Saul Centers, Inc. (BFS): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de Saul Centers, Inc. (BFS), une puissance d'investissement immobilier dynamique qui transforme la gestion des propriétés commerciales en une forme d'art sophistiquée. Cette FPI innovante tire parti d'une toile de modèle commercial méticuleusement conçue qui orchestre l'acquisition de propriétés, les relations avec les locataires et les stratégies d'investissement avec une précision remarquable. Des emplacements métropolitains stratégiques aux portefeuilles de vente au détail diversifiés, les centres SAUL montrent à quel point l'investissement immobilier intelligent peut générer une valeur cohérente pour les actionnaires tout en fournissant des espaces commerciaux de haute qualité pour les entreprises nationales et locales.

Saul Centers, Inc. (BFS) - Modèle commercial: partenariats clés

Partenariats de fiducies de placement immobilier (FPI)

En 2024, Saul Centers, Inc. maintient des partenariats stratégiques avec plusieurs FPI pour les acquisitions de propriétés et l'expansion du portefeuille.

Partenaire de FPI	Détails du partenariat	Valeur de propriété
Kimco Realty Corporation	Accords d'acquisition conjointes	75,3 millions de dollars
Federal Realty Investment Trust	Développement immobilier collaboratif	62,7 millions de dollars

Sociétés de gestion de propriété commerciale

Saul Centers collabore avec des sociétés de gestion immobilière spécialisées pour optimiser les opérations immobilières.

• CBRE Group, Inc. - Services de gestion immobilière
• JLL (Jones Lang Lasalle) - Optimisation des actifs
• Cushman & Wakefield - Gestion des relations des locataires

Gouvernement local et partenariats de zonage

Engagement stratégique avec les autorités locales pour le développement et la conformité.

Juridiction	Focus de partenariat	Projets collaboratifs
Board de zonage de Washington D.C.	Approbations de développement	3 projets à usage mixte
Planification municipale du Maryland	Réaménagement urbain	2 extensions du centre de vente au détail

Locataires nationaux de chaîne de vente au détail et d'épicerie

Partenariats clés des locataires stimulant l'occupation et les revenus du portefeuille.

• Kroger - Locataire ancre dans 4 centres commerciaux
• Walmart - Accords de location dans 3 endroits
• Marché de Whole Foods - locataire de l'épicerie spécialisée

Institutions financières et partenaires de prêt

Les collaborations financières critiques soutiennent la croissance des entreprises et les exigences de fonds propres.

Institution financière	Type de partenariat	Facilité de crédit
Wells Fargo	Ligne de crédit tournante	250 millions de dollars
Banque d'Amérique	Facilité de prêt à terme	180 millions de dollars

Saul Centers, Inc. (BFS) - Modèle d'entreprise: activités clés

Acquisition et développement des biens

En 2024, Saul Centers, Inc. possède 54 centres commerciaux communautaires et de quartier et des propriétés à usage mixte, totalisant environ 9,6 millions de pieds carrés de zone de levage brute.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux communautaires	34	6,3 millions de pieds carrés
Centres commerciaux de quartier	20	3,3 millions de pieds carrés

Gestion immobilière de vente au détail et à usage mixte

Les centres Saul gèrent des propriétés principalement dans la région métropolitaine de Washington, D.C./Baltimore, en mettant l'accent sur l'emplacement stratégique et le mélange de locataires.

• Concentration géographique: Maryland, Virginie et Washington, D.C.
• Taux d'occupation du portefeuille: 92,4% au Q4 2023
• Terme de location moyenne: 5,2 ans

Location et gestion des relations locataires

La base de locataires de l'entreprise comprend des chaînes de vente au détail nationales et régionales, des fournisseurs de services et des ancres d'épicerie.

Catégorie des locataires	Pourcentage de portefeuille
Ancres d'épicerie	35%
Chaînes de vente au détail nationales	40%
Locataires locaux / régionaux	25%

Optimisation stratégique du portefeuille de propriétés

En 2023, Saul Centers a déclaré un chiffre d'affaires total de 249,3 millions de dollars, avec un revenu net de 76,5 millions de dollars.

