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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.
Saul Centers, Inc. senior vice president John Collich reported routine equity compensation activity. On March 11, 2026, he exercised performance share awards into 600 shares of Common Stock at a stated price of $0.00 per share and received an additional 300 restricted Common shares. Following these transactions, he directly holds 51,042.62 Common shares, plus 872 shares of Series E preferred stock and indirect Common Stock holdings of 2,878 shares through his wife and 2,221 shares in an IRA. The filing also lists multiple employee stock options on 20,000 underlying Common shares each, with exercise prices between $33.79 and $59.41 and expirations from 2026 through 2033.
Saul Centers, Inc. senior vice president Judith K. Garland reported equity compensation activity, exercising performance share units and receiving additional restricted stock, all as awards from the company rather than open-market trades.
On March 11, 2026, she exercised performance share awards tied to 200 and 300 underlying shares of common stock, and a related entry shows 500 shares of common stock acquired through derivative exercise. She also received a separate grant of 250 restricted shares of common stock as a compensation award.
Following these acquisitions, Garland directly holds 3,489 shares of Saul Centers common stock. Footnotes state that 200 of the restricted shares vest on May 17, 2029 and 300 vest on May 9, 2030, subject to continued employment. An additional 100 and 150 restricted shares earned based on 2025 performance vest on the same respective dates under similar conditions. She also retains employee stock options over 5,000, 5,000, and 10,000 underlying common shares at exercise prices of $43.89, $47.90, and $33.79, expiring in 2031, 2032, and 2033.
Saul Centers, Inc. senior vice president and chief construction officer Donald A. Hachey exercised performance share awards and received additional stock-based compensation. He exercised 600 Performance Shares into 600 shares of Common Stock and was granted 300 restricted shares of Common Stock.
The 300 restricted shares were earned based on 2025 performance criteria and vest 50% on May 17, 2029 and 50% on May 9, 2030, subject to his continued employment. Following these transactions, he holds 4,277.777 shares of Common Stock directly and retains multiple employee stock option grants expiring between 2026 and 2033.
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.