Form 8-K

8-K — SAUL CENTERS, INC.

Accession: 0000907254-26-000047

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0000907254

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bfs-20260806.htm (Primary)

EX-99.1 (bfs-06302026xex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bfs-20260806.htm · Sequence: 1

bfs-20260806

0000907254false00009072542026-08-062026-08-060000907254us-gaap:CommonStockMember2026-08-062026-08-060000907254us-gaap:SeriesDPreferredStockMember2026-08-062026-08-060000907254us-gaap:SeriesEPreferredStockMember2026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 6, 2026

SAUL CENTERS, INC.

(Exact name of registrant as specified in its charter)

Maryland 1-12254 52-1833074

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814

(Address of principal executive office) (Zip Code)

Registrant's telephone number, including area code (301) 986-6200

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol:

Name of exchange on which registered:

Common Stock, Par Value $0.01 Per Share BFS New 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 Share BFS/PRD New 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 Share BFS/PRE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Saul Centers, Inc. (the "Company") issued a press release to report its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto.

The information in this Item 2.02 and in Exhibit 99.1 is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. The information in this Item 2.02 and in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release, dated August 6, 2026, of Saul Centers, Inc.

104 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SAUL CENTERS, INC.

By: /s/ Carlos L. Heard

Carlos L. Heard

Senior Vice President and Chief Financial Officer

Dated: August 6, 2026

EX-99.1

Filename: bfs-06302026xex991.htm · Sequence: 2

Document

Exhibit 99.1

SAUL CENTERS, INC.

7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814-6522

(301) 986-6200

Saul Centers, Inc. Reports Second Quarter 2026 Earnings

August 6, 2026, Bethesda, MD.

Saul Centers, Inc. (NYSE: BFS) (the "Company"), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended June 30, 2026 ("2026 Quarter"). Total revenue for the 2026 Quarter increased to $76.8 million from $70.8 million for the quarter ended June 30, 2025 ("2025 Quarter"). Net income decreased to $11.5 million for the 2026 Quarter from $14.2 million for the 2025 Quarter. During the 2026 Quarter, the Company continued to lease residential units at Hampden House. As of August 3, 2026, 235 of the 366 (64.2%) residential units were leased and occupied and 8,600 square feet of the 10,100 (85.1%) square feet of retail space is leased and occupied.

Concurrent with the opening of Hampden House on October 1, 2025, interest, real estate taxes, depreciation and all other costs associated with the residential portion and the majority of the retail portion of the property began to be charged to expense, while revenue continues to grow as occupancy increases. As a result, compared to the 2025 Quarter, net income for the 2026 Quarter was adversely impacted by $4.0 million due to the initial operations of Hampden House, of which

$2.9 million is related to interest expense, net and amortization of deferred debt costs. Exclusive of Hampden House, net income increased by $1.3 million primarily due to (a) higher residential base rent of $1.4 million and (b) higher commercial base rent of $1.2 million partially offset by (c) higher general and administrative costs of $0.4 million, (d) higher interest expense, net and amortization of deferred debt costs of $0.3 million and (e) higher depreciation and amortization of deferred leasing costs of $0.3 million. Net income available to common stockholders decreased to $6.0 million, or $0.24 per basic and diluted share, for the 2026 Quarter from $7.9 million, or $0.33 per basic and diluted share, for the 2025 Quarter. Compared to the 2025 Quarter, net income available to common stockholders for the 2026 Quarter was adversely impacted by $1.9 million, or $0.08 per basic and diluted share, due to the initial operations of Hampden House.

Same property revenue increased $4.7 million, or 6.9%, and same property net operating income increased $3.4 million, or 6.9%, for the 2026 Quarter compared to the 2025 Quarter. Same property revenue was favorably impacted by $2.7 million due to the lease up of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, same property revenue increased $2.0 million primarily due to (a) higher commercial base rent of $1.3 million and (b) higher expense recoveries of $0.9 million. Same property net operating income was favorably impacted by $2.5 million due to the lease up of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, same property net operating income increased $0.9 million, primarily due to (a) higher commercial base rent of $1.3 million partially offset by (b) lower expense recoveries, net of expenses, of $0.4 million. Shopping Center same property net operating income for the 2026 Quarter totaled $36.6 million, a 3.6% increase compared to the 2025 Quarter. Shopping Center same property net operating income increased primarily due to higher base rent of $1.2 million. Mixed-Use same property net operating income for the 2026 Quarter totaled $15.5 million, a 15.7% increase compared to the 2025 Quarter. Mixed-Use same property net operating income increased primarily due to the lease up of Twinbrook Quarter Phase I of $2.5 million. Exclusive of Twinbrook Quarter Phase I, Mixed-Use same property net operating income decreased by $0.4 million primarily due to lower expense recoveries, net of expenses, of $0.3 million. One property, Hampden House, which commenced operations on October 1, 2025, was excluded from same property results. Reconciliations of (a) total revenue to same property revenue and (b) net income to same property net operating income are attached to this press release.

