UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ 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 other jurisdiction of incorpora ...

Exhibit 99.1 SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports Fourth Quarter and Full Year 2025 Earnings February 27, 2026, Bethesda, MD. Saul Centers, Inc. (NYSE: BFS) (the "Company"), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended December 31, 2025 ("2025 Quarter"). Total revenue for the 2025 Quarter increased to $75.1 million from $67.9 million for the quarter ended December 3 ...

dividends(2,799)(2,799)(11,194)(11,194)FFO available to common stockholders and noncontrolling interests$ 21,452$ 21,959$ 96,689$ 106,830Weighted average shares and Saul Centers, Inc. Reports Fourth Quarter and Full Year 2025 Earnings [Accessibility Statement] Skip NavigationBETHESDA, Md., Feb. 27, 2026 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) (the "Company"), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended December 31, 2025 ("2025 Quarter"). Total re ...

Core Viewpoint - Saul Centers, Inc. has announced the income tax treatment of its 2025 dividends, detailing the classification of dividends for both common and preferred stock [1][2]. Summary by Category Common Stock Dividends - In 2025, the company declared and paid four quarterly dividends totaling $2.36 per common share, with 26.3% ($0.62 per share) classified as ordinary income and 73.7% ($1.74 per share) as return of capital [1]. Preferred Stock Dividends - The company declared and paid dividends on its preferred stock, with 100% of these dividends characterized as ordinary income [2]. - The total dividends for the 6.125% Series D Preferred Stock amounted to $1.53125 per depositary share, while the 6.000% Series E Preferred Stock dividends totaled $1.50000 per depositary share [5]. Company Overview - Saul Centers, Inc. is a self-managed, self-administered equity REIT based in Bethesda, Maryland, managing a portfolio of 62 properties, including 59 community and neighborhood shopping centers and mixed-use properties with approximately 10.5 million square feet of leasable area [3]. - Over 85% of the company's property operating income is generated from properties located in the metropolitan Washington, DC/Baltimore area [3].

Financial Performance - Net income for the three months ended September 30, 2025, decreased to $14.0 million from $19.6 million for the same period in 2024, primarily due to a $4.7 million adverse impact from the initial operations of Twinbrook Quarter Phase I[130]. - Total revenue for the three months ended September 30, 2025, was $72.004 million, an increase of 7.0% compared to $67.288 million for the same period in 2024[131]. - Net income for the 2025 Period decreased to $41.0 million from $57.3 million for the 2024 Period, primarily due to a $16.4 million adverse impact from Twinbrook Quarter Phase I[143]. - Total revenue for the 2025 Period increased by 6.9% compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I contributing $8.9 million[144]. - Funds From Operations (FFO) available to common stockholders for the 2025 Quarter totaled $25.3 million, a decrease of 12.3% compared to the 2024 Quarter[189]. - FFO available to common stockholders for the 2025 Period totaled $75.2 million, a decrease of 11.4% compared to the 2024 Period[189]. Revenue and Rent Growth - Base rent increased by 9.1% to $59.250 million in the 2025 Quarter from $54.332 million in the 2024 Quarter[131]. - Total revenue increased by 7.0% in the 2025 Quarter compared to the 2024 Quarter, primarily due to the initial operations of Twinbrook Quarter Phase I generating $3.9 million[133]. - Base rent increased by $4.9 million in the 2025 Quarter compared to the 2024 Quarter, driven by higher base rent related to Twinbrook Quarter Phase I of $3.5 million[134]. - Average annualized base rent per square foot for commercial properties increased by 5.5% to $22.33 for the nine months ended September 30, 2025[198]. - Average annualized effective rent per square foot for commercial properties increased by 5.7% to $20.68 for the nine months ended September 30, 2025[198]. - The average base rent per square foot for new leases in shopping centers was $22.76 for the three months ended September 30, 2025, compared to $20.92 for the same period in 2024[202]. Expenses and Financial Obligations - Total expenses increased by 21.6% in the 2025 Quarter compared to the 2024 Quarter, primarily due to the initial operations of Twinbrook Quarter Phase I, which generated $8.6 million of expenses[137]. - Property operating expenses increased by 22.7% in the 2025 Period compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I of $3.6 million[149]. - Interest expense, net and amortization of deferred debt costs increased by 37.1% in the 2025 Period compared to the 2024 Period, primarily due to the initial operations of Twinbrook Quarter Phase I of $14.4 million[151]. - General and administrative expenses increased by 8.7% in the 2025 Period compared to the 2024 Period, primarily due to higher employment costs of $1.3 million[153]. - Total expenses increased by 20.9% to $173.8 million in the 2025 Period, primarily due to the initial operations of Twinbrook Quarter Phase I, which generated $25.3 million of expenses[148]. Leasing and Occupancy - The commercial leasing percentage decreased to 94.4% at September 30, 2025, down from 95.7% at September 30, 2024[120]. - As of November 3, 2025, 431 of the 452 (95.4%) residential units at Twinbrook Quarter Phase I were leased and occupied[122]. - The Residential portfolio was 98.5% leased as of September 30, 2025, compared to 98.8% at September 30, 2024[213]. - The Mixed-Use Commercial leasing percentage for office properties decreased to 88.5% as of September 30, 2025, from 88.9% as of September 30, 2024[200]. - As of September 30, 2025, 94.5% of the Commercial portfolio was leased, down from 95.7% as of September 30, 2024[199]. Development Projects - The Company has a pipeline for the development of up to 2,800 apartment units and 860,000 square feet of retail and office space, primarily located near Metro stations in Montgomery County, Maryland[117]. - The company is developing Twinbrook Quarter Phase I, which includes 452 apartment units and a Wegmans supermarket, with a remaining investment not expected to exceed $10.1 million[174]. - The company is also developing Hampden House, which will include up to 366 apartment units, with 70 units leased as of November 3, 2025, representing 19.1% occupancy[175]. - The Company has a $145.0 million construction-to-permanent loan related to the Twinbrook Quarter development project, with a balance of $136.6 million as of September 30, 2025[186]. Debt and Liquidity - The Company maintains a total debt to total estimated asset market value ratio of under 50%, allowing for additional secured borrowings if necessary[121]. - The outstanding debt totaled approximately $1.61 billion with a weighted average remaining term of 8.6 years as of September 30, 2025[121]. - The Company had a $600.0 million New Credit Facility, which includes a $460.0 million New Revolving Credit Facility and a $140.0 million New Term Loan[182]. - The New Credit Facility requires the Company to maintain compliance with certain financial covenants, which it was in compliance with as of September 30, 2025[183]. - Approximately $101.1 million was available and undrawn under the New Credit Facility as of September 30, 2025[182]. Cash Flow and Reserves - Cash and cash equivalents increased to $11.8 million as of September 30, 2025, compared to $7.2 million in 2024[168]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $77.6 million, down from $92.4 million in 2024[169]. - The increase in credit losses on operating lease receivables, net, was 91.1% in the 2025 Period compared to the 2024 Period, primarily due to higher reserves across the portfolio[146]. Shareholder Returns - The Company issued 49,880 shares under the Dividend Reinvestment Plan (DRIP) at a weighted average discounted price of $32.57 per share during the nine months ended September 30, 2025[179].

