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BFS on NYSE

SAUL CENTERS, INC.

SAUL CENTERS, INC. is an American real estate investment trust, incorporated in Maryland.1 It is headquartered in Bethesda, Maryland.1 Its shares trade on NYSE under the symbol BFS.1

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Last updated Oct 21, 2026.

Overview

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  • TickerBFS on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersBethesda, Maryland1
  • Incorporated inMD2
  • Business address7501 Wisconsin Avenue, Suite 1500, Bethesda, Md 208142
  • Filer categoryAccelerated filer2

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Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of Saul Centers.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

67.4%Operating margin4
12.9%Net margin4
7.8%Revenue growth, 20254
12.2%Return on equity4
1.52×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs63¢$181.6M
  • Interest24¢$70.7M
  • Profit13¢$37.5M

Out of $289.8M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid57¢$57.1M
  • Kept or used elsewhere43¢$42.6M

Out of $99.8M of cash from operations.4

Financial statements

Revenue56784$289.8M in 2025+25% since 2019
0$100.0M$200.0M$300.0M2019: $231.5M$231.5M20192020: $225.2M$225.2M2020−3%2021: $239.2M$239.2M2021+6%2022: $245.9M$245.9M2022+3%2023: $257.2M$257.2M2023+5%2024: $268.8M$268.8M2024+5%2025: $289.8M$289.8M2025+8%
Gross profit567$190.1M in 2023+9% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $173.6M$173.6M20192020: $166.8M$166.8M2020−4%2021: $177.6M$177.6M2021+6%2022: $181.3M$181.3M2022+2%2023: $190.1M$190.1M2023+5%
Operating income84$195.3M in 2025+8% since 2022
0$100.0M$200.0M$300.0M2022: $180.5M$180.5M20222023: $189.4M$189.4M2023+5%2024: $203.8M$203.8M2024+8%2025: $195.3M$195.3M2025−4%
Net income56784$37.5M in 2025−27% since 2019
0$20.0M$40.0M$60.0M2019: $51.7M$51.7M20192020: $40.4M$40.4M2020−22%2021: $48.4M$48.4M2021+20%2022: $50.2M$50.2M2022+4%2023: $52.7M$52.7M2023+5%2024: $50.6M$50.6M2024−4%2025: $37.5M$37.5M2025−26%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Rental revenue$284.4M$261.2M$249.1M
Other$5.5M$7.7M$8.2M
Total revenue$289.8M$268.8M$257.2M
Property operating expenses$52.0M$41.7M$37.5M
Real estate taxes$32.4M$30.3M$29.6M
Interest expense, net and amortization of deferred debt costs$70.5M$53.7M$49.2M
Depreciation and amortization of deferred leasing costs$58.8M$50.5M$48.4M
General and administrative$26.9M$25.1M$23.5M
Total expenses$240.7M$201.3M$188.2M
Gains on dispositions of properties$120.0K$181.0K$0
Net income$49.2M$67.7M$69.0M
Income attributable to noncontrolling interests-$11.7M-$17.1M-$16.3M
Net income attributable to Saul Centers, Inc.$37.5M$50.6M$52.7M
Preferred stock dividends-$11.2M-$11.2M-$11.2M
Net income available to common stockholders$26.3M$39.5M$41.5M
Basic (in usd per share)$1.09$1.64$1.73
Diluted (in usd per share)$1.09$1.63$1.73

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Corporate structure

SAUL CENTERS, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SAUL CENTERS, INC.

