Saul Centers (BFS)
Grocery-anchored shopping centers and transit-oriented mixed-use development around Washington, DC and Baltimore.
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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
Target rangeAs of Sep 21, 2026
Latest analyst notes
No analyst notes in the last 24 months.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $5.9M · Total debt $1.60B · Total assets $2.16B · Shareholders' equity $295.9M
- Revenue
- $76.8M
- Operating income
- $31.6M
- Net income
- $8.8M
HistoryDividendAnnual yieldUpcoming
| Institutions | ≈ 47.78% | 11.81M shares | |
|---|---|---|---|
| 196 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 38.75% | 9.58M shares | |
| 21 holders · as of Jun 1, 2026 | |||
| Other | ≈ 13.47% | 3.33M shares | |
| remainder | |||
24.72M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
B. Francis Ii SaulInsiderdirector, 10 percent owner, officer: Chairman & CEO | 37.38% | 9.24M | filed May 19, 2026 |
BlackRock, Inc.Institution | 9.12% | 2.25M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 5.69% | 1.41M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 5.27% | 1.30M | as of Jun 30, 2026 |
Adage Capital Partners GP, L.L.C.Institution | 2.93% | 723,198 | as of Jun 30, 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Saul Centers | $30.26 | +0.10% | $741.5M | 21.1 | 97.6 | 2.5 | +8.6% |
| Federal Realty | $110.85 | +0.20% | $9.56B | 22.0 | 35.1 | 7.2 | +7.7% |
| Kimco Realty | $22.56 | +0.07% | $15.19B | 25.3 | 26.4 | 6.9 | +4.9% |
| Regency Centers | $73.31 | +0.54% | $13.32B | 20.7 | 29.1 | 7.7 | +5.7% |
| Kite Realty Group | $25.15 | −0.20% | $5.05B | 15.6 | 75.9 | 6.2 | −8.5% |
| Phillips Edison | $37.00 | 0.00% | $4.75B | 32.2 | 47.8 | 6.3 | +3.8% |
| Brixmor Property Group | $27.93 | −0.57% | $8.62B | 20.1 | 27.9 | 6.1 | +4.3% |
| Median | 21.3 | 32.1 | 6.6 | +4.6% |