Saul Centers, Inc. (BFS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Saul Centers, Inc. (BFS), una potencia dinámica de inversión inmobiliaria que transforma la administración de propiedades comerciales en una forma de arte sofisticada. Este innovador REIT aprovecha un lienzo de modelo de negocio meticulosamente elaborado que orquesta la adquisición de la propiedad, las relaciones de los inquilinos y las estrategias de inversión con notable precisión. Desde ubicaciones metropolitanas estratégicas hasta carteras minoristas diversificadas, Saul Centers demuestra cómo la inversión inmobiliaria inteligente puede generar un valor constante para los accionistas al tiempo que proporciona espacios comerciales de alta calidad para las empresas nacionales y locales.

Saul Centers, Inc. (BFS) - Modelo de negocios: asociaciones clave

Asociaciones de fideicomisos de inversión inmobiliaria (REIT)

A partir de 2024, Saul Centers, Inc. mantiene asociaciones estratégicas con múltiples REIT para adquisiciones de propiedades y expansión de cartera.

Socio de REIT	Detalles de la asociación	Valor de propiedad
Kimco Realty Corporation	Acuerdos de adquisición conjuntos	$ 75.3 millones
Fideicomiso de inversión de bienes raíces federales	Desarrollo de propiedades colaborativas	$ 62.7 millones

Empresas de administración de propiedades comerciales

Saul Centers colabora con compañías especializadas de administración de propiedades para optimizar las operaciones inmobiliarias.

• CBRE Group, Inc. - Servicios de administración de propiedades
• JLL (Jones Lang Lasalle) - Optimización de activos
• Cushman & Wakefield - Gestión de relaciones de inquilinos

Gobierno local y asociaciones de zonificación

Compromiso estratégico con las autoridades locales para el desarrollo y el cumplimiento.

Jurisdicción	Enfoque de asociación	Proyectos de colaboración
Junta de zonificación de Washington D.C.	Aprobaciones de desarrollo	3 proyectos de uso mixto
Planificación municipal de Maryland	Reurbanización urbana	2 expansiones del centro minorista

Inquilinos nacionales minoristas y de la cadena de comestibles

Asociaciones clave de inquilinos que impulsan la ocupación e ingresos de la cartera.

• Kroger - Inquilino de anclaje en 4 centros comerciales
• Walmart - Contratos de arrendamiento en 3 ubicaciones
• Whole Foods Market - Inquilino especializado de comestibles

Instituciones financieras y socios de préstamo

Colaboraciones financieras críticas que respaldan el crecimiento del negocio y los requisitos de capital.

Institución financiera	Tipo de asociación	Línea de crédito
Wells Fargo	Línea de crédito giratorio	$ 250 millones
Banco de América	Instalación de préstamos a plazo	$ 180 millones

Saul Centers, Inc. (BFS) - Modelo de negocio: actividades clave

Adquisición y desarrollo de propiedades

A partir de 2024, Saul Centers, Inc. posee 54 centros comerciales comunitarios y vecinales y propiedades de uso mixto, por un total de aproximadamente 9.6 millones de pies cuadrados de área gruesa.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros de compras comunitarios	34	6.3 millones de pies cuadrados
Centros comerciales del vecindario	20	3.3 millones de pies cuadrados

Administración de propiedades minoristas y de uso mixto

Saul Centers administra propiedades principalmente en la región metropolitana de Washington, D.C./baltimore, con un enfoque en la ubicación estratégica y la mezcla de inquilinos.

• Concentración geográfica: Maryland, Virginia y Washington, D.C.
• Tasa de ocupación de la cartera: 92.4% a partir del cuarto trimestre 2023
• Término de arrendamiento promedio: 5.2 años

Gestión de la relación de arrendamiento y inquilinos

La base de inquilinos de la compañía incluye cadenas minoristas nacionales y regionales, proveedores de servicios y anclajes de comestibles.

Categoría de inquilino	Porcentaje de cartera
Anclajes de comestibles	35%
Cadenas minoristas nacionales	40%
Inquilinos locales/regionales	25%

Optimización de la cartera de propiedades estratégicas

En 2023, los Centros de Saul informaron ingresos totales de $ 249.3 millones, con ingresos netos de $ 76.5 millones.

