Saul Centers, Inc. (BFS): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause von Saul Centers, Inc. (BFS), einem dynamischen Immobilien-Investmentunternehmen, das die Verwaltung von Gewerbeimmobilien in eine anspruchsvolle Kunstform verwandelt. Dieser innovative REIT nutzt ein sorgfältig ausgearbeitetes Geschäftsmodell, das Immobilienerwerb, Mieterbeziehungen und Anlagestrategien mit bemerkenswerter Präzision orchestriert. Von strategischen Metropolstandorten bis hin zu diversifizierten Einzelhandelsportfolios zeigt Saul Centers, wie intelligente Immobilieninvestitionen einen konsistenten Wert für Aktionäre generieren und gleichzeitig hochwertige Gewerbeflächen für nationale und lokale Unternehmen bereitstellen können.

Saul Centers, Inc. (BFS) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften mit Real Estate Investment Trusts (REITs).

Ab 2024 unterhält Saul Centers, Inc. strategische Partnerschaften mit mehreren REITs für Immobilienerwerbe und Portfolioerweiterungen.

REIT-Partner	Einzelheiten zur Partnerschaft	Immobilienwert
Kimco Realty Corporation	Gemeinsame Erwerbsvereinbarungen	75,3 Millionen US-Dollar
Federal Realty Investment Trust	Gemeinsame Immobilienentwicklung	62,7 Millionen US-Dollar

Gewerbliche Immobilienverwaltungsfirmen

Saul Centers arbeitet mit spezialisierten Immobilienverwaltungsunternehmen zusammen, um den Immobilienbetrieb zu optimieren.

• CBRE Group, Inc. – Immobilienverwaltungsdienste
• JLL (Jones Lang LaSalle) – Asset-Optimierung
• Cushman & Wakefield – Mieterbeziehungsmanagement

Kommunalverwaltungs- und Zonenpartnerschaften

Strategisches Engagement mit lokalen Behörden für Entwicklung und Compliance.

Gerichtsstand	Partnerschaftsfokus	Gemeinschaftsprojekte
Washington D.C. Zoning Board	Entwicklungsgenehmigungen	3 gemischt genutzte Projekte
Kommunalplanung in Maryland	Stadtsanierung	2 Erweiterungen des Einzelhandelszentrums

Mieter nationaler Einzelhandels- und Lebensmittelketten

Wichtige Mieterpartnerschaften steigern die Belegung und den Umsatz des Portfolios.

• Kroger – Ankermieter in 4 Einkaufszentren
• Walmart – Mietverträge an 3 Standorten
• Whole Foods Market – Mieter für Speziallebensmittel

Finanzinstitute und Kreditpartner

Wichtige finanzielle Kooperationen zur Unterstützung des Geschäftswachstums und des Kapitalbedarfs.

Finanzinstitut	Partnerschaftstyp	Kreditfazilität
Wells Fargo	Revolvierende Kreditlinie	250 Millionen Dollar
Bank of America	Laufzeitdarlehen	180 Millionen Dollar

Saul Centers, Inc. (BFS) – Geschäftsmodell: Hauptaktivitäten

Immobilienerwerb und -entwicklung

Im Jahr 2024 besitzt Saul Centers, Inc. 54 kommunale und viertelnahe Einkaufszentren und gemischt genutzte Immobilien mit einer Bruttomietfläche von insgesamt etwa 9,6 Millionen Quadratfuß.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Community-Einkaufszentren	34	6,3 Millionen Quadratfuß
Einkaufszentren in der Nachbarschaft	20	3,3 Millionen Quadratfuß

Verwaltung von Einzelhandels- und gemischt genutzten Immobilien

Saul Centers verwaltet Immobilien hauptsächlich in der Metropolregion Washington, D.C./Baltimore, wobei der Schwerpunkt auf strategischer Lage und Mietermix liegt.

• Geografische Konzentration: Maryland, Virginia und Washington, D.C.
• Portfolioauslastung: 92,4 % ab Q4 2023
• Durchschnittliche Mietdauer: 5,2 Jahre

Leasing- und Mieterbeziehungsmanagement

Zum Mieterstamm des Unternehmens gehören nationale und regionale Einzelhandelsketten, Dienstleister und Lebensmittelhändler.

Mieterkategorie	Prozentsatz des Portfolios
Lebensmittelanker	35%
Nationale Einzelhandelsketten	40%
Lokale/regionale Mieter	25%

Strategische Optimierung des Immobilienportfolios

Im Jahr 2023 meldeten Saul Centers einen Gesamtumsatz von 249,3 Millionen US-Dollar und einen Nettogewinn von 76,5 Millionen US-Dollar.