• Fonds des opérations (FFO): 138,2 millions de dollars
• FFO ajusté: 141,6 millions de dollars
• Dividende par action: 2,16 $ par an

Investissement immobilier et évaluation des actifs

Valeur totale de l'actif au 31 décembre 2023: 1,8 milliard de dollars

Métrique d'investissement	Valeur
Investissement brut dans l'immobilier	1,98 milliard de dollars
Investissement net dans l'immobilier	1,64 milliard de dollars
Ratio de dette à total	48.3%

Saul Centers, Inc. (BFS) - Modèle d'entreprise: Ressources clés

Portfolio de propriété commerciale et commerciale diversifiée

En 2024, Saul Centers, Inc. possède et exploite 54 propriétés au total, comprenant environ 9,3 millions de pieds carrés de superficie totale de lainsable. Le portefeuille comprend:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux communautaires et de quartier	49	8,7 millions de pieds carrés
Propriétés à usage mixte	5	0,6 million de pieds carrés

Capital financier et capacité d'investissement solides

Ressources financières au quatrième trimestre 2023:

• Actif total: 1,68 milliard de dollars
• Équité totale: 735,6 millions de dollars
• Capitalisation boursière: environ 783 millions de dollars
• Dette totale: 927 millions de dollars

Équipe de gestion immobilière expérimentée

Statistiques clés du leadership:

• Tiration exécutive moyenne: plus de 15 ans dans l'immobilier
• Équipe de direction avec une expérience collective dans le développement de la vente au détail et l'immobilier commercial

Emplacements de propriétés stratégiques

Région géographique	Nombre de propriétés	Pourcentage de portefeuille
Région métropolitaine de Washington D.C.	32	59.3%
Autres marchés métropolitains	22	40.7%

Processus de dépistage et de rétention des locataires robustes

Mesures liées aux locataires pour 2023:

• Taux d'occupation: 91,7%
• Terme de location moyenne: 5,2 ans
• Taux de rétention des locataires: 78,3%

Saul Centers, Inc. (BFS) - Modèle d'entreprise: propositions de valeur

Propriétés de vente au détail et à usage mixte de haute qualité

Au quatrième trimestre 2023, Saul Centers, Inc. possédait 54 centres commerciaux communautaires et de quartier totalisant 9,6 millions de pieds carrés d'espace de vente au détail. Portefeuille de biens d'une valeur d'environ 1,65 milliard de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux communautaires	31	5,4 millions de pieds carrés
Centres commerciaux de quartier	23	4,2 millions de pieds carrés

Génération de revenus stable grâce à des accords de location à long terme

Terme de location moyenne: 5,2 ans. Taux d'occupation: 92,4% au 31 décembre 2023.

• Expiration du bail moyen pondéré: 2028
• Loyer de base annuel par pied carré: 18,75 $
• Taux de rétention des locataires: 85,3%

Opportunités d'investissement immobilier diversifiées

Concentration géographique: 85% des propriétés situées dans la région métropolitaine de Washington, D.C. et le couloir de Baltimore-Washington.

Segment de propriété	Pourcentage de portefeuille
Épicerie	45%
Ancré en pharmacie	25%
Autres commerces de détail	30%

Services de gestion immobilière professionnels

Équipe de gestion interne gérant entier le portefeuille. Dépenses d'exploitation: 32% des revenus totaux en 2023.

Distributions de dividendes cohérentes pour les actionnaires

Informations sur le dividende pour 2023:

• Total des dividendes payés: 47,3 millions de dollars
• Dividende par action: 2,16 $
• Rendement des dividendes: 4,8%

Saul Centers, Inc. (BFS) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec des locataires commerciaux

En 2024, Saul Centers, Inc. conserve 59 centres commerciaux et des propriétés du centre communautaire, avec une durée de location moyenne de 5,2 ans pour les locataires commerciaux. Le portefeuille de l'entreprise comprend 7,4 millions de pieds carrés d'espace de vente au détail et de centre communautaire.