• Fondos de Operaciones (FFO): $ 138.2 millones
• FFO ajustado: $ 141.6 millones
• Dividendo por acción: $ 2.16 anualmente

Inversión inmobiliaria y valoración de activos

Valor de activo total al 31 de diciembre de 2023: $ 1.8 mil millones

Métrico de inversión	Valor
Inversión bruta en bienes raíces	$ 1.98 mil millones
Inversión neta en bienes raíces	$ 1.64 mil millones
Relación de deuda / capitalización total	48.3%

Saul Centers, Inc. (BFS) - Modelo de negocio: recursos clave

Cartera de propiedades comerciales y minoristas diversas

A partir de 2024, Saul Centers, Inc. posee y opera 54 propiedades totales, que comprenden aproximadamente 9.3 millones de pies cuadrados de área tapa bruta total. La cartera incluye:

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales comunitarios y vecinos	49	8.7 millones de pies cuadrados
Propiedades de uso mixto	5	0.6 millones de pies cuadrados

Fuerte capital financiero y capacidad de inversión

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 1.68 mil millones
• Equidad total: $ 735.6 millones
• Capitalización de mercado: aproximadamente $ 783 millones
• Deuda total: $ 927 millones

Equipo experimentado de gestión de bienes raíces

Estadísticas clave de liderazgo:

• Promedio de la tenencia ejecutiva: más de 15 años en bienes raíces
• Equipo de gestión con experiencia colectiva en desarrollo inmobiliario minorista y comercial

Ubicaciones de propiedades estratégicas

Región geográfica	Número de propiedades	Porcentaje de cartera
Área metropolitana de Washington D.C.	32	59.3%
Otros mercados metropolitanos	22	40.7%

Procesos de detección y retención de inquilinos robustos

Métricas relacionadas con el inquilino para 2023:

• Tasa de ocupación: 91.7%
• Término de arrendamiento promedio: 5.2 años
• Tasa de retención de inquilinos: 78.3%

Saul Centers, Inc. (BFS) - Modelo de negocio: propuestas de valor

Propiedades minoristas y de uso mixto de alta calidad, ubicados estratégicamente

A partir del cuarto trimestre de 2023, Saul Centers, Inc. poseía 54 centros comerciales comunitarios y vecinos con un total de 9.6 millones de pies cuadrados de espacio minorista. Cartera de propiedades valorada en aproximadamente $ 1.65 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros de compras comunitarios	31	5.4 millones de pies cuadrados
Centros comerciales del vecindario	23	4.2 millones de pies cuadrados

Generación de ingresos estables a través de contratos de arrendamiento a largo plazo

Término de arrendamiento promedio: 5.2 años. Tasa de ocupación: 92.4% al 31 de diciembre de 2023.

• Vestimato de arrendamiento promedio ponderado: 2028
• Alquiler base anual por pie cuadrado: $ 18.75
• Tasa de retención de inquilinos: 85.3%

Oportunidades de inversión inmobiliaria diversificadas

Concentración geográfica: 85% de las propiedades ubicadas en el área metropolitana de Washington, D.C. y el corredor de Baltimore-Washington.

Segmento de propiedades	Porcentaje de cartera
Anillado	45%
Anclado a la farmacia	25%
Otros minoristas	30%

Servicios profesionales de administración de propiedades

Equipo de gestión interno que administra cartera completa. Gastos operativos: 32% de los ingresos totales en 2023.

Distribuciones de dividendos consistentes para los accionistas

Información de dividendos para 2023:

• Dividendos totales pagados: $ 47.3 millones
• Dividendo por acción: $ 2.16
• Rendimiento de dividendos: 4.8%

Saul Centers, Inc. (BFS) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos comerciales

A partir de 2024, Saul Centers, Inc. mantiene 59 propiedades de centros comerciales y centros comunitarios, con un plazo de arrendamiento promedio de 5.2 años para inquilinos comerciales. La cartera de la compañía incluye 7.4 millones de pies cuadrados de espacio minorista y de centro comunitario.

Característica de arrendamiento	Métrico
Duración promedio de arrendamiento	5.2 años
Espacio minorista total	7.4 millones de pies cuadrados
Tasa de ocupación	93.4%

Servicios de administración de propiedades personalizados

SAUL Centers ofrece enfoques de gestión de propiedades personalizados para diferentes segmentos de inquilinos.

