Here are 1-3 brief analogies for Saul Centers (BFS):

• Kimco Realty for the Mid-Atlantic and Southeast.
• Federal Realty Investment Trust, but for suburban shopping centers.

• Retail Property Leasing: Saul Centers leases commercial spaces in its portfolio of shopping centers to a diverse range of retail tenants.
• Mixed-Use and Office Property Leasing: The company leases office spaces and, in some cases, residential units within its mixed-use properties and standalone office buildings.
• Real Estate Development and Redevelopment: Saul Centers engages in developing new income-producing properties and redeveloping existing ones to enhance their value and generate future rental income.

Saul Centers (BFS) Major Customers

Saul Centers (BFS) is a real estate investment trust (REIT) that primarily owns, operates, and develops community and neighborhood shopping centers and mixed-use properties, predominantly in the Washington D.C./Baltimore metropolitan area. As such, its major "customers" are the companies that lease space in its properties.

Saul Centers sells primarily to other companies. Its major customer companies (tenants) often include large grocery chains and national retailers, which anchor its shopping centers. Based on typical disclosures from REITs with similar portfolios, some of its major customer companies include:

• Ahold Delhaize (AD.AS) - Parent company of Giant Food, a major grocery anchor in many of BFS's properties.
• Albertsons Companies (ACI) - Parent company of Safeway, another significant grocery anchor.
• The Kroger Co. (KR) - Parent company of Harris Teeter, frequently found in Saul Centers' portfolio.
• CVS Health (CVS) - A large pharmacy chain tenant.
• The TJX Companies (TJX) - Operator of retailers like T.J. Maxx, Marshalls, and HomeGoods, which are common tenants.
• Kohl's (KSS) - A department store chain.

B. Francis Saul II, Chairman and Chief Executive Officer

Mr. Saul has served as Chairman and Chief Executive Officer of Saul Centers Inc. since June 1993. He is the grandson of the company's founder, Bernard Francis Saul. Mr. Saul has also been Chairman of the Board and Chief Executive Officer of the B.F. Saul Company since 1969, and Chairman of the Board of Trustees and Chief Executive Officer of the B.F. Saul Real Estate Investment Trust since 1969. Additionally, he served as Chairman of the Board and Chief Executive Officer of Chevy Chase Bank, F.S.B. from 1969 to 2009.

Carlos L. Heard, Senior Vice President and Chief Financial Officer

Mr. Heard was appointed Senior Vice President - Chief Financial Officer in 2023.

D. Todd Pearson, President and Chief Operating Officer

Mr. Pearson joined the B.F. Saul Company in 2005, having previously worked in public accounting. His primary responsibilities include helping the organization grow through the identification, acquisition, and development of real estate assets. Prior to his current role, he served as Executive Vice President - Real Estate from October 2019 to April 2021 and Senior Vice President - Acquisitions and Development from 2017 to September 2019. He is a Certified Public Accountant.

Joel A. Friedman, Executive Vice President, Chief Accounting Officer and Treasurer

Bettina T. Guevara, Executive Vice President, Chief Legal and Administrative Officer

The clear emerging threats for Saul Centers (BFS) revolve around the evolving landscape of retail and consumer behavior, impacting the demand and utility of their physical properties:

• Acceleration of Online Grocery and Rapid Delivery Services: While online grocery is not new, its rapid expansion in sophistication and consumer adoption, including localized and ultra-fast delivery options (e.g., 15-minute grocery delivery from micro-fulfillment centers), is an emerging threat. This trend can reduce the necessity of frequent physical visits to grocery stores, impacting the overall foot traffic for Saul Centers' grocery-anchored properties. It also changes the space requirements for grocery tenants, potentially leading to smaller storefronts focused more on fulfillment than traditional browsing, thereby altering the demand and rental value of these anchor spaces.

• Proliferation of "Dark Kitchens" and Non-Traditional Retail Footprints for DTC Brands: The rise of "dark kitchens" (or ghost kitchens), which are food preparation facilities optimized for delivery services without a traditional dining area or prominent street frontage, poses an emerging threat to Saul Centers' restaurant tenants. These models reduce the demand for prime retail restaurant space. Similarly, many successful direct-to-consumer (DTC) brands that originate online often opt for smaller, experiential showrooms, pop-up stores, or highly curated physical presences rather than traditional large-format retail leases, challenging the conventional leasing models and demand for standard retail inline spaces within Saul Centers' properties.

Saul Centers, Inc. (BFS) primarily operates as a real estate investment trust (REIT) focused on the ownership, management, and development of retail shopping centers and mixed-use properties, which often include office and residential spaces. The company's operations are heavily concentrated in the Mid-Atlantic region of the United States, with approximately 85% of its property operating income generated from the metropolitan Washington, D.C./Baltimore area, including suburban Maryland and Northern Virginia.

