v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Series D Cumulative Redeemable Preferred Stock
Series E Cumulative Redeemable Preferred Stock
Limited Partner
Total Saul Centers, Inc.
Total Saul Centers, Inc.
Series D Cumulative Redeemable Preferred Stock
Total Saul Centers, Inc.
Series E Cumulative Redeemable Preferred Stock
Preferred stock
Common stock
Common stock
Limited Partner
Additional paid-in capital
Distributions in excess of accumulated earnings
Distributions in excess of accumulated earnings
Series D Cumulative Redeemable Preferred Stock
Distributions in excess of accumulated earnings
Series E Cumulative Redeemable Preferred Stock
Accumulated other comprehensive income
Noncontrolling interests
Noncontrolling interests
Limited Partner
Preferred stock beginning balance (in shares) at Dec. 31, 2024               74,000                  
Common stock beginning balance (in shares) at Dec. 31, 2024                 24,302,576                
Beginning balance at Dec. 31, 2024 $ 501,124       $ 335,754     $ 185,000 $ 243   $ 454,086 $ (306,541)     $ 2,966 $ 165,370  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 16,904                
Pursuant to dividend reinvestment plan 598     $ 1,629 598           598           $ 1,629
Due to directors' deferred compensation plan (in shares)                 934                
Due to directors' deferred compensation plan 36       36           36            
Due to restricted stock awards (forfeitures) (in shares)                 (2,000)                
Share-based compensation expense 392       392           392            
Net income 12,848       9,799             9,799       3,049  
Change in unrealized gain (loss) on cash flow hedge (1,543)       (1,075)                   (1,075) (468)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     $ (1,148) $ (1,650)           $ (1,148) $ (1,650)      
Distributions payable common stock and partnership units (20,550)       (14,339)             (14,339)       (6,211)  
Preferred stock ending balance (in shares) at Mar. 31, 2025               74,000                  
Common stock ending balance (in shares) at Mar. 31, 2025                 24,318,414                
Ending balance at Mar. 31, 2025 491,736       328,367     $ 185,000 $ 243   455,112 (313,879)     1,891 163,369  
Preferred stock beginning balance (in shares) at Dec. 31, 2024               74,000                  
Common stock beginning balance (in shares) at Dec. 31, 2024                 24,302,576                
Beginning balance at Dec. 31, 2024 $ 501,124       335,754     $ 185,000 $ 243   454,086 (306,541)     2,966 165,370  
Issuance of shares of common stock:                                  
Due to exercise of stock options (in shares) 0                                
Net income $ 27,029                                
Change in unrealized gain (loss) on cash flow hedge (2,439)                                
Preferred stock ending balance (in shares) at Jun. 30, 2025               74,000                  
Common stock ending balance (in shares) at Jun. 30, 2025                 24,471,554                
Ending balance at Jun. 30, 2025 488,274       322,378     $ 185,000 $ 245   456,120 (320,255)     1,268 165,896  
Preferred stock beginning balance (in shares) at Mar. 31, 2025               74,000                  
Common stock beginning balance (in shares) at Mar. 31, 2025                 24,318,414                
Beginning balance at Mar. 31, 2025 491,736       328,367     $ 185,000 $ 243   455,112 (313,879)     1,891 163,369  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                   19,040              
Pursuant to dividend reinvestment plan $ 597     5,656 597           597           5,656
Due to exercise of stock options (in shares) 0                                
Due to directors' deferred compensation plan (in shares)                 1,005                
Due to directors' deferred compensation plan $ 36       36           36            
Due to restricted stock awards and forfeitures (in shares)                 135,636                
Due to restricted stock awards and forfeitures 1       1       $ 2   (1)            
Share-based compensation expense 443       443           443            
Shares redeemed to satisfy withholdings on vested share-based compensation (in shares)                 (2,541)                
Shares redeemed to satisfy withholdings on vested share-based compensation (67)       (67)           (67)            
Net income 14,181       10,720             10,720       3,461  
Change in unrealized gain (loss) on cash flow hedge (896)       (623)                   (623) (273)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,149) $ (1,650)     (1,149) (1,650)           (1,149) (1,650)      
Distributions payable common stock and partnership units (20,614)       (14,297)             (14,297)       (6,317)  