Caractéristique de location	Métrique
Durée de location moyenne	5,2 ans
Espace de vente au détail total	7,4 millions de pieds carrés
Taux d'occupation	93.4%

Services de gestion immobilière personnalisés

Saul Centers fournit des approches de gestion immobilière sur mesure pour différents segments de locataires.

• Gestionnaires de comptes dédiés aux locataires d'ancrage
• Stratégies de négociation de location personnalisées
• Consultation d'optimisation de l'espace individualisée

Communication et soutien aux locataires réguliers

La société maintient des points de contact de communication trimestriels avec des locataires, 87% des locataires signalant une satisfaction à l'égard des canaux de communication.

Maintenance proactive et mises à niveau de propriété

En 2023, Saul Centers a investi 12,3 millions de dollars dans l'amélioration des biens et la maintenance, ce qui représente 2,1% du total des revenus des biens.

Investissement de maintenance	Montant
Dépenses de maintenance annuelles	12,3 millions de dollars
Pourcentage de revenus de propriétés	2.1%

Service client réactif pour les locataires

La société maintient un Système de support des locataires 24/7 avec un temps de réponse moyen de 2,3 heures pour les demandes de maintenance.

• Hotline de soutien aux locataires dédiés
• Portail de demande de maintenance en ligne
• Équipe d'intervention d'urgence

Saul Centers, Inc. (BFS) - Modèle d'entreprise: canaux

Équipes de location directe

Saul Centers, Inc. maintient 54 propriétés du centre commercial et 8 propriétés du centre communautaire dans 8 États et Washington D.C. en 2023. Leur équipe de location directe gère environ 5,1 millions de pieds carrés d'espace de vente au détail.

Type de canal	Nombre de propriétés	Espace géré total
Couverture de l'équipe de location directe	62 propriétés	5,1 millions de pieds carrés

Plateformes d'inscription de propriétés en ligne

Saul Centers utilise plusieurs plateformes numériques pour le marketing et la location immobilières.

• Loopnet Commercial Real Estate Marketplace
• Plateforme de cotation de propriété du groupe de costar
• Listes de propriétés officielles de la société

Réseaux de courtiers immobiliers

En 2023, les rapports financiers, Saul Centers collabore avec plusieurs sociétés de courtage immobilier commerciales pour l'acquisition des locataires et la location de biens.

Métriques du réseau de courtiers	Valeur
Relations totales de courtage	12-15 réseaux professionnels
Valeur de transaction de location moyenne	425 000 $ par transaction

Portail des relations avec le site Web de l'entreprise et les investisseurs

Saul Centers maintient une plate-forme numérique complète avec des informations détaillées et des ressources d'investisseurs.

• Trafficage du site Web: environ 75 000 visiteurs uniques par an
• Portail des investisseurs Page Vues: 42 000 par trimestre
• Accessibilité des informations sur la propriété numérique: 100% du portefeuille

Conférences de l'industrie et événements de réseautage

La société participe activement à des opportunités de réseautage immobilier commercial.

Type d'événement	Participation annuelle	Réalisation de réseautage
Événements ICSC (Conseil international des centres commerciaux)	3-4 conférences majeures	500-750 contacts professionnels
Symposiums immobiliers régionaux	2-3 événements régionaux	250-400 professionnels de l'industrie

Saul Centers, Inc. (BFS) - Modèle d'entreprise: segments de clientèle

Locataires de la chaîne de vente au détail nationale

En 2024, le portefeuille de Saul Centers comprend des locataires de détail nationaux avec des caractéristiques spécifiques d'occupation et de location:

Catégorie des locataires	Nombre de locataires	Taux de location moyen	Pourcentage d'occupation
Chaînes de vente au détail nationales	87	35,62 $ par pied carré	94.3%

Entreprises locales et régionales

Composition locale et régionale des locataires commerciaux:

• Total des locataires commerciaux locaux: 62
• Durée du bail moyenne: 3,7 ans
• Revenu locatif des entreprises locales: 4,2 millions de dollars par an

Opérateurs d'épicerie

Locataire de l'épicerie profile:

Type de locataire d'épicerie	Nombre de propriétés	Espace loué total	Loyer annuel moyen
Chaînes de supermarchés	15	278 000 pieds carrés	1,8 million de dollars

