SAUL CENTERS, INC. BFS
Saul Centers, Inc. ("Saul Centers") was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the "Company." B. Francis Saul II serves as Chairman of the Board of Directors (the "Board") and Chief Executive Officer of Saul Centers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $289.8M | $268.8M | $257.2M | $245.9M | $239.2M | $225.2M | $231.5M | $227.2M | $226.3M | $217.0M |
| Cost of revenue | — | — | $67.1M | $64.5M | $61.6M | $58.4M | $57.9M | $55.6M | $54.7M | $53.7M |
| Gross profit | — | — | $190.1M | $181.3M | $177.6M | $166.8M | $173.6M | $171.6M | $171.6M | $163.3M |
| SG&A | $26.9M | $25.1M | $23.5M | $22.4M | $20.3M | $19.1M | $20.8M | $18.5M | $18.2M | $17.5M |
| Total operating expenses | $240.7M | $201.3M | $188.2M | $180.5M | $177.6M | $175.2M | $166.9M | $164.7M | $165.7M | $161.4M |
| Operating income | $195.3M | $203.8M | $189.4M | $180.5M | — | — | — | $62.6M | $60.6M | $55.7M |
| Interest expense | $70.7M | $53.9M | $49.4M | $44.0M | $45.4M | $46.7M | $42.1M | $45.0M | $47.2M | — |
| Net income | $37.5M | $50.6M | $52.7M | $50.2M | $48.4M | $40.4M | $51.7M | $50.6M | $48.3M | $45.3M |
| EPS, basic | 1.09 | 1.64 | 1.73 | 1.63 | 1.57 | 1.25 | 1.58 | 1.61 | 1.64 | 1.53 |
| EPS, diluted | 1.09 | 1.63 | 1.73 | 1.63 | 1.57 | 1.25 | 1.57 | 1.60 | 1.63 | 1.52 |
| Shares, diluted (wtd. avg.) | $24.2M | $24.1M | $24.1M | $24.0M | $23.7M | $23.4M | $23.1M | $22.4M | $22.0M | $21.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.7M | $10.3M | $8.4M | $13.3M | $14.6M | $26.9M | $13.9M | $14.6M | $10.9M | $8.3M |
| Total assets | $2.16B | $2.13B | $1.99B | $1.83B | $1.75B | $1.65B | $1.62B | $1.53B | $1.42B | $1.34B |
| Long-term debt | $468.4M | $455.8M | $332.3M | $320.8M | $237.4M | $268.2M | $271.7M | $251.4M | $284.6M | $231.8M |
| Total liabilities | $1.69B | $1.63B | $1.49B | $1.31B | $1.22B | $1.22B | $1.17B | $1.10B | $1.03B | $969.8M |
| Retained earnings | -$337.7M | -$306.5M | -$288.8M | -$273.6M | -$256.4M | -$241.5M | -$221.2M | -$208.6M | -$197.7M | -$188.6M |
| Total equity | $307.8M | $335.8M | $504.4M | $521.8M | $530.5M | $427.5M | $443.4M | $425.2M | $393.1M | $373.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $99.8M | $121.2M | $117.7M | $121.2M | $118.4M | $78.4M | $115.4M | $110.3M | $103.5M | $89.1M |
| Depreciation and amortisation | $58.8M | $50.5M | $48.4M | $49.0M | $50.3M | $51.1M | $46.3M | $45.9M | $45.7M | $44.4M |
| Stock-based compensation | $2.0M | $1.7M | $1.4M | $1.5M | $1.6M | $1.4M | $1.9M | $1.8M | $1.7M | $1.6M |
| Capital expenditure | — | — | — | $116.9M | $55.9M | $56.2M | $135.7M | $128.7M | $120.0M | $91.0M |
| Investing cash flow | -$95.8M | -$188.7M | -$203.7M | -$116.9M | -$55.9M | -$56.2M | -$135.7M | -$128.7M | -$113.3M | -$86.3M |
| Financing cash flow | -$5.5M | $69.4M | $81.1M | -$5.6M | -$74.8M | -$9.3M | $19.6M | $22.0M | $12.4M | -$4.5M |
| Dividends paid | $57.1M | $56.9M | $56.7M | $55.5M | $51.0M | $49.4M | $48.6M | $46.3M | $44.6M | $39.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000907254-26-000006.
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