Preferred stock ending balance (in shares) at Jun. 30, 2025               74,000                  
Common stock ending balance (in shares) at Jun. 30, 2025                 24,471,554                
Ending balance at Jun. 30, 2025 $ 488,274       322,378     $ 185,000 $ 245   456,120 (320,255)     1,268 165,896  
Preferred stock beginning balance (in shares) at Dec. 31, 2025   30,000 44,000         74,000                  
Common stock beginning balance (in shares) at Dec. 31, 2025 24,551,168               24,551,168                
Beginning balance at Dec. 31, 2025 $ 477,257       307,820     $ 185,000 $ 245   459,222 (337,708)     1,061 169,437  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 43,278                
Pursuant to dividend reinvestment plan 1,331     5,753 1,331       $ 1   1,330           5,753
Due to directors' deferred compensation plan (in shares)                 634                
Due to directors' deferred compensation plan 20       20           20            
Share-based compensation expense 529       529           529            
Net income 12,043       9,118             9,118       2,925  
Change in unrealized gain (loss) on cash flow hedge 460       314                   314 146  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     (1,148) (1,650)           (1,148) (1,650)      
Distributions payable common stock and partnership units (21,121)       (14,471)             (14,471)       (6,650)  
Preferred stock ending balance (in shares) at Mar. 31, 2026               74,000                  
Common stock ending balance (in shares) at Mar. 31, 2026                 24,595,080                
Ending balance at Mar. 31, 2026 $ 473,474       301,863     $ 185,000 $ 246   461,101 (345,859)     1,375 171,611  
Preferred stock beginning balance (in shares) at Dec. 31, 2025   30,000 44,000         74,000                  
Common stock beginning balance (in shares) at Dec. 31, 2025 24,551,168               24,551,168                
Beginning balance at Dec. 31, 2025 $ 477,257       307,820     $ 185,000 $ 245   459,222 (337,708)     1,061 169,437  
Issuance of shares of common stock:                                  
Due to exercise of stock options (in shares) 8,750                                
Net income $ 23,589                                
Change in unrealized gain (loss) on cash flow hedge $ 1,119                                
Preferred stock ending balance (in shares) at Jun. 30, 2026   30,000 44,000         74,000                  
Common stock ending balance (in shares) at Jun. 30, 2026 24,777,583               24,777,583                
Ending balance at Jun. 30, 2026 $ 469,556       295,909     $ 185,000 $ 248   463,289 (354,452)     1,824 173,647  
Preferred stock beginning balance (in shares) at Mar. 31, 2026               74,000                  
Common stock beginning balance (in shares) at Mar. 31, 2026                 24,595,080                
Beginning balance at Mar. 31, 2026 473,474       301,863     $ 185,000 $ 246   461,101 (345,859)     1,375 171,611  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 41,739                
Pursuant to dividend reinvestment plan $ 1,390     $ 5,786 1,390           1,390           $ 5,786
Due to exercise of stock options (in shares) 8,750               8,750                
Due to exercise of stock options $ 296       296           296            
Due to directors' deferred compensation plan (in shares)                 614                
Due to directors' deferred compensation plan 20       20           20            
Due to restricted stock awards and forfeitures (in shares)                 135,000                
Due to restricted stock awards and forfeitures 1       1       $ 2   (1)            
Share-based compensation expense 607       607           607            
Shares redeemed to satisfy withholdings on vested share-based compensation (in shares)                 (3,600)                
Shares redeemed to satisfy withholdings on vested share-based compensation (124)       (124)           (124)            
Net income 11,546       8,753             8,753       2,793  
Change in unrealized gain (loss) on cash flow hedge 659       449                   449 210  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,149) $ (1,650)     $ (1,149) $ (1,650)           $ (1,149) $ (1,650)      
Distributions payable common stock and partnership units $ (21,300)       (14,547)             (14,547)       (6,753)  
Preferred stock ending balance (in shares) at Jun. 30, 2026   30,000 44,000         74,000                  
Common stock ending balance (in shares) at Jun. 30, 2026 24,777,583               24,777,583                
Ending balance at Jun. 30, 2026 $ 469,556       $ 295,909     $ 185,000 $ 248   $ 463,289 $ (354,452)     $ 1,824 $ 173,647