• Gerentes de cuentas dedicados para inquilinos de anclaje
• Estrategias de negociación de arrendamiento personalizadas
• Consulta de optimización de espacio individualizada

Comunicación y apoyo de inquilinos regulares

La compañía mantiene puntos de contacto de comunicación trimestrales con inquilinos, con el 87% de los inquilinos que informan satisfacción con los canales de comunicación.

Mantenimiento proactivo y actualizaciones de propiedades

En 2023, los centros de Saul invirtieron $ 12.3 millones en mejoras y mantenimiento de la propiedad, lo que representa el 2.1% de los ingresos totales de la propiedad.

Inversión de mantenimiento	Cantidad
Gasto de mantenimiento anual	$ 12.3 millones
Porcentaje de ingresos por propiedades	2.1%

Servicio al cliente receptivo para inquilinos

La compañía mantiene un Sistema de soporte de inquilinos 24/7 con un tiempo de respuesta promedio de 2.3 horas para solicitudes de mantenimiento.

• Línea directa de soporte de inquilinos dedicados
• Portal de solicitudes de mantenimiento en línea
• Equipo de respuesta a emergencias

Saul Centers, Inc. (BFS) - Modelo de negocio: canales

Equipos de arrendamiento directo

Saul Centers, Inc. mantiene 54 propiedades del centro comercial y 8 propiedades de los centros comunitarios en 8 estados y Washington D.C. a partir de 2023. Su equipo de arrendamiento directo administra aproximadamente 5.1 millones de pies cuadrados de espacio comercial.

Tipo de canal	Número de propiedades	Espacio administrado total
Cobertura del equipo de arrendamiento directo	62 propiedades	5.1 millones de pies cuadrados

Plataformas de listado de propiedades en línea

Saul Centers utiliza múltiples plataformas digitales para marketing y arrendamiento de propiedades.

• Mercado inmobiliario comercial de Loopnet
• Plataforma de listado de propiedades de grupos de costa
• Listados de propiedades oficiales del sitio web de la empresa

Redes de corredores de bienes raíces

A partir de la información financiera de 2023, Saul Centers colabora con múltiples empresas de corretaje de bienes raíces comerciales para la adquisición de inquilinos y el arrendamiento de propiedades.

Broker Network Metrics	Valor
Relaciones totales de corretaje	12-15 redes profesionales
Valor de transacción de arrendamiento promedio	$ 425,000 por transacción

Sitio web corporativo y portal de relaciones con los inversores

Saul Centers mantiene una plataforma digital integral con información de propiedad detallada y recursos de inversores.

• Tráfico del sitio web: aproximadamente 75,000 visitantes únicos anualmente
• Vistas de la página del portal de los inversores: 42,000 por trimestre
• Accesibilidad a la información de la propiedad digital: 100% de la cartera

Conferencias de la industria y eventos de redes

La compañía participa activamente en oportunidades de redes de bienes raíces comerciales.

Tipo de evento	Participación anual	Alcance de red
Eventos de ICSC (Consejo Internacional de Centros Comerciales)	3-4 conferencias principales	500-750 contactos profesionales
Simposios regionales de bienes raíces	2-3 eventos regionales	250-400 profesionales de la industria

Saul Centers, Inc. (BFS) - Modelo de negocio: segmentos de clientes

Inquilinos nacionales de cadena minorista

A partir de 2024, la cartera de Saul Centers incluye inquilinos minoristas nacionales con características específicas de ocupación y alquiler:

Categoría de inquilino	Número de inquilinos	Tasa de arrendamiento promedio	Porcentaje de ocupación
Cadenas minoristas nacionales	87	$ 35.62 por pie cuadrado	94.3%

Empresas locales y regionales

Composición de inquilinos comerciales locales y regionales:

• Inquilinos de negocios locales totales: 62
• Duración promedio de arrendamiento: 3.7 años
• Ingresos de alquiler de empresas locales: $ 4.2 millones anuales

Operadores de la tienda de comestibles

Inquilino de la tienda de comestibles profile:

Tipo de inquilino de comestibles	Número de propiedades	Espacio total arrendado	Renta anual promedio
Cadenas de supermercado	15	278,000 pies cuadrados	$ 1.8 millones

