Financial Performance - Net income for the 2023 Quarter increased to $17.7 million from $17.5 million for the 2022 Quarter[151]. - Total revenue increased by 1.5% in the 2023 Quarter to $63.049 million compared to $62.144 million in the 2022 Quarter[154]. - Base rent increased by $1.6 million, primarily due to higher base rent at The Waycroft of $0.8 million and across the portfolio, exclusive of The Waycroft, of $0.8 million[152]. - Percentage rent increased by $0.2 million, attributed to higher sales reported by tenants within the Shopping Center portfolio[153]. - Total expenses increased by 1.6% in the 2023 Quarter to $45.386 million compared to $44.653 million in the 2022 Quarter[156]. - Property operating expenses decreased by $0.8 million, primarily due to lower repairs and maintenance expenses[159]. - Interest expense, net and amortization of deferred debt costs increased by $1.2 million, primarily due to higher interest incurred from a higher weighted average interest rate[160]. - General and administrative expenses increased by $0.5 million, primarily due to higher salaries and benefits expense[161]. - Same property revenue increased by $0.9 million for the 2023 Quarter compared to the 2022 Quarter, primarily due to higher base rent[169]. - Total same property revenue for Q1 2023 was $63,049,000, an increase of 1.5% from $62,144,000 in Q1 2022[175]. - Same property operating income increased by $1.6 million, or 3.5%, for Q1 2023 compared to Q1 2022, totaling $46,769,000[177]. - Shopping Center same property operating income for Q1 2023 was $34,965,000, a $1.0 million increase from Q1 2022[177]. - Mixed-Use same property operating income totaled $11,804,000, a $0.6 million increase from Q1 2022[177]. - Rental revenue for Q1 2023 was $61,829,000, up from $60,680,000 in Q1 2022[195]. - Net income for Q1 2023 was $17,663,000, compared to $17,491,000 in Q1 2022[195]. - Net income available to common stockholders for Q1 2023 was $10,704,000, compared to $10,567,000 in Q1 2022[195]. Assets and Liabilities - Total assets increased to $1,868,005,000 as of March 31, 2023, from $1,833,302,000 at the end of 2022[192]. - Total liabilities rose to $1,352,170,000 as of March 31, 2023, compared to $1,311,500,000 at the end of 2022[192]. - Cash and cash equivalents totaled $11,812,000 as of March 31, 2023, down from $13,279,000 a year earlier[192]. Development Projects - The company has a development pipeline for up to 3,700 apartment units and 975,000 square feet of retail and office space in the Washington, D.C. metropolitan area[130]. - The total cost for the Twinbrook Quarter Phase I project is expected to be approximately $331.5 million, with $145.0 million financed by a construction-to-permanent loan[141]. - The company is developing Hampden House, with a total project cost of approximately $246.4 million, partially financed by a $133.0 million construction-to-permanent loan[144]. - The company is developing Twinbrook Quarter Phase I with a total project cost of approximately $331,500,000, of which $271,400,000 is allocated for residential and retail development[201]. - The total development potential of the Twinbrook Quarter site includes 1,865 residential units, 473,000 square feet of retail space, and 431,000 square feet of office space[201]. Leasing and Rent - As of March 31, 2023, the company's commercial leasing percentage increased to 93.9%, up from 92.5% a year earlier[136]. - Average annualized base rent per square foot for commercial properties was $20.65 for the three months ended March 31, 2023, reflecting a 0.15% increase from the previous year[140]. - The average rent per new/renewed leases increased to $3.45 per square foot for the three months ended March 31, 2023, compared to $3.23 in the same period of 2022[208]. - The company has executed leases or is negotiating for seven future pad sites to enhance its shopping center portfolio[134]. Cash Flow - Net cash provided by operating activities for the three months ended March 31, 2023, was $36,098,000, compared to $39,971,000 for the same period in 2022, reflecting a decrease of approximately 7.2%[197]. - Net cash used in investing activities increased by $26,327,000, primarily due to increased development expenditures of $24,000,000 and additional real estate investments of $2,400,000[198]. - Net cash provided by financing activities was $5,591,000, contrasting with a net cash used of $25,423,000 in the prior year[197]. Debt Management - The company maintains a total debt to total asset value ratio of under 50%, allowing for additional secured borrowings if necessary[137]. - As of March 31, 2023, the company had unhedged variable rate indebtedness totaling $194,000,000, with a potential annual interest expense fluctuation of $1,900,000 for a 1% change in interest rates[25]. - The company had fixed-rate indebtedness of $1,070,000,000 with a weighted average interest rate of 4.77% as of March 31, 2023[25]. COVID-19 Impact - The company continues to monitor the long-term effects of COVID-19 on its tenants and has not identified any impairment triggering events as of March 31, 2023[127]. - The company continues to monitor the collectability of rent receivables due to the impact of COVID-19 on lessees[202].

Table of Contents 10 Table of Contents Our development activities are inherently risky. | --- | --- | --- | |-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | • | signific ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State or oth ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State or ot ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State or oth ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 | --- | --- | |------------------------------------------------------|------------------------------------ ...

Table of Contents New York Stock Exchange BFS/PRD New York Stock Exchange BFS/PRE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of regi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State or ot ...