Saul Centers, Inc. · NYSE:BFS
Saul Centers — Shareholder Meeting (May 2026)
25 slides from Saul Centers's shareholder meeting presentation, May 11, 2026
Slide 1: Annual Presentation to Shareholders 2026
Annual Presentation to Shareholders 2026
Slide 2: Forward Looking Statements Safe Harbor Statement
Annual Presentation to Shareholders – May 8, 2026 2 Forward Looking Statements Safe Harbor Statement Certain matters discussed within this presentation may be deemed to be forward-looking statements within the meaning of the federal securities laws. For these statements, we claim the protection of t
Slide 3: Non-GAAP Measures
Annual Presentation to Shareholders – May 8, 2026 3 Non-GAAP Measures Funds from Operations (“FFO”) The National Association of Real Estate Investment Trusts (“Nareit”) developed FFO as a relative non-GAAP financial measure of performance of an equity Real Estate Investment Trust (“REIT”) in order t
Slide 4: Total Portfolio Composition
Annual Presentation to Shareholders – May 8, 2026 4 71.3%15.9% 12.9% Shopping Centers Office Apartments Total Portfolio Composition (measured by property net operating income) 2025 Shopping Centers – 71.3% Office – 15.9% Apartments – 12.9% 2015 Shopping Centers – 76.9% Office – 20.0% Apartments – 3.
Slide 5: Total Portfolio Growth (2006 - 2025)
Annual Presentation to Shareholders – May 8, 2026 5 Total Portfolio Growth (2006 - 2025) Pr op er ty N et O pe ra tin g In co m e (in m ill io ns ) Operating properties: 29 to 59 Leasable area: 5.3 million to 10.6 million square feet Property net operating income: 5.2% compound annual growth rate Gr
Slide 6: Shopping Center Pad Sites
Annual Presentation to Shareholders – May 8, 2026 6 Shopping Center Pad Sites Southdale, Glen Burnie, MD From time to time, we use land available at our existing shopping centers to add free-standing pad site buildings. These pad site additions provide attractive cash-on-cash returns and can be quic
Slide 7: Shopping Center Core Operations
Annual Presentation to Shareholders – May 8, 2026 7 Shopping Center Core Operations Annual Presentation to Shareholders – May 13, 2022 9 $91,996 $120,743 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2015 2025 Shopping Center Property Net Operating Income from Grocery-Anchored Center
Slide 8: Shopping Center Leasing Percentage
Annual Presentation to Shareholders – May 8, 2026 8 Shopping Center Leasing Percentage Ye ar -E nd L ea si ng P er ce nt ag e 96.0% 95.2% 95.1% 95.5% 93.1% 93.4% 94.7% 95.3% 96.4% 95.6% 95.9% 82% 84% 86% 88% 90% 92% 94% 96% 98% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 10 yr. Avg. =
Slide 9: Shopping Center Small Shop Leasing Percentage
Annual Presentation to Shareholders – May 8, 2026 9 Shopping Center Small Shop Leasing Percentage (in-line spaces < 10,000 square feet) Ye ar -E nd S m al l S ho p Le as in g Pe rc en ta ge 90.4% 91.0% 92.1% 90.2% 88.9% 89.6% 91.2% 94.7% 95.2% 93.2% 93.3% 70% 74% 78% 82% 86% 90% 94% 98% 2016 2017 20
Slide 10: Shopping Center Tenant Renewal Percentage
Annual Presentation to Shareholders – May 8, 2026 10 76.0% 79.0% 78.0% 76.0% 73.0% 80.5% 82.2% 84.7% 81.3% 74.7% 58% 63% 68% 73% 78% 83% 88% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Shopping Center Tenant Renewal Percentage 10 yr. Avg. = 78.5% Av er ag e R en ew al P er ce nt ag e A signifi
Slide 11: Shopping Center Property Net Operating Income Growth
Annual Presentation to Shareholders – May 8, 2026 11 Shopping Center Property Net Operating Income Growth 3.0% 2.1% -1.1% 1.6% -5.0% 5.7% 0.9% 4.2% 2.8% 1.1% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Property net operating income as used here incl
Slide 12: Shopping Center Lease Expirations Schedule
Annual Presentation to Shareholders – May 8, 2026 12 Shopping Center Lease Expirations Schedule $12,652 $19,691 $23,358 $26,112 $18,136 $11,534 $6,090 $5,979 $5,041 $10,396 $11,906 $0 $4,000 $8,000 $12,000 $16,000 $20,000 $24,000 $28,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter A
Slide 13: Office