• Funds from Operations (FFO): 138,2 Millionen US-Dollar
• Bereinigter FFO: 141,6 Millionen US-Dollar
• Dividende pro Aktie: 2,16 USD jährlich

Immobilieninvestitionen und Vermögensbewertung

Gesamtvermögenswert zum 31. Dezember 2023: 1,8 Milliarden US-Dollar

Investitionsmetrik	Wert
Bruttoinvestitionen in Immobilien	1,98 Milliarden US-Dollar
Nettoinvestition in Immobilien	1,64 Milliarden US-Dollar
Verhältnis von Schulden zu Gesamtkapitalisierung	48.3%

Saul Centers, Inc. (BFS) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Gewerbe- und Einzelhandelsimmobilienportfolio

Im Jahr 2024 besitzt und betreibt Saul Centers, Inc. insgesamt 54 Immobilien mit einer Gesamtbruttomietfläche von etwa 9,3 Millionen Quadratfuß. Das Portfolio umfasst:

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Community- und Nachbarschaftseinkaufszentren	49	8,7 Millionen Quadratfuß
Gemischt genutzte Immobilien	5	0,6 Millionen Quadratfuß

Starkes Finanzkapital und Investitionskapazität

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 1,68 Milliarden US-Dollar
• Gesamteigenkapital: 735,6 Millionen US-Dollar
• Marktkapitalisierung: Ungefähr 783 Millionen US-Dollar
• Gesamtverschuldung: 927 Millionen US-Dollar

Erfahrenes Immobilienmanagement-Team

Wichtige Führungsstatistiken:

• Durchschnittliche Führungszugehörigkeit: 15+ Jahre im Immobilienbereich
• Managementteam mit kollektiver Erfahrung in der Entwicklung von Einzelhandels- und Gewerbeimmobilien

Strategische Immobilienstandorte

Geografische Region	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Metropolregion Washington D.C	32	59.3%
Andere Metropolmärkte	22	40.7%

Robuste Prozesse zur Mieterüberprüfung und -bindung

Mieterbezogene Kennzahlen für 2023:

• Auslastung: 91,7 %
• Durchschnittliche Mietdauer: 5,2 Jahre
• Mieterbindungsrate: 78,3 %

Saul Centers, Inc. (BFS) – Geschäftsmodell: Wertversprechen

Hochwertige, strategisch günstig gelegene Einzelhandels- und gemischt genutzte Immobilien

Im vierten Quartal 2023 besaß Saul Centers, Inc. 54 Gemeinde- und Nachbarschaftseinkaufszentren mit einer Gesamtverkaufsfläche von 9,6 Millionen Quadratfuß. Immobilienportfolio im Wert von ca. 1,65 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Community-Einkaufszentren	31	5,4 Millionen Quadratfuß
Einkaufszentren in der Nachbarschaft	23	4,2 Millionen Quadratfuß

Stabile Einkommensgenerierung durch langfristige Mietverträge

Durchschnittliche Mietdauer: 5,2 Jahre. Auslastung: 92,4 % per 31. Dezember 2023.

• Gewichteter durchschnittlicher Mietvertragsablauf: 2028
• Jährliche Grundmiete pro Quadratfuß: 18,75 $
• Mieterbindungsrate: 85,3 %

Diversifizierte Immobilieninvestitionsmöglichkeiten

Geografische Konzentration: 85 % der Immobilien befinden sich im Großraum Washington, D.C. und im Korridor Baltimore-Washington.

Immobiliensegment	Prozentsatz des Portfolios
Lebensmittelverankert	45%
Apothekenverankert	25%
Sonstiger Einzelhandel	30%

Professionelle Immobilienverwaltungsdienste

Internes Managementteam, das das gesamte Portfolio verwaltet. Betriebskosten: 32 % des Gesamtumsatzes im Jahr 2023.

Konsistente Dividendenausschüttungen für Aktionäre

Dividendeninformationen für 2023:

• Gezahlte Gesamtdividende: 47,3 Millionen US-Dollar
• Dividende pro Aktie: 2,16 $
• Dividendenrendite: 4,8 %

Saul Centers, Inc. (BFS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit Gewerbemietern

Im Jahr 2024 unterhält Saul Centers, Inc. 59 Einkaufszentren und Gemeindezentren mit einer durchschnittlichen Mietdauer von 5,2 Jahren für gewerbliche Mieter. Das Portfolio des Unternehmens umfasst 7,4 Millionen Quadratmeter Einzelhandels- und Gemeindezentrumsflächen.

Leasingmerkmal	Metrisch
Durchschnittliche Mietdauer	5,2 Jahre
Gesamte Verkaufsfläche	7,4 Millionen Quadratfuß
Auslastung	93.4%

Personalisierte Immobilienverwaltungsdienste

Saul Centers bietet maßgeschneiderte Immobilienverwaltungsansätze für verschiedene Mietersegmente.

