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. director and vice chair Patricia Saul reported compensation-related equity activity, not open-market trading. She exercised performance share awards to acquire 800 shares of Common Stock at $0 per share and received a grant of 400 additional restricted Common shares. Her direct Common Stock holdings increased to 21,833.641 shares. The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, conditioned on continued employment. She also continues to hold a director stock option covering 2,500 Common shares at an exercise price of $33.79, expiring in 2033.
Saul Centers, Inc. president and COO David Todd Pearson reported share acquisitions through equity awards. He exercised performance share awards to acquire 7,000 shares of common stock and received an additional grant of 3,500 restricted common shares at no cash price as compensation.
Following these transactions, he directly holds 61,118.903 shares of Saul Centers common stock. The filing also shows additional indirect ownership of 2,413.873 common shares held in a spouse IRA and multiple outstanding employee and director stock options that remain exercisable over future years.
Saul Centers, Inc. executive Joel Albert Friedman increased his equity stake through awards and exercises. On 2026-03-11, he exercised performance share awards covering 800 shares of Common Stock at an exercise price of 0.0000 per share, and received an additional 400 restricted shares of Common Stock as a grant.
Following these transactions, he directly holds 6,009.909 shares of Common Stock and has indirect exposure to 14,971 shares through a 401(k) plan stock fund. The restricted shares and performance-based awards generally vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment. He also retains multiple employee stock options over Common Stock with exercise prices between 33.7900 and 59.4100, expiring from 2026-05-06 through 2033-05-12.
Saul Centers, Inc. senior vice president of residential operations Lori Godby reported equity compensation activity involving performance shares, restricted stock, and stock options. On March 11, 2026, she exercised performance share awards into 200 shares of Common Stock and received an additional 100 restricted shares of Common Stock as a grant based on performance criteria. According to the filing, the performance-based restricted shares relate to a period from January 1, 2025 through December 31, 2025, with 50% scheduled to vest on May 17, 2029 and the remaining 50% on May 9, 2030, subject to continued employment. The filing also lists three outstanding employee stock option grants on Common Stock with exercise prices of 43.8900, 47.9000, and 33.7900 per share, each expiring between 2031 and 2033, which vest 25% per year over four years from grant.
Saul Centers, Inc. SVP and director Willoughby B. Laycock reported equity compensation activity in company stock. On March 11, 2026 he acquired 200 shares of Common Stock through exercises or conversions of performance-based awards and received a 100-share grant at $0.0000 per share. After these awards, he holds 4,370.068 Common shares directly, plus additional stock options, performance-based awards, phantom stock units and indirect holdings through a spouse’s 401(k), all of which are compensation-related and not open-market trades.
Saul Centers, Inc. senior vice president Zachary Maxwell Friedlis reported equity compensation activity, primarily acquiring shares through performance-based awards and grants. He exercised performance share units to acquire 600 shares of Common Stock at a stated price of $0.00 per share and now directly holds 4,906.093 Common shares afterward.
He also received a grant of 300 additional restricted shares of Common Stock, increasing his direct Common Stock holdings to 5,206.093 shares. Footnotes state that these restricted shares, including those earned based on 2025 performance criteria, vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to continued employment. The filing also shows a direct holding of 3,704.552 shares of Series D Preferred Stock.
Saul Centers, Inc. reported that Senior Vice President & CFO Carlos Lawrence Heard acquired additional equity through compensation-related awards. He exercised performance share awards covering 800 shares of Common Stock at a conversion price of $0.00 per share and received a further grant of 400 restricted Common shares, bringing his direct Common Stock holdings to 5,930.835 shares.
The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to his continued employment. He also continues to hold employee stock options over 10,000, 15,000 and 15,000 Common shares at exercise prices of $43.89, $47.90 and $33.79, expiring between 2031 and 2033.
Saul Centers, Inc. files its annual report describing a focused retail and mixed-use real estate platform concentrated in the Washington, DC/Baltimore area. As of December 31, 2025, the portfolio included 50 shopping centers, nine mixed-use properties and three development sites.
The company highlights major projects: Twinbrook Quarter Phase I in Rockville with 452 apartments and about 106,000 square feet of retail, backed by a $145.0 million construction-to-permanent loan and a remaining investment to complete not expected to exceed $9.9 million. As of February 23, 2026, 440 of 452 residential units were leased and occupied and 101,400 square feet of retail was leased. Hampden House in Bethesda, financed with a $133.0 million loan and remaining investment to complete not expected to exceed $6.8 million, had 130 of 366 apartments leased and occupied by that date. The company is also expanding Ashland Square in Virginia around a 50,325 square foot Publix. Saul Centers reports total debt of about $1.63 billion as of December 31, 2025, maintains a policy of keeping debt below 50% of asset value, and had 24,495,775 common shares outstanding as of February 23, 2026.
Saul Centers, Inc. reported higher revenue but lower earnings for the quarter and year ended December 31, 2025. Fourth-quarter total revenue rose to $75.1 million from $67.9 million a year earlier, while net income fell to $8.2 million from $10.4 million, as new developments moved from construction into operation.
Hampden House opened on October 1, 2025 with 366 apartments and 10,100 square feet of retail; by February 23, 2026, 130 units were leased and occupied. Initial operations at Hampden House reduced fourth-quarter net income by $5.1 million, including $2.8 million from lower capitalized interest. Twinbrook Quarter Phase I increased net income by $2.0 million, and, excluding these two projects, net income grew modestly.
For full-year 2025, revenue increased to $289.8 million from $268.8 million, but net income declined to $49.2 million from $67.7 million, mainly due to the initial operations of Twinbrook Quarter Phase I and Hampden House. Funds from operations available to common stockholders and noncontrolling interests fell to $96.7 million, or $2.76 per share, from $106.8 million, or $3.10 per share, even though core rent trends and residential leasing were generally stronger once these new projects are excluded.
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.