  • SAUL CENTERS, INC. Bethesda, Maryland

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SAUL CENTERS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$595.5M4 Dec 31, 2025$562.0M4 Dec 31, 2024+6.0%
Land and buildings$595.5M4 Dec 31, 2025$562.0M8 Dec 31, 2024+6.0%
Buildings and improvements$2.2B4 Dec 31, 2025$1.9B8 Dec 31, 2024+13.6%
Operating-lease assets (leased space)$900.0K4 Dec 31, 2025$1.7M8 Dec 31, 2024−47.1%

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$2.1B4 Dec 31, 2025$2.0B4 Dec 31, 2024+1.5%
Real estate investments, at cost$2.9B4 Dec 31, 2025$2.8B4 Dec 31, 2024+2.7%
Real estate accumulated depreciation$812.0M4 Dec 31, 2025$767.8M4 Dec 31, 2024+5.8%
Stores344 Dec 31, 2025348 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$8.7M4 Dec 31, 2025$10.3M4 Dec 31, 2024−15.1%

Properties, in its own words

Overview

As of December 31, 2025, the Company is the owner and operator and developer of a real estate portfolio composed of 59 operating properties, totaling approximately 10.6 million square feet of gross leasable area (“GLA”), and three development properties. The properties are located primarily in the Washington, DC/Baltimore metropolitan area. The operating property portfolio is composed of 50 neighborhood and community Shopping Centers, and nine Mixed-Use Properties totaling approximately 7.8 million and 2.8 million square feet of GLA, respectively. One property, Seven Corners Center, accounted for more than 5% of the total gross leasable area. A majority of the Shopping Centers are anchored by one or more major tenants and offer primarily day-to-day necessities and services. Thirty-four of the Shopping Centers were anchored by a grocery store. Only one tenant, Giant Food (4.5%), a tenant at 11 Shopping Centers, individually accounted for 2.5% or more of the Company’s total revenue for the year ended December 31, 2025.

The rest of Item 2

The Company expects to hold its properties as long-term investments and it has no maximum period for retention of any investment. It plans to selectively acquire additional income-producing properties and to expand, renovate, and improve its properties when circumstances warrant. See “Item 1. Business—Operating Strategies” and “Business—Capital Policies.”

The Shopping Centers

Community and neighborhood shopping centers typically are anchored by one or more grocery stores, discount department stores or drug stores. These anchors offer day-to-day necessities rather than apparel and luxury goods and, therefore, generate consistent local traffic. By contrast, regional malls generally are larger and typically are anchored by one or more full-service department stores.

In general, the Shopping Centers are seasoned community and neighborhood shopping centers located in well established, highly developed, densely populated, middle and upper income areas. The 2025 average estimated population within a one- and three-mile radius of the Shopping Centers is approximately 15,900 and 98,800, respectively. The 2025 average household income within a one- and three-mile radius of the Shopping Centers is approximately $154,700 and $158,900, respectively, compared to a national average of $116,200. Because the Shopping Centers generally are located in highly developed areas, management believes that there is little likelihood that significant numbers of competing centers will be developed in the future.

The Shopping Center properties range in size from approximately 19,000 to 573,500 square feet of GLA, with six in excess of 300,000 square feet, and average approximately 156,300 square feet.

Lease Expirations of Shopping Center Properties

The following table sets forth, by year of expiration, the aggregate amount of base rent and leasable area for leases in place at the Shopping Centers as of December 31, 2025, for each of the next ten years beginning with 2026, assuming that none of the tenants exercise renewal options and excluding an aggregate of 345,744 square feet of unleased space, which represented 4.4% of the GLA of the Shopping Centers as of December 31, 2025.

Lease Expirations of Shopping Center Properties

Year of Lease Expiration · Leasable AreaRepresentedby Expiring Leases · Percentage of Leasable Area Represented by Expiring Leases · Annual Base Rent Under Expiring Leases (1) · Percentage of Annual Base Rent Under Expiring Leases · Annual Base Rent per Square Foot

