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Saul Centers, Inc., a retail and mixed-use REIT focused on the Washington, DC/Baltimore area, generated higher revenue but lower profit. For the three months ended June 30, 2026, total revenue was $76,791 (in thousands), up 8.4% year over year, while net income declined to $11,546 from $14,181 as new projects ramped up. For the six‑month period, total revenue was $155,050 and net income $23,589 (in thousands), both down versus 2025 at the net income line, with net income available to common stockholders of $12,274 and EPS of $0.50.
Growth was driven by higher base rent, including contributions from Twinbrook Quarter Phase I and the initial operations of Hampden House, and stronger expense recoveries, lifting property net operating income to $103,642 (in thousands) for six months. Expenses rose faster than revenue, notably property costs, real estate taxes, interest expense, and depreciation, largely tied to Hampden House, which management estimates reduced net income by $8.8 million over six months. The portfolio comprised 50 shopping centers and nine mixed‑use properties, with commercial same‑property leasing at 94.7%. Debt principal totaled $1,627,635 (in thousands), about 92.1% effectively fixed‑rate, with approximately $158.1 million available under a $600.0 million credit facility.
Saul Centers, Inc. reported second‑quarter 2026 results with total revenue of $76.8 million, up from $70.8 million in the 2025 quarter. Net income declined to $11.5 million and net income available to common stockholders fell to $6.0 million, or $0.24 per share, from $0.33.
The initial operations of Hampden House reduced second‑quarter net income by $4.0 million and FFO by $2.4 million, even as leasing progressed; as of August 3, 2026, 64.2% of its 366 residential units and 85.1% of 10,100 square feet of retail space were leased and occupied. Same property revenue increased $4.7 million, or 6.9%, and same property net operating income increased $3.4 million, or 6.9%, driven largely by the lease‑up of Twinbrook Quarter Phase I. Funds from operations available to common stockholders and noncontrolling interests were $24.8 million, or $0.69 per share, compared with $25.4 million, or $0.73 per share, in the 2025 quarter.
SAUL CENTERS, INC. director George Patrick Clancy Jr filed a Form 4 mainly updating his equity holdings. He directly owns 22,605 shares of common stock and holds several director stock options, each covering 2,500 shares at various exercise prices and expiration dates.
On July 1, 2026, he received a grant of 534.902 phantom stock shares at $37.39 per share under the company’s Deferred Compensation Plan for Directors and its 2024 Stock Incentive Plan. After this award, his phantom stock balance totals 4,986.926 shares, which are linked to future conversion into common stock under his deferred fee arrangements.
Saul Centers, Inc. President & COO David Todd Pearson reported an open-market purchase of 2,600 shares of Common Stock at $34.745 per share. After this transaction, he directly holds 79,321.2814 common shares and also has 2,456.635 shares held indirectly through a Spouse IRA.
In addition, he holds multiple performance share awards that can convert into 17,500, 14,000 and 10,500 Common Stock shares, and several employee stock options with exercise prices ranging from $33.79 to $59.41 per share and expirations between 2027 and 2033. These derivative positions represent potential future share ownership if exercised or vested.
SAUL CENTERS, INC. executive vice president Joel Albert Friedman reported routine equity updates. He received a grant of 40 shares of common stock at $33.00 per share as dividend equivalents on a restricted stock award that vested on May 17, 2026, and 130 shares were withheld to cover tax obligations, leaving 7,785.7111 common shares held directly. He also holds 15,248 common shares indirectly through a 401(k) plan and maintains a range of performance shares and employee stock options that are exercisable into common stock over expiration dates from 2027 to 2033.
Saul Centers, Inc. senior vice president John Collich reported routine equity compensation activity. On May 17, 2026, he received 30 shares of Common Stock at $33.00 as dividend equivalents on a restricted stock award that vested that day, an exempt transaction.
To cover tax obligations, 98 shares of Common Stock at $33.00 were withheld, leaving him with 53,134.02 directly held Common shares. He also reports indirect Common Stock holdings through an IRA and his spouse, Series E preferred stock, performance share awards, and multiple employee stock option grants that each cover 20,000 underlying Common shares.
Saul Centers, Inc. Sr. VP–Director of Leasing Zachary Maxwell reported insider equity activity dated May 17, 2026. The filing shows a tax-withholding disposition of 96 common shares at $33 and an award acquisition of 31 common shares at $33. After these events he holds 6,577.575 common shares, 3,600 performance shares tied to future common stock, and 3,704.5520 shares of Series D Preferred Stock. A footnote notes dividend-equivalent shares acquired in an exempt transaction upon vesting of a restricted stock award.
Saul Centers, Inc. Chairman and CEO B. Francis Saul II reported a routine equity compensation event. He received 572 shares of common stock at $33.00 per share as a grant classified as a dividend equivalent on a restricted stock award that vested on May 17, 2026. Following this award, he directly holds 264,292.168 shares of common stock, and also has indirect holdings through family accounts and affiliated entities such as Van Ness Square Corporation, Westminster Investing L.L.C., Dearborn L.L.C., and others. In addition, he retains various equity-based interests, including performance shares, phantom stock tied to common stock, units in Saul Holdings Limited Partnership that are generally convertible one-for-one into common stock subject to ownership limits, and multiple director stock options with exercise prices between $33.79 and $59.41 per share.
Saul Centers, Inc. Senior Vice President & CFO Carlos Lawrence Heard reported updated holdings in common and derivative securities. He received 40 shares of Common Stock at $33.00 per share in an exempt award tied to dividend equivalents on a restricted stock award that vested on May 17, 2026. To cover related tax obligations, 131 shares of Common Stock were disposed of through share withholding rather than an open-market sale, leaving him with 7,693.1597 direct common shares.
He also directly holds Series D Preferred Stock totaling 4,500 shares, plus performance share awards linked to 2,000, 1,600, and 1,200 underlying common shares that can settle at an exercise price of $0.00. In addition, he retains employee stock options over 15,000, 15,000, and 10,000 common shares with exercise prices of $33.79, $47.90, and $43.89, respectively, which vest 25% per year over four years from each grant date.
Saul Centers, Inc. executive Bettina T. Guevara reported routine equity compensation activity. She acquired 45 shares of common stock at $33.00 per share as dividend equivalents on a restricted stock award that vested on May 17, 2026. To cover tax obligations, 179 shares were withheld at the same price, leaving her with 9,509.4231 common shares held directly.
Guevara also reports outstanding derivative awards, including performance shares tied to 2,500, 2,000 and 1,500 underlying common shares with a $0.00 exercise price, and employee stock options on 4,000, 3,000 and 2,500 shares with exercise prices between $33.79 and $47.90 expiring between 2031 and 2033. The options vest 25% per year over four years from their grant dates.