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CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Series D, per share
Series E, per share
Limited Partner
Total Saul Centers, Inc.
Total Saul Centers, Inc.
Series D, per share
Total Saul Centers, Inc.
Series E, per share
Preferred stock
Common stock
Common stock
Limited Partner
Additional paid-in capital
Distributions in excess of accumulated earnings
Distributions in excess of accumulated earnings
Series D, per share
Distributions in excess of accumulated earnings
Series E, per share
Accumulated other comprehensive income
Noncontrolling interests
Noncontrolling interests
Limited Partner
Beginning balance, Preferred stock (in shares) at Dec. 31, 2023               74,000,000                  
Beginning balance, Common stock (in shares) at Dec. 31, 2023                 24,082,887                
Beginning balance at Dec. 31, 2023 $ 504,429       $ 348,389     $ 185,000 $ 241   $ 449,959 $ (288,825)     $ 2,014 $ 156,040  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 16,007                
Pursuant to dividend reinvestment plan 603     $ 11,741 603           603           $ 11,741
Due to directors' deferred compensation plan (in shares)                 183                
Due to directors' deferred compensation plan 7       7           7            
Share-based compensation expense 212       212           212            
Net income 18,263       13,630             13,630       4,633  
Change in unrealized gain on cash flow hedge 1,804       1,264                   1,264 540  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     $ (1,148) $ (1,650)           $ (1,148) $ (1,650)      
Distributions payable, common stock and partnership units (20,330)       (14,220)             (14,220)       (6,110)  
Ending balance, Preferred stock (in shares) at Mar. 31, 2024               74,000,000                  
Ending balance, Common stock (in shares) at Mar. 31, 2024                 24,099,077                
Ending balance at Mar. 31, 2024 513,931       347,087     $ 185,000 $ 241   450,781 (292,213)     3,278 166,844  
Beginning balance, Preferred stock (in shares) at Dec. 31, 2023               74,000,000                  
Beginning balance, Common stock (in shares) at Dec. 31, 2023                 24,082,887                
Beginning balance at Dec. 31, 2023 $ 504,429       348,389     $ 185,000 $ 241   449,959 (288,825)     2,014 156,040  
Issuance of shares of common stock:                                  
Due to exercise of stock options (in shares) 10,625,000                                
Net income $ 57,345                                
Change in unrealized gain on cash flow hedge (1,430)                                
Ending balance, Preferred stock (in shares) at Sep. 30, 2024               74,000,000                  
Ending balance, Common stock (in shares) at Sep. 30, 2024                 24,279,719                
Ending balance at Sep. 30, 2024 508,684       341,846     $ 185,000 $ 241   453,074 (297,498)     1,029 166,838  
Beginning balance, Preferred stock (in shares) at Mar. 31, 2024               74,000,000                  
Beginning balance, Common stock (in shares) at Mar. 31, 2024                 24,099,077                
Beginning balance at Mar. 31, 2024 513,931       347,087     $ 185,000 $ 241   450,781 (292,213)     3,278 166,844  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                   15,099              
Pursuant to dividend reinvestment plan 559     1,534 559           559           1,534
Due to exercise of stock options (in shares)                 4,375                
Due to exercise of stock options 148       148           148            
Due to directors' deferred compensation plan (in shares)                 2,941                
Due to directors' deferred compensation plan 36       36           36            
Due to restricted stock awards (in shares)                 135,000                
Due to restricted stock awards 0                                
Share-based compensation expense 321       321           321            
Net income 19,490       14,448             14,448       5,042  
Change in unrealized gain on cash flow hedge 224       156                   156 68  
Distributions payable preferred stock:                                  
Preferred stock distributions   (1,149) (1,650)     (1,149) (1,650)           (1,149) (1,650)      
Distributions payable, common stock and partnership units (20,424)       (14,288)             (14,288)       (6,136)  
Ending balance, Preferred stock (in shares) at Jun. 30, 2024               74,000,000                  
Ending balance, Common stock (in shares) at Jun. 30, 2024                 24,256,492                
Ending balance at Jun. 30, 2024 $ 513,020       345,668     $ 185,000 $ 241   451,845 (294,852)     3,434 167,352  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares) 14,154                                
Pursuant to dividend reinvestment plan $ 623     1,587 623           623           1,587
Due to exercise of stock options (in shares) 6,250,000               6,250                
Due to exercise of stock options $ 211       211           211            
Due to directors' deferred compensation plan (in shares)                 2,823                
Due to directors' deferred compensation plan 36       36           36            
Share-based compensation expense 359       359           359            
Net income 19,592       14,481             14,481       5,111  
Change in unrealized gain on cash flow hedge (3,457)       (2,405)                   (2,405) (1,052)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     (1,148) (1,650)           (1,148) (1,650)      
Distributions payable, common stock and partnership units (20,489)       (14,329)             (14,329)       (6,160)  
Ending balance, Preferred stock (in shares) at Sep. 30, 2024               74,000,000                  
Ending balance, Common stock (in shares) at Sep. 30, 2024                 24,279,719                
Ending balance at Sep. 30, 2024 $ 508,684       341,846     $ 185,000 $ 241   453,074 (297,498)     1,029 166,838  
Beginning balance, Preferred stock (in shares) at Dec. 31, 2024   30,000 44,000         74,000,000                  
Beginning balance, Common stock (in shares) at Dec. 31, 2024 24,302,576               24,302,576                
Beginning balance at Dec. 31, 2024 $ 501,124       335,754     $ 185,000 $ 243   454,086 (306,541)     2,966 165,370  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 16,904                
Pursuant to dividend reinvestment plan 598     1,629 598           598           1,629
Due to directors' deferred compensation plan (in shares)                 934                
Due to directors' deferred compensation plan 36       36           36            
Due to restricted stock awards (forfeitures) (in shares)                 (2,000)                
Share-based compensation expense 392       392           392            
Net income 12,848       9,799             9,799       3,049  
Change in unrealized gain on cash flow hedge (1,543)       (1,075)                   (1,075) (468)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     (1,148) (1,650)           (1,148) (1,650)      
Distributions payable, common stock and partnership units (20,550)       (14,339)             (14,339)       (6,211)  
Ending balance, Preferred stock (in shares) at Mar. 31, 2025               74,000,000                  
Ending balance, Common stock (in shares) at Mar. 31, 2025                 24,318,414                
Ending balance at Mar. 31, 2025 $ 491,736       328,367     $ 185,000 $ 243   455,112 (313,879)     1,891 163,369  
Beginning balance, Preferred stock (in shares) at Dec. 31, 2024   30,000 44,000         74,000,000                  
Beginning balance, Common stock (in shares) at Dec. 31, 2024 24,302,576               24,302,576                
Beginning balance at Dec. 31, 2024 $ 501,124       335,754     $ 185,000 $ 243   454,086 (306,541)     2,966 165,370  
Issuance of shares of common stock:                                  
Due to exercise of stock options (in shares) 0                                
Net income $ 41,025                                
Change in unrealized gain on cash flow hedge $ (2,718)                                
Ending balance, Preferred stock (in shares) at Sep. 30, 2025   30,000 44,000         74,000,000                  
Ending balance, Common stock (in shares) at Sep. 30, 2025 24,493,115               24,493,115                
Ending balance at Sep. 30, 2025 $ 485,205       316,626     $ 185,000 $ 245   457,283 (326,978)     1,076 168,579  
Beginning balance, Preferred stock (in shares) at Mar. 31, 2025               74,000,000                  
Beginning balance, Common stock (in shares) at Mar. 31, 2025                 24,318,414                
Beginning balance at Mar. 31, 2025 491,736       328,367     $ 185,