,314 as of November 3, 2025; this is a baseline figure, not the amount being offered.
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