SAUL CENTERS, INC.

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

BFS$28.80-0.0%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Real Estate and Accumulated Depreciation

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

(Dollars in thousands)

Costs · Buildings
Capitalized · Basis at Close of Period · and
InitialBasis · SubsequenttoAcquisition · Land · BuildingsandImprovements · Construction in Progress · Total · AccumulatedDepreciation · BookValue · RelatedDebt (2) · Date ofConstruction · DateAcquired · ImprovementsDepreciableLives in Years
Shopping Centers
Ashbrook, Ashburn, VA	$8,938		$25,504		$13,258		$21,184		$—		$34,442		$4,317		$30,125		$18,967	2019	05/18	50
Ashburn Village, Ashburn, VA	11,431		21,284		6,764		25,923		28		32,715		18,250		14,465		49,115	1994 & 2000-6	3/94	40
Ashland Square Phase I, Manassas, VA	1,178		7,508		1,178		7,508		—		8,686		3,996		4,690		—	2007, 2013	12/04	20 & 50
Beacon Center, Alexandria, VA	24,161		18,853		22,691		20,317		6		43,014		17,652		25,362		51,231	1960 & 1974	1/72 , 11/16	40 & 50
BJ's Wholesale Club, Alexandria, VA	22,623		1		22,623		—		1		22,624		—		22,624		14,518		3/08
Boca Valley Plaza, Boca Raton, FL	16,720		4,117		5,735		15,102		—		20,837		8,160		12,677		—		2/04	40
Boulevard, Fairfax, VA	4,883		4,746		3,687		5,942		—		9,629		4,386		5,243		8,485	1969, 1999 & 2009	4/94	40
Briggs Chaney MarketPlace, Silver Spring, MD	27,037		6,158		9,789		23,401		5		33,195		13,560		19,635		—		4/04	40
Broadlands Village, Ashburn, VA	5,316		37,086		5,300		37,102		—		42,402		18,517		23,885		26,162	2002-3, 2004 & 2006	3/02	40 & 50
Burtonsville Town Square, Burtonsville, MD	74,212		6,399		28,402		52,193		16		80,611		13,018		67,593		29,525	2010	1/17	20 & 45
Countryside, Sterling, VA	28,912		5,268		7,666		26,472		42		34,180		15,400		18,780		—		2/04	40
Cranberry Square, Westminster, MD	31,578		2,388		6,700		27,262		4		33,966		9,912		24,054		11,676		9/11	40
Cruse MarketPlace, Cumming, GA	12,226		1,235		3,901		9,560		—		13,461		5,193		8,268		—		3/04	40
Flagship Center, Rockville, MD	160		409		169		400		—		569		222		347		—	1972	1/72
French Market, Oklahoma City, OK	5,781		19,512		1,118		24,159		16		25,293		14,768		10,525		—	1972 & 1998	3/74	50
Germantown, Germantown, MD	2,034		566		2,034		566		—		2,600		506		2,094		—	1990	08/93	40
The Glen, Lake Ridge, VA	12,918		8,834		5,300		16,452		—		21,752		12,404		9,348		18,961	1993 & 2005	6/94	40
Great Falls Center, Great Falls, VA	41,750		3,604		14,766		30,587		1		45,354		14,708		30,646		28,923		3/08	40
Hampshire Langley, Takoma, MD	3,159		3,967		1,892		5,232		2		7,126		4,230		2,896		10,160	1960	1/72	40
Hunt Club Corners / Hunt Club Pad Site, Apopka, FL	12,584		5,224		4,822		12,983		3		17,808		7,383		10,425		—		6/06, 12/12	40
Jamestown Place, Altamonte Springs, FL	14,055		3,530		4,455		13,108		22		17,585		6,730		10,855		—		11/05	40
Kentlands Square I, Gaithersburg, MD	14,379		4,014		5,005		13,388		—		18,393		6,395		11,998		17,625	2002	9/02	40
Kentlands Square II, III, Gaithersburg, MD	76,723		5,238		23,133		57,594		1,234		81,961		22,493		59,468		26,683		9/11, 9/13	40
Kentlands Place, Gaithersburg, MD	1,425		8,329		1,425		8,318		11		9,754		5,131		4,623		5,993	2005	1/04	50
Lansdowne Town Center, Leesburg, VA	6,545		44,886		6,546		44,723		162		51,431		23,241		28,190		46,000	2006	11/02	50
Leesburg Pike, Baileys Crossroads, VA	2,418		7,080		1,132		8,315		51		9,498		6,877		2,621		25,348	1965	2/66	40
Lumberton Plaza, Lumberton, NJ	4,400		13,412		950		16,862		—		17,812		13,533		4,279		—	1975	12/75	40
Metro Pike Center, Rockville, MD	33,123		5,995		26,064		8,501		4,553		39,118		3,481		35,637		—		12/10	40
Shops at Monocacy, Frederick, MD	9,541		16,095		9,260		16,364		12		25,636		8,371		17,265		24,069	2003-4	11/03	50
Northrock, Warrenton, VA	12,686		15,527		12,686		15,521		6		28,213		7,423		20,790		11,037	2009	01/08	50
Olde Forte Village, Ft. Washington, MD	15,933		7,684		5,409		18,208		—		23,617		10,838		12,779		18,335	2003-4	07/03	40
