NYSE : BFS
Saul Centers, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 29.09 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.04B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 296.59M | 284.37M | 261.18M | 249.06M | 240.84M | 234.51M |
| Other Revenue | 5.61M | 5.48M | 7.67M | 8.15M | 5.02M | 4.71M |
| Total Revenue | 302.20M | 289.84M | 268.85M | 257.21M | 245.86M | 239.22M |
| Property Expenses | 89.88M | 84.48M | 72.06M | 67.14M | 64.52M | 61.63M |
| Selling, General & Administrative | 27.76M | 26.93M | 25.07M | 23.46M | 22.39M | 20.25M |
| Depreciation & Amortization | 62.12M | 58.78M | 50.50M | 48.43M | 48.97M | 50.27M |
| Total Operating Expenses | 179.76M | 170.20M | 147.63M | 139.03M | 135.88M | 132.15M |
| Operating Income | 122.44M | 119.65M | 121.22M | 118.18M | 109.98M | 107.07M |
| Interest Expense | -76.90M | -70.71M | -53.85M | -49.45M | -44.01M | -45.43M |
| Interest & Investment Income | 236.00K | 159.00K | 159.00K | 295.00K | 76.00K | 7.00K |
| EBT Excluding Unusual Items | 45.78M | 49.10M | 67.52M | 69.03M | 66.04M | 61.65M |
| Gain (Loss) on Sale of Assets | 120.00K | 181.00K | ||||
| Other Unusual Items | -648.00K | |||||
| Pretax Income | 45.78M | 49.22M | 67.70M | 69.03M | 65.39M | 61.65M |
| Earnings From Continuing Operations | 45.78M | 49.22M | 67.70M | 69.03M | 65.39M | 61.65M |
| Minority Interest in Earnings | -10.92M | -11.71M | -17.05M | -16.34M | -15.20M | -13.26M |
| Net Income | 34.86M | 37.51M | 50.65M | 52.69M | 50.19M | 48.39M |
| Preferred Dividends & Other Adjustments | 11.19M | 11.19M | 11.19M | 11.19M | 11.19M | 11.19M |
| Net Income to Common | 23.67M | 26.32M | 39.45M | 41.49M | 39.00M | 37.20M |
| Basic Shares Outstanding | 24.30M | 24.22M | 24.12M | 24.05M | 23.96M | 23.66M |
| Diluted Shares Outstanding | 24.33M | 24.24M | 24.14M | 24.05M | 23.97M | 23.66M |
| EPS (Basic) | 0.97 | 1.09 | 1.64 | 1.73 | 1.63 | 1.57 |
| EPS (Diluted) | 0.97 | 1.09 | 1.63 | 1.73 | 1.63 | 1.57 |
| Dividend Per Share | 2.36 | 2.36 | 2.36 | 2.36 | 2.34 | 2.20 |
| Operating Margin | 40.52% | 41.28% | 45.09% | 45.95% | 44.73% | 44.76% |
| Profit Margin | 7.83% | 9.08% | 14.68% | 16.13% | 15.86% | 15.55% |
| EBITDA | 180.46M | 174.43M | 167.62M | 162.41M | 154.65M | 152.65M |
| EBITDA Margin | 59.71% | 60.18% | 62.35% | 63.14% | 62.90% | 63.81% |
| D&A For Ebitda | 58.02M | 54.78M | 46.40M | 44.23M | 44.67M | 45.57M |
| EBIT | 122.44M | 119.65M | 121.22M | 118.18M | 109.98M | 107.07M |
| EBIT Margin | 40.52% | 41.28% | 45.09% | 45.95% | 44.73% | 44.76% |
| Funds From Operations (FFO) | 96.70M | 96.69M | 106.83M | 106.26M | 103.17M | 100.73M |
| FFO Per Share | 2.73 | 2.76 | 3.09 | 3.12 | 3.04 | 3.04 |
| Adjusted Funds From Operations (AFFO) | 96.69M | 106.83M | 106.26M | 103.17M | 100.73M | |
| AFFO Per Share | 2.76 | 3.09 | 3.12 | 3.04 | 3.04 | |
| FFO Payout Ratio | 59.36% | 59.10% | 53.26% | 53.38% | 53.82% | 50.60% |
| Revenue as Reported | 302.20M | 289.84M | 268.85M | 257.21M | 245.86M | 239.22M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.05B | 2.06B | 2.02B | 1.89B | 1.72B | 1.63B |
| Cash & Equivalents | 5.88M | 8.74M | 10.30M | 8.41M | 13.28M | 14.59M |
| Accounts Receivable | 62.79M | 60.49M | 50.61M | 55.66M | 55.92M | 58.22M |
| Other Intangible Assets | 306.50K | 339.40K | 372.30K | 405.20K | 438.20K | |