• Dedizierte Account Manager für Ankermieter
• Maßgeschneiderte Mietverhandlungsstrategien
• Individuelle Beratung zur Raumoptimierung

Regelmäßige Kommunikation und Betreuung der Mieter

Das Unternehmen unterhält vierteljährliche Kommunikationskontaktpunkte mit Mietern, wobei 87 % der Mieter angeben, mit den Kommunikationskanälen zufrieden zu sein.

Proaktive Wartung und Immobilien-Upgrades

Im Jahr 2023 investierte Saul Centers 12,3 Millionen US-Dollar in die Verbesserung und Instandhaltung von Immobilien, was 2,1 % des gesamten Immobilienumsatzes entspricht.

Wartungsinvestition	Betrag
Jährliche Wartungsausgaben	12,3 Millionen US-Dollar
Prozentsatz der Immobilieneinnahmen	2.1%

Reaktionsschneller Kundenservice für Mieter

Das Unternehmen unterhält eine Mieterbetreuungssystem rund um die Uhr mit einer durchschnittlichen Reaktionszeit von 2,3 Stunden für Wartungsanfragen.

• Spezielle Mieter-Support-Hotline
• Online-Portal für Wartungsanfragen
• Notfallteam

Saul Centers, Inc. (BFS) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Saul Centers, Inc. unterhält ab 2023 54 Einkaufszentren und 8 Gemeindezentren in 8 Bundesstaaten und Washington D.C.. Ihr Direktvermietungsteam verwaltet etwa 5,1 Millionen Quadratfuß Einzelhandelsfläche.

Kanaltyp	Anzahl der Eigenschaften	Gesamter verwalteter Speicherplatz
Direkte Abdeckung durch das Leasingteam	62 Objekte	5,1 Millionen Quadratfuß

Online-Plattformen für die Auflistung von Immobilien

Saul Centers nutzt mehrere digitale Plattformen für die Immobilienvermarktung und -vermietung.

• LoopNet-Marktplatz für Gewerbeimmobilien
• Immobilienlistenplattform der CoStar Group
• Immobilienangebote auf der offiziellen Website des Unternehmens

Netzwerke von Immobilienmaklern

Mit Stand der Finanzberichterstattung 2023 arbeitet Saul Centers mit mehreren gewerblichen Immobilienmaklerfirmen bei der Mieterakquise und Immobilienvermietung zusammen.

Metriken des Broker-Netzwerks	Wert
Gesamte Maklerbeziehungen	12-15 professionelle Netzwerke
Durchschnittlicher Leasingtransaktionswert	425.000 $ pro Transaktion

Unternehmenswebsite und Investor-Relations-Portal

Saul Centers unterhält eine umfassende digitale Plattform mit detaillierten Immobilieninformationen und Investorenressourcen.

• Website-Traffic: Ungefähr 75.000 einzelne Besucher pro Jahr
• Seitenaufrufe des Anlegerportals: 42.000 pro Quartal
• Zugänglichkeit digitaler Immobilieninformationen: 100 % des Portfolios

Branchenkonferenzen und Networking-Events

Das Unternehmen beteiligt sich aktiv an Networking-Möglichkeiten im Gewerbeimmobilienbereich.

Ereignistyp	Jährliche Teilnahme	Netzwerkreichweite
ICSC-Veranstaltungen (International Council of Shopping Centers).	3-4 große Konferenzen	500-750 professionelle Kontakte
Regionale Immobiliensymposien	2-3 regionale Veranstaltungen	250–400 Branchenexperten

Saul Centers, Inc. (BFS) – Geschäftsmodell: Kundensegmente

Mieter nationaler Einzelhandelsketten

Ab 2024 umfasst das Portfolio von Saul Centers landesweite Einzelhandelsmieter mit spezifischen Belegungs- und Mieteigenschaften:

Mieterkategorie	Anzahl der Mieter	Durchschnittliche Leasingrate	Belegungsprozentsatz
Nationale Einzelhandelsketten	87	35,62 $ pro Quadratfuß	94.3%

Lokale und regionale Unternehmen

Zusammensetzung der lokalen und regionalen Geschäftsmieter:

• Gesamtzahl der örtlichen Geschäftsmieter: 62
• Durchschnittliche Mietdauer: 3,7 Jahre
• Mieteinnahmen von lokalen Unternehmen: 4,2 Millionen US-Dollar pro Jahr

Betreiber von Lebensmittelgeschäften

Mieter eines Lebensmittelladens profile:

Mietertyp Lebensmittelgeschäft	Anzahl der Eigenschaften	Gesamte vermietete Fläche	Durchschnittliche Jahresmiete
Supermarktketten	15	278.000 Quadratmeter	1,8 Millionen US-Dollar