Olney, Olney, MD	4,963		3,110		3,079		4,976		18		8,073		3,972		4,101		13,018	1972	11/75	40
Orchard Park, Dunwoody, GA	19,377		1,644		7,751		13,270		—		21,021		6,424		14,597		—		7/07	40
Palm Springs Center, Altamonte Springs, FL	18,365		2,735		5,739		15,359		2		21,100		8,251		12,849		—		3/05	40
Ravenwood, Baltimore, MD	1,245		4,850		703		5,390		2		6,095		3,897		2,198		15,000	1959 & 2006	1/72	40
11503 Rockville Pike/5541 Nicholson Lane, Rockville, MD	26,561		24		22,113		4,472		—		26,585		1,716		24,869		—		10/10, 12/12	40
1500/1580 Rockville Pike, Rockville, MD	35,609		1,070		28,323		6,402		1,954		36,679		6,167		30,512		—		12/12, 1/14	5, 10
Seabreeze Plaza, Palm Harbor, FL	24,526		4,558		8,665		20,411		8		29,084		10,156		18,928		11,367		11/05	40
Sea Colony (Market Place at), Bethany Beach, DE	2,920		490		1,147		2,263		—		3,410		996		2,414		—		3/08	40
Seven Corners, Falls Church, VA	4,848		47,092		4,929		46,952		59		51,940		37,364		14,576		81,970	1956 & 1997	07/93	40
Severna Park Marketplace, Severna Park, MD	63,254		4,661		12,700		55,030		185		67,915		19,280		48,635		21,474		9/11	40
Shops at Fairfax, Fairfax, VA	2,708		11,159		992		12,875		—		13,867		10,364		3,503		11,873	1975 & 1999	6/75	50
Smallwood Village Center, Waldorf, MD	17,819		9,202		6,402		20,501		118		27,021		13,338		13,683		—		1/06	40
Southdale, Glen Burnie, MD	18,895		28,294		15,255		31,713		221		47,189		25,171		22,018		—	1962 & 1986	1/72 , 11/16	40
Southside Plaza, Richmond, VA	6,728		12,701		1,878		17,551		—		19,429		14,515		4,914		—	1958	1/72	40
South Dekalb Plaza, Atlanta, GA	2,474		5,673		615		7,493		39		8,147		5,711		2,436		—	1970	2/76	40
Thruway / Thruway Pad Site Winston-Salem, NC	7,848		35,716		7,692		35,872		—		43,564		23,010		20,554		68,626	1955 & 1965	5/72	40
Village Center, Centreville, VA	16,502		3,825		7,851		12,430		46		20,327		9,456		10,871		23,190	1990	08/93	40
Westview Village / Westview South, Frederick, MD	6,047		26,284		6,047		26,272		12		32,331		14,455		17,876		—	2009	11/07 , 02/15	50
White Oak, Silver Spring, MD	6,277		7,658		4,649		9,078		208		13,935		7,320		6,615		28,754	1958 & 1967	1/72	40
Other Buildings / Improvements		204		—		204		—		204		150		54		—
Total Shopping Centers	825,795		525,403		410,390		931,761		9,047		1,351,198		522,808		828,390		718,085
Mixed-Use Properties
Avenel Business Park, Gaithersburg, MD	21,459		40,496		3,756		58,198		1		61,955		45,713		16,242		42,984	1984, 1986,1990, 1998 & 2000	12/84, 8/85, 2/86, 4/98 & 10/2000	35 & 40
Clarendon Center, Arlington, VA (1)	12,753		190,622		16,287		187,064		24		203,375		70,862		132,513		71,790	2010	7/73, 1/96 & 4/02	50
Hampden House, Bethesda, MD	39,641		219,256		38,674		219,448		775		258,897		1,577		257,320		117,871		10/18, 12/18	50
Park Van Ness, Washington, DC	2,242		92,934		2,242		92,735		199		95,176		24,715		70,461		56,701	2016	7/73, 2/11	50
Twinbrook Quarter Phase I, Rockville, MD	60,260		299,815		61,622		297,796		657		360,075		11,034		349,041		141,554	2024	4/14, 12/14, 03/21	50
The Waycroft, Arlington, VA	52,067		228,911		53,618		227,360		—		280,978		37,904		243,074		141,353	2020	8/14, 12/14, 9/15, 8/16	50
601 Pennsylvania Ave., Washington, DC	5,479		80,196		5,667		80,008		—		85,675		60,761		24,914		—	1986	07/73	35
Washington Square, Alexandria, VA	2,034		66,319		544		67,765		44		68,353		36,661		31,692		46,480	1952 & 2000	07/73	50
Total Mixed-Use Properties	195,935		1,218,549		182,410		1,230,374		1,700		1,414,484		289,227		1,125,257		618,733
Development Land
Ashland Square Phase II, Manassas, VA	4,812		7,808		—		—		12,620		12,620		—		12,620		—		12/04
Ashland Square Phase III, Manassas, VA	480		44		480		—		44		524		—		524		—		12/04
New Market, New Market, MD	2,088		169		2,234		—		23		2,257		—		2,257		—		9/05
Twinbrook Quarter - Future Phases, Rockville, MD	59,503		27,013		—		—		86,516		86,516		—		86,516		—		4/14, 12/14, 03/21
Total Development Land	66,883		35,034		2,714		—		99,203		101,917		—		101,917		—
Total	$1,088,613		$1,778,986		$595,514		$2,162,135		$109,950		$2,867,599		$812,035		$2,055,564		$1,336,818

