Saul Centers
Saul Centers is a self-managed equity REIT operating 62 grocery-anchored shopping centers and transit-oriented mixed-use properties totaling ~10.5 million square feet, concentrated in the Washington, DC/Baltimore metro area with selective holdings in seven other states.
- Company typePublic
- Founded1960
- HeadquartersBethesda, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Saul Centers does
Saul Centers, Inc. is a self-managed equity real estate investment trust (REIT) founded in 1960, headquartered in Bethesda, Maryland, and publicly traded on the NYSE under the ticker BFS. The company operates 62 properties totaling approximately 7.8–10.5 million square feet of leasable area, predominantly comprising grocery-anchored community and neighborhood shopping centers, power centers, and transit-oriented mixed-use developments. Over 85% of property operating income is generated in the Washington, DC/Baltimore metropolitan area, with selective holdings in Florida, Georgia, North Carolina, New Jersey, Oklahoma, and Delaware. Anchor tenants include national credit retailers such as Giant Food, Harris Teeter, Safeway, Kroger, Publix, Target, Home Depot, and Lowe's, alongside a long tail of regional and local retailers, restaurants, and service providers.
The company's product mix has been actively broadening from pure retail into mixed-use developments that combine ground-floor retail with residential apartments and office space — most recently with the October 2025 opening of Hampden House, a 25-story transit-oriented tower with 366 apartment units and 10,100 square feet of retail directly on the Bethesda Metro Red Line, and the launch of Twinbrook Quarter Phase I in 2025. Established mixed-use and residential assets include Clarendon Center (Arlington, VA), The Waycroft (Arlington, VA), Park Van Ness (Washington, DC), and 601 Pennsylvania Avenue (an office property in DC). A forward pipeline includes Ashland Square, a 124,000-square-foot Publix-anchored center in Manassas, Virginia, projected to fully open in 2027.
Saul Centers makes money primarily through long-term commercial leases structured as base rent plus percentage rent tied to tenant sales, supplemented by residential apartment rental income. FY2025 total revenue was $289.8 million, with Q1 2026 revenue up 8.9% year-over-year and same-property NOI up 9.0%. The REIT is financed with approximately $1.7 billion of total debt (a 337% debt-to-equity ratio) and has paid consecutive quarterly dividends for 34 years, currently yielding approximately 6.5–7.2%. Go-to-market is direct: regional leasing contacts manage property-level tenant relationships, supported by the company website and quarterly earnings press releases as the primary marketing surfaces.
Saul Centers firmographics
Firmographics- Name
- Saul Centers
- Legal name
- Saul Centers, Inc.
- Website
- https://saulcenters.com
- Company type
- Public
- Founded year
- 1960
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Saul Centers is a self-managed equity REIT operating 62 grocery-anchored shopping centers and transit-oriented mixed-use properties totaling ~10.5 million square feet, concentrated in the Washington, DC/Baltimore metro area with selective holdings in seven other states.
- Ownership category
- akta.pro rank
Saul Centers industry classification
Industry- Product category
- Commercial Real Estate (Shopping Center REIT)
- NAICS
- Real Estate and Rental and Leasing (53), Rental and Leasing Services (532)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)
- akta.pro primary industry
- Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where Saul Centers is headquartered
LocationHeadquarters
- HQ city
- Bethesda
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Saul Centers business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D
Revenue model
- Rental Income from Shopping Centers: Saul Centers generates revenue through long-term commercial leases with retailers, service providers, and office tenants across its shopping center and mixed-use properties. Rent is typically structured as base rent plus percentage rent based on tenant sales.
- Mixed-Use Property Revenue: Revenue from residential apartments (Hampden House, Park Van Ness, Clarendon Center, The Waycroft) and office buildings (601 Pennsylvania Avenue, Avenel Business Park) with ground-floor retail components.
Distribution channels1 record
Marketing channels2 records
Saul Centers product offering
Product offeringCore offering
Saul Centers is a self-managed equity REIT that owns and operates a portfolio of 62 properties totaling approximately 7.8 to 10.5 million square feet, predominantly community and neighborhood shopping centers concentrated in the Washington, DC/Baltimore metropolitan area. The portfolio includes grocery-anchored shopping centers, power centers, transit-oriented mixed-use developments combining retail, office, and residential apartments, and select properties in Florida, Georgia, North Carolina, Virginia, Oklahoma, New Jersey, and Maryland. Revenue is generated primarily through long-term commercial leases structured as base rent plus percentage rent based on tenant sales.