2026 · 665,507 · sf · 8.5 · 12,652,115 · 8.4 · 19.01

2027 · 874,651 · 11.2 · 19,690,649 · 13.1 · 22.51

2028 · 1,445,641 · 18.5 · 23,358,271 · 15.5 · 16.16

2029 · 1,302,887 · 16.7 · 26,112,115 · 17.3 · 20.04

2030 · 836,672 · 10.7 · 18,136,431 · 12.0 · 21.68

2031 · 503,353 · 6.4 · 11,534,387 · 7.6 · 22.92

2032 · 355,835 · 4.5 · 6,090,285 · 4.0 · 17.12

2033 · 270,762 · 3.5 · 5,978,543 · 4.0 · 22.08

2034 · 218,536 · 2.8 · 5,041,448 · 3.3 · 23.07

2035 · 435,154 · 5.6 · 10,395,667 · 6.9 · 23.89

Thereafter · 560,041 · 7.2 · 11,906,231 · 7.9 · 21.26

Total · 7,469,039 · sf · 95.6 · 150,896,142 · 100.0 · 20.20

(1)Calculated using annualized contractual base rent payable as of December 31, 2025 for the expiring GLA, excluding expenses payable by or reimbursable from tenants.

The Mixed-Use Properties

All of the Mixed-Use Properties are located in the Washington, DC/Baltimore metropolitan area and contain an aggregate GLA of approximately 2.8 million square feet, composed of 1.0 million and 0.3 million square feet of office and retail space, respectively, and 1,824 apartments. The Mixed-Use Properties represent three distinct styles of facilities, are located in differing commercial environments with distinctive demographic characteristics, and are geographically removed from one another. Accordingly, management believes that the Mixed-Use Properties compete for tenants in different commercial and geographic sub-markets of the metropolitan Washington, DC/Baltimore market and do not compete with one another.

Lease Expirations of Mixed-Use Properties

The following table sets forth, by year of expiration, the aggregate amount of base rent and leasable area for commercial leases in place at the Mixed-Use Properties that the Company owned as of December 31, 2025, for each of the next ten years beginning with 2026, assuming that none of the tenants exercise renewal options and excluding an aggregate of 141,799 square feet of unleased office and retail space, which represented 11.3% of the GLA of the commercial space within the Mixed-Use Properties as of December 31, 2025.

Commercial Lease Expirations of Mixed-Use Properties

Year of Lease Expiration · Leasable AreaRepresentedby Expiring Leases · Percentage of Leasable Area Represented by Expiring Leases · Annual Base Rent Under Expiring Leases (1) · Percentage of Annual Base Rent Under Expiring Leases · Annual Base Rent per Square Foot

Item 2 of the 10-K filed Feb 27, 2026.3

Leadership

Who has led SAUL CENTERS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. B. Francis Saul Ii.2006–now

Chair

  1. B. Francis Saul Ii.2021–now

President

  1. Thomas H. McCormick2013–2014
  2. James Page Lansdale2017–2019
  3. B. Francis Saul Ii.2020–2021

Chief financial officer

  1. Scott Schneider V.2006–2020
  2. Carlos Lawrence Heard2021–now
2010201520202025
Board members and other officers (42)

Former names

  • SAUL CENTERS INCOct 30, 1996 to Feb 27, 20202

Timeline

  1. Aug 6, 20268-K Results of operations58
  2. May 11, 20268-K Shareholder vote; Regulation FD disclosure59
  3. May 7, 20268-K Results of operations60
  4. Feb 27, 20268-K Results of operations61
  5. Nov 26, 20258-K Executive or director change62
  6. Nov 6, 20258-K Results of operations63
  7. Aug 7, 20258-K Results of operations64
  8. Aug 5, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation65
  9. May 13, 20258-K Shareholder vote; Regulation FD disclosure66
  10. May 8, 20258-K Results of operations67
  11. Feb 28, 20258-K Results of operations68
  12. Jan 14, 20258-K Executive or director change69
  13. Jan 5, 2006New chief executive B. Francis Saul Ii. becomes CEO13

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202670

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results58
  2. May 7, 2026Reported quarterly or annual results60
  3. Feb 27, 2026Reported quarterly or annual results61
  4. Nov 6, 2025Reported quarterly or annual results63
  5. Aug 7, 2025Reported quarterly or annual results64
  6. May 8, 2025Reported quarterly or annual results67
  7. Feb 28, 2025Reported quarterly or annual results68
  8. Nov 7, 2024Reported quarterly or annual results71

