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Notes Payable, Bank Credit Facility, Interest and Amortization of Deferred Debt Costs (Tables)
 9 Months Ended
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 FacilityExisting Credit Facility
New Term LoanNew Revolving Credit FacilityTotalExisting Term LoanExisting Revolving Credit FacilityTotal
Facility Size$140,000 $460,000 $600,000 $100,000 $425,000 $525,000 
MaturityJuly 28, 2028July 30, 2029February 26, 2027August 29, 2025
ExtensionTwo for one year eachOne for one yearNoneOne for one year
Interest RateSOFRSOFR
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 CreditYesYes
GuaranteeSaul Centers and certain subsidiaries of the Operating PartnershipSaul 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 
2026168,464 
202734,481 
2028193,086 (1)
2029251,391 (2)
203059,075 
Thereafter896,444 
Principal amount1,611,969 
Unamortized deferred debt costs23,910 
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)2025202420252024
Interest incurred$19,439 $18,870 $57,482 $55,355 
Amortization of deferred debt costs856 577 2,108 1,722 
Capitalized interest(3,187)(7,191)(8,835)(20,036)
Subtotal17,108 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