www.SaulCenters.com 4 Exhibit 99.1 For the 2023 Period, FFO available to common stockholders and noncontrolling interests (after deducting preferred stock dividends and extinguishment of issuance costs upon redemption of preferred shares) increased 3.0% to $106.3 million ($3.17 and $3.12 per basic and diluted share, respectively) from $103.2 million ($3.10 and $3.04 per basic and diluted share, respectively) in the 2022 Period. FFO available to common stockholders and noncontrolling interests increased prim ...

BETHESDA, Md., Jan. 19, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust (REIT), announced today the income tax treatment of its 2023 dividends. During 2023, the Company declared and paid four quarterly dividends on its Common Stock totaling $2.36 per share. For tax purposes, 74.2% of the dividends ($1.75 per common share) are characterized as ordinary income, while 25.8% of the dividends ($0.61 per common share) are characterized as return of capital. The informat ...

Real Estate Investment Properties As of September 30, 2023, the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (collectively, the "Saul Organization") held an aggregate 26.6% limited partnership interest in the Operating Partnership represented by approximately 8.8 million convertible limited partnership units. These units are convertible into shares of Saul Centers' common stock, at the option of the unit holder, on a one- ...

On March 8, 2023, the Company closed on a 10-year, non-recourse, $15.3 million mortgage secured by BJ's Wholesale Club in Alexandria, Virginia. The loan matures in 2033, bears interest at a fixed-rate of 6.07%, requires monthly principal and interest payments of $99,200 based on a 25-year amortization schedule and requires a final principal payment of $11.7 million at maturity. Proceeds were used to repay the remaining balance of approximately $9.3 million on the existing mortgage and reduce the outstanding ...