Addressable Markets for Saul Centers' Main Products/Services

Retail Real Estate Market

For the broader **United States retail real estate market**, investment volumes in the sector surged 23% year-over-year to $28.5 billion in Q2 2025. The retail sector also accounted for a 27% share of sales volume across the four major commercial real estate sectors in 2024.

Within Saul Centers' primary operating region:

• The **Washington D.C. metropolitan area retail market** had a sales volume of $1.8 billion over a 12-month period as of Q2 2023.
• The **Baltimore retail market** has a total inventory of 118,322,130 square feet.
• Individual counties within Northern Virginia also show significant retail activity. For example, in Q3 2024, retail properties in Fairfax County averaged $411 per square foot, in Prince William County $347 per square foot, and in Loudoun County $259 per square foot.

Office Real Estate Market

The **United States office real estate market** size is estimated at USD 369.58 billion in 2025 and is projected to reach USD 436.81 billion by 2030. Another estimate valued the U.S. office real estate market at USD 64.24 billion in 2024, with a forecast to grow to USD 100.72 billion by 2034.

Within Saul Centers' primary operating region:

• The **Washington, D.C. Metropolitan commercial real estate market**, which encompasses the District of Columbia, Northern Virginia, and Suburban Maryland, is comprised of approximately 445.9 million square feet of rentable office space.
• The **Baltimore area office property market** consists of approximately 190 million square feet.
• **Suburban Maryland's** total office inventory is approximately 63 million square feet.

Saul Centers' focus on these regions and property types positions it within these significant local and national real estate markets.

Saul Centers (BFS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Base Rent (Commercial and Residential): The company has consistently reported higher base rents across its commercial and residential portfolios contributing to revenue growth. For example, in Q3 2024, Saul Centers reported a $2.2 million increase in base rent, and in Q1 2025, higher commercial and residential base rents were noted as drivers of increased net income (excluding development impacts).
2. Growth from Development and Redevelopment Projects: Saul Centers is actively engaged in developing mixed-use projects, such as Twinbrook Quarter Phase I. While initial operations of such projects can impact net income, the ongoing leasing of residential units and retail spaces at these new developments is expected to diversify and grow future revenue streams as they stabilize and reach full occupancy.
3. Higher Occupancy Rates: The company has demonstrated a trend of increasing leased percentages in its shopping center, residential, and office mixed-use portfolios. For instance, as of September 30, 2024, the commercial portfolio was 95.7% leased (up from 94.2% a year prior), and the residential portfolio was 98.8% leased (up from 97.5%). Continued high occupancy rates directly translate to maximized rental income.
4. Strategic Acquisitions and Pad Site Additions: Saul Centers is actively pursuing growth through the acquisition of operating properties and land for future development. Additionally, the company leverages existing shopping center land to add free-standing pad site buildings, which provide attractive returns and can quickly become accretive to revenue.
5. Higher Expense Recoveries: Expense recoveries from tenants represent a consistent component of Saul Centers' revenue. Recent earnings reports have indicated contributions to revenue growth from higher expense recoveries, such as the $0.2 million and $0.6 million reported in Q3 2024, and $1.7 million in Q1 2024.

Share Repurchases

• Saul Centers repurchased 89,781 shares of common stock for approximately $1.5 million in the fourth quarter of 2023.
• A previously authorized share repurchase program for up to $150 million, which began on January 1, 2022, expired on December 31, 2023.
• The company's Board of Directors authorized a new share repurchase program in October 2023, allowing for the repurchase of up to $100.0 million of common stock between January 1, 2024, and December 31, 2025.

Share Issuance

• Shareholders reinvested $11.5 million in 2021 and $7.7 million in 2020 in newly issued common stock through the Dividend Reinvestment Plan.
• For the nine months ended September 30, 2024, 15,992 shares were issued via the dividend reinvestment plan, and an additional 8,190 shares were issued through share grants, stock option exercises, and directors' deferred stock, totaling approximately $1.2 million.
• As of December 31, 2024, approximately 600,000 limited partnership units held by the Saul Organization and 469,740 units held by a third-party investor were convertible into shares of Saul Centers' common stock.

Capital Expenditures

• As of December 31, 2024, $200.5 million has been invested in the Twinbrook Quarter project, which is partially financed by a $133.0 million construction-to-permanent loan, with delivery expected in late 2025.
• The company has also committed significant capital to the Hampden House project in Bethesda, Maryland, with a $133 million loan for this development.
• Long-term liquidity requirements are anticipated to include funds for property acquisitions, developments, and the redevelopment of existing properties, as well as the development of additional freestanding outparcels or expansions within existing shopping centers.