Saul Centers, Inc. BFS
Saul Centers, Inc. (BFS) is a self-managed and self-administered equity REIT, headquartered in Bethesda, Maryland. The company actively operates and oversees a real estate portfolio of 60 properties. This portfolio encompasses 50 community and neighborhood shopping centers, as well as seven mixed-use developments, which together provide approximately 9.8 million square feet of leasable area. Additionally, it includes three properties designated as land or for future development. A significant portion of the company's operational revenue, around 85%, originates from its properties located within the metropolitan Washington, DC, and Baltimore regions.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-27 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / AFFO / leverage are from the 2025 earnings release (filed 2026-05-11) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model BFS yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $291.56M | $37.51M | $58.78M | $178.55M | $99.80M |
| 2024 | $268.85M | $50.65M | $50.50M | $171.90M | $121.22M |
| 2023 | $257.21M | $52.69M | $48.43M | $166.61M | $117.73M |
| 2022 | $245.86M | $50.19M | $48.97M | $156.39M | $121.15M |
| 2021 | $239.22M | $48.39M | $50.27M | $155.64M | $118.38M |
| 2020 | $225.21M | $40.38M | $51.13M | $146.53M | $78.38M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-10-15 | 2026-10-15 | 2026-10-30 | 2026-09-17 | $0.59 | Quarterly |
| 2026-07-15 | 2026-07-15 | 2026-07-31 | 2026-06-18 | $0.59 | Quarterly |
| 2026-04-15 | 2026-04-15 | 2026-04-30 | 2026-03-12 | $0.59 | Quarterly |
| 2026-01-15 | 2026-01-15 | 2026-01-30 | 2025-12-04 | $0.59 | Quarterly |
| 2025-10-15 | 2025-10-15 | 2025-10-31 | 2025-09-23 | $0.59 | Quarterly |
| 2025-07-15 | 2025-07-15 | 2025-07-31 | 2025-06-12 | $0.59 | Quarterly |
| 2025-04-15 | 2025-04-15 | 2025-04-30 | 2025-03-06 | $0.59 | Quarterly |
| 2025-01-15 | 2025-01-15 | 2025-01-31 | 2024-12-05 | $0.59 | Quarterly |
| 2024-10-15 | 2024-10-15 | 2024-10-31 | 2024-09-19 | $0.59 | Quarterly |
| 2024-07-15 | 2024-07-15 | 2024-07-31 | 2024-06-20 | $0.59 | Quarterly |
| 2024-04-12 | 2024-04-15 | 2024-04-30 | 2024-03-14 | $0.59 | Quarterly |
| 2024-01-12 | 2024-01-16 | 2024-01-31 | 2023-12-07 | $0.59 | Quarterly |
| 2023-10-13 | 2023-10-16 | 2023-10-31 | 2023-09-21 | $0.59 | Quarterly |
| 2023-07-14 | 2023-07-17 | 2023-07-31 | 2023-06-22 | $0.59 | Quarterly |
| 2023-04-14 | 2023-04-17 | 2023-04-28 | 2023-03-09 | $0.59 | Quarterly |
| 2023-01-13 | 2023-01-17 | 2023-01-31 | 2022-12-09 | $0.59 | Quarterly |
| 2022-10-14 | 2022-10-17 | 2022-10-31 | 2022-09-22 | $0.59 | Quarterly |
| 2022-07-14 | 2022-07-15 | 2022-07-29 | 2022-06-23 | $0.59 | Quarterly |
| 2022-04-13 | 2022-04-15 | 2022-04-29 | 2022-03-09 | $0.57 | Quarterly |
| 2022-01-13 | 2022-01-14 | 2022-01-31 | 2021-12-09 | $0.57 | Quarterly |
| 2021-10-14 | 2021-10-15 | 2021-10-29 | 2021-09-23 | $0.55 | Quarterly |
| 2021-07-15 | 2021-07-16 | 2021-07-30 | 2021-06-25 | $0.55 | Quarterly |
| 2021-04-14 | 2021-04-15 | 2021-04-30 | 2021-03-11 | $0.53 | Quarterly |
| 2021-01-14 | 2021-01-15 | 2021-01-29 | 2020-12-10 | $0.53 | Quarterly |
Coverage (payout of operating cash flow): 57.27%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — BFS
Surge Announces Start of 2026/27 Drill Program at Nevada North Lithium Project in Support of the Bankable Feasibility Study (BFS)
Saul Centers: Attractive Even Amidst Higher Interest Rates (Upgrade)
Saul Centers Declares Quarterly Dividends
Saul Centers, Inc. Reports Second Quarter 2026 Earnings
Cerrado Gold: Stronger Operations Offset A Delayed BFS
Saul Centers' Preferred Stocks Carry More Risk Than Their Yield Suggests
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
Other Retail REITs
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.