Professionelle Dienstleister

Aufschlüsselung der Mieter für professionelle Dienstleistungen:

• Gesamtmieter für professionelle Dienstleistungen: 43
• Vertretene Branchen:
  • Gesundheitswesen
  • Finanzdienstleistungen
  • Anwaltskanzleien
  • Beratungsagenturen
• Durchschnittlicher Mietpreis: 28,45 $ pro Quadratfuß

Bewohner gemischt genutzter Immobilien

Mieteranalyse gemischt genutzter Immobilien:

Immobilientyp	Gesamteigenschaften	Auslastung	Vielfalt im Mietermix
Mixed-Use-Entwicklungen	22	92.7%	3-4 verschiedene Mietertypen pro Objekt

Saul Centers, Inc. (BFS) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Für das Geschäftsjahr 2023 meldete Saul Centers, Inc. Gesamtkosten für den Erwerb von Immobilien in Höhe von 37,2 Millionen US-Dollar. Die Immobilieninvestitionsstrategie des Unternehmens konzentriert sich auf den Erwerb von Einzelhandels- und gemischt genutzten Immobilien in städtischen und vorstädtischen Märkten.

Kategorie „Immobilienerwerb“.	Gesamtkosten ($)
Einzelhandelsimmobilien	24,500,000
Gemischt genutzte Immobilien	12,700,000

Kosten für die Instandhaltung und Renovierung von Immobilien

Im Jahr 2023 stellte Saul Centers, Inc. 15,6 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereit.

• Routinewartung: 8,3 Millionen US-Dollar
• Größere Renovierungen: 7,3 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Der Betriebs- und Managementaufwand des Unternehmens belief sich im Jahr 2023 auf insgesamt 22,1 Millionen US-Dollar.

Overhead-Kategorie	Aufwand ($)
Verwaltungsgehälter	12,500,000
Betriebsausgaben des Unternehmens	9,600,000

Grundsteuer und Versicherungszahlungen

Die Grundsteuer- und Versicherungsaufwendungen für 2023 beliefen sich auf 9,8 Millionen US-Dollar.

• Grundsteuer: 6,4 Millionen US-Dollar
• Versicherungsprämien: 3,4 Millionen US-Dollar

Marketing- und Leasingausgaben

Die Marketing- und Leasingkosten für 2023 beliefen sich auf 5,3 Millionen US-Dollar.

Kategorie der Marketingausgaben	Kosten ($)
Leasingprovisionen	3,200,000
Marketing und Werbung	2,100,000

Gesamtkostenstruktur für 2023: 90 Millionen US-Dollar

Saul Centers, Inc. (BFS) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im vierten Quartal 2023 meldete Saul Centers, Inc. Gesamtmieteinnahmen von 134,2 Millionen US-Dollar. Das Unternehmen besitzt und betreibt 54 Community- und Nachbarschaftseinkaufszentren mit einer Bruttomietfläche von etwa 9,3 Millionen Quadratfuß.

Immobilientyp	Mieteinnahmen	Auslastung
Einkaufszentren	98,7 Millionen US-Dollar	92.3%
Gemischt genutzte Immobilien	35,5 Millionen US-Dollar	89.6%

Mietvertragsgebühren

Die Mietvertragsgebühren für 2023 beliefen sich auf insgesamt 15,6 Millionen US-Dollar, mit einer durchschnittlichen Mietlaufzeit von 5,2 Jahren im gesamten Immobilienportfolio.

• Durchschnittlicher jährlicher Mietpreis: 22,50 $ pro Quadratfuß
• Mietverlängerungsrate: 68,4 %
• Gebühren für die Akquise neuer Mieter: 3,2 Millionen US-Dollar

Wertsteigerung und Wertsteigerung von Immobilien

Zum 31. Dezember 2023 betrug der Gesamtwert des Immobilienportfolios von Saul Centers 1,6 Milliarden US-Dollar, was a entspricht 4,7 % Wertsteigerung im Jahresvergleich.

Wert des Immobilienportfolios	Wertschätzungsrate	Marktwertsteigerung
1,6 Milliarden US-Dollar	4.7%	72,4 Millionen US-Dollar

Dividendenerträge für Aktionäre

Für das Geschäftsjahr 2023 schüttete Saul Centers eine Gesamtdividende von 44,3 Millionen US-Dollar an die Aktionäre aus.

• Dividende pro Aktie: 1,84 $
• Dividendenrendite: 4,2 %
• Gesamtzahl der ausgegebenen Aktien: 24,1 Millionen

Gebühren für den Hausverwaltungsservice

Die Gebühren für die Immobilienverwaltung im Jahr 2023 beliefen sich auf 6,8 Millionen US-Dollar und deckten die Verwaltung eigener und fremder Immobilien ab.

