Saul Centers, Inc. filings document regulatory disclosures for a self-managed equity REIT that owns, operates, and develops shopping center and mixed-use real estate. Recent 8-K reports furnish quarterly operating results and identify the company’s NYSE-listed common stock and depositary shares representing Series D and Series E cumulative redeemable preferred stock.
The filing record also includes proxy governance and executive compensation disclosures, board-change reports, and material definitive agreements involving Saul Holdings Limited Partnership, the company’s operating partnership. These documents describe the REIT’s public-company governance, capital structure, financing arrangements, and operating-result disclosures.
Saul Centers, Inc. (BFS) reported solid top-line growth but slightly lower profit for the quarter ended March 31, 2026. Total revenue rose to $78.3M from $71.9M, driven by new mixed-use projects Twinbrook Quarter Phase I and Hampden House and higher base rent across the portfolio.
Net income declined to $12.0M from $12.8M as initial operations at Hampden House added expenses, along with higher interest and depreciation. Net income available to common stockholders was $6.3M, or $0.26 per diluted share, versus $0.29 a year earlier.
Same property net operating income increased 9.0%, helped by the lease-up of Twinbrook Quarter. Commercial leasing on a same-property basis improved to 95.0%. Total debt was about $1.62B, roughly 88.8% fixed-rate including hedges, with $105.3M available under the $600M credit facility.
Saul Centers, Inc. reported first quarter 2026 results showing higher property-level performance but slightly lower earnings to common stockholders. Total revenue for the quarter ended March 31, 2026 rose to $78.3 million from $71.9 million a year earlier, driven by stronger residential and commercial rents and lower credit losses.
Net income declined to $12.0 million, with net income available to common stockholders down to $6.3 million, or $0.26 per share, from $7.0 million, or $0.29 per share. The opening of the Hampden House mixed-use property reduced net income by $4.8 million, including $2.8 million from lower capitalized interest, as expenses ramped ahead of full occupancy.
Same property performance was strong. Same property revenue increased by $5.1 million, or 7.4%, and same property net operating income rose by $4.3 million, or 9.0%, helped by leasing at Twinbrook Quarter Phase I. Shopping center same property NOI grew 3.4% to $36.5 million, while mixed-use same property NOI jumped 24.9% to $15.6 million.
Funds from operations (FFO) available to common stockholders and noncontrolling interests increased modestly to $25.2 million, or $0.71 per share, unchanged per share from the prior-year quarter. Hampden House reduced FFO by $3.2 million, or $0.09 per share, but excluding this new asset, FFO grew by $3.8 million, mainly from higher residential and commercial base rents. On a same property basis excluding Hampden House, the residential portfolio was 97.6% leased at March 31, 2026, up from 90.4%, reflecting strong leasing at The Milton at Twinbrook Quarter.
Saul Centers Inc ownership update: Vanguard Portfolio Management reports beneficial ownership of 1,326,494 shares of Common Stock, representing 5.41% of the class as of 03/31/2026. The filing shows sole voting power of 10,214 shares and sole dispositive power over 1,326,494 shares. The Schedule 13G was signed on 04/29/2026.
SAUL CENTERS, INC. director George Patrick Clancy Jr. received a grant of 613.873 shares of Phantom Stock on April 1, 2026 at a reference value of $32.58 per share. This is a compensation-related award, not an open-market purchase or sale.
The award increases his phantom stock holdings to 4,374.529 units, which are tied to the company’s common stock under the issuer’s Deferred Compensation Plan for Directors and 2024 Stock Incentive Plan, as described in his Deferred Fee Agreement. The filing also lists existing director stock options over multiple 2,500-share blocks of common stock with exercise prices between about $33.79 and $59.41 and expirations from 2026 through 2033, and shows direct ownership of 20,605 shares of common stock.
