BF
Saul Centers Inc
BFS—
Saul Centers Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 12.1x with 1.6B total debt vs 132M common equity - extreme leverage for REIT sector[Debt to Equity]
- ROE TTM of 27.1% vs industry median 4.6% - high returns driven by leverage, not operating efficiency[Return on Equity TTM]
- Interest expense of 64.8M TTM consumes 55% of operating income (118.7M) - thin coverage margin[Interest Expense TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 60% of operating income — Signals coverage deterioration that could force equity dilution or asset sales
- Current Debt: Refinancing terms on 185M maturity — Rate on refinancing directly impacts earnings given thin margins
- Cash and Equivalents: Falls below 10M — Near-zero liquidity buffer amplifies any operational disruption
Bull Case
Operating margin of 42% TTM vs industry median 17.8% shows pricing power in retail/mixed-use portfolio
Operating Margin TTMGross Margin TTM
FCF of 106M TTM fully covers 14.3M dividends with 7.4x coverage - sustainable payout despite leverage
Free Cash Flow TTMCommon Stock Dividend Paid
Bear Case
12.1x debt/equity with only 11.8M cash creates existential refinancing risk if credit markets tighten
Debt to EquityCash and EquivalentsCurrent Debt
ROIC of 2.1% TTM barely exceeds cost of debt - value destruction if rates rise 100bps
Return on Invested Capital TTMInterest Expense TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Interest rate sensitivity will dominate returns given 1.6B debt at thin coverage ratios
1-3yhigh
- 185M current debt maturing needs refinancing
- Interest at 55% of operating income leaves no buffer
- Net debt of 1.58B vs 12M cash
Total debt 1.59B vs cash 11.8M TTMInterest expense 64.8M vs EBIT 116.2M TTMCurrent debt 185M due near-term
Valuation Context
Caveats
Public Strategies Rankings
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BFS Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$771.87M | — | ||
$2.35B | — | ||
28 | — | ||
$282.62M | +5.6% | — | |
$1.14 | -38.7% | — | |
42.0% | -4.4% | — | |
13.8% | -7.0% | — | |
$106.39M | -15.0% | — | |
0.27 | -3.4% | — | |
Beta 5Y (Monthly) | unknown | — |
BFS Dividend History
105 dividends
2026
$0.590001/15/26$0.5900
2025
$2.360010/15/25$0.5900
07/15/25$0.5900
04/15/25$0.5900
01/15/25$0.5900
2024
$2.360010/15/24$0.5900
07/15/24$0.5900
04/12/24$0.5900
01/12/24$0.5900
2023
$2.360010/13/23$0.5900
07/14/23$0.5900
04/14/23$0.5900
01/13/23$0.5900
2022
$2.320010/14/22$0.5900
07/14/22$0.5900
04/13/22$0.5700
01/13/22$0.5700
2021
$2.160010/14/21$0.5500
07/15/21$0.5500
04/14/21$0.5300
01/14/21$0.5300
2020
$2.120010/15/20$0.5300
07/16/20$0.5300
04/15/20$0.5300
01/16/20$0.5300
2019
$2.120010/16/19$0.5300
07/16/19$0.5300
04/15/19$0.5300
01/16/19$0.5300
2018
$2.080010/16/18$0.5200
07/16/18$0.5200
04/13/18$0.5200
01/16/18$0.5200
2017
$2.040010/16/17$0.5100
07/13/17$0.5100
04/11/17$0.5100
01/12/17$0.5100
2016
$1.840010/12/16$0.4700
07/13/16$0.4700
04/13/16$0.4700
01/13/16$0.4300
2015
$1.690010/14/15$0.4300
07/15/15$0.4300
04/14/15$0.4300
01/14/15$0.4000
2014
$1.560010/15/14$0.4000
07/15/14$0.4000
04/14/14$0.4000
01/15/14$0.3600
2013
$1.440010/15/13$0.3600
07/15/13$0.3600
04/12/13$0.3600
01/15/13$0.3600
2012
$1.440010/15/12$0.3600
07/13/12$0.3600
04/12/12$0.3600
01/12/12$0.3600
2011
$1.440010/13/11$0.3600
07/13/11$0.3600
04/13/11$0.3600
01/12/11$0.3600
2010
$1.440010/13/10$0.3600
07/14/10$0.3600
04/14/10$0.3600
01/13/10$0.3600
2009
$1.530010/14/09$0.3600
07/15/09$0.3900
04/14/09$0.3900
01/14/09$0.3900
2008
$1.880010/15/08$0.4700
07/15/08$0.4700
04/14/08$0.4700
01/15/08$0.4700
2007
$1.770010/15/07$0.4700
07/13/07$0.4400
04/12/07$0.4400
01/12/07$0.4200
2006
$1.680010/13/06$0.4200
07/13/06$0.4200
04/11/06$0.4200
01/12/06$0.4200
2005
$1.600010/13/05$0.4200
07/13/05$0.4000
04/13/05$0.3900
01/12/05$0.3900
2004
$1.560010/13/04$0.3900
07/14/04$0.3900
04/14/04$0.3900
01/14/04$0.3900
2003
$1.560010/15/03$0.3900
07/15/03$0.3900
04/14/03$0.3900
01/15/03$0.3900
2002
$1.560010/15/02$0.3900
07/15/02$0.3900
04/12/02$0.3900
01/15/02$0.3900
2001
$1.560010/15/01$0.3900
07/13/01$0.3900
04/11/01$0.3900
01/12/01$0.3900
2000
$1.560010/13/00$0.3900
07/13/00$0.3900
04/12/00$0.3900
01/12/00$0.3900
BFS Stock Splits
No stock splits
BFS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
03/02/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/07/17 | 12/31/16 | 10-K | |
11/01/16 | 09/30/16 | 10-Q | |
08/02/16 | 06/30/16 | 10-Q | |
05/05/16 | 03/31/16 | 10-Q | |
03/04/16 | 12/31/15 | 10-K | |
11/02/15 | 09/30/15 | 10-Q | |
08/03/15 | 06/30/15 | 10-Q | |
05/07/15 | 03/31/15 | 10-Q | |
03/06/15 | 12/31/14 | 10-K | |
11/03/14 | 09/30/14 | 10-Q | |
08/04/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
03/10/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
03/13/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
03/12/12 | 12/31/11 | 10-K | |
11/08/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
03/04/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
03/16/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/10/09 | 06/30/09 | 10-Q | |
05/11/09 | 03/31/09 | 10-Q | |
03/16/09 | 12/31/08 | 10-K | |
11/10/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/31/08 | 10-Q | |
02/28/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 10-Q | |
03/14/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/31/06 | 10-Q | |
03/13/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/31/05 | 10-Q | |
03/16/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 10-Q | |
03/15/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/31/03 | 10-Q | |
03/26/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/31/02 | 10-Q | |
03/27/02 | 12/31/01 | 10-K405 | |
11/13/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/31/01 | 10-Q | |
03/30/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/31/00 | 10-Q |