(1)Includes the North and South Blocks and Residential

(2)Amounts do not include deferred debt and therefore will not match the Consolidated Balance Sheet

Schedule III

Real Estate and Accumulated Depreciation

December 31, 2025

Depreciation and amortization related to the real estate investments reflected in the statements of operations is calculated over the estimated useful lives of the assets as follows:

Base building	Generally 35 - 50 years or a shorter period if management determines that
	the building has a shorter useful life.
Building components	Up to 20 years
Tenant improvements	The shorter of the term of the lease or the useful life
	of the improvements

The aggregate remaining net basis of the real estate investments for federal income tax purposes was approximately $2.05 billion at December 31, 2025. Depreciation and amortization are provided on the declining balance and straight-line methods over the estimated useful lives of the assets.

The changes in total real estate investments and related accumulated depreciation for each of the years in the three year period ended December 31, 2025 are summarized as follows:

(In thousands)	2025	2024	2023
Total real estate investments:
Balance, beginning of year	$2,792,147	$2,621,105	$2,408,136
Acquisitions	—	—	—
Improvements	86,097	179,283	216,154
Retirements	(10,645)	(8,241)	(3,185)
Transfers to assets held for sale	—	—	—
Balance, end of year	$2,867,599	$2,792,147	$2,621,105
Total accumulated depreciation:
Balance, beginning of year	$767,842	$729,470	$688,475
Depreciation expense	54,787	46,386	44,163
Retirements	(10,594)	(8,014)	(3,168)
Transfers to assets held for sale	—	—	—
Balance, end of year	$812,035	$767,842	$729,470

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.