Summary

Saul Centers is primarily focused on the operation and development of grocery-anchored community and neighborhood shopping centers, along with mixed-use properties in the Washington, D.C. and Baltimore metropolitan areas. The company is currently digesting the after-effects of delivering two large-scale mixed-use developments. On October 1, 2025, Saul Centers opened Hampden House, a mixed-use project in Bethesda, Maryland, comprising 366 apartment units and 10,100 square feet of retail space. The initial operations and associated expenses of Hampden House reduced net income by $4.8 million and Funds From Operations by $3.2 million in the first quarter of 2026 as the property undergoes lease-up. The company also recently delivered Phase I of Twinbrook Quarter, another major mixed-use development, which has seen steady occupancy gains and contributed an additional $2.0 million to net income in the fourth quarter of 2025 compared to the prior year.