SAUL CENTERS, INC.

Saul Centers, Inc. (NYSE: BFS) operates as a real estate investment trust focused on the ownership, development, and management of retail and mixed-use properties, primarily in the Washington, DC and Baltimore metropolitan areas. The company's website is www.saulcenters.com.

The company's portfolio consists of 50 shopping center properties, nine mixed-use properties combining office, retail, and multifamily residential uses, and three development properties as of December 31, 2025. The shopping centers are predominantly anchored by grocery stores, with 34 properties featuring grocery anchors that serve as primary traffic drivers. The largest anchor tenant by revenue is Giant Food, accounting for 4.5% of total revenue. Over 85% of the company's property net operating income derives from the Washington, DC and Baltimore metropolitan area, reflecting its concentrated geographic strategy focused on transit-oriented development opportunities.

Saul Centers operates through its wholly-owned subsidiaries and limited partnerships, with an integrated property management structure comprising approximately 70 full-time equivalent corporate employees and 98 property-level employees. The company manages all properties internally rather than engaging third-party managers, maintaining direct control over leasing, design, renovation, development, and accounting functions.

The company's primary strategy emphasizes diversification through development of transit-oriented, residential mixed-use projects and expansion of grocery-anchored shopping centers. Current development projects include Twinbrook Quarter Phase I in Rockville, Maryland, featuring 452 apartment units and an 81,000 square foot Wegmans supermarket, and Hampden House in downtown Bethesda, Maryland, comprising 366 apartment units. The company maintains a pipeline of entitled sites for development of up to 2,500 apartment units and 850,000 square feet of retail and office space, all located near Washington Metropolitan Area Transit Authority Metro stations in Montgomery County, Maryland.

Saul Centers was formed in 1993 to continue the shopping center business previously conducted by affiliated entities controlled by the Saul Organization. The company maintains shared service arrangements with the Saul Organization for ancillary functions including information technology, payroll, human resources, and legal services, capturing economies of scale while maintaining operational independence in property management and leasing activities.