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.
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. 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.
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.
Saul Centers, Inc. director reported updated equity holdings, including both common stock and deferred compensation awards. The filing shows beneficial ownership of 16,915 shares of common stock held directly.
In the deferred compensation program, the director holds a series of director stock options covering multiple grants of 2,500 shares of common stock each, with exercise prices ranging from $33.79 to $59.41 and expiration dates between May 6, 2026 and May 12, 2033.
The report also discloses an acquisition on January 2, 2026 of 634.316 phantom stock shares at a reference price of $31.53 under the company’s Deferred Compensation Plan for Directors, bringing total phantom stock holdings to 7,379.856 shares, which include 135.486 shares previously awarded as dividend reinvestments.
Saul Centers, Inc. (BFS) reported a board-level change. On November 25, 2025, director John E. Chapoton resigned from the company’s Board of Directors, effective the same day. The company states that his resignation was not due to any disagreement regarding its operations, policies, or practices, indicating that this is presented as an orderly governance transition rather than a dispute-driven departure. Saul Centers’ common stock and its Series D and Series E preferred stock depositary shares continue to trade on the New York Stock Exchange.