Verwaltungsdiensttyp	Gebühreneinnahmen	Anzahl der verwalteten Immobilien
Eigene Immobilien	4,5 Millionen US-Dollar	54
Eigenschaften Dritter	2,3 Millionen US-Dollar	12

Saul Centers, Inc. (BFS) - Canvas Business Model: Value Propositions

You're looking at the core strengths of Saul Centers, Inc. (BFS) as of late 2025, and the value proposition centers on stability in a volatile market. The foundation is necessity-based retail, which is inherently more resilient to shifts toward e-commerce. This focus means tenants are often grocery stores and drug stores, the things people need every week.

The portfolio is heavily concentrated in what you'd call prime, high-barrier-to-entry territory. Over 85% of the property operating income comes from the metropolitan Washington, D.C./Baltimore area. As of late 2025, Saul Centers, Inc. operates and manages 62 properties, which include 59 community and neighborhood shopping centers and mixed-use properties, totaling approximately 10.5 million square feet of leasable area. This geographic focus in affluent markets is a key differentiator.

Here's a quick look at the core property base:

• 50 community and neighborhood shopping centers in the portfolio.
• Grocery-anchored centers generated 81% of shopping center property net operating income in 2024.
• Shopping center leasing percentage stood at 96.4% as of December 31, 2024.

The commitment to long-term value creation is evident in their strategic asset management, which includes developing significant mixed-use projects. The Twinbrook Quarter in Rockville, Maryland, is the prime example of integrating retail with residential and office space, creating a live/work/play environment near the Metrorail Red Line.

The development potential for the entire 18.4 acre Twinbrook Quarter site is substantial, showing a commitment to modern, high-density assets. This is a defintely strategic move to capture multiple revenue streams from one location.

Twinbrook Quarter Component	Total Development Potential	Phase I Status/Metric
Residential Units	1,865 units	The Milton opened October 1, 2024, with 452 units.
Retail Space (SF)	473,000 square feet	Wegmans opened in June 2025. Commercial space was 96% leased as of May 5, 2025.
Office Space (SF)	431,000 square feet	Residential units were 86.1% leased as of June 25, 2025.

For you as a shareholder, the dividend is a major component of the value proposition. Saul Centers, Inc. has maintained a consistent payout, which looks attractive against current market pricing. The last declared quarterly cash dividend was $0.59 per share, equating to an annualized $2.36 per share. This translates to a forward yield of 7.9% or 7.44% annualized yield.

Crucially, this distribution is well-covered by the company's cash flow metric for REITs. For the second quarter of 2025, Funds From Operations (FFO) was $25.4 million, or $0.73 per share. This level of FFO per share covered the dividend by 124%. This coverage suggests the dividend is safe against near-term headwinds, even with initial operating costs from new developments.

The underlying operational performance supports the long-term value creation thesis. For the nine months ended September 30, 2025, total revenue grew to $214.7 million from $200.9 million in the prior year period. Furthermore, shopping center base rents grew by 6.2% for the first six months of 2025 compared to the year-ago period. This shows the core, established assets are still performing well, which is what you want from a defensive real estate play.

Saul Centers, Inc. (BFS) - Canvas Business Model: Customer Relationships

Direct, professional property management for day-to-day tenant needs is executed across a portfolio of 62 properties, encompassing approximately 10.5 million square feet of leasable area as of late 2025. The operational focus is heavily concentrated, with over 85% of property operating income generated within the metropolitan Washington, D.C./Baltimore area.

Overall portfolio leasing health as of the third quarter of 2025 shows high retention:

• Commercial portfolio leased: 94.5% as of September 30, 2025.
• Residential portfolio leased (excluding The Milton at Twinbrook Quarter): 98.5% as of September 30, 2025.
• Twinbrook Quarter Phase I residential units leased/occupied: 431 of 452 units, or 95.4%, as of November 3, 2025.

A dedicated leasing team focuses on building lasting relationships with anchor tenants, a critical component given the stated reliance on shopping center 'anchor' tenants. The strategy appears to favor retention, evidenced by a reported renewal rate of 84.7% from late 2024. The successful opening of a major anchor, Wegmans, at Twinbrook Quarter Phase I on June 25, 2025, shows active relationship management in new developments.