| Trading Asset Securities | 2.47M | 1.35M | 4.09M | 2.74M | 3.96M | |
| Deferred Long-Term Charges | 25.86M | 25.85M | 25.91M | 23.73M | 22.39M | 24.00M |
| Other Long-Term Assets | 17.28M | 9.48M | 10.85M | 11.59M | 17.69M | 15.49M |
| Total Assets | 2.16B | 2.16B | 2.13B | 1.99B | 1.83B | 1.75B |
| Current Portion of Long-Term Debt | 50.76M | 158.29M | ||||
| Current Portion of Leases | 850.00K | |||||
| Long-Term Debt | 1.55B | 1.44B | 1.53B | 1.39B | 1.22B | 1.14B |
| Long-Term Leases | 600.00K | 142.00K | ||||
| Accounts Payable | 37.55M | 31.43M | 42.46M | 52.62M | 38.78M | 21.26M |
| Accrued Expenses | 1.10M | 1.30M | 1.20M | 1.10M | 1.20M | 1.10M |
| Other Current Liabilities | 24.59M | 24.16M | 23.47M | 22.94M | 22.45M | 21.67M |
| Long-Term Unearned Revenue | 18.83M | 22.84M | 23.03M | 22.75M | 23.17M | 25.19M |
| Other Long-Term Liabilities | 3.10M | 2.90M | 2.50M | 3.30M | 3.00M | 3.20M |
| Total Liabilities | 1.69B | 1.69B | 1.63B | 1.49B | 1.31B | 1.22B |
| Preferred Stock, Redeemable | 185.00M | 185.00M | 185.00M | 185.00M | 185.00M | 185.00M |
| Common Stock | 248.00K | 245.00K | 243.00K | 241.00K | 240.00K | 238.00K |
| Additional Paid-In Capital | 463.29M | 459.22M | 454.09M | 449.96M | 446.30M | 436.61M |
| Distributions in Excess of Earnings | -354.45M | -337.71M | -306.54M | -288.82M | -273.56M | -256.45M |
| Comprehensive Income & Other | 1.82M | 1.06M | 2.97M | 2.01M | 42.50M | 39.65M |
| Total Common Equity | 110.91M | 122.82M | 150.75M | 163.39M | 215.48M | 220.05M |
| Minority Interest | 173.65M | 169.44M | 165.37M | 156.04M | 121.32M | 125.44M |
| Shareholders' Equity | 469.56M | 477.26M | 501.12M | 504.43M | 521.80M | 530.49M |
| Total Liabilities & Equity | 2.16B | 2.16B | 2.13B | 1.99B | 1.83B | 1.75B |
| Total Debt | 1.60B | 1.60B | 1.53B | 1.39B | 1.22B | 1.14B |
| Net Cash (Debt) | -1.60B | -1.59B | -1.52B | -1.38B | -1.21B | -1.13B |
| Net Cash Per Share | -65.61 | -65.71 | -62.89 | -57.20 | -50.29 | -47.72 |
| Filing Date Shares Outstanding | 24.72M | 24.50M | 24.20M | 23.98M | 23.91M | 23.84M |
| Total Common Shares Outstanding | 24.78M | 24.55M | 24.30M | 24.08M | 24.02M | 23.84M |
| Book Value Per Share | 4.48 | 5.00 | 6.20 | 6.78 | 8.97 | 9.23 |
| Tangible Book Value | 110.91M | 122.51M | 150.41M | 163.02M | 215.08M | 219.61M |
| Tangible Book Value Per Share | 4.48 | 4.99 | 6.19 | 6.77 | 8.96 | 9.21 |
| Land | 595.51M | 595.51M | 562.05M | 511.53M | 511.53M | 511.53M |
| Buildings | 2.17B | 2.16B | 1.90B | 1.60B | 1.57B | 1.57B |
| Construction In Progress | 116.42M | 109.95M | 326.19M | 514.55M | 322.23M | 205.91M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 34.86M | 37.51M | 50.65M | 52.69M | 50.19M | 48.39M |
| Depreciation & Amortization | 58.02M | 54.78M | 46.40M | 44.23M | 44.67M | 45.57M |
| Other Amortization | 7.54M | 6.96M | 6.45M | 6.45M | 6.29M | 6.41M |
| Gain (Loss) on Sale of Assets | -120.00K | -181.00K | ||||
| Stock-Based Compensation | 2.25M | 1.98M | 1.72M | 1.42M | 1.52M | 1.56M |
| Change in Accounts Receivable | -12.02M | -11.57M | 4.22M | -243.00K | 2.42M | 5.45M |
| Change in Accounts Payable | -279.00K | 474.00K | -691.00K | 1.88M | 524.00K | -285.00K |
| Change in Other Net Operating Assets | -1.21M | -3.46M | -5.55M | -5.15M | 1.79M | -4.63M |
| Other Operating Activities | 12.64M | 13.43M | 17.91M | 16.87M | 15.76M | 14.07M |