Saul Centers, Inc. Senior Vice President & CFO Carlos Lawrence Heard reported an open-market purchase of 500 shares of Series D Preferred Stock at $20.60 per share. Following this trade, his direct holdings in the Series D Preferred Stock increased to 4,500 shares.
He also directly holds 5,930.835 shares of Common Stock, several employee stock options on Common Stock with varying exercise prices and expirations, and performance share awards that may convert into Common Stock on future dates, reflecting a multi-layered equity position in the company.
Saul Centers Inc Schedule 13G/A reports that The Vanguard Group beneficially owns 0 shares of Common Stock (CUSIP 804395101), representing 0% of the class after an internal realignment. The filing states certain Vanguard subsidiaries will report ownership separately following January 12, 2026.
The filing is signed by Ashley Grim, Head of Global Fund Administration, on 03/27/2026, and explains that Vanguard no longer is deemed to have beneficial ownership over securities held by those disaggregated subsidiaries in reliance on SEC Release No. 34-39538.
Saul Centers, Inc. reported full-year 2025 results showing portfolio growth from new developments and preserved liquidity while earnings metrics reflected initial operating costs from recent projects.
Total revenue was $289.8 million and FFO available to common stockholders and noncontrolling interests was $96.7 million ($2.76 per diluted share). Net income available to common stockholders was $26.3 million. The company closed 2025 with $104.9 million of liquidity and $1.63 billion of outstanding debt, including a refinanced $600 million credit facility with final maturity in July 2030. Developments placed into service in 2024–2025 include Twinbrook Quarter Phase I and Hampden House; leasing progress and expected future openings should drive earnings once stabilized.
Saul Centers, Inc. has called its annual stockholder meeting for May 8, 2026, asking investors to elect four directors through 2029, including new nominee Helgi C. Walker, ratify Deloitte & Touche LLP as auditor for 2026, and approve a non-binding advisory vote on executive pay.
Common stockholders of record on February 27, 2026 (24,495,775 shares outstanding) may vote; preferred depositary holders may not. Officers and directors control about 47.3% of common stock and intend to support all proposals. The 11-member Board has a majority of independent directors, combined Chairman/CEO leadership, and independent Audit, Compensation, and Nominating committees.
The proxy details director and committee retainers, annual restricted stock awards for non-employee directors, and a compensation program for named executives built on salary, discretionary cash bonuses, and time- and performance-based restricted stock tied to Funds From Operations. A clawback policy, anti-hedging and anti–short sale rules, 401(k)/SERP retirement contributions, and a 2025 CEO pay ratio of 16.9:1 are also disclosed.
Saul Centers, Inc. executive Bettina T. Guevara reported compensation-related equity activity. On March 11, 2026, she exercised performance share awards into 1,000 shares of Common Stock at $0 per share and received an additional 500 restricted shares as a grant, bringing her direct Common Stock holdings to 7,305.306 shares.
The restricted shares vest 50% on May 17, 2029 and 50% on May 9, 2030, with part of the award tied to performance criteria for the period from January 1, 2025 through December 31, 2025. She also continues to hold employee stock options over 2,500, 3,000 and 4,000 underlying Common shares at exercise prices of $43.89, $47.90 and $33.79, expiring between 2031 and 2033.
SAUL CENTERS, INC. Chairman and CEO B. Francis Saul II reported equity-based compensation activity rather than open-market trading. On March 11, 2026, he exercised performance share awards covering 8,000 shares of common stock at a conversion price of $0.00 per share, increasing his directly held common stock to 240,154.427 shares.
He also received an additional 4,000 restricted shares of common stock as an award based on 2025 performance. According to the footnotes, half of these restricted shares vest on May 17, 2029 and the other half on May 9, 2030, subject to his continued employment. The filing also lists substantial indirect holdings through entities, units in Saul Holdings Limited Partnership convertible one-for-one into common stock subject to a 39.9% aggregate ownership cap, and phantom stock units that are also convertible one-for-one into common stock under the company’s deferred compensation plan.