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Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs | Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs The principal amount of the Company's outstanding debt totaled approximately $1.6 billion at September 30, 2025, of which approximately $1.4 billion was fixed-rate debt and approximately $230.0 million was unhedged variable rate debt outstanding under the New Credit Facility (hereinafter defined). The carrying amount of the properties collateralizing the notes payable totaled approximately $1.6 billion as of September 30, 2025. At December 31, 2024, the principal amount of the Company's outstanding debt totaled approximately $1.6 billion, of which $1.4 billion was fixed rate debt and $187.0 million was unhedged variable rate debt outstanding under the Existing Credit Facility (hereinafter defined). The carrying amount of the properties collateralizing the notes payable totaled approximately $1.6 billion as of December 31, 2024. On July 30, 2025, the Company refinanced its existing $525.0 million credit facility (the "Existing Credit Facility"). comprised of a $425.0 million revolving credit facility (the "Existing Revolving Credit Facility") and a $100.0 million term loan (the "Existing Term Loan"). The Company’s new $600.0 million credit facility (the "New Credit Facility") is comprised of a $460.0 million revolving credit facility (the "New Revolving Credit Facility") and a $140.0 million term loan (the "New Term Loan"). Except as set forth in the summary below, the terms of the New Credit Facility are substantially the same as the terms of the Existing Credit Facility.
(Dollars in thousands) | New Credit Facility |  | Existing Credit Facility
| New Term Loan | New Revolving Credit Facility | Total |  | Existing Term Loan | Existing Revolving Credit Facility | Total
Facility Size | $ | 140,000 |  | $ | 460,000 |  | $ | 600,000 |  |  | $ | 100,000 |  | $ | 425,000 |  | $ | 525,000 |
Maturity | July 28, 2028 | July 30, 2029 |  |  | February 26, 2027 | August 29, 2025 |
Extension | Two for one year each | One for one year |  |  | None | One for one year |
Interest Rate | SOFR | SOFR |  |  | SOFR+0.10% | SOFR+0.10% |
Spread | 1.30% to 1.90% | 1.35% to 1.95% |  |  | 1.30% to 1.90% | 1.35% to 1.95% |
Issue Letters of Credit |  |  | Yes |  |  |  | Yes
Guarantee | Saul Centers and certain subsidiaries of the Operating Partnership |  | Saul Centers and certain subsidiaries of the Operating Partnership
At September 30, 2025, based on the value of the Company's unencumbered properties calculated in accordance with the terms of the New Credit Facility, approximately $101.1 million was available and undrawn under the New Credit Facility, $330.0 million was outstanding and approximately $185,000 was committed for letters of credit. As of September 30, 2025, the applicable spread for borrowings was 140 basis points for the New Revolving Credit Facility and 135 basis points for the New Term Loan. On December 31, 2024, based on the value of the Company's unencumbered properties calculated in accordance with the terms of the Existing Credit Facility, approximately $134.5 million was available and undrawn under the Existing Credit Facility, $287.0 million was outstanding and approximately $185,000 was committed for letters of credit. As of December 31, 2024, the applicable spread for borrowings was 140 basis points related to the Existing Revolving Credit Facility and 135 basis points related to the Existing Term Loan. On August 23, 2022, the Company entered into two floating-to-fixed interest rate swap agreements to manage the interest rate risk associated with $100.0 million of its variable-rate debt. The effective date of each swap agreement is October 3, 2022 and each has a $50.0 million notional amount. One agreement terminates on October 1, 2027 and effectively fixes SOFR at 2.96%. The other agreement terminates on October 1, 2030 and effectively fixes SOFR at 2.91%. Because the interest-rate swaps effectively fix SOFR for $100.0 million of variable-rate debt, unless otherwise indicated, $100.0 million of variable-rate debt is treated as fixed-rate debt for disclosure purposes. The Company has designated the agreements as cash flow hedges for accounting purposes. The Operating Partnership is the guarantor of a portion of the Thruway mortgage (totaling $17.5 million of the $68.9 million outstanding balance at September 30, 2025). On August 20, 2025, the $25.9 million guaranty of the mortgage secured by Kentlands Place, Kentlands Square I and Kentlands pad site was released. During construction and lease-up, the Company provides a repayment guaranty of 100% of the loan secured by Twinbrook Quarter Phase I. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of September 30, 2025, the loan balance and the amount guaranteed were $138.9 million and there was $6.1 million remaining to draw on the loan. The Company also provides the lender with a 100% construction completion guaranty. During construction and lease-up, the Company provides a limited repayment guaranty of $26.6 million for the loan secured by Hampden House. Such guaranty is expected to be reduced in the future as the development achieves certain metrics. As of September 30, 2025, the loan balance was $107.6 million and there was $25.4 million remaining to draw on the loan. The Company also provides the lender with a 100% construction completion guaranty. All other notes payable are non-recourse. At September 30, 2025, future principal payments of debt, including scheduled maturities and amortization, for years ending December 31, were as follows:
(Dollars in thousands) | Principal Payments |
October 1 through December 31, 2025 | $ | 9,028 |  |
2026 | 168,464 |  |
2027 | 34,481 |  |
2028 | 193,086 |  | (1)
2029 | 251,391 |  | (2)
2030 | 59,075 |  |
Thereafter | 896,444 |  |
Principal amount | 1,611,969 |  |
Unamortized deferred debt costs | 23,910 |  |
Net | $ | 1,588,059 |  |
(1)Includes $140.0 million outstanding under the New Term Loan. (2)Includes $190.0 million outstanding under the New Revolving Credit Facility.
Deferred debt costs consist of fees and costs incurred to obtain long-term financing, construction financing and the New Credit Facility. These fees and costs are being amortized on a straight-line basis over the terms of the respective loans or agreements, which approximates the effective interest method. Deferred debt costs totaling $23.9 million and $20.1 million, net of accumulated amortization of $9.7 million and $11.2 million, at September 30, 2025 and December 31, 2024, respectively, are reflected as a reduction of the related debt in the Consolidated Balance Sheets. Interest expense, net and amortization of deferred debt costs for the three and nine months ended September 30, 2025 and 2024, were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Interest incurred | $ | 19,439 |  |  | $ | 18,870 |  |  | $ | 57,482 |  |  | $ | 55,355 |
Amortization of deferred debt costs | 856 |  |  | 577 |  |  | 2,108 |  |  | 1,722 |
Capitalized interest | (3,187) |  |  | (7,191) |  |  | (8,835) |  |  | (20,036) |
Subtotal | 17,108 |  |  | 12,256 |  |  | 50,755 |  |  | 37,041 |
Less: Interest income | (42) |  |  | (43) |  |  | (122) |  |  | (113) |
Interest expense, net and amortization of deferred debt costs | $ | 17,066 |  |  | $ | 12,213 |  |  | $ | 50,633 |  |  | $ | 36,928 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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