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Saul Centers Inc (BFS)



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Upturn Advisory Summary
08/14/2025: BFS (1-star) is currently NOT-A-BUY. Pass it for now.
1 Year Target Price $47
1 Year Target Price $47
1 | Strong Buy |
0 | Buy |
0 | Hold |
0 | Sell |
0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 1.21% | Avg. Invested days 62 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 1.12B USD | Price to earnings Ratio 24.7 | 1Y Target Price 47 |
Price to earnings Ratio 24.7 | 1Y Target Price 47 | ||
Volume (30-day avg) 1 | Beta 1.11 | 52 Weeks Range 30.51 - 40.30 | Updated Date 08/14/2025 |
52 Weeks Range 30.51 - 40.30 | Updated Date 08/14/2025 | ||
Dividends yield (FY) 7.16% | Basic EPS (TTM) 1.32 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date 2025-08-08 | When - | Estimate 0.35 | Actual 0.33 |
Profitability
Profit Margin 15.51% | Operating Margin (TTM) 43.6% |
Management Effectiveness
Return on Assets (TTM) 3.54% | Return on Equity (TTM) 11.38% |
Valuation
Trailing PE 24.7 | Forward PE - | Enterprise Value 2547019182 | Price to Sales(TTM) 4.03 |
Enterprise Value 2547019182 | Price to Sales(TTM) 4.03 | ||
Enterprise Value to Revenue 9.17 | Enterprise Value to EBITDA 14.78 | Shares Outstanding 24366800 | Shares Floating 13534552 |
Shares Outstanding 24366800 | Shares Floating 13534552 | ||
Percent Insiders 49.48 | Percent Institutions 46.23 |
Upturn AI SWOT
Saul Centers Inc

Company Overview
History and Background
Saul Centers, Inc. is a self-administered and self-managed real estate investment trust (REIT) founded in 1968. It specializes in owning, managing, and developing retail properties and mixed-use centers, primarily in the Mid-Atlantic region of the United States.
Core Business Areas
- Shopping Center Ownership & Management: Saul Centers owns and manages a portfolio of community and neighborhood shopping centers. They lease space to various retail tenants including grocery stores, restaurants, and service providers.
- Development & Redevelopment: The company actively develops and redevelops properties to enhance their value and attract new tenants. This includes expanding existing centers and building new mixed-use projects.
- Mixed-Use Development: In recent years, Saul Centers has ventured into mixed-use projects, integrating residential, retail, and office spaces.
Leadership and Structure
The leadership team includes the CEO, CFO, and other key executives responsible for strategic direction and operations. The organizational structure is typical of a REIT, with departments focused on property management, leasing, development, and finance.
Top Products and Market Share
Key Offerings
- Retail Space Leasing: Saul Centers' primary revenue stream comes from leasing retail space in its shopping centers. While precise market share data is not readily available for such a specific segment, they compete with other REITs and private developers. Competitors are Regency Centers, Federal Realty, and Kimco Realty.
- Property Management Services: Saul Centers provides property management services for its owned centers which improves the overall value. Precise market share data is not readily available. Competitors are Regency Centers, Federal Realty, and Kimco Realty.
Market Dynamics
Industry Overview
The retail REIT industry is influenced by consumer spending, e-commerce trends, and interest rates. There is shift to online sales, with many retail REITs struggling to fill vacancies, however Saul Centers has been successful in maintaining high occupancy rates and focus on high-quality, necessity-based retail tenants.
Positioning
Saul Centers positions itself as a high-quality owner and operator of necessity-based retail centers in attractive submarkets. This focused approach has allowed it to maintain high occupancy rates and strong tenant relationships.
Total Addressable Market (TAM)
The TAM for retail real estate is substantial, estimated to be in the trillions of dollars. Saul Centers focuses on a smaller portion of this market, concentrating on high-quality, necessity-based retail centers in the Mid-Atlantic region, and is considered a key player in the market.
Upturn SWOT Analysis
Strengths
- Strong portfolio of high-quality, necessity-based retail centers
- High occupancy rates
- Experienced management team
- Focus on attractive submarkets in the Mid-Atlantic region
- Proven track record of development and redevelopment
Weaknesses
- Concentration in a specific geographic region (Mid-Atlantic)
- Susceptibility to economic downturns affecting retail spending
- Reliance on retail tenants
- Smaller market capitalization compared to larger REITs
Opportunities
- Expanding into new geographic markets
- Acquiring undervalued properties
- Developing mixed-use projects
- Enhancing existing properties through redevelopment
- Capitalizing on the increasing demand for experiential retail
Threats
- E-commerce disruption
- Rising interest rates
- Economic recession
- Increased competition from other REITs and developers
- Changes in consumer preferences
Competitors and Market Share
Key Competitors
- Regency Centers (REG)
- Federal Realty Investment Trust (FRT)
- Kimco Realty (KIM)
Competitive Landscape
Saul Centers differentiates itself through its focus on necessity-based retail and its strong presence in the Mid-Atlantic region. It faces competition from larger, more diversified REITs, but its niche focus allows it to maintain high occupancy rates and strong tenant relationships.
Growth Trajectory and Initiatives
Historical Growth: See public financial reports for up-to-date numbers.
Future Projections: See public financial reports for up-to-date numbers.
Recent Initiatives: Recent initiatives include redevelopment projects, acquisitions of strategic properties, and expansion of mixed-use developments.
Summary
Saul Centers Inc. is a solid retail REIT focused on necessity-based retail in the Mid-Atlantic. The company is strong due to its high occupancy rates and experienced management, but it needs to diversify geographically to mitigate risk. E-commerce and economic downturns are ongoing threats, while strategic acquisitions could provide opportunities for growth.
Peer Comparison
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Company Website
- Industry Reports
- Analyst Reports
Disclaimers:
This analysis is based on publicly available information and is not financial advice. Investment decisions should be made based on individual circumstances and consultation with a qualified financial advisor. Market share data is approximate and may vary.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Saul Centers Inc
Exchange NYSE | Headquaters Bethesda, MD, United States | ||
IPO Launch date 1993-08-19 | Chairman & CEO Mr. Bernard Francis Saul II | ||
Sector Real Estate | Industry REIT - Retail | Full time employees 141 | Website https://www.saulcenters.com |
Full time employees 141 | Website https://www.saulcenters.com |
As of March 31, 2025, 93.9% of the commercial portfolio was leased compared to 94.6% as of March 31, 2024. As of March 31, 2025, excluding The Milton at Twinbrook Quarter, the residential portfolio was 99.3% leased compared to 98.7% as of March 31, 2024. Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties, which includes (a) 50 community and neighborhood shopping centers and eight mixed-use properties with approximately 10.2 million square feet of leasable area and (b) four non-operating land and development properties. Over 85% of the Saul Centers' property net operating income is generated by properties in the metropolitan Washington, D.C./Baltimore area.

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