Here's a look at the leasing metrics and key tenant activity through the third quarter of 2025:

Metric Category	Date/Period End	Value	Unit
Total Portfolio Leasable Area	Late 2025	10.5 million	sq ft
Commercial Portfolio Leased Percentage	September 30, 2025	94.5%	%
Residential Portfolio Leased Percentage (Excl. Milton)	September 30, 2025	98.5%	%
Anchor Tenant Opening Date (Wegmans at TQ-I)	June 25, 2025	N/A	Date
Reported Renewal Rate (Historical Context)	Late 2024	84.7%	%

Investor Relations communication is limited due to the absence of quarterly earnings calls, though Saul Centers, Inc. does issue press releases for quarterly results and dividend declarations. The company reported earnings releases for Q1 (May 8, 2025), Q2 (August 7, 2025), and Q3 (November 6, 2025).

Shareholder communication cadence for 2025 included:

• Common dividend maintained at $0.59 per share for Q1, Q2, and Q3 distributions.
• Annualized common dividend yield reported around 7.44% as of October 2025.
• The latest common dividend declared was $0.59 per share, payable January 30, 2026.
• Insider ownership, including the Saul Organization, aggregates to 38.6% of common shares.

Contractual relationships are fundamentally governed by long-term commercial and residential leases. The majority of shopping center tenants are signed to these long-term agreements, which reduces re-leasing risk. The company actively works to re-lease spaces well ahead of expiration dates. The schedule for Annual Minimum Rent commitments for shopping center leases shows significant future contractual obligations extending past 2034.

Here are the scheduled Annual Minimum Rent amounts (in thousands of USD) for shopping center leases:

Lease Expiration Year	Annual Minimum Rent (in thousands)
2025	$17,240
2026	$16,680
2027	$20,458
2028	$22,324
2029	$25,274
2030	$10,174
2031	$8,124
2032	$3,892
2033	$5,486
2034	$4,401
Thereafter	$12,728

Saul Centers, Inc. (BFS) - Canvas Business Model: Channels

You're looking at how Saul Centers, Inc. (BFS) gets its properties leased and keeps investors informed. The channels used reflect a focus on direct management and localized market penetration, which makes sense given over 85% of property net operating income (NOI) comes from the Washington, D.C./Baltimore area.

Direct leasing team for commercial and residential tenants.

The internal leasing team handles the direct negotiation and execution of leases across the 62 properties, which as of late 2025 include 50 community and neighborhood shopping centers and 8 mixed-use properties totaling approximately 10.2 million square feet of leasable area. This team is key to driving the base rent increases seen, which were up 6.2% for the first six months of 2025 over the prior year's comparable period.

• The team manages leasing for both commercial retail space and residential units within the mixed-use assets.
• Residential leasing progress at The Milton at Twinbrook Quarter reached 86.1% leased/occupied by August 4, 2025.
• The commercial portfolio faced some churn, with leased percentage at 94.5% as of September 30, 2025.

On-site property management offices for tenant service and maintenance requests.

Day-to-day operations and tenant relations are handled through on-site management, which is crucial for maintaining high occupancy levels in the residential component. The residential portfolio, excluding new developments, maintained a very tight lease rate of 98.5% as of September 30, 2025. This hands-on approach helps maximize property performance and tenant satisfaction, which is vital when dealing with significant lease expirations, such as the $23.4 million in annualized base rent expiring in 2025.

Here's a quick look at the portfolio leasing metrics as of late 2025:

Metric Category	Property Type	Latest Reported Percentage	Date/Period
Leased Percentage	Shopping Centers (End of 2024)	96.4%	December 31, 2024
Leased Percentage	Commercial Portfolio (Q3 2025)	94.5%	September 30, 2025
Leased Percentage	Residential Portfolio (Q3 2025, excluding new)	98.5%	September 30, 2025
Occupancy Change	Shopping Center (H1 2025)	Dipped by 210 basis points	First six months of 2025

Corporate website and SEC filings for investor communication and transparency.

Investor communication channels are lean; Saul Centers, Inc. does not hold quarterly earnings calls, relying instead on formal filings and press releases. The Q3 2025 results were furnished via a Form 8-K on November 6, 2025, which included the press release. The company's corporate website, saulcenters.com, serves as the hub for accessing these documents, including the latest 10-Q filed on November 6, 2025. The ownership structure, with the chairman and CEO owning 38.6% of common shares, aligns management closely with shareholders, which may explain the limited external communication cadence.

Real estate brokers and agents for new tenant acquisition and residential unit leasing.

While the direct leasing team is primary, external brokers and agents are used for new tenant acquisition, especially for filling space in the retail centers and supporting the residential leasing efforts. This channel helps the company react to market demand, which is important given the need to replace tenants from the $23.4 million in annualized base rent expiring in 2025. The focus remains on securing strong, creditworthy tenants to maintain the portfolio's income stability.

Finance: draft 13-week cash view by Friday.

