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Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties which includes (a) 59 community and neighborhood shopping centers and mixed-use properties with approximately 10.5 million square feet of leasable area and (b) three land and development properties. Over 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area. Saul Centers, Inc. was established on June 10, 1993 and incorporated in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $290M | $176M | $38M | $100M | 30.5% | 7.8% | -25.9% |
| 2024 | $269M | $170M | $51M | $121M | 33.6% | 4.5% | -3.9% |
| 2023 | $257M | $165M | $53M | $118M | 32.2% | 4.6% | 5.0% |
| 2022 | $246M | $156M | $50M | $121M | 23.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 245.86 | 257.21 | 268.85 | 289.84 |
| Cost Of Revenue | - | 64.52 | 67.14 | 72.06 | 84.48 |
| Gross Profit | - | 181.34 | 190.07 | 196.79 | 205.36 |
| Operating Expense | - | 71.36 | 71.89 | 75.57 | 85.72 |
| Operating Income | - | 109.98 | 118.18 | 121.22 | 119.65 |
| EBITDA | - | 156.39 | 164.65 | 169.71 | 175.75 |
| EBIT | - | 107.42 | 116.22 | 119.20 | 116.96 |
| Pretax Income | - | 65.39 | 69.03 | 67.70 | 49.22 |
| Net Income | - | 50.19 | 52.69 | 50.65 | 37.51 |
| Net Income Common Stockholders | - | 39 | 41.50 | 39.46 | 26.32 |
| Total Expenses | - | 135.88 | 139.03 | 147.63 | 170.20 |
| Interest Expense | - | 42.03 | 47.20 | 51.50 | 67.75 |
| Interest Income | - | 0.08 | 0.30 | 0.16 | 0.16 |
| Selling General And Administration | - | 22.39 | 23.46 | 25.07 | 26.93 |
| Normalized EBITDA | - | 157.04 | 164.65 | 169.53 | 175.63 |
| Normalized Income | - | 50.71 | 52.69 | 50.51 | 37.42 |
| Market Cap | 845.84 | 845.84 | 845.84 | 845.84 | 845.84 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Saul Centers, Inc.this co. | BFS | $1.2B | 22.55↓ discount | 6.89 | 30.5% | 13.88 |
| Ladder Capital Corp | LADR | $1.3B | 23.30 | 0.90 | 4.3% | - |
| Alexander's, Inc. | ALX | $1.3B | 45.47 | 11.70 | 25.9% | 19.95 |
| RLJ Lodging Trust | RLJ | $1.3B | 827.00 | 0.68 | 1.3% | 11.11 |
| Franklin BSP Realty Trust, Inc. | FBRT | $1.2B | 8.55 |
| - |
| - |
| - |
| - |
| - |
| 0.59 |
| 7.0% |
| 50.59 |
| Centerspace | CSR | $1.1B | 63.46 | 1.55 | 2.4% | 11.64 |
| Safehold Inc. | SAFE | $1.1B | 10.03 | 0.48 | 4.8% | 16.77 |
| Easterly Government Properties, Inc. | DEA | $1.1B | 83.84 | 0.82 | 1.0% | 13.54 |
| Chimera Investment Corporation | CIM | $1.1B | 7.88 | 0.44 | 9.0% | - |
| Peer Median | - | 34.38 | 0.75 | 4.5% | 15.15 | |