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

367 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 283 insider forms, 16 large holders, 17 other. The latest 20:

  1. Oct 1, 20264 EDGAR
  2. Sep 30, 20264 EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 6, 20268-K EDGAR
  5. Jul 2, 20264 EDGAR
  6. Jun 1, 20264 EDGAR
  7. May 19, 20264 EDGAR
  8. May 19, 20264 EDGAR
  9. May 19, 20264 EDGAR
  10. May 19, 20264 EDGAR
  11. May 19, 20264 EDGAR
  12. May 19, 20264 EDGAR
  13. May 19, 20264 EDGAR
  14. May 19, 20264 EDGAR
  15. May 19, 20264 EDGAR
  16. May 19, 20264 EDGAR
  17. May 19, 20264 EDGAR
  18. May 19, 20264 EDGAR
  19. May 12, 20264 EDGAR
  20. May 12, 20264 EDGAR

The 367 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

59 open-market trades by officers, directors and large owners since October 2021: 38 buys and 21 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Friedman Joel AlbertExec VP, CAO & TreasurerBuy200$18.53$3.7KForm 4
May 28, 2026Pearson David ToddPresident & COOBuy2,600$34.75$90.3KForm 4
Mar 30, 2026Heard Carlos LawrenceSenior Vice President & CFOBuy500$20.60$10.3KForm 4
Nov 20, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy300$20.55$6.2KForm 4
Nov 18, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy600$20.35$12.2KForm 4
Nov 17, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy600$20.54$12.3KForm 4
Nov 14, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.50$9.2KForm 4
Nov 13, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.60$9.3KForm 4
Nov 12, 2025Pearson David ToddPresident & COOBuy3,348$29.86$100.0KForm 4
Nov 12, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.70$9.3KForm 4
Nov 12, 2025Collich JohnSr. VP, Chief Acq. & Dev. Off.Buy2,000$29.99$60.0KForm 4
Nov 11, 2025Heard Carlos LawrenceSenior Vice President & CFOBuy450$20.85$9.4KForm 4
May 21, 2025Guevara Bettina T.Exec. VP /Chf Legal & Adm OffBuy210$33.00$6.9KForm 4
May 21, 2025Pearson David ToddPresident & COOBuy1,362$32.96$44.9KForm 4
May 14, 2025SAUL B FRANCIS IIChairman & CEOBuy2,821$33.22$93.7KForm 4
May 13, 2025SAUL B FRANCIS IIChairman & CEOBuy7,179$33.59$241.1KForm 4
Dec 17, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy300$21.69$6.5KForm 4
Sep 27, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy200$23.25$4.7KForm 4
May 7, 2024Friedlis Zachary MaxwellSr. VP-Director of LeasingBuy600$20.84$12.5KForm 4
May 7, 2024Heard Carlos LawrenceSenior Vice President & CFOBuy200$20.75$4.2KForm 4

All 59 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025D. Todd Pearson45$1.1M$2.3M78
2025B. Francis Saul II93$125.0K$1.3M78
2025Carlos L. Heard50$547.2K$787.2K78
2025John F. Collich66$521.2K$771.6K78
2025Zachary M. Friedlis43$514.6K$754.4K78
2024President andChief Operating Officer$951.6K$2.2M78
2024Chairman and Chief Executive Officer$125.0K$1.4M78
2024Senior VicePresident - Chief Financial Officer$520.3K$742.7K78
2024Senior Vice President-Retail Leasing$473.9K$702.5K78
2023President andChief Operating Officer$815.4K$1.2M78
2023Senior VicePresident - Chief Financial Officer$482.7K$697.1K78
2023Chairman and Chief Executive Officer$125.0K$302.3K78