Saul Centers, Inc. (BFS) - Canvas Business Model: Customer Segments

You're looking at the core groups Saul Centers, Inc. (BFS) serves, which is really about stable, necessity-driven cash flow in a concentrated, high-barrier market. The primary focus is on tenants that people need every week, which is why the leasing metrics are so tight.

Necessity-based commercial tenants (grocery, pharmacy, quick-service restaurants) form the bedrock of the shopping center segment. These tenants anchor the properties that generate the bulk of the income. As of late 2025, the company operates a portfolio of 62 properties, including 50 community and neighborhood shopping centers encompassing approximately 10.2 million square feet of leasable area. Critically, over 85% of the property operating income is derived from the Washington, D.C./Baltimore metropolitan area, a high-barrier region where these essential businesses thrive. The leasing health of this segment remains strong; as of September 30, 2025, the commercial portfolio was 94.5% leased. This group is the main driver behind the $214.7 million in total revenue reported for the first nine months of 2025.

Residential tenants in the mixed-use properties, seeking high-end, convenient locations represent the growth vector and diversification play. Saul Centers, Inc. (BFS) has eight mixed-use properties in its portfolio, blending retail with residential space. The success here is visible at the Twinbrook Quarter Phase I development, where 274 residential units had been leased and occupied as of May 5, 2025. Excluding this new development, the overall residential portfolio maintained a high occupancy rate of 98.5% as of September 30, 2025. These tenants value the integrated, convenient lifestyle that complements the necessity retail.

Institutional and individual investors seeking stable income from a REIT are the ultimate financial customer. They are drawn by the consistent dividend policy, which was recently declared at $0.59 per share quarterly, translating to an annualized yield that has hovered near 7.44% to 7.9% recently. This group accepts the REIT's unique structure, including significant insider alignment where the Chairman/CEO and the Saul Organization own 38.6% of the common shares. They are focused on the Funds From Operations (FFO) metric, which was $0.73 per share for the second quarter of 2025, even with the drag from new property operations.

Smaller, local retailers and service providers occupying in-line space complete the tenant mix within the shopping centers. These smaller tenants rely on the foot traffic generated by the anchor grocery and pharmacy stores. While specific numbers for this sub-segment aren't broken out, their presence is inherent in the overall shopping center leasing statistics. The REIT's focus on maintaining high occupancy, as evidenced by the overall 94.5% commercial lease rate, ensures these smaller operators have a stable base to conduct business.

Here are the key operational and financial metrics that define the scale of these customer segments:

Metric	Value (As of Late 2025 Data)	Reference Segment
Total Properties Operated	62	All Segments
Total Leasable Area	Approx. 10.2 million square feet	Commercial & Local Retail
Geographic Income Concentration (DC/Baltimore)	Over 85% of Property NOI	All Segments (Market Focus)
Shopping Center Occupancy Rate	94.5% (as of 9/30/2025)	Necessity & Local Retail
Residential Occupancy Rate (Excl. New Dev)	98.5% (as of 9/30/2025)	Residential Tenants
Total Revenue (9 Months Ended 9/30/2025)	$214.7 million	All Segments (Revenue Generation)
Quarterly Common Dividend	$0.59 per share	Institutional & Individual Investors

The composition of the portfolio directly reflects the focus on these specific customer groups:

• Shopping Centers Contribution to Property NOI (2023 Data): 74.1%
• Mixed-Use Contribution to Property NOI (2023 Data): 25.9%
• Residential Unit Leases at Twinbrook (as of May 2025): 274 units
• Insider Ownership of Common Shares: 38.6%

Finance: draft 13-week cash view by Friday.

Saul Centers, Inc. (BFS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Saul Centers, Inc. (BFS) operation as of late 2025, and the story is dominated by financing costs and the ramp-up of a major new asset. Because BFS is a self-managed REIT, a significant portion of its operating costs are tied directly to property ownership and debt service.

The most prominent cost headwind you see in the recent reports centers on debt. Interest expense in the second quarter of 2025 hit $16.8 million, marking a 37% increase year-over-year from the $12.3 million reported in Q2 2024. This increase is tied to the overall financing environment and the structure of loans supporting development, even as the company's total debt stood at approximately $1.56 billion as of June 30, 2025.

Property operating expenses are a core component, naturally. For the second quarter of 2025, these expenses saw a notable increase, rising 18.3% year-over-year. This category includes recurring items like real estate taxes, which, along with depreciation and other costs, began being charged to expense for the residential and retail portions of the newly operational Twinbrook Quarter Phase I starting October 1, 2024.

Development costs and the associated non-cash charges related to Twinbrook Quarter Phase I are materially pressuring GAAP results as the asset transitions from construction to stabilized operation. The initial operations of this project had a direct, negative impact on net income:

• Q2 2025: Adverse impact of $5.4 million on net income, which included a $3.5 million reduction in capitalized interest.
• Q3 2025: Adverse impact of $4.7 million on net income, with $4.6 million of that being a reduction in capitalized interest.
• Q1 2025: Adverse impact of $6.5 million on net income, including a $3.5 million reduction in capitalized interest.