www.SaulCenters.com

Same property revenue and same property net operating income are non-GAAP financial measures of performance that management believes improve the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue less straight-line base rent and amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties minus the revenue of properties not in operation for the entirety of the comparable reporting periods. We define same property net operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives and (e) loss on the early extinguishment of debt minus (f) gains on property dispositions, (g) straight-line base rent, (h) amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties and (i) the net operating income of properties that were not in operation for the entirety of the comparable periods.

Funds from operations ("FFO") available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) decreased to $24.8 million, or $0.69 per basic and diluted share, in the 2026 Quarter compared to $25.4 million, or $0.73 per basic and diluted share, in the 2025 Quarter. FFO is a non-GAAP supplemental earnings measure that management considers meaningful in measuring operating performance. A definition of FFO and reconciliation of net income to FFO is attached to this press release as page 9. FFO available to common stockholders and noncontrolling interests was adversely impacted by $2.4 million, or $0.07 per basic and diluted share, due to the initial operations of Hampden House. Exclusive of Hampden House, FFO available to common stockholders and noncontrolling interests increased by $1.8 million primarily due to (a) higher residential base rent of $1.4 million and (b) higher commercial base rent of $1.2 million partially offset by (c) higher general and administrative costs of $0.4 million and (d) higher interest expense, net and amortization of deferred debt costs of $0.3 million.

On a same property basis, excluding Hampden House, the Residential portfolio was 97.3% leased at June 30, 2026 compared to 90.5% at June 30, 2025. The 6.8 percentage point increase is primarily due to increased occupancy at The Milton at Twinbrook Quarter, which was 96.7% leased at June 30, 2026 compared to 77.0% at June 30, 2025. Excluding The Milton at Twinbrook Quarter and Hampden House, the Residential portfolio was 97.6% leased at June 30, 2026 compared to 96.6% at June 30, 2025.

For the six months ended June 30, 2026 ("2026 Period"), total revenue increased to $155.1 million from $142.7 million for the six months ended June 30, 2025 ("2025 Period"). Net income decreased to $23.6 million for the 2026 Period from $27.0 million for the 2025 Period. The decrease in net income was primarily due to the initial operations of Hampden House, which adversely impacted net income by $8.8 million, of which $5.7 million is related to interest expense, net and amortization of deferred debt costs. Exclusive of Hampden House, net income increased $5.4 million primarily due to (a) higher residential base rent of $3.5 million and (b) higher commercial base rent of $2.8 million partially offset by (c) higher general and administrative costs of $0.8 million. Net income available to common stockholders decreased to $12.3 million, or $0.50 per basic and diluted share, for the 2026 Period compared to $14.9 million, or $0.62 per basic and diluted share, for the 2025 Period. Compared to the 2025 Period, net income available to common stockholders for the 2026 Period was adversely impacted by $4.2 million, or $0.18 per basic and diluted share, due to the initial operations of Hampden House.

Same property revenue increased $9.8 million, or 7.2%, and same property net operating income increased $7.7 million, or 7.9%, for the 2026 Period compared to the 2025 Period. Same property revenue was favorably impacted by $5.8 million due to the lease up of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, same property revenue increased $4.0 million primarily due to (a) higher commercial base rent of $2.1 million, (b) higher expense recoveries of $1.6 million and (c) higher residential base rent of $0.3 million. Same property net operating income was favorably impacted by $5.6 million due to the lease up of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, same property net operating income increased $2.1 million, primarily due to higher commercial base rent of $2.1 million. Shopping Center same property net operating income increased $2.5 million, or 3.5%, and Mixed-Use same property net operating income increased $5.2 million, or 20.1%. Shopping Center same property net operating income increased primarily due to (a) higher base rent of $2.1 million and (b) lower credit loss on operating lease receivables, net, of $0.5 million. Mixed-Use same property net operating income was favorably impacted by $5.6 million due to the lease up of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, Mixed-Use same property net operating income decreased by $0.4 million primarily due to higher credit losses on operating lease receivables, net, of $0.4 million. One property, Hampden House, was excluded from same property results.

