Saul Centers, Inc. (BFS) Stock

Saul Centers, Inc. (BFS) is a Real Estate stock trading at $33.76 (as of 2026-08-21), with a market capitalization of $834.45M and a trailing P/E of 20.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, that operates and manages a real estate portfolio of 60 properties. Its holdings include community and neighborhood shopping centers, mixed-use properties, and land and development assets, with most property operating income from the Washington, DC/Baltimore area.

Understand Saul Centers, Inc.: how it makes money

Saul Centers owns and operates a portfolio of community and neighborhood shopping centers, plus mixed-use properties, and makes money by leasing space to tenants (generating property operating income from rents and recoveries).

Profit is largely driven by rent collection and occupancy on a property portfolio concentrated in the metropolitan Washington, DC/Baltimore area (approximately 85% of property operating income).

Revenue by segment (latest quarter)
Shopping Ctrs	$0.1B
Mixed-Use	$0.0B
Same Prop Inc	$0.0B
Other	$0.0B
Other	$0.0B

Business quality (Strong): Clear operating focus on leased percentage and tenant payment performance, but the provided segment revenue breakdown appears limited and does not fully align to the total revenue figure provided for the quarter.

Valuation: At 35× earnings, BFS trades in line with the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Leasing performance is strong across both commercial and residential portfolios: Commercial Portfolio Leased Percentage is 94.6%, and Residential Portfolio Leased Percentage is 98.8%.
Tenant payment collections are high: Tenant Payments as Percentage of Contractual Base Rent and Recoveries is 98.8%, and Rents Paid as a Percentage of Amounts That Came Due is 96.0%.
Portfolio is diversified by property type within the region: The portfolio includes 50 community and neighborhood shopping centers, seven mixed-use properties, and three land and development properties.

Bear case

High geographic concentration increases local downturn risk: Approximately 85% of Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.
Cash flow depends on tenants continuing to pay rents and recoveries: Tenant payments are measured against contractual base rent and recoveries (98.8%), and rents paid are measured against amounts that came due (96.0%).
Residential and commercial performance can diverge: Commercial Portfolio Leased Percentage is 94.6%, while Residential Portfolio Leased Percentage is 98.8%, so weakness in one segment could affect the mix of results.

Valuation — source: SEC EDGAR (first-party)
Price	$33.76
Market Cap	$834.45M
P/E Ratio	20.7
EV / EBITDA	9.1
Price / Book	1.78
Price / Sales	2.73
DCF Value (model)	$95.48
DCF Upside vs Price	182.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$289.84M
Net Margin	12.9%
Revenue Growth (YoY)	7.8%
EPS Growth (YoY)	-33.5%

Valuation vs Sector & Industry
Stock P/E	20.7
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-24.0%
vs Industry	-41.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($68.83M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Real Estate
Industry	Trading
CEO	Bernard Francis Saul
Employees	141
Country	US
IPO Date	1993-08-19

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.