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,254,667$84.3M0.0%+141,990
Vanguard Portfolio Management LLC1,302,765$48.7M0.0%−13,515
Adage Capital Partners Gp, L.l.c.723,198$27.0M0.0%−11,603
State Street Corp570,914$21.3M0.0%+51,504
Vanguard Capital Management LLC550,628$20.6M0.0%−32,655
Principal Financial Group Inc416,391$15.6M0.0%−182,803
Geode Capital Management, LLC361,256$13.5M0.0%+25,608
Morgan Stanley342,206$12.8M0.0%+79,488
Ameriprise Financial Inc235,690$8.8M0.0%+24,432
Dimensional Fund Advisors LP202,295$7.6M0.0%+50
Renaissance Technologies LLC177,074$6.6M0.0%−9,400
Northern Trust Corp160,294$6.0M0.0%+11,145
Invesco Ltd.157,772$5.9M0.0%−3,716
Charles Schwab Investment Management Inc137,612$5.1M0.0%+3,203
Bank of New York Mellon Corp120,616$4.5M0.0%+4,381
Nuveen, LLC98,475$3.7M0.0%+68,731
Cary Street Partners Financial LLC96,630$3.6M0.1%+4,430
Jpmorgan Chase & Co94,508$3.6M0.0%+6,260
Goldman Sachs Group Inc94,476$3.5M0.0%+14,776
Vanguard Fiduciary Trust Co90,866$3.4M0.0%+4,081
Two Sigma Investments, LP90,518$3.4M0.0%+33,495
Man Group plc89,375$3.3M0.0%−119,474
Arrowstreet Capital, Limited Partnership87,852$3.3M0.0%+8,270
Denali Advisors LLC71,500$2.7M0.3%No change
Dean Investment Associates, LLC66,078$2.5M0.3%New

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+97.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How SAUL CENTERS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSAUL CENTERS, INC.1
  • CIK0000907254
  • Employer ID (EIN)52-18330743
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inMaryland3
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address7501 Wisconsin Avenue, Suite 1500, Bethesda, MD 208141
  • Phone301-986-77371
  • Shares outstanding24,717,101 as of Aug 3, 202610
  • Public float$451.6M as of Jun 30, 20253
  • AuditorDeloitte & Touche LLP, McLean, Virginia PCAOB ID 34; it also attests to the company’s internal control over financial reporting3
  • On EDGAR sinceMay 15, 19961
  • Filings2,370 in all: 4 (1,684), 8-K (174), 10-Q (92), 5 (63), SC 13G/A (57), 4/A (32), 3 (30), DEF 14A (30)1
    All 38 form types

    SC 13D/A (30), 10-K (26), UPLOAD (19), CORRESP (14), 424B5 (13), S-3 (12), SC 13G (12), S-8 (8), EFFECT (7), DEFA14A (6), FWP (6), S-3D (6), 8-A12B (5), PRE 14A (5), S-3/A (5), 10-K/A (4), 10-K405 (4), 8-K/A (4), ARS (4), 25-NSE (3), 424B3 (3), CERTNYS (3), CERT (2), 3/A (1), 5/A (1), DEFR14A (1), PRER14A (1), S-3ASR (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Mar 23, 2026
    Latest 8-K (8-K) Aug 6, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, Par Value $0.01 Per ShareBFSNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRDNew York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per ShareBFS/PRENew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks SAUL CENTERS, INC. names in Item 1A of its 10-K filed Feb 27, 2026: 47 risks under these headings, as written.3