www.SaulCenters.com

FFO available to common stockholders and noncontrolling interests, after deducting preferred stock dividends, totaled $49.9 million, or $1.40 per basic and diluted share, for the 2026 Period compared to $49.9 million, or $1.44 per basic and diluted share, for the 2025 Period. FFO available to common stockholders and noncontrolling interests was adversely impacted by $5.6 million, or $0.16 per basic and diluted share, due to the initial operations of Hampden House. Exclusive of Hampden House, FFO available to common stockholders and noncontrolling interests increased by $5.6 million primarily due to (a) higher residential base rent of $3.5 million and (b) higher commercial base rent of $2.8 million partially offset by (c) higher general and administrative costs of $0.8 million.

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) 50 community and neighborhood shopping centers and nine mixed-use properties with approximately 10.6 million square feet of leasable area and (b) three non-operating land and development properties. Over 85% of the Saul Centers' property net operating income is generated by properties in the Washington, D.C./Baltimore metropolitan area.

Contact: Carlos L. Heard

(301) 986-7737

Safe Harbor Statement

Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic or current reports filed with the SEC and include the following: (i) macroeconomic conditions, including geopolitical instability (such as the ongoing conflicts in the Middle East and Ukraine) and changes in tariff and trade policy, which may lead to a disruption of, or lack of access to, sources of funding and rising inflation, (ii) the ability of our tenants to pay rent, (iii) our reliance on shopping center "anchor" tenants and other significant tenants, (iv) our substantial relationships with members of the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (v) financing risks, such as increases in interest rates, restrictions imposed by our debt, our ability to meet existing financial covenants and our ability to consummate planned and additional financings on acceptable terms or at all, (vi) our access to additional capital, (vii) our development activities, (viii) our ability to successfully complete additional acquisitions, developments or redevelopments, or if they are consummated, whether such acquisitions, developments or redevelopments perform as expected, (ix) adverse trends in the retail, office and residential real estate sectors, (x) risks relating to cybersecurity and potential future uses of artificial intelligence, including disruption to our business and operations, reputational risk, regulatory risk, and exposure to liabilities from tenants, employees, capital providers, and other third parties, (xi) risks generally incident to the ownership of real property, including adverse changes in economic conditions, changes in the investment climate for real estate, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, the relative illiquidity of real estate and environmental risks, and (xii) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes to REIT requirements as a result of new legislation and the adverse consequences of any failure to qualify as a REIT. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic or current reports filed with the SEC.

www.SaulCenters.com

Saul Centers, Inc.

Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands, except per share amounts)

June 30,

2026

December 31,

2025

Assets

Real estate investments

Land $ 595,514 $ 595,514

Buildings and equipment 2,174,092 2,162,135

Construction in progress 116,416 109,950

2,886,022 2,867,599

Accumulated depreciation (841,335) (812,035)

Total real estate investments, net 2,044,687 2,055,564

Cash and cash equivalents 5,877 8,741

Accounts receivable and accrued income, net 62,792 60,799

Deferred leasing costs, net 25,863 25,847

Other assets 20,251 11,727

Total assets $ 2,159,470 $ 2,162,678

Liabilities

Mortgage notes payable, net $ 1,107,956 $ 1,063,530

Revolving credit facility payable, net 85,281 144,678

Term loan facility payable, net 139,089 138,870

Construction loans payable, net 271,816 254,724

Accounts payable, accrued expenses and other liabilities 42,352 36,617

Deferred income 18,831 22,840

Dividends and distributions payable 24,589 24,162

Total liabilities 1,689,914 1,685,421

Equity

Preferred stock, 1,000,000 shares authorized:

Series D Cumulative Redeemable, 30,000 shares issued and outstanding

75,000 75,000

Series E Cumulative Redeemable, 44,000 shares issued and outstanding

110,000 110,000

Common stock, $0.01 par value, 50,000,000 shares authorized,

24,777,583 and 24,551,168 shares issued and outstanding, respectively

248 245

Additional paid-in capital 463,289 459,222

Distributions in excess of accumulated earnings (354,452) (337,708)

Accumulated other comprehensive income 1,824 1,061

Total Saul Centers, Inc. equity 295,909 307,820

Noncontrolling interests 173,647 169,437

Total equity 469,556 477,257

Total liabilities and equity $ 2,159,470 $ 2,162,678

www.SaulCenters.com

Saul Centers, Inc.

