Saul Centers (NYSE: BFS) grants stock and performance share awards to executive
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
SAUL CENTERS, INC. executive vice president, chief accounting officer and treasurer Joel Albert Friedman reported equity compensation and related tax withholding in company stock. On May 8, 2026, he received 2,000 restricted shares of Common Stock at $0.00 per share that vest in equal installments on each of the first five anniversaries of May 8, 2026, assuming continued employment. He also received 2,000 Performance Shares, which can convert into Common Stock on May 8, 2031 based on Funds from Operations performance criteria set annually by the board. On May 9, 2026, he acquired 26 Common shares at $35.19 each as dividend equivalents on a restricted stock award that vested the same day, and 131 shares of Common Stock were withheld to cover tax obligations, leaving him with 7,889.7111 directly held Common shares. He also reports indirect ownership of 15,248 Common shares in a 401(k) plan and multiple stock option grants and performance share awards that remain outstanding.
Positive
- None.
Negative
- None.
Insider Trade Summary
16 transactions reported
Mixed
16 txns
Insider
Friedman Joel Albert
Role
Exec VP, CAO & Treasurer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Tax Withholding | Common Stock | 131 | $35.19 | $5K |
| Grant/Award | Common Stock | 26 | $35.19 | $914.94 |
| Grant/Award | Performance Shares | 2,000 | $0.00 | -- |
| Grant/Award | Common Stock | 2,000 | $0.00 | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Employee Stock Option | -- | -- | -- |
| holding | Performance Shares | -- | -- | -- |
| holding | Performance Shares | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Series E Preferred Stock | -- | -- | -- |
| holding | Series D Preferred Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 7,889.711 shares (Direct, null);
Performance Shares — 2,000 shares (Direct, null);
Employee Stock Option — 10,000 shares (Direct, null);
Common Stock — 15,248 shares (Indirect, 401K);
Series E Preferred Stock — 200 shares (Direct, null);
Series D Preferred Stock — 100 shares (Direct, null)
Footnotes (1)
- Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan. Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 8, 2026 in equal annual installments, assuming continued employment. Balance increased by April 30, 2026 Dividend Reinvestment Plan award of 10.8021 shares. Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026. The options vest 25% per year over four years from the date of grant. The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 8, 2026 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 8, 2031, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.
Key Figures
Restricted stock grant: 2,000 shares
Performance Shares grant: 2,000 units
Dividend-equivalent shares: 26 shares at $35.19/share
+5 more
8 metrics
Restricted stock grant
2,000 shares
Common Stock restricted shares granted May 8, 2026
Performance Shares grant
2,000 units
Performance Shares granted May 8, 2026, convertible in 2031
Dividend-equivalent shares
26 shares at $35.19/share
Common Stock acquired May 9, 2026 as dividend equivalents
Tax withholding shares
131 shares
Common Stock withheld May 9, 2026 for tax liability
Direct common shares held
7,889.7111 shares
Direct Common Stock ownership after transactions
401(k) common shares
15,248 shares
Indirect Common Stock ownership via 401(k) plan
Stock option grant
20,000 shares at $33.79
Employee Stock Option, expiration May 12, 2033
Performance Shares outstanding
1,600 shares underlying
Performance Shares expiring May 9, 2030 at $0.00 exercise price
Key Terms
Performance Shares, Dividend Reinvestment Plan, Funds from Operations, restricted shares, +1 more
5 terms
Dividend Reinvestment Plan financial
"Balance increased by April 30, 2026 Dividend Reinvestment Plan award of 10.8021 shares"
A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.
Funds from Operations financial
"performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO)"
Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.
Dividend equivalents financial
"Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 9, 2026"
Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.
FAQ
What equity awards did BFS executive Joel Albert Friedman receive in this Form 4?
Joel Albert Friedman received 2,000 restricted shares of Common Stock and 2,000 Performance Shares. The restricted shares vest in five equal annual installments, while the Performance Shares may convert to stock in 2031 if Funds from Operations performance goals are achieved.
What stock options for BFS Common Stock remain outstanding for Joel Albert Friedman?
Friedman holds multiple employee stock option awards on Saul Centers Common Stock, including grants with exercise prices of $33.79, $47.90, $43.89, $50.00, $55.71, $49.46 and $59.41. Each grant covers 10,000–20,000 shares and expires between 2027 and 2033.