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Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Revolving Credit Facility | 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
Scheduled Maturities of Debt, Including Scheduled Principal Amortization | 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.
Schedule of Interest Expense and Amortization of Deferred Debt Costs | 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 Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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