SAUL CENTERS INC

Same property revenue and same property 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 minus the revenue of properties not in operation for the entirety of the comparable reporting periods, and we define same property 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 and (g) the operating income of properties that were not in operation for the entirety of the comparable periods.

Other REITs may use different methodologies for calculating same property revenue and same property operating income. Accordingly, our same property revenue and same property operating income may not be comparable to those of other REITs.

Same property revenue and same property operating income are used by management to evaluate and compare the operating performance of our properties, and to determine trends in earnings, because these measures are not affected by the cost of our 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 our properties. We believe the exclusion of these items from property revenue and property operating income is useful because the resulting measures capture the actual revenue generated and actual expenses incurred by operating our properties.

-28-

Same property revenue and same property operating income are measures of the operating performance of our properties but do not measure our performance as a whole. Such measures are therefore not substitutes for total revenue, net income or operating income as computed in accordance with GAAP.

The tables below provide reconciliations of total property revenue and property operating income under GAAP to same property revenue and operating income for the indicated periods. No properties were excluded from same property results.

Same property revenue

The $3.2 million increase in same property revenue for the 2024 Quarter compared to the 2023 Quarter was primarily due to (a) higher termination fees of $1.6 million, (b) higher commercial base rent of $0.8 million, and (c) higher expense recoveries of $0.8 million.

The $6.9 million increase in same property revenue for the 2024 Period compared to the 2023 Period was primarily due to (a) higher expense recoveries of $2.4 million, (b) higher other property revenue of $2.4 million, and (c) higher commercial base rent of $2.2 million.

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

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

(2)Includes Clarendon South Block, The Waycroft and Park Van Ness

(3)Includes The Waycroft and Park Van Ness

-29-

Same property operating income

Same property operating income increased $2.4 million, or 5.1%, for the 2024 Quarter compared to the 2023 Quarter.

Shopping Center same property operating income for the 2024 Quarter totaled $36.8 million, a $2.3 million increase from the 2023 Quarter. Shopping Center same property operating income increased primarily due to (a) higher termination fees of $2.1 million and (b) higher base rent of $0.4 million, partially offset by (c) a lease termination fee paid to a tenant of $0.3 million. Mixed-Use same property operating income totaled $12.9 million, a $0.1 million increase from the 2023 Quarter. Mixed-Use same property operating income increased primarily due to (a) higher commercial base rent of $0.4 million and (b) residential base rent of $0.3 million, partially offset by (c) lower termination fees of $0.5 million.

Same property operating income increased $4.2 million, or 4.4%, for the 2024 Period compared to the 2023 Period.

Shopping Center same property operating income for the 2024 Period totaled$72.8 million, a $3.3 million increase from the 2023 Period. Shopping Center same property operating income increased primarily due to (a) higher termination fees of $2.3 million and (b) higher base rent of $1.5 million, partially offset by (c) a lease termination fee paid to a tenant of $0.3 million. Mixed-Use same property operating income totaled $25.4 million, a $0.9 million increase from the 2023 Period. Mixed-Use same property operating income increased primarily due to (a) higher commercial base rent of $0.7 million and (b) higher residential base rent of $0.6 million, partially offset by (c) lower termination fees of $0.5 million.

-30-

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

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

(2)Includes Clarendon South Block, The Waycroft and Park Van Ness

(3)Includes The Waycroft and Park Van Ness