SAUL CENTERS, INC. SEC Filings

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.

Friedlis Zachary Maxwell reported acquisition or exercise transactions in this Form 4 filing.

Saul Centers, Inc. Senior Vice President and Director of Leasing Zachary Maxwell Friedlis reported equity award activity dated March 11, 2026. The filing includes derivative transactions in Performance Shares tied to 300 underlying shares of Common Stock each, a non-derivative entry for 600 Common shares at $0.0000 per share, and a grant of 300 restricted Common shares. After these entries he directly holds 2,100 Performance Shares, 5,206.093 shares of Common Stock, and 3,704.552 shares of Series D Preferred Stock. Footnotes describe vesting of certain restricted shares in 2029 and 2030 based on continued employment and note Dividend Reinvestment Plan awards totaling 61.074 shares.

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.

Saul Centers, Inc. director reported an insider transaction involving phantom stock units converting into common shares. On 01/05/2026, 3,690 shares of common stock were acquired at $31.5 per share through the exercise of phantom stock under the company’s deferred compensation arrangements.

Following this transaction, the director beneficially owns 20,605 shares of Saul Centers common stock directly. The filing also lists multiple director stock options, each covering 2,500 shares of common stock with exercise prices between $33.79 and $59.41 and expirations from 2026 through 2033. In addition, 3,689.856 phantom stock derivative units remain beneficially owned, linked to the company’s Deferred Compensation Plan and the director’s Deferred Fee Agreement.