Revenue Performance - Total revenue for Q3 2025 increased to $72.0 million, up from $67.3 million in Q3 2024, representing a growth of 11.0%[3] - For the nine months ended September 30, 2025, total revenue increased to $214.7 million from $200.9 million for the same period in 2024, a growth of 6.0%[10] - Total revenue for the three months ended September 30, 2025, was $72,004,000, an increase of 7.4% compared to $67,288,000 for the same period in 2024[20] - Total rental revenue for the three months ended September 30, 2025, was $70,679,000, an increase of 7.3% from $65,550,000 in 2024[20] Net Income - Net income for Q3 2025 decreased to $14.0 million, down from $19.6 million in Q3 2024, a decline of 28.6%[3] - Net income available to common stockholders decreased to $7.7 million, or $0.32 per share, compared to $11.7 million, or $0.48 per share, in Q3 2024, reflecting a decrease of 34.2%[4] - Net income for the nine months ended September 30, 2025, decreased to $41.0 million from $57.3 million in 2024, a decline of 28.5%[10] - Net income for the three months ended September 30, 2025, was $13,996,000, a decrease of 28.1% from $19,592,000 in the same period of 2024[20] - Net income available to common stockholders for the three months ended September 30, 2025, was $7,691,000, a decrease of 34.3% from $11,683,000 in 2024[20] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders decreased to $25.3 million, or $0.72 per share, from $28.9 million, or $0.84 per share, in Q3 2024, a decline of 12.5%[8] - FFO available to common stockholders decreased to $75.2 million, or $2.16 per share, from $84.9 million, or $2.46 per share, in the same period of 2024, a decline of 11.5%[12] - Funds from Operations (FFO) available to common stockholders and noncontrolling interests for the three months ended September 30, 2025, was $25,304,000, down 12.5% from $28,866,000 in 2024[22] - Basic FFO per share available to common stockholders for the three months ended September 30, 2025, was $0.72, down from $0.84 in the same period of 2024[22] Same Property Performance - Same property revenue decreased by $0.2 million, or 0.3%, and same property net operating income decreased by $1.0 million, or 2.0%, for Q3 2025 compared to Q3 2024[5] - Same property net operating income decreased by $3.4 million, or 2.3%, for the nine months ended September 30, 2025, compared to the same period in 2024[11] - Same property revenue for the three months ended September 30, 2025, was $66,491,000, a slight decrease of 0.3% compared to $66,710,000 in 2024[25] - Total same property net operating income for the three months ended September 30, 2025, was $47,994,000, a decrease of 2.0% from $48,979,000 in 2024[29] - Same property net operating income for mixed-use properties totaled $12,235,000 for the three months ended September 30, 2025, compared to $12,830,000 for the same period in 2024, reflecting a decrease of 4.6%[32] - For the nine months ended September 30, 2025, total mixed-use same property net operating income was $37,750,000, down from $38,100,000 in 2024, indicating a decline of 0.9%[32] Operational Metrics - As of September 30, 2025, 94.5% of the commercial portfolio was leased, down from 95.7% as of September 30, 2024[9] - General and administrative expenses for the three months ended September 30, 2025, were $6,658,000, an increase of 17.2% from $5,680,000 in 2024[20] - The company defines same property net operating income as net income adjusted for various expenses, providing a clearer view of operational performance excluding certain costs[30] - Management considers same property net operating income a meaningful supplemental measure, as it reflects actual revenue and expenses from operating properties[30] - The methodology for calculating same property net operating income may differ among other REITs, affecting comparability[30] - The company operates several mixed-use properties, including Avenel Business Park and Clarendon Center, contributing to its overall performance metrics[32] Mixed-Use Properties Performance - Office mixed-use properties generated $5,856,000 in net operating income for the three months ended September 30, 2025, compared to $6,486,000 in 2024, a decrease of 9.7%[32] - Residential mixed-use properties (residential activity) reported net operating income of $5,576,000 for the three months ended September 30, 2025, slightly up from $5,530,000 in 2024, an increase of 0.8%[32] - Residential mixed-use properties (retail activity) achieved net operating income of $803,000 for the three months ended September 30, 2025, compared to $814,000 in 2024, a decrease of 1.4%[32]

