Saul Centers
Grocery-anchored shopping centers and transit-oriented mixed-use development around Washington, DC and Baltimore.
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Profile
Owns and leases grocery-anchored shopping centers concentrated in metropolitan Washington, DC and Baltimore, and develops transit-oriented apartment and retail projects on sites it already controls near Metro stations. Controlled by the same family since going public in 1993, with the current chairman and CEO in the role since the IPO.
Owns and operates grocery-anchored neighborhood and community shopping centers across metropolitan Washington, DC and Baltimore, layering transit-oriented apartment and retail development onto sites it already controls near Metro Red Line stations. Two reportable lines split the portfolio: shopping centers anchored by grocery, pharmacy, and home-improvement tenants, and mixed-use properties pairing residential units with ground-floor retail.
Most property operating income comes from the Washington-Baltimore corridor, a bet on supply-constrained, affluent trade areas over a nationally diversified footprint. Growth comes mainly from densifying owned shopping-center land rather than acquiring other portfolios, with several thousand entitled apartment units still in the pipeline.
The same family has controlled the business since it was carved out of a century-old private real-estate operation and taken public in 1993, with leadership continuity spanning three decades. As a REIT, it distributes most taxable income to shareholders as dividends.
Company facts
Key statistics
Year to date +5.4% · Average volume (30d) 91.4K
Analysts
Ratings
Target range
Latest analyst notes
No analyst notes in the last 24 months.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.14 | $0.24 | +71.4% | $79.0M | $75.4M | −4.6% | +0.62% |
| May 7, 2026Q1 FY26 | $0.13 | $0.71 | +446.2% | $75.1M | $76.8M | +2.3% | +2.89% |
| Feb 27, 2026Q4 FY25 | $0.27 | $0.15 | −44.4% | $73.1M | $73.7M | +0.8% | +0.44% |
| Nov 6, 2025Q3 FY25 | $0.23 | $0.72 | +213.0% | $73.1M | $72.0M | −1.6% | +2.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $71.9M | $70.8M | $72.0M | $75.1M | $78.3M | $76.8M | |
| Gross profit | $50.1M | $51.4M | $63.9M | $52.0M | $54.1M | $54.4M | |
| Operating income | $29.6M | $30.9M | $57.2M | $28.1M | $12.0M | $31.6M | |
| Net income | $9.8M | $10.7M | $10.5M | $6.5M | $9.1M | $8.8M | |
| Diluted EPS | $0.29 | $0.33 | $0.43 | $0.50 | $0.26 | $0.36 | |
| Gross margin | 69.8% | 72.6% | 88.7% | 69.2% | 69.1% | 70.9% | |
| Operating margin | 41.2% | 43.6% | 79.4% | 37.4% | 15.4% | 41.1% |
Fiscal years (4-quarter sums)FY21 $239.2M · FY22 $245.9M · FY23 $257.6M · FY24 $268.8M · FY25 $289.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $5.9M · Total debt $1.60B · Total assets $2.16B · Shareholders' equity $295.9M
Dividends
Raised for 15 straight years — most recently to $0.59 from $0.57 in Jul 2022. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 15, 2026 | Jul 15 | Jul 31 | $0.59 | |
| Apr 15, 2026 | Apr 15 | Apr 30 | $0.59 | |
| Jan 15, 2026 | Jan 15 | Jan 30 | $0.59 | |
| Oct 15, 2025 | Oct 15 | Oct 31 | $0.59 | |
| Jul 15, 2025 | Jul 15 | Jul 31 | $0.59 | |
| Apr 15, 2025 | Apr 15 | Apr 30 | $0.59 | |
| Jan 15, 2025 | Jan 15 | Jan 31 | $0.59 | |
| Oct 15, 2024 | Oct 15 | Oct 31 | $0.59 |
Ownership
Shares outstanding 24.53M · Float 13.56M · 55.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| B. Francis Ii Saul · director, 10 percent owner, officer: Chairman & CEO | 8.70M | 35.49% | Form 4 | May 19, 2026 |
| BlackRock, Inc. | 2.25M | 9.19% | 13F | Aug 7, 2026 |
| T. Rowe Price Investment Management, Inc. | 1.41M | 5.74% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 1.30M | 5.31% | 13F | Aug 13, 2026 |
| Adage Capital Partners GP, L.L.C. | 723.2K | 2.95% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 28, 2026 | David Todd Pearson | director, officer: President & COO | +2,600 | $34.75 |
| Mar 30, 2026 | Carlos Lawrence Heard | officer: Senior Vice President & CFO | +500 | $20.60 |
| Nov 20, 2025 | Carlos Lawrence Heard | officer: Senior Vice President & CFO | +300 | $20.55 |
| Nov 14, 2025 | Carlos Lawrence Heard | officer: Senior Vice President & CFO | +450 | $20.50 |
| Nov 17, 2025 | Carlos Lawrence Heard | officer: Senior Vice President & CFO | +600 | $20.54 |
Peers
- Federal Realty
Direct overlap in Rockville Pike grocery-anchored retail and transit mixed-use
- Kimco Realty
Large-cap grocery-anchored shopping center and mixed-use REIT, S&P 500
- Regency Centers
National grocery-anchored shopping-center REIT with a Baltimore-DC cluster
- Kite Realty Group
Sun Belt open-air grocery-anchored & mixed-use shopping center REIT
- Phillips Edison
National pure-play grocery-anchored shopping center REIT, ~$5B market cap
- Brixmor Property Group
National open-air, grocery-anchored shopping center REIT, ~348 centers
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Saul Centers | $33.20 | −0.24% | $816.1M | 21.5 | 107.4 | 2.7 | +6.4% |
| Federal Realty | $116.75 | −0.01% | $10.09B | 23.3 | 37.7 | 7.6 | +4.6% |
| Kimco Realty | $23.78 | +0.02% | $16.03B | 26.7 | 27.8 | 7.3 | +4.1% |
| Regency Centers | $75.52 | +0.01% | $13.79B | 21.4 | 29.9 | 8.0 | +5.8% |
| Kite Realty Group | $26.00 | 0.00% | $5.21B | 16.1 | 65.4 | 6.4 | −9.4% |
| Phillips Edison | $40.00 | +2.43% | $5.02B | 34.0 | 49.5 | 6.7 | +3.8% |
| Brixmor Property Group | $29.17 | −0.02% | $8.95B | 20.8 | 28.0 | 6.4 | +4.2% |
| Median | 22.3 | 33.8 | 7.0 | +4.1% |