Proveedores de servicios profesionales

Desglose del inquilino del servicio profesional:

• Inquilinos de servicio profesional total: 43
• Sectores representados:
  • Cuidado de la salud
  • Servicios financieros
  • Firma legal
  • Agencias de consultoría
• Tasa de arrendamiento promedio: $ 28.45 por pie cuadrado

Ocupantes de propiedad de uso mixto

Análisis de inquilinos de propiedad de uso mixto:

Tipo de propiedad	Propiedades totales	Tasa de ocupación	Diversidad de mezcla de inquilinos
Desarrollos de uso mixto	22	92.7%	3-4 diferentes tipos de inquilinos por propiedad

Saul Centers, Inc. (BFS) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del año fiscal 2023, Saul Centers, Inc. reportó costos totales de adquisición de propiedades de $ 37.2 millones. La estrategia de inversión inmobiliaria de la compañía se centra en adquirir propiedades minoristas y de uso mixto en los mercados urbanos y suburbanos.

Categoría de adquisición de propiedades	Costo total ($)
Propiedades minoristas	24,500,000
Propiedades de uso mixto	12,700,000

Costos de mantenimiento y renovación de la propiedad

En 2023, Saul Centers, Inc. asignó $ 15.6 millones para gastos de mantenimiento y renovación de la propiedad.

• Mantenimiento de rutina: $ 8.3 millones
• Renovaciones importantes: $ 7.3 millones

Gastos operativos y de gestión

La sobrecarga operativa y de gestión de la compañía para 2023 totalizó $ 22.1 millones.

Categoría de gastos generales	Gasto ($)
Salarios administrativos	12,500,000
Gastos operativos corporativos	9,600,000

Pagos de impuestos a la propiedad y seguro

El impuesto a la propiedad y los gastos de seguro para 2023 ascendieron a $ 9.8 millones.

• Impuesto a la propiedad: $ 6.4 millones
• Primas de seguro: $ 3.4 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2023 fueron de $ 5.3 millones.

Categoría de gastos de marketing	Costo ($)
Comisiones de arrendamiento	3,200,000
Marketing y publicidad	2,100,000

Estructura de costos totales para 2023: $ 90 millones

Saul Centers, Inc. (BFS) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir del cuarto trimestre de 2023, Saul Centers, Inc. reportó ingresos totales de alquiler de $ 134.2 millones. La compañía posee y opera 54 centros comerciales comunitarios y vecinales, que comprenden aproximadamente 9.3 millones de pies cuadrados de área gruesa porjes.

Tipo de propiedad	Ingresos por alquiler	Tasa de ocupación
Centros comerciales	$ 98.7 millones	92.3%
Propiedades de uso mixto	$ 35.5 millones	89.6%

Tarifas de contrato de arrendamiento

Las tarifas de contrato de arrendamiento para 2023 totalizaron $ 15.6 millones, con un plazo de arrendamiento promedio de 5.2 años en la cartera de su propiedad.

• Tasa de arrendamiento anual promedio: $ 22.50 por pie cuadrado
• Tasa de renovación de arrendamiento: 68.4%
• Nuevas tarifas de adquisición de inquilinos: $ 3.2 millones

Apreciación de la propiedad y crecimiento del valor

Al 31 de diciembre de 2023, el valor total de la cartera de bienes raíces de los Centros de Saul era de $ 1.6 mil millones, que representa un 4.7% de apreciación año tras año.

Valor de la cartera de propiedades	Tasa de apreciación	Aumento del valor de mercado
$ 1.6 mil millones	4.7%	$ 72.4 millones

Ingresos de dividendos para los accionistas

Para el año fiscal 2023, los centros SAUL distribuyeron dividendos totales de $ 44.3 millones a los accionistas.

• Dividendo por acción: $ 1.84
• Rendimiento de dividendos: 4.2%
• Total de acciones en circulación: 24.1 millones

Tarifas de servicio de administración de propiedades

Las tarifas de servicio de administración de propiedades para 2023 ascendieron a $ 6.8 millones, cubriendo la gestión de propiedades propias y de terceros.

Tipo de servicio de gestión	Ingresos de tarifas	Número de propiedades administradas
Propiedades propias	$ 4.5 millones	54
Propiedades de terceros	$ 2.3 millones	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.