10-K · February 27, 2026
Saul Centers (BFS) is executing a transit‑oriented mixed‑use and grocery‑anchored shopping center strategy concentrated in the Washington, DC/Baltimore area, with a development pipeline for up to 2,500 apartment units…
Earnings analysis · 10-Q
BFS earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Saul Centers, Inc.'s Q1 2026 results demonstrate strong revenue growth, with total revenue reaching $78.3 million, a significant 8.9% increase from Q1 2025. Despite revenue growth, net income decreased slightly to $12…
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Saul Centers, Inc.'s Q1 2026 results demonstrate strong revenue growth, with total revenue reaching $78.3 million, a significant 8.9% increase from Q1 2025. Despite revenue growth, net income decreased slightly to $12 million primarily due to initial operating losses from the Hampden House project. Management noted ongoing occupancy improvements and plans for future developments as key drivers of growth.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.26
- Segment
- Shopping Centers
- Segment
- Mixed-Use Properties
What stood out
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Total Revenue Growth
Total revenue for Q1 2026 increased by $6.4 million to $78.3 million, up 8.9% from $71.9 million in Q1 2025.
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Base Rent Increased
Base rent growth contributed $4.9 million in revenue, an increase of 8.5% compared to Q1 2025.
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Same Property Revenue Up
Same property revenue grew by $5.1 million, or 7.3%, primarily driven by Twinbrook Quarter Phase I.
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Operating Cash Flow Robust
Net cash provided by operating activities for Q1 2026 was $29.3 million, only slightly down from $30.4 million in Q1 2025.
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Cash Reserves Strengthening
Cash and cash equivalents increased to $9.3 million from $6.5 million year-over-year.
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Strong Leasing Percentages
Commercial leasing percentage reached 95.0% as of March 31, 2026, up from 93.9% a year prior.
What to watch
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Increased Operating Expenses
Total expenses increased by 12.2%, or $7.2 million, primarily driven by initial operations of Hampden House and rising property operating costs.
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Debt Management Risks
Outstanding total debt reached approximately $1.62 billion with a significant portion at variable interest rates, exposing the company to interest rate fluctuations.
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Volatility in Retail Sector Impact
Management is wary of potential adverse impacts on revenues from changing consumer behaviors and macroeconomic conditions affecting the retail and commercial sectors.
Management's outlook
Management anticipates continued occupancy growth and revenue increase, but does not provide explicit numeric guidance.
Earlier filings 4
10-Q · November 6, 2025
Saul Centers reported third-quarter 2025 revenue of $72,004,000, up from $67,288,000 a year earlier (+$4.7M, +7.0%), while diluted EPS fell to $0.32 from $0.48 in Q3 2024 (−$0.16, −33%). Operating margin compressed as…
10-Q · May 8, 2025
Saul Centers reported quarterly revenue of $71,856,000 (three months ended March 31, 2025), up from $66,692,000 in the prior-year quarter, while net income fell to $12,848,000 (versus $18,263,000). Diluted EPS declined…
10-Q · August 1, 2024
Saul Centers reported quarter revenue of $66,943 (in thousands), up $3,234 from $63,709 in the prior-year quarter, and net income per share of $0.48 (three months ended June 30, 2024 vs $0.43 prior year). Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.