SAUL CENTERS, INC.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

BFS$28.81+0.9%Stored close · as of Nov 9, 2026

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Contents

Item 2. Results of Operations

PART II. OTHER INFORMATION
Three months ended September 30, 2025 compared to three months ended September 30, 2024	30
Nine months ended September 30, 2025 compared to nine months ended September 30, 2024	32
Same property revenue and same property net operating income	33
Liquidity and Capital Resources	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	43
Item 4. Controls and Procedures	44
Item 1. Legal Proceedings	45
Item 1A. Risk Factors	45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3. Defaults Upon Senior Securities	45
Item 4. Mine Safety Disclosures	45
Item 5. Other Information	45
Item 6. Exhibits	45
Signatures	46

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.