Saul Centers, Inc. (BFS): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no projeto estratégico da Saul Centers, Inc. (BFS), uma potência dinâmica de investimento imobiliário que transforma o gerenciamento de propriedades comerciais em uma forma de arte sofisticada. Esse REIT inovador aproveita uma tela de negócios de negócios meticulosamente criada que orquestra a aquisição de propriedades, relacionamentos de inquilinos e estratégias de investimento com precisão notável. De locais metropolitanos estratégicos a portfólios de varejo diversificados, os centros Saul demonstram como o investimento imobiliário inteligente pode gerar valor consistente para os acionistas, fornecendo espaços comerciais de alta qualidade para empresas nacionais e locais.

Saul Centers, Inc. (BFS) - Modelo de negócios: Parcerias -chave

Parcerias de fundos de investimento imobiliário (REITs)

A partir de 2024, a Saul Centers, Inc. mantém parcerias estratégicas com vários REITs para aquisições de propriedades e expansão do portfólio.

REIT Partner	Detalhes da parceria	Valor da propriedade
Kimco Realty Corporation	Acordos de aquisição conjunta	US $ 75,3 milhões
Federal Realty Investment Trust	Desenvolvimento da propriedade colaborativa	US $ 62,7 milhões

Empresas de gerenciamento de propriedades comerciais

A Saul Centers colabora com empresas especializadas de gerenciamento de propriedades para otimizar operações imobiliárias.

• CBRE Group, Inc. - Serviços de Gerenciamento de Propriedades
• JLL (Jones Lang Lasalle) - Otimização de ativos
• Cushman & Wakefield - Gerenciamento de relacionamento inquilino

Governo local e parcerias de zoneamento

Engajamento estratégico com as autoridades locais para desenvolvimento e conformidade.

Jurisdição	Foco em parceria	Projetos colaborativos
Washington DC	Aprovações de desenvolvimento	3 projetos de uso misto
Planejamento municipal de Maryland	Redesenvolvimento urbano	2 expansões do centro de varejo

Inquilinos nacionais de varejo e cadeia de supermercados

Principais parcerias de inquilinos que impulsionam a ocupação e receita do portfólio.

• Kroger - inquilino âncora em 4 shopping centers
• Walmart - Acordos de arrendamento em 3 locais
• Whole Foods Market - inquilino de supermercado especializado

Instituições financeiras e parceiros de empréstimos

Colaborações financeiras críticas que apoiam o crescimento dos negócios e os requisitos de capital.

Instituição financeira	Tipo de parceria	Linha de crédito
Wells Fargo	Linha de crédito giratória	US $ 250 milhões
Bank of America	Linha de empréstimo a prazo	US $ 180 milhões

Saul Centers, Inc. (BFS) - Modelo de negócios: Atividades -chave

Aquisição e desenvolvimento de propriedades

A partir de 2024, a Saul Centers, Inc. possui 54 shopping centers comunitários e de bairro e propriedades de uso misto, totalizando aproximadamente 9,6 milhões de pés quadrados de área arrebatada.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Shopping Centers comunitários	34	6,3 milhões de pés quadrados
Centers comerciais da vizinhança	20	3,3 milhões de pés quadrados

Gerenciamento de propriedades de varejo e uso misto

A Saul Centers gerencia propriedades principalmente na região metropolitana de Washington, D.C./baltimore, com foco em localização estratégica e mix de inquilinos.

• Concentração geográfica: Maryland, Virgínia e Washington, D.C.
• Taxa de ocupação de portfólio: 92,4% a partir do quarto trimestre 2023
• Termo médio de arrendamento: 5,2 anos

Leasing e Gerenciamento de Relacionamento Inquilino

A base de inquilinos da empresa inclui redes de varejo nacional e regional, provedores de serviços e âncoras de supermercados.

Categoria de inquilino	Porcentagem de portfólio
Âncoras de supermercado	35%
Cadeias nacionais de varejo	40%
Inquilinos locais/regionais	25%

Otimização de portfólio de propriedades estratégicas

Em 2023, os centros da SAUL registraram receita total de US $ 249,3 milhões, com receita líquida de US $ 76,5 milhões.