  • Carefully consider the following risks and all of the other information set forth in this Annual Report on Form 10-K, including the consolidated financial statements and the notes thereto. If any of the events or developments described below were actually to occur, the Company’s business, financial condition or results of operations could be adversely affected. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business, financial condition, and results of operations.
  • In this section, unless the context indicates otherwise, the terms “Company,” “we,” “us” and “our” refer to Saul Centers, Inc., and its subsidiaries, including the Operating Partnership.
  • Revenue from our properties may be negatively impacted if the operations of our retail tenants are not successful.
  • We may be unable to collect balances due from tenants that file for bankruptcy protection.
  • Our ability to increase our net income depends on the success and continued presence of our shopping center “anchor” tenants and other significant tenants.
  • We may experience difficulty or delay in renewing leases or leasing vacant space.
  • Our development activities are inherently risky.
  • Redevelopments and acquisitions may fail to perform as expected.
  • Our performance and value are subject to general risks associated with the real estate industry.
  • Geographic concentration of our portfolio may make us particularly susceptible to adverse economic developments in the real estate markets of those areas.
  • Our results of operations may be negatively affected by adverse trends in the retail, office and residential real estate sectors.
  • The short-term nature of apartment leases exposes us more quickly to the effects of declining market rents, potentially making our results of operations and cash flows more volatile.
The other 35 risks
  • Many real estate costs are fixed, even if income from our properties decreases.
  • Competition may limit our ability to purchase new properties and generate sufficient income from tenants.
  • The continued shift in retail sales towards e-commerce may adversely affect our financial condition, cash flows, and results of operations.
  • AI presents risks and challenges that could adversely affect our business, results of operations and reputations.
  • Cybersecurity risks and cyber incidents could adversely affect our business, disrupt operations and expose us to liabilities to tenants, employees, capital providers and other third parties.
  • We may be unable to sell properties when appropriate because real estate investments are illiquid.
  • Our real estate assets may become impaired.
  • We have substantial relationships with members of the Saul Organization whose interests could conflict with the interests of other stockholders.
  • Influence of Officers, Directors and Significant Stockholders.
  • Management Time.
  • Exclusivity and Right of First Refusal Agreements.
  • Shared Services.
  • Related Party Rents.
  • Conflicts Based on Individual Tax Considerations.
  • Ability to Block Certain Actions.
  • The amount of debt we have and the restrictions imposed by that debt could adversely affect our business and financial condition.
  • We are obligated to comply with financial and other covenants in our debt that could restrict our operating activities, and the failure to comply could result in defaults that accelerate the payment under our debt.
  • The market value of our debt and equity securities is subject to various factors that may cause significant fluctuations or volatility.
  • Our ability to grow will be limited if we cannot obtain additional capital.
  • Environmental laws and regulations could reduce the value or profitability of our properties.
  • The Americans with Disabilities Act of 1990 (the “ADA”) or similar current or future legislation could require us to take remedial steps with respect to our properties.
  • The revenue generated by our tenants could be negatively affected by various federal, state and local laws to which they are subject.
  • We could be subject to legal or regulatory proceedings that may adversely affect our financial condition and results of operations.
  • Failure to qualify as a REIT for federal income tax purposes would cause us to be taxed as a corporation, which would substantially reduce funds available for payment of distributions.
  • We may be required to incur additional debt to qualify as a REIT.
  • Legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the IRS, could have a material adverse effect on us and our investors.
  • To maintain our status as a REIT, we limit the amount of shares any one stockholder can own.
  • General Risk Factors
  • Financial and economic conditions may have an adverse impact on us, our tenants’ businesses and our results of operations.
  • Loss of our key management could adversely affect performance and the value of our common shares.
  • The outbreak or pandemic of any highly infectious or contagious diseases or other public emergencies, could have a material adverse effect on or disrupt our business and financial condition, results of operations, cash flows and the market value and trading price of our securities.
  • Insurance coverage on our properties may be inadequate.
  • Natural disasters and climate change could have a material adverse effect on our cash flows and operating results.
  • We cannot assure you we will continue to pay dividends at historical rates.
  • Certain tax and anti-takeover provisions of our articles of incorporation and bylaws may inhibit a change of our control.
  • We may amend or revise our business policies without shareholder approval.

Legal proceedings

In the normal course of business, the Company is involved in litigation, including litigation arising out of the collection of rents, the enforcement or defense of the priority of its security interests, and the continued development and marketing of certain of its real estate properties. In the opinion of management, litigation that is currently pending should not have a material adverse impact on the financial condition or future operations of the Company.

The opening of Item 3, Legal Proceedings.3

Sources

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