| Operating Cash Flow | 102.88M | 99.80M | 121.22M | 117.73M | 121.15M | 118.43M |
| Acquisition of Real Estate Assets | -57.30M | -95.93M | -188.91M | -203.68M | -116.89M | -55.92M |
| Sale of Real Estate Assets | 120.00K | 181.00K | ||||
| Net Sale / Acq. of Real Estate Assets | -57.30M | -95.81M | -188.73M | -203.68M | -116.89M | -55.92M |
| Investing Cash Flow | -57.30M | -95.81M | -188.73M | -203.68M | -116.89M | -55.92M |
| Long-Term Debt Issued | 276.29M | 464.00M | 257.94M | 354.75M | 81.92M | |
| Long-Term Debt Repaid | -203.16M | -317.59M | -90.33M | -271.10M | -87.14M | |
| Net Debt Issued (Repaid) | 44.10M | 73.13M | 146.40M | 167.60M | 83.65M | -5.22M |
| Issuance of Common Stock | 4.92M | 3.15M | 2.41M | 2.24M | 8.17M | 14.43M |
| Common Dividends Paid | -57.40M | -57.15M | -56.89M | -56.72M | -55.52M | -50.96M |
| Preferred Dividends Paid | -11.19M | -11.19M | -11.19M | -11.19M | -11.19M | -11.19M |
| Total Dividends Paid | -68.59M | -68.34M | -68.09M | -67.92M | -66.72M | -62.16M |
| Other Financing Activities | -11.11M | -13.48M | -11.32M | -20.84M | -30.69M | -21.82M |
| Net Cash Flow | 14.89M | -1.56M | 1.89M | -4.87M | -1.31M | -12.26M |
| Levered Free Cash Flow | 84.50M | 74.19M | 92.20M | 109.54M | 114.41M | 101.39M |
| Unlevered Free Cash Flow | 129.12M | 115.42M | 123.51M | 138.20M | 139.93M | 128.08M |
| Cash Interest Paid | 73.31M | 67.92M | 51.65M | 46.08M | 44.58M | |
| Change in Working Capital | -12.40M | -14.75M | -1.74M | -3.93M | 2.72M | 2.42M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.04B | 769.72M | 937.83M | 940.27M | 972.06M | 1.26B |
| Enterprise Value | 2.64B | 2.70B | 2.78B | 2.58B | 2.46B | 2.65B |
| Last Close Price | 29.09 | 29.33 | 33.64 | 32.04 | 31.21 | 38.71 |
| Price/FFO Ratio | 13.21 | 10.63 | 10.89 | 10.27 | 10.27 | 12.73 |
| Price/AFFO Ratio | 10.61 | 10.87 | 10.27 | 10.28 | 12.72 | |
| PE Ratio | 30.09 | 29.25 | 23.77 | 22.66 | 24.93 | 33.80 |
| PS Ratio | 3.46 | 2.66 | 3.49 | 3.66 | 3.95 | 5.26 |
| PB Ratio | 6.50 | 1.61 | 1.87 | 1.86 | 1.86 | 2.37 |
| P/OCF Ratio | 10.16 | 7.71 | 7.74 | 7.99 | 8.02 | 10.62 |
| EV/Sales Ratio | 8.74 | 9.31 | 10.33 | 10.02 | 10.02 | 11.09 |
| EV/EBITDA Ratio | 14.64 | 15.47 | 16.56 | 15.86 | 15.93 | 17.38 |
| EV/EBIT Ratio | 21.57 | 22.56 | 22.90 | 21.80 | 22.40 | 24.78 |
| Debt / Equity Ratio | 3.42 | 3.36 | 3.06 | 2.75 | 2.34 | 2.16 |
| Debt / EBITDA Ratio | 8.85 | 9.14 | 9.14 | 8.54 | 7.91 | 7.49 |
| Net Debt / Equity Ratio | 3.40 | 3.34 | 3.03 | 2.73 | 2.31 | 2.13 |
| Net Debt / EBITDA Ratio | 8.85 | 9.13 | 9.06 | 8.47 | 7.80 | 7.40 |
| Asset Turnover | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 |
| Quick Ratio | 0.62 | 0.33 | 0.97 | 0.87 | 1.17 | 1.65 |
| Current Ratio | 0.62 | 0.33 | 0.97 | 0.87 | 1.17 | 1.65 |
| Return on Equity (ROE) | 9.56% | 10.06% | 13.47% | 13.45% | 12.43% | 12.87% |
| Return on Assets (ROA) | 3.56% | 3.49% | 3.68% | 3.86% | 3.84% | 3.94% |
| Earnings Yield | 3.32% | 4.87% | 5.40% | 5.60% | 5.16% | 3.85% |
| Dividend Yield | 8.08% | 7.53% | 6.12% | 6.04% | 5.78% | 4.17% |
| Payout Ratio | 243.23% | 182.19% | 134.43% | 128.90% | 132.92% | 128.45% |
| Buyback Yield / Dilution | -0.57% | -0.40% | -0.37% | -0.34% | -1.31% | -1.31% |
| Total Shareholder Return | 7.49% | 7.13% | 5.75% | 5.71% | 4.47% | 2.87% |