• Fundos das operações (FFO): US $ 138,2 milhões
• FFO ajustado: US $ 141,6 milhões
• Dividendo por ação: US $ 2,16 anualmente

Investimento imobiliário e avaliação de ativos

Valor total do ativo em 31 de dezembro de 2023: US $ 1,8 bilhão

Métrica de investimento	Valor
Investimento bruto em imóveis	US $ 1,98 bilhão
Investimento líquido em imóveis	US $ 1,64 bilhão
Índice de capitalização dívida / total	48.3%

Saul Centers, Inc. (BFS) - Modelo de negócios: Recursos -chave

Portfólio de propriedades comerciais e de varejo diversificada

A partir de 2024, a Saul Centers, Inc. possui e opera 54 propriedades totais, compreendendo aproximadamente 9,3 milhões de pés quadrados da área total arrecadável bruta. O portfólio inclui:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Comunidade e shopping centers	49	8,7 milhões de pés quadrados
Propriedades de uso misto	5	0,6 milhão de pés quadrados

Forte capital financeiro e capacidade de investimento

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,68 bilhão
• Equidade total: US $ 735,6 milhões
• Capitalização de mercado: aproximadamente US $ 783 milhões
• Dívida total: US $ 927 milhões

Equipe de gestão imobiliária experiente

Estatísticas -chave de liderança:

• PRODIÇÃO EXECUTIVO Média: mais de 15 anos no setor imobiliário
• Equipe de gestão com experiência coletiva em desenvolvimento imobiliário comercial e de varejo

Locais de propriedades estratégicas

Região geográfica	Número de propriedades	Porcentagem de portfólio
Washington DC Metropolitan Area	32	59.3%
Outros mercados metropolitanos	22	40.7%

Processos robustos de triagem e retenção de inquilinos

Métricas relacionadas ao inquilino para 2023:

• Taxa de ocupação: 91,7%
• Termo médio de arrendamento: 5,2 anos
• Taxa de retenção de inquilinos: 78,3%

Saul Centers, Inc. (BFS) - Modelo de Negócios: Proposições de Valor

Propriedades de varejo e uso misto de alta qualidade, localizadas

A partir do quarto trimestre de 2023, a Saul Centers, Inc. possuía 54 shopping centers da comunidade e do bairro, totalizando 9,6 milhões de pés quadrados de espaço de varejo. O portfólio de propriedades avaliou em aproximadamente US $ 1,65 bilhão.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Shopping Centers comunitários	31	5,4 milhões de pés quadrados
Centers comerciais da vizinhança	23	4,2 milhões de pés quadrados

Geração de renda estável através de acordos de arrendamento de longo prazo

Termo médio de arrendamento: 5,2 anos. Taxa de ocupação: 92,4% em 31 de dezembro de 2023.

• Expiração média ponderada de arrendamento: 2028
• Aluguel de base anual por pé quadrado: US $ 18,75
• Taxa de retenção de inquilinos: 85,3%

Oportunidades diversificadas de investimento imobiliário

Concentração geográfica: 85% das propriedades localizadas na área metropolitana de Washington, DC.

Segmento de propriedade	Porcentagem de portfólio
Ancorada em supermercado	45%
Ancoradou a farmácia	25%
Outro varejo	30%

Serviços profissionais de gerenciamento de propriedades

Equipe interna de gerenciamento gerenciando portfólio inteiro. Despesas operacionais: 32% da receita total em 2023.

Distribuições de dividendos consistentes para os acionistas

Informações de dividendos para 2023:

• Dividendos totais pagos: US $ 47,3 milhões
• Dividendo por ação: $ 2,16
• Rendimento de dividendos: 4,8%

Saul Centers, Inc. (BFS) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com inquilinos comerciais

A partir de 2024, a Saul Centers, Inc. mantém 59 propriedades de shopping center e centro comunitário, com um prazo médio de arrendamento de 5,2 anos para inquilinos comerciais. O portfólio da empresa inclui 7,4 milhões de pés quadrados de espaço de varejo e centro comunitário.

Característica do arrendamento	Métrica
Duração média do arrendamento	5,2 anos
Espaço total de varejo	7,4 milhões de pés quadrados
Taxa de ocupação	93.4%

Serviços personalizados de gerenciamento de propriedades

A Saul Centers fornece abordagens de gerenciamento de propriedades personalizadas para diferentes segmentos de inquilinos.