Consolidated Statements of Operations

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands, except per share amounts) 2026 2025 2026 2025

Revenues

Rental revenue $ 75,378 $ 69,426 $ 152,200 $ 139,973

Other 1,413 1,408 2,850 2,717

Total revenue 76,791 70,834 155,050 142,690

Expenses

Property operating expenses 13,552 11,424 29,291 25,166

Real estate taxes 8,811 8,016 17,275 16,000

Interest expense, net and amortization of deferred debt costs 20,034 16,820 39,684 33,567

Depreciation and amortization of deferred leasing costs 16,038 14,098 31,954 28,621

General and administrative 6,810 6,415 13,257 12,427

Total expenses 65,245 56,773 131,461 115,781

Gain on disposition of property — 120 — 120

Net income 11,546 14,181 23,589 27,029

Noncontrolling interests

Income attributable to noncontrolling interests (2,793) (3,461) (5,718) (6,510)

Net income attributable to Saul Centers, Inc. 8,753 10,720 17,871 20,519

Preferred stock dividends (2,799) (2,799) (5,597) (5,597)

Net income available to common stockholders $ 5,954 $ 7,921 $ 12,274 $ 14,922

Per share net income available to common stockholders

Basic and diluted $ 0.24 $ 0.33 $ 0.50 $ 0.62

www.SaulCenters.com

Reconciliation of net income to FFO available to common stockholders and

noncontrolling interests (1)

Three Months Ended

June 30, Six Months Ended

June 30,

(In thousands, except per share amounts) 2026 2025 2026 2025

Net income $ 11,546 $ 14,181 $ 23,589 $ 27,029

Subtract:

Gain on disposition of property — (120) — (120)

Add:

Real estate depreciation and amortization 16,038 14,098 31,954 28,621

FFO 27,584 28,159 55,543 55,530

Subtract:

Preferred stock dividends (2,799) (2,799) (5,597) (5,597)

FFO available to common stockholders and noncontrolling interests $ 24,785 $ 25,360 $ 49,946 $ 49,933

Weighted average shares and units:

Basic 35,762 34,845 35,644 34,765

Diluted 35,816 34,866 35,691 34,786

Basic and diluted FFO per share available to common stockholders and noncontrolling interests $ 0.69 $ 0.73 $ 1.40 $ 1.44

(1)The National Association of Real Estate Investment Trusts ("Nareit") developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by Nareit as net income, computed in accordance with GAAP, plus real estate depreciation and amortization, and excluding impairment charges on depreciable real estate assets and gains or losses from property dispositions. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs, which is disclosed in the Company's Consolidated Statements of Cash Flows for the applicable periods. FFO should not be considered as an alternative to net income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance, or as an alternative to cash flows as a measure of liquidity. Management considers FFO a meaningful supplemental measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time (i.e. depreciation), which is contrary to what the Company believes occurs with its assets, and because industry analysts have accepted it as a performance measure. FFO may not be comparable to similarly titled measures employed by other REITs.

www.SaulCenters.com

Reconciliation of revenue to same property revenue (2)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands) 2026 2025 2026 2025

Total revenue $ 76,791 $ 70,834 $ 155,050 $ 142,690

Revenue adjustments (1) (2,435) (2,739) (4,842) (5,095)

Acquisitions, dispositions and development properties (1,554) — (2,770) —

Total same property revenue $ 72,802 $ 68,095 $ 147,438 $ 137,595

Shopping Centers $ 47,798 $ 45,578 $ 97,596 $ 93,576

Mixed-Use properties 25,004 22,517 49,842 44,019

Total same property revenue $ 72,802 $ 68,095 $ 147,438 $ 137,595

Total Shopping Center revenue $ 47,798 $ 45,578 $ 97,596 $ 93,576

Shopping Center acquisitions, dispositions and development properties — — — —

Total Shopping Center same property revenue $ 47,798 $ 45,578 $ 97,596 $ 93,576

Total Mixed-Use property revenue $ 26,558 $ 22,517 $ 52,612 $ 44,019

Mixed-Use acquisitions, dispositions and development properties (1,554) — (2,770) —

Total Mixed-Use same property revenue $ 25,004 $ 22,517 $ 49,842 $ 44,019

(1)Revenue adjustments are straight-line base rent and amortization of premiums and discounts related to above/below market leases.