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].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for the period ended September 30, 2022 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $1.81 billion, driven by construction, while liabilities also increased Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,810,018** | **$1,746,761** | | Real estate investments, net | $1,693,090 | $1,634,013 | | Construction in progress | $285,810 | $205,911 | | Cash and cash equivalents | $10,291 | $14,594 | | **Total Liabilities** | **$1,281,701** | **$1,216,274** | | Notes payable, net | $969,109 | $941,456 | | **Total Equity** | **$528,317** | **$530,487** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 net income declined year-over-year, while nine-month net income increased Key Operating Results (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$61,087** | **$60,256** | **$183,524** | **$178,985** | | **Total Expenses** | $45,574 | $43,371 | $133,523 | $133,186 | | **Net Income** | **$15,513** | **$16,885** | **$50,001** | **$45,799** | | Net income available to common stockholders | $9,152 | $10,340 | $29,936 | $27,751 | | **Basic and Diluted EPS** | **$0.38** | **$0.44** | **$1.25** | **$1.17** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow slightly increased, while investing cash outflow grew significantly due to development spending Cash Flow Summary (in thousands) | Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $92,009 | $89,019 | | Net cash used in investing activities | ($84,509) | ($38,788) | | Net cash used in financing activities | ($11,803) | ($65,170) | | **Net decrease in cash** | **($4,303)** | **($14,939)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's REIT structure, portfolio composition, and significant debt facilities - The company operates as a REIT and as of September 30, 2022, owned **50 shopping centers and seven mixed-use properties**, primarily located in the Washington, DC/Baltimore metropolitan area[29](index=29&type=chunk) - Giant Food is a key tenant, accounting for **5.2% of the company's total revenue** for the nine months ended September 30, 2022[30](index=30&type=chunk) - The company has two reportable business segments: Shopping Centers and Mixed-Use Properties. For the nine months of 2022, Shopping Centers generated **$128.6M in revenue**, while Mixed-Use Properties generated **$54.9M**[91](index=91&type=chunk)[93](index=93&type=chunk) - As of September 30, 2022, the company had a **$525.0 million senior unsecured credit facility**, comprising a $425.0 million revolving facility and a $100.0 million term loan[53](index=53&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, strategic development projects, liquidity, and key performance metrics like FFO [Overview and Strategy](index=25&type=section&id=Overview%20and%20Strategy) The company's strategy centers on developing transit-oriented mixed-use projects and maintaining a conservative capital structure - The company's strategy focuses on diversifying assets through the development of **transit-oriented, residential mixed-use projects** in the Washington, D.C. metropolitan area[107](index=107&type=chunk) Major Development Projects | Project | Description | Expected Cost | Status | | :--- | :--- | :--- | :--- | | **Twinbrook Quarter Phase I** | 450 apartments, 80k sq ft Wegmans, 25k sq ft retail | ~$331.5M | Initial delivery anticipated late 2024 | | **Hampden House** | 366 apartment units, 10.1k sq ft retail | ~$246.4M | Construction expected to complete during 2025 | [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Nine-month net income rose on revenue growth and lower interest expense, despite a decline in Q3 profitability Q3 2022 vs. Q3 2021 Performance (in thousands) | Metric | Q3 2022 | Q3 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$61,087** | **$60,256** | **1.4%** | | **Total Expenses** | **$45,574** | **$43,371** | **5.1%** | Nine Months 2022 vs. 2021 Performance (in thousands) | Metric | Nine Months 2022 | Nine Months 2021 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$183,524** | **$178,985** | **2.5%** | | **Total Expenses** | **$133,523** | **$133,186** | **0.3%** | - Interest expense for the nine-month period **decreased by 6.9%** primarily due to **$2.9 million in higher capitalized interest** related to development projects like Twinbrook[138](index=138&type=chunk) [Same Property Analysis](index=30&type=section&id=Same%20property%20revenue%20and%20same%20property%20operating%20income) Same property operating income grew for the nine-month period, driven by both shopping center and mixed-use segments Same Property Operating Income Growth (YoY) | Period | Total | Shopping Centers | Mixed-Use Properties | | :--- | :--- | :--- | :--- | | **Q3 2022** | 0.3% | (0.6%) | 2.8% | | **Nine Months 2022** | 2.5% | 1.7% | 4.9% | - The increase in nine-month same property operating income was primarily due to **higher base rent, lower credit losses, and higher parking income**[151](index=151&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position, enhanced by recent refinancing activities - As of September 30, 2022, the company had **$10.3 million in cash** and cash equivalents and approximately **$248.8 million available** under its Credit Facility[152](index=152&type=chunk)[112](index=112&type=chunk) - During Q3 2022, the company completed early refinancings of four shopping centers, which provided **$88.0 million of additional liquidity** net of repayments and costs[166](index=166&type=chunk) - The company's capital strategy is to maintain a total debt to total asset value ratio of **50% or less**, which management believes was met as of September 30, 2022[163](index=163&type=chunk) [Funds From Operations (FFO)](index=35&type=section&id=Funds%20From%20Operations) FFO per share decreased in Q3 but increased for the nine-month period year-over-year FFO Reconciliation and Per Share Data (in thousands, except per share) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $15,513 | $16,885 | $50,001 | $45,799 | | Real estate depreciation | $12,195 | $12,467 | $36,899 | $37,852 | | **FFO** | **$27,708** | **$29,352** | **$86,900** | **$83,651** | | **Diluted FFO per share** | **$0.73** | **$0.79** | **$2.31** | **$2.29** | [Portfolio Leasing Status](index=36&type=section&id=Portfolio%20Leasing%20Status) The commercial portfolio's lease rate improved year-over-year, with residential leasing remaining strong Portfolio Lease Percentage | Portfolio | Sep 30, 2022 | Sep 30, 2021 | | :--- | :--- | :--- | | **Commercial (Total)** | **93.0%** | **92.5%** | | Shopping Centers | 94.5% | 93.6% | | Mixed-Use | 83.1% | 85.0% | | **Residential** | **97.2%** | **97.8%** | - For new commercial leases signed in Q3 2022, the average annualized base rent was **$27.09 per square foot**[180](index=180&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks stem from interest rate fluctuations on its variable-rate debt and inflation - The company is exposed to market risks from **interest rate fluctuations and inflation**[183](index=183&type=chunk) - As of September 30, 2022, the company had **$128.0 million of unhedged variable-rate debt**. A 1% change in interest rates would alter annual interest expense by **$1.3 million**[184](index=184&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal controls over financial reporting were effective - Management concluded that the company's **disclosure controls and procedures were effective** as of September 30, 2022[187](index=187&type=chunk) - **No material changes** in the company's internal control over financial reporting were identified during the quarter[188](index=188&type=chunk) PART II. OTHER INFORMATION [Other Information Summary](index=39&type=section&id=Other%20Information%20Summary) This section notes no material updates to risks or legal proceedings and discloses a stock acquisition by the CEO - The company reports **no material updates** to legal proceedings or risk factors from its 2021 Form 10-K[190](index=190&type=chunk) - The Chairman and CEO, B. Francis Saul II, acquired **2,525 shares of common stock** at $50.80 per share through the Dividend Reinvestment Plan[192](index=192&type=chunk)

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 ...