Core Insights - Saul Centers, Inc. reported total revenue of $72.0 million for the quarter ended September 30, 2025, an increase from $67.3 million in the same quarter of 2024, while net income decreased to $14.0 million from $19.6 million [1] - The initial operations of Twinbrook Quarter Phase I negatively impacted net income by $4.7 million, primarily due to a reduction in capitalized interest [1][5] - Funds from operations (FFO) available to common stockholders decreased to $25.3 million, or $0.72 per share, compared to $28.9 million, or $0.84 per share, in the prior year [3][7] Financial Performance - Total revenue for the nine months ended September 30, 2025, increased to $214.7 million from $200.9 million for the same period in 2024 [5] - Net income for the nine months decreased to $41.0 million from $57.3 million, with the initial operations of Twinbrook Quarter Phase I adversely impacting net income by $16.4 million [5][6] - Same property revenue decreased by $0.2 million, or 0.3%, and same property net operating income decreased by $1.0 million, or 2.0%, for the quarter compared to the previous year [2] Operational Metrics - As of September 30, 2025, 94.5% of the commercial portfolio was leased, down from 95.7% a year earlier, while the residential portfolio was 98.5% leased compared to 98.8% [4] - The shopping center same property net operating income totaled $35.8 million, a decrease of $0.4 million compared to the previous year, primarily due to lower lease termination fees [2] - Mixed-use same property net operating income for the quarter totaled $12.2 million, a decrease of $0.6 million, mainly due to lower commercial base rent [2] Balance Sheet Highlights - As of September 30, 2025, total assets were $2.17 billion, an increase from $2.13 billion at the end of 2024 [10] - Total liabilities increased to $1.68 billion from $1.63 billion, with mortgage notes payable at $1.02 billion [10] - Total equity decreased to $485.2 million from $501.1 million, reflecting a decline in net income available to common stockholders [10]

Core Insights - Dateline Resources Limited is providing an update on its drilling activities at the Colosseum Gold-REE Project in California, indicating progress in its exploration efforts [1] Drilling Activities - The drilling program is nearly complete, with three drill rigs currently operating on site: one diamond rig and two reverse circulation (RC) rigs [1] - An additional sonic rig was previously supporting the program but has completed its tailings stability work and has been demobilized [1]

Core Insights - Dateline Resources Limited has provided an update on its drilling activities at the Colosseum Gold-REE Project in California, indicating progress in its exploration efforts [1] Drilling Activities - The drilling program is nearly complete, with three drill rigs currently operating on site: one diamond rig and two reverse circulation (RC) rigs [1] - An additional sonic rig was previously supporting the program but has completed its tailings stability work and has been demobilized [1]

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]