(2)Same property revenue is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue less straight-line base rent and amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties minus the revenue of properties not in operation for the entirety of the comparable reporting periods. Same property revenue is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole. Same property revenue should not be considered as an alternative to total revenue, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property revenue a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties. Management believes the exclusion of these items from same property revenue is useful because the resulting measure captures the actual revenue generated by operating the Company's properties. Other REITs may use different methodologies for calculating same property revenue. Accordingly, the Company's same property revenue may not be comparable to those of other REITs.

Mixed-Use same property revenue is composed of the following:

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands) 2026 2025 2026 2025

Residential Mixed-Use properties (residential activity) (1)

$ 13,263 $ 11,529 $ 26,456 $ 22,125

Office Mixed-Use properties (2)

9,586 9,797 19,215 19,578

Residential Mixed-Use properties (retail activity) (3)

2,155 1,191 4,171 2,316

Total Mixed-Use same property revenue

$ 25,004 $ 22,517 $ 49,842 $ 44,019

(1)Includes Clarendon South Block, The Waycroft, Park Van Ness and The Milton at Twinbrook Quarter.

(2)Includes Avenel Business Park, Clarendon Center – North and South Blocks, 601 Pennsylvania Avenue and Washington Square.

(3)Includes The Waycroft, Park Van Ness and Twinbrook Quarter Phase I.

www.SaulCenters.com

Reconciliation of net income to same property net operating income (2)

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands) 2026 2025 2026 2025

Net income $ 11,546 $ 14,181 $ 23,589 $ 27,029

Interest expense, net and amortization of deferred debt costs 20,034 16,820 39,684 33,567

Depreciation and amortization of deferred leasing costs 16,038 14,098 31,954 28,621

General and administrative 6,810 6,415 13,257 12,427

Gain on disposition of property

— (120) — (120)

Revenue adjustments (1) (2,435) (2,739) (4,842) (5,095)

Total property net operating income 51,993 48,655 103,642 96,429

Acquisitions, dispositions, and development properties 14 — 453 —

Total same property net operating income $ 52,007 $ 48,655 $ 104,095 $ 96,429

Shopping Centers $ 36,555 $ 35,296 $ 73,033 $ 70,569

Mixed-Use properties 15,452 13,359 31,062 25,860

Total same property net operating income $ 52,007 $ 48,655 $ 104,095 $ 96,429

Shopping Center property net operating income $ 36,555 $ 35,296 $ 73,033 $ 70,569

Shopping Center acquisitions, dispositions and development properties — — — —

Total Shopping Center same property net operating income $ 36,555 $ 35,296 $ 73,033 $ 70,569

Mixed-Use property net operating income $ 15,438 $ 13,359 $ 30,609 $ 25,860

Mixed-Use acquisitions, dispositions and development properties 14 — 453 —

Total Mixed-Use same property net operating income $ 15,452 $ 13,359 $ 31,062 $ 25,860

(1)Revenue adjustments are straight-line base rent and amortization of premiums and discounts related to above/below market leases.

(2)Same property net operating income is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property net operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b) depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives, and (e) loss on the early extinguishment of debt minus (f) gains on property dispositions, (g) straight-line base rent, (h) amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties and (i) the net operating income of properties that were not in operation for the entirety of the comparable periods. Same property net operating income is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole. Same property net operating income should not be considered as an alternative to net income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property net operating income a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties. Management believes the exclusion of these items from property net operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company's properties. Other REITs may use different methodologies for calculating same property net operating income. Accordingly, same property net operating income may not be comparable to those of other REITs.

Mixed-Use same property net operating income is composed of the following:

Three Months Ended

June 30,

Six Months Ended

June 30,

(In thousands) 2026 2025 2026 2025

Residential Mixed-Use properties (residential activity) (1)

$ 8,086 $ 6,500 $ 16,104 $ 12,232

Office Mixed-Use properties (2)

5,963 6,208 12,103 12,326

Residential Mixed-Use properties (retail activity) (3)

1,403 651 2,855 1,302

Total Mixed-Use same property net operating income $ 15,452 $ 13,359 $ 31,062 $ 25,860

(1)Includes Clarendon South Block, The Waycroft, Park Van Ness and The Milton at Twinbrook Quarter.

(2)Includes Avenel Business Park, Clarendon Center – North and South Blocks, 601 Pennsylvania Avenue and Washington Square.

(3)Includes The Waycroft, Park Van Ness and Twinbrook Quarter Phase I.

www.SaulCenters.com

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