Annual Presentation to Shareholders – May 8, 2026 13 Office 601 Pennsylvania Avenue, Washington, DC The office market continues to be challenging in the Washington, DC metropolitan area as workforce trends, government policy, and the aftermath of the COVID-19 pandemic are reshaping tenant preference
Slide 14: Office Leasing Percentage
Annual Presentation to Shareholders – May 8, 2026 14 Office Leasing Percentage Ye ar -E nd L ea si ng P er ce nt ag e 86.5% 94.5% 93.6% 91.6% 88.4% 82.3% 82.5% 86.0% 87.9% 88.7% 89.4% 62% 66% 70% 74% 78% 82% 86% 90% 94% 98% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 10 yr. Avg. = 88.2
Slide 15: Significant Tenant Concentration
Annual Presentation to Shareholders – May 8, 2026 15 Significant Tenant Concentration (year ended December 31, 2025) Percentage of Portfolio Revenue Percentage of Portfolio SF# of LocationsTenant Name 4.5% 6.2%11Giant Food 1.7% 1.1%9CVS 1.5% 0.5%1America’s Health Insurance Plans 1.4% 2.9%2Home Depot
Slide 16: Apartments
Annual Presentation to Shareholders – May 8, 2026 16 Apartments Hampden House Bethesda, MD Delivered: 2025 The Milton at Twinbrook Quarter Rockville, MD Delivered: 2024 The Waycroft Arlington, VA Delivered: 2020 Park Van Ness Washington, DC Delivered: 2016 Lyon Place Arlington, VA Delivered: 2010 Ou
Slide 17: Apartments Leasing Percentage
Annual Presentation to Shareholders – May 8, 2026 17 96.7% 96.7% 98.2% 96.3% 94.8% 97.1% 97.2% 98.0% 98.3% 97.7% 80% 84% 88% 92% 96% 100% 2016* 2017 2018 2019 2020* 2021 2022 2023 2024* 2025* Apartments Leasing Percentage 10 yr. Avg. = 97.1% Ye ar -E nd L ea si ng P er ce nt ag e *Excludes new prope
Slide 18: Apartments Property Net Operating Income
Annual Presentation to Shareholders – May 8, 2026 18 Apartments Property Net Operating Income 3.1% 5.6% 6.1% 6.3% 6.3% 9.3% 10.4% 11.2% 11.2% 13.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 2016* 2017 2018 2019 2020* 2021 2022 2023 2024* 2025* (As % of total portfolio property net operating income)
Slide 19: Development and Growth
Annual Presentation to Shareholders – May 8, 2026 19 • 1,413 apartment units • 367,000 SF of retail • 431,000 SF of office • 1,600,000 SF of additional mixed-use development Green arrows indicate current development locations Yellow arrow indicates future development location Blue arrows indicate op
Slide 20: Twinbrook Quarter, Rockville, Maryland
Annual Presentation to Shareholders – May 8, 2026 20 Twinbrook Quarter Rockville, Maryland The first phase of our 18-acre project in Rockville, Maryland, is located adjacent to the Twinbrook Station on Metrorail’s Red Line and includes 452 apartment units and approximately 106,000 square feet of com
Slide 21: Hampden House, Bethesda, Maryland
Annual Presentation to Shareholders – May 8, 2026 21 Rendering of proposed Glebe Road development Hampden House Bethesda, Maryland Our Hampden House development is located adjacent to both the forthcoming Maryland Purple Line light rail and the Metrorail’s Red Line in downtown Bethesda, Maryland. It
Slide 22: Funds From Operations (FFO) & Dividends
Annual Presentation to Shareholders – May 8, 2026 22 Funds From Operations (FFO) & Dividends $3.03 $3.18 $3.11 $3.08 $2.88 $3.14 $3.10 $3.17 $3.10 $2.76 $1.92 $2.05 $2.09 $2.12 $2.12 $2.20 $2.34 $2.36 $2.36 $2.36 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 23: Debt Structure and Maturities
Annual Presentation to Shareholders – May 8, 2026 23 $124,100 $0 $17,800 $33,400 $23,800 $0 $90,100 $28,800 $53,900 $117,900 $400,100 $0 $75,000 $150,000 $225,000 $300,000 $375,000 $450,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 & Beyond Maturities of Fixed-Rate Mortgage and Construc
Slide 24: Capital Summary
Annual Presentation to Shareholders – May 8, 2026 24 Capital Summary • $185 million perpetual preferred stock carries a 6.05% weighted average dividend rate • As of March 31, 2026, our cash balance was approximately $9.3 million and our undrawn availability under our credit facility was approximatel
Slide 25: Thank You
Annual Presentation to Shareholders – May 8, 2026 25 Thank You 25