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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Real estate investments |  |
Land | $ 556,499 | $ 562,047
Buildings and equipment | 1,930,091 | 1,903,907
Construction in progress | 371,521 | 326,193
Real estate investments | 2,858,111 | 2,792,147
Accumulated depreciation | (802,512) | (767,842)
Total real estate investments, net | 2,055,599 | 2,024,305
Cash and cash equivalents | 11,788 | 10,299
Accounts receivable and accrued income, net | 58,966 | 50,949
Deferred leasing costs, net | 26,191 | 25,907
Other assets | 15,037 | 14,944
Total assets | 2,167,581 | 2,126,404
Liabilities |  |
Mortgage notes payable, net | 1,022,235 | 1,047,832
Revolving credit facility payable, net | 185,376 | 186,489
Term loan facility payable, net | 138,761 | 99,679
Construction loans payable, net | 241,687 | 198,616
Accounts payable, accrued expenses and other liabilities | 46,734 | 46,162
Deferred income | 23,674 | 23,033
Dividends and distributions payable | 23,909 | 23,469
Total liabilities | 1,682,376 | 1,625,280
Equity |  |
Common stock, $0.01 par value, 50,000,000 shares authorized, 24,493,115 and 24,302,576 shares issued and outstanding, respectively | 245 | 243
Additional paid-in capital | 457,283 | 454,086
Distributions in excess of accumulated earnings | (326,978) | (306,541)
Accumulated other comprehensive income | 1,076 | 2,966
Total Saul Centers, Inc. equity | 316,626 | 335,754
Noncontrolling interests | 168,579 | 165,370
Total equity | 485,205 | 501,124
Total liabilities and equity | 2,167,581 | 2,126,404
Series D Cumulative Redeemable, 30,000 shares issued and outstanding |  |
Equity |  |
Preferred stock, 1,000,000 shares authorized: | 75,000 | 75,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding |  |
Equity |  |
Preferred stock, 1,000,000 shares authorized: | $ 110,000 | $ 110,000

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