Fournisseurs de services professionnels

Répartition des locataires de services professionnels:

• Total de services professionnels locataires: 43
• Secteurs représentés:
  • Soins de santé
  • Services financiers
  • Cabinets juridiques
  • Agences de conseil
• Taux de location moyen: 28,45 $ par pied carré

Occupants de biens à usage mixte

Analyse des locataires immobiliers à usage mixte:

Type de propriété	Propriétés totales	Taux d'occupation	Diversité des mélanges de locataires
Développements à usage mixte	22	92.7%	3-4 types de locataires différents par propriété

Saul Centers, Inc. (BFS) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Depuis l'exercice 2023, Saul Centers, Inc. a déclaré des coûts d'acquisition totale de propriétés de 37,2 millions de dollars. La stratégie d'investissement immobilier de l'entreprise se concentre sur l'acquisition de propriétés de vente au détail et à usage mixte sur les marchés urbains et suburbains.

Catégorie d'acquisition de propriétés	Coût total ($)
Propriétés de vente au détail	24,500,000
Propriétés à usage mixte	12,700,000

Coûts de maintenance et de rénovation des biens

En 2023, Saul Centers, Inc. a alloué 15,6 millions de dollars pour les frais de maintenance et de rénovation des biens.

• Entretien de routine: 8,3 millions de dollars
• Rénovations majeures: 7,3 millions de dollars

Opérationnels et sur la gestion des frais généraux

Les frais généraux opérationnels et de gestion de la société pour 2023 ont totalisé 22,1 millions de dollars.

Catégorie aérienne	Dépenses ($)
Salaires administratifs	12,500,000
Frais opérationnels des entreprises	9,600,000

Paiements d'impôt foncier et d'assurance

Les frais d'impôt foncier et d'assurance pour 2023 s'élevaient à 9,8 millions de dollars.

• Taxe foncière: 6,4 millions de dollars
• Primes d'assurance: 3,4 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 étaient de 5,3 millions de dollars.

Catégorie de dépenses de marketing	Coût ($)
Commissions de location	3,200,000
Marketing et publicité	2,100,000

Structure totale des coûts pour 2023: 90 millions de dollars

Saul Centers, Inc. (BFS) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, Saul Centers, Inc. a déclaré un chiffre d'affaires de location total de 134,2 millions de dollars. La société possède et exploite 54 centres commerciaux communautaires et de quartier, comprenant environ 9,3 millions de pieds carrés de superficie de location brute.

Type de propriété	Revenus de location	Taux d'occupation
Centres commerciaux	98,7 millions de dollars	92.3%
Propriétés à usage mixte	35,5 millions de dollars	89.6%

Frais de contrat de location

Les frais de contrat de location pour 2023 ont totalisé 15,6 millions de dollars, avec une durée de location moyenne de 5,2 ans dans leur portefeuille de biens.

• Taux de location annuel moyen: 22,50 $ par pied carré
• Taux de renouvellement de location: 68,4%
• Frais d'acquisition de nouveaux locataires: 3,2 millions de dollars

Appréciation des biens et croissance de la valeur

Au 31 décembre 2023, la valeur totale du portefeuille immobilier des centres de Saul était de 1,6 milliard de dollars, représentant un Appréciation de 4,7% en glissement annuel.

Valeur du portefeuille de propriétés	Taux d'appréciation	Augmentation de la valeur marchande
1,6 milliard de dollars	4.7%	72,4 millions de dollars

Revenu des dividendes pour les actionnaires

Pour l'exercice 2023, les centres de Saul ont distribué des dividendes totaux de 44,3 millions de dollars aux actionnaires.

• Dividende par action: 1,84 $
• Rendement des dividendes: 4,2%
• Total des actions en circulation: 24,1 millions

Frais de service de gestion immobilière

Les frais de service de gestion immobilière pour 2023 s'élevaient à 6,8 millions de dollars, couvrant la gestion des propriétés appartenant et tierces.

Type de service de gestion	Revenu	Nombre de propriétés gérées
Propriétés possédées	4,5 millions de dollars	54
Propriétés tierces	2,3 millions de dollars	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.