Saul Centers, Inc. (BFS) SEC Filings & Earnings Calls

Interest Rate Exposure

“approximately $129.0 million was unhedged variable rate debt outstanding under the Credit Facility”

Geographic Concentration

“Because the Current Portfolio Properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of market risk related to these properties.” · word for word

Tenant Concentration

“Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.3% of the Company's total revenue for the six months ended June 30, 2026.” · word for word

Hampden House initial operations depress net income and FFO; lease-up risk remains.

“Net income adversely impacted by $4.0 million due to initial operations of Hampden House; FFO impacted by $2.4 million.”

Standard risk factors listed; no new or specific risks identified.

“Risk factors include macroeconomic conditions, tenant rent ability, interest rates, retail/office/residential real estate trends, cybersecurity, AI, REIT status.”

Geographic concentration

“Because the Current Portfolio Properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of market risk related to these properties.” · word for word

Tenant concentration

“Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.4% of the Company's total revenue for the three months ended March 31, 2026.” · word for word

Interest rate risk

“Approximately $182.0 million was unhedged variable rate debt outstanding under the Credit Facility.”

Development risk

“The Company provides a 100% construction completion guaranty for Twinbrook Quarter Phase I and Hampden House.”

Hampden House initial operations negatively impacted net income by $4.8M ($0.07/share); lease-up still in early stages (45.6% residential leased).

“Compared to the 2025 Quarter, net income for the 2026 Quarter was adversely impacted by $4.8 million, of which $2.8 million was a reduction in capitalized interest, due to the initial operations of Hampden House.” · word for word

Hampden House initial operations causing earnings drag; occupancy ramp-up uncertain.

“Net income adversely impacted by $5.1 million due to initial operations of Hampden House.”

Non-recurring rental payment in prior year distorts comparability.

“Receipt in the 2024 Quarter of a non-recurring rental payment of $8.7 million.” · word for word

Credit losses on operating lease receivables increased.

“Higher credit losses on operating lease receivables, net, of $0.3 million.” · word for word

Interest rate risk from variable-rate debt

“At September 30, 2025, approximately $230.0 million was unhedged variable rate debt outstanding under the New Credit Facility.”

Geographic concentration risk

“Because the Current Portfolio Properties are located primarily in the Washington, DC/Baltimore metropolitan area, the Company is subject to a concentration of market risk related to these properties.” · word for word

Tenant concentration risk

“Giant Food, a tenant at 11 Shopping Centers, individually accounted for 4.7% of the Company's total revenue for the nine months ended September 30, 2025.” · word for word

Development execution risk

“Construction in progress includes $256.3M at Hampden House and $85.9M at Twinbrook Quarter - Other, with construction completion guarantees.”

Twinbrook Quarter Phase I initial operations continue to pressure earnings due to reduced capitalized interest and higher expenses.

“Net income adversely impacted by $4.7 million, of which $4.6 million was a reduction in capitalized interest.”

Same property NOI decline across both segments indicates underlying operational weakness.

“Same property NOI decreased 2.0%; Shopping Center -1.1%; Mixed Use -4.7%.”