Product overview
Saul Centers, Inc. is a self-managed equity REIT that operates a portfolio of 62 properties (approximately 7.8-10.5 million square feet) predominantly focused on community and neighborhood shopping centers in the Washington, DC/Baltimore metropolitan area. The company's portfolio includes core retail properties (community shopping centers, power centers, neighborhood strip centers), mixed-use developments (Hampden House, Clarendon Center, The Waycroft, Park Van Ness), office properties (601 Pennsylvania Avenue), and select retail properties outside the primary metro area in states including Florida, Georgia, North Carolina, Virginia, Oklahoma, New Jersey, and Maryland. The REIT's strategy centers on grocery-anchored shopping centers serving affluent suburban communities, supplemented by transit-oriented mixed-use developments that combine retail, office, and residential components.
Differentiator
Problem solved
Functional benefit
Products and services
- Community and Neighborhood Shopping Centers
Quantifiable outcome
- Q1 2026 same property revenue grew 7.4% year-over-year
- +1 more outcomes
Companies that use Saul Centers
Customer profileSegments2 records
Ideal customer profiles2 records
Saul Centers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Saul Centers partnerships and signals
Strategic signalScale indicators11 records
Recent moves6 records
Expansion highlights5 records
Saul Centers competitors and assessment
Company assessmentDirect peers
- Acadia Realty Trust: Shopping center REIT with a focus on grocery-anchored and high-quality street retail properties. Comparable in tenant underwriting and urban/suburban mixed real estate exposure.
- Federal Realty Investment Trust: Equity REIT focused on grocery-anchored shopping centers and mixed-use properties in high-income coastal U.S. metros. Closest comparable peer in tenant mix, demographic strategy, and mixed-use development exposure.
- Regency Centers: Grocery-anchored shopping center REIT with a national footprint. Highly comparable business model centered on necessity-based retail anchored by leading supermarket operators.
- Kimco Realty: One of the largest shopping center REITs in the U.S., focused on open-air grocery-anchored centers. Directly comparable in tenant base, lease structure, and dividend-oriented shareholder base.
- Brixmor Property Group: Open-air shopping center REIT with a portfolio of grocery-anchored and community centers. Directly comparable in property type, leasing model, and capital structure profile.
- Phillips Edison & Company: Shopping center REIT exclusively focused on grocery-anchored necessity retail. Closely aligned investment strategy with Saul Centers' anchor-tenant driven cash flow profile.
- Kite Realty Group: Open-air shopping center REIT with a mix of grocery-anchored and lifestyle centers. Comparable in property type, tenant composition, and growth-via-development strategy.
- Retail Opportunity Investments: Shopping center REIT focused on well-located, grocery-anchored centers primarily on the West Coast. Closely comparable in defensive tenant strategy and small/mid-cap REIT profile.
- SITE Centers: Open-air shopping center REIT owning grocery-anchored and community centers. Directly comparable property type and tenant base, though with different geographic weighting.
Broad incumbents
- JBG SMITH Properties: Mixed-use REIT concentrated in the Washington, DC metropolitan area with residential, office, and retail assets. Closely comparable geographic footprint and mixed-use development strategy, though with a heavier office weighting.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Saul Centers social profiles
Digital presenceSaul Centers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saul Centers leadership team
Management profileNumber of profiles
Profiles2 records
Saul Centers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saul Centers M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saul Centers
What does Saul Centers do?
Saul Centers is a self-managed equity REIT that owns and operates a portfolio of 62 properties totaling approximately 7.8 to 10.5 million square feet, predominantly community and neighborhood shopping centers concentrated in the Washington, DC/Baltimore metropolitan area. The portfolio includes grocery-anchored shopping centers, power centers, transit-oriented mixed-use developments combining retail, office, and residential apartments, and select properties in Florida, Georgia, North Carolina, Virginia, Oklahoma, New Jersey, and Maryland. Revenue is generated primarily through long-term commercial leases structured as base rent plus percentage rent based on tenant sales.
Is Saul Centers a public or private company?
Saul Centers is a public company. It is classified as public and is currently operating.
When was Saul Centers founded?
Saul Centers was founded in 1960. It employs 11 to 50 people.
Where is Saul Centers based?
Saul Centers is headquartered in Bethesda, United States, in the North America region.
How does Saul Centers make money?
Two revenue lines are on record. Rental Income from Shopping Centers are the primary driver. The others are mixed-Use Property Revenue.
Who are Saul Centers's main competitors?
Direct peers on record are Acadia Realty Trust, Federal Realty Investment Trust, Regency Centers, Kimco Realty, Brixmor Property Group, Phillips Edison & Company, Kite Realty Group, Retail Opportunity Investments and SITE Centers. JBG SMITH Properties is listed as a broad incumbent.
Does Saul Centers have an API?
No public API is recorded for Saul Centers.
What industry is Saul Centers in?
Saul Centers's product category is Commercial Real Estate (Shopping Center REIT). Its primary akta.pro industry code is FSAAAKAA, Core Real Estate (Stabilized/Core-Plus). Its NAICS code is 53 and its SIC code is 6532.