Saul Centers earns rent from shopping centers and mixed-use properties concentrated around Washington, D.C. Property occupancy and lease economics drive the income case.
Business
Shopping-center REIT
Listing
BFS · New York Stock Exchange
Reporting period
2026-06-30
Dividend schedule
Quarterly
How the business works
Tenant rent supports FFO after property and financing costs. Preferred dividends are deducted before the FFO measure available to common shareholders and operating-partnership units.
Extras are shown separately and are not assumed to repeat.
Reported earnings
Each measure shown separately, per share
FFO per share$0.69
Apr 1, 2026 to Jun 30, 2026
Dividend yield8.05%Current regular dividend rate divided by the 2026-10-26 closing price.Earnings yield9.31%2025 Q3 through 2026 Q2 earnings divided by the dated closing price.Trailing four-quarter earnings$2.732025 Q3 through 2026 Q2; FFO per share.Annual dividend rate$2.36The latest regular payment rate expressed over a year. Extra dividends are excluded; future payments can change.Reported annual coverage115.68%Earnings and regular dividends from 2025 Q3 through 2026 Q2.
Dividend payment history
Date or month
Per share
Jul 15, 2026 (ex-dividend)
$0.59
Apr 15, 2026 (ex-dividend)
$0.59
Jan 15, 2026 (ex-dividend)
$0.59
Reported earnings and sources
Reported earnings for the latest four periods. Compare the same earnings measure across periods; different measures are not added together.
Financial snapshot: 2026-06-30. Research reviewed 2026-09-21. Compare results for the reporting periods shown. Historical results are not a forecast.
The assets it owns
$2.159470 billion total assets62 properties
50 shopping centers, nine mixed-use properties and three non-operating land/development properties at June 30, 2026.
Real estate investments, net94.68466799724%
Cash and equivalents0.27215011090684%
Receivables and accrued income, net2.9077505128573%
Deferred leasing costs, net1.1976549801572%
Other assets0.9377763988386%
June 30, 2026 consolidated balance sheet, USD thousands. Five nonoverlapping categories divided by total 2159470. Accounting carrying values, not property market values.
June-quarter common FFO was $0.69 per diluted share and unit against the $0.59 regular common dividend. The reported margin was $0.10; FFO is not identical to cash after redevelopment spending.
Property rent or mortgage-related income, less operating and financing costs, supplies cash resources. Realized gains, noncash accounting and taxable income can differ materially from cash available for dividends.
The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.
At 2026-06-30, Saul Centers, Inc. reported $2.159 billion of total assets and $1.690 billion of total liabilities.
Liabilities represented 78.3% of reported assets. This broad balance-sheet measure includes more than borrowing and must not be read as a debt-to-equity ratio. Funding costs and asset losses can both reduce the earnings available to shareholders.
For 2026-04-01 to 2026-06-30, Saul Centers, Inc. reported $76.791 million of reported revenue, $20.111 million of interest expense, $8.753 million of gaap net income.
Each bar is a separately reported statement measure for the same quarter; the bars are not additive. GAAP net income is not substituted for distributable earnings or funds from operations. A maintained dividend must be assessed against the company’s relevant recurring earnings measure and financing requirements.
Income and capital are exposed to retail leasing, development spending and local economic conditions.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Higher borrowing costs or reduced access to capital can weaken cash available to common shareholders.
Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.
Compare the next common FFO result with the regular payment, then check leasing, redevelopment spending and financing costs.
Fly High context
This is a rent-led income business with a June FFO margin above the common payment. We want the properties, not temporary accounting items, to keep carrying that margin.
Public Research notes and limitations
Latest-quarter annualized FFO is an estimate, not guidance or a forecast.
FFO is a non-GAAP REIT measure, not cash flow. GAAP earnings remain separate.
Historical charts use actual diluted quarterly FFO and matching cash payments. No annual totals overlap quarters.
The company classifies its $2.36 per common share paid in 2025 as 26.3% ordinary income and 73.7% return of capital. The ordinary portion is designated as section 199A dividends.
Ordinary, nonqualified
26.3%
Qualified dividends
0%
Capital-gain distributions
0%
Return of capital
73.7%
Tax year: 2025. Total distributions: $2.36 per share.
Tax details and source
Total ordinary dividends (includes qualified)
26.3%
Section 199A portion (within ordinary dividends)
26.3%
Exempt-interest distributions
0%
Reporting form
Form 1099-DIV
Source date
2026-01-21
Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.
Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.