• Gerentes de conta dedicados para inquilinos âncora
• Estratégias de negociação de arrendamento personalizadas
• Consulta de otimização de espaço individualizada

Comunicação e suporte regulares de inquilinos

A empresa mantém pontos de contato trimestrais de comunicação com inquilinos, com 87% dos inquilinos relatando satisfação com os canais de comunicação.

Manutenção proativa e atualizações de propriedades

Em 2023, os centros da SAUL investiram US $ 12,3 milhões em melhorias e manutenção de propriedades, representando 2,1% da receita total da propriedade.

Investimento de manutenção	Quantia
Gastos anuais de manutenção	US $ 12,3 milhões
Porcentagem de receita de propriedades	2.1%

Atendimento ao cliente responsivo para inquilinos

A empresa mantém um Sistema de suporte de inquilinos 24 horas por dia, 7 dias por semana com um tempo médio de resposta de 2,3 horas para solicitações de manutenção.

• Linha direta de suporte de inquilino dedicado
• Portal de solicitação de manutenção online
• Equipe de resposta a emergências

Saul Centers, Inc. (BFS) - Modelo de Negócios: Canais

Equipes diretas de leasing

A Saul Centers, Inc. mantém 54 propriedades do shopping center e 8 propriedades do Community Center em 8 estados e Washington D.C. a partir de 2023. Sua equipe de leasing direta gerencia aproximadamente 5,1 milhões de pés quadrados de espaço de varejo.

Tipo de canal	Número de propriedades	Espaço gerenciado total
Cobertura da equipe de leasing direto	62 propriedades	5,1 milhões de pés quadrados

Plataformas de listagem de propriedades online

Os centros Saul utilizam várias plataformas digitais para marketing e leasing de propriedades.

• Loopnet Commercial Real Estate Marketplace
• Plataforma de listagem de propriedades do Grupo Costar
• Listagens de propriedades oficiais do site da empresa

Redes de corretores imobiliários

A partir de 2023, os relatórios financeiros, os centros Saul colaboram com várias corretoras comerciais de corretagem imobiliária para aquisição de inquilinos e arrendamento de propriedades.

Métricas de rede de corretoras	Valor
Relacionamentos totais de corretagem	12-15 redes profissionais
Valor médio de transação de arrendamento	US $ 425.000 por transação

Site corporativo e portal de relações com investidores

A Saul Centers mantém uma plataforma digital abrangente, com informações detalhadas sobre propriedades e recursos de investidores.

• Tráfego do site: aproximadamente 75.000 visitantes únicos anualmente
• Visualizações de página do portal do investidor: 42.000 por trimestre
• Informações sobre propriedades digitais Acessibilidade: 100% do portfólio

Conferências do setor e eventos de rede

A empresa participa ativamente de oportunidades de redes imobiliárias comerciais.

Tipo de evento	Participação anual	Alcance de rede
Eventos do ICSC (Conselho Internacional de Shopping Centers)	3-4 grandes conferências	500-750 Contatos profissionais
Simpósios imobiliários regionais	2-3 eventos regionais	250-400 profissionais do setor

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

Inquilinos nacionais da cadeia de varejo

A partir de 2024, o portfólio dos Centros Saul inclui inquilinos nacionais de varejo com características específicas de ocupação e aluguel:

Categoria de inquilino	Número de inquilinos	Taxa média de arrendamento	Porcentagem de ocupação
Cadeias nacionais de varejo	87	US $ 35,62 por pé quadrado	94.3%

Empresas locais e regionais

Composição local e regional de inquilinos de negócios:

• Total de inquilinos comerciais locais: 62
• Duração média do arrendamento: 3,7 anos
• Receita de aluguel de empresas locais: US $ 4,2 milhões anualmente

Operadores de supermercado

Inquilino do supermercado profile:

Tipo de inquilino de supermercado	Número de propriedades	Espaço arrendado total	Aluguel médio anual
Cadeias de supermercados	15	278.000 pés quadrados	US $ 1,8 milhão

Provedores de serviços profissionais

Repartição do inquilino de serviço profissional:

