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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