It's a clear example of how development spending shifts from being capitalized (an asset) to being expensed (a cost) once a property opens, even before it generates full cash flow. That's a tough accounting reality to manage.

Given that Saul Centers, Inc. is a self-managed structure, General and Administrative (G&A) expenses are a direct cost of running the business internally, rather than being outsourced. For the third quarter of 2025, exclusive of the Twinbrook Quarter Phase I impact, G&A costs were higher by $0.8 million compared to the prior year period, contributing to the overall expense burden.

Leasing costs, which cover things like tenant improvements and commissions, are embedded within the overall operating profile, though specific dollar amounts for these line items aren't broken out as clearly as interest or G&A in the latest summaries. However, the pressure on same-property Net Operating Income (NOI) in Q3 2025 was partly due to lower lease termination fees, which totaled a $0.6 million decrease year-over-year in the Shopping Center segment.

Here's a quick look at some of the key cost-related financial metrics from the recent quarters:

Cost/Expense Metric	Period	Amount	Context/Comparison
Total Debt	As of June 30, 2025	$1.56 billion	Against total assets of $2.14 billion
Interest Expense, Net	Q2 2025	$16.8 million	Up 37% year-over-year from $12.3 million in Q2 2024
Property Operating Expenses Change	Q2 2025 vs Q2 2024	+18.3%	Year-over-year increase
Twinbrook Phase I Impact on Net Income	Q3 2025	$4.7 million reduction	Includes $4.6 million reduction in capitalized interest
Twinbrook Phase I Impact on Net Income	Q2 2025	$5.4 million reduction	Includes $3.5 million reduction in capitalized interest
General & Administrative Costs Change	Q3 2025 vs Q3 2024 (excl. Twinbrook)	$0.8 million higher	Contributed to net income decrease
Lease Termination Fees Decrease	Q3 2025 vs Q3 2024	$0.6 million lower	Impacted Shopping Center same-property NOI

The shift of costs from construction to operations at Twinbrook Quarter Phase I is definitely the main story here, as it directly impacts the reported interest expense capitalization and overall net income figures. Finance: draft 13-week cash view by Friday.

Saul Centers, Inc. (BFS) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Saul Centers, Inc. (BFS) as of late 2025. The business model heavily relies on recurring rental income from its portfolio of community and neighborhood shopping centers and mixed-use properties, primarily concentrated in the Washington, DC/Baltimore metro area.

The overall top-line performance for the first nine months of the year shows growth, though specific components like lease termination fees introduce volatility. For the nine months ended September 30, 2025, total revenue increased to $214.7 million from $200.9 million for the nine months ended September 30, 2024.

The residential component, anchored by the new Twinbrook Quarter Phase I, is showing strong lease-up momentum. As of November 3, 2025, 95.4% of the 452 residential units at Twinbrook Quarter Phase I were leased and occupied. This supports the residential base rent stream, which saw a year-over-year increase in Q3 2025.

Here's a look at the key revenue and related component figures from the most recent reporting period:

Revenue/Income Component	Q3 2025 Amount (or Change)	Period Covered
Total Revenue	$72.0 million	Quarter ended September 30, 2025
Total Revenue	$214.7 million	Nine months ended September 30, 2025
Commercial Base Rent Growth (YoY)	+$1.1 million	Q3 2025
Residential Base Rent Growth (YoY)	+$0.3 million	Q3 2025 (Excluding Twinbrook impacts)
Lease Termination Fees Decrease (YoY)	-$0.6 million	Q3 2025 Same Property NOI Impact
Expense Recoveries Decrease (YoY)	-$0.3 million	Q3 2025 (Net of expenses)

The primary recurring revenue streams are detailed below, supported by the portfolio's leasing statistics:

• Commercial base rent from shopping center and mixed-use retail leases. The commercial portfolio was 94.5% leased as of September 30, 2025.
• Residential base rent from the apartment units, with high occupancy. The residential portfolio, excluding Twinbrook Quarter, was 98.5% leased as of September 30, 2025.
• Expense recoveries from tenants (common area maintenance, taxes, insurance). These saw a slight year-over-year decrease of $0.3 million in Q3 2025 compared to Q3 2024, exclusive of other factors.

Lease termination fees are definitely a volatile component of the revenue mix. For the third quarter of 2025, the impact of lower lease termination fees contributed to a decrease in same property net operating income of $0.6 million year-over-year. This volatility contrasts with the more stable base rent growth seen in the same quarter.