• Total de inquilinos de serviço profissional: 43
• Setores representados:
  • Assistência médica
  • Serviços financeiros
  • Empresas jurídicas
  • Agências de consultoria
• Taxa média de arrendamento: US $ 28,45 por pé quadrado

Ocupantes de propriedades de uso misto

Análise de inquilinos de propriedade de uso misto:

Tipo de propriedade	Propriedades totais	Taxa de ocupação	Diversidade de mistura de inquilinos
Desenvolvimentos de uso misto	22	92.7%	3-4 tipos de inquilinos diferentes por propriedade

Saul Centers, Inc. (BFS) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

No ano fiscal de 2023, a Saul Centers, Inc. registrou custos totais de aquisição de propriedades de US $ 37,2 milhões. A estratégia de investimento imobiliário da empresa se concentra na aquisição de propriedades de varejo e uso misto nos mercados urbanos e suburbanos.

Categoria de aquisição de propriedades	Custo total ($)
Propriedades de varejo	24,500,000
Propriedades de uso misto	12,700,000

Custos de manutenção e renovação de propriedades

Em 2023, a Saul Centers, Inc. alocou US $ 15,6 milhões para despesas de manutenção e renovação de propriedades.

• Manutenção de rotina: US $ 8,3 milhões
• Principais reformas: US $ 7,3 milhões

Opeuta operacional e de gerenciamento

A sobrecarga operacional e de gerenciamento da empresa para 2023 totalizou US $ 22,1 milhões.

Categoria de sobrecarga	Despesa ($)
Salários administrativos	12,500,000
Despesas operacionais corporativas	9,600,000

Imposto sobre a propriedade e pagamentos de seguro

O imposto sobre a propriedade e as despesas de seguro de 2023 totalizaram US $ 9,8 milhões.

• Imposto sobre a propriedade: US $ 6,4 milhões
• Prêmios de seguro: US $ 3,4 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2023 foram de US $ 5,3 milhões.

Categoria de despesa de marketing	Custo ($)
Comissões de leasing	3,200,000
Marketing e publicidade	2,100,000

Estrutura de custo total para 2023: US $ 90 milhões

Saul Centers, Inc. (BFS) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

A partir do quarto trimestre de 2023, a Saul Centers, Inc. relatou receita total de aluguel de US $ 134,2 milhões. A empresa possui e opera 54 shopping centers da comunidade e do bairro, compreendendo aproximadamente 9,3 milhões de pés quadrados de área de arrepio bruto.

Tipo de propriedade	Receita de aluguel	Taxa de ocupação
Shopping centers	US $ 98,7 milhões	92.3%
Propriedades de uso misto	US $ 35,5 milhões	89.6%

Taxas de contrato de arrendamento

As taxas de contrato de arrendamento para 2023 totalizaram US $ 15,6 milhões, com um prazo médio de arrendamento de 5,2 anos em seu portfólio de propriedades.

• Taxa média de arrendamento anual: US $ 22,50 por pé quadrado
• Taxa de renovação do arrendamento: 68,4%
• Novos taxas de aquisição de inquilinos: US $ 3,2 milhões

Apreciação da propriedade e crescimento de valor

Em 31 de dezembro de 2023, o valor total do portfólio imobiliário dos centros de Saul era de US $ 1,6 bilhão, representando um 4,7% de apreciação ano a ano.

Valor do portfólio de propriedades	Taxa de valorização	Aumento do valor de mercado
US $ 1,6 bilhão	4.7%	US $ 72,4 milhões

Renda de dividendos para os acionistas

Para o ano fiscal de 2023, os centros da SAUL distribuíram dividendos totais de US $ 44,3 milhões para os acionistas.

• Dividendo por ação: US $ 1,84
• Rendimento de dividendos: 4,2%
• Ações totais em circulação: 24,1 milhões

Taxas de serviço de gerenciamento de propriedades

As taxas de serviço de gerenciamento de propriedades para 2023 totalizaram US $ 6,8 milhões, cobrindo o gerenciamento de propriedades de propriedade e terceiros.

Tipo de serviço de gerenciamento	Receita de taxa	Número de propriedades gerenciadas
Propriedades de propriedade	US $ 4,5 milhões	54
Propriedades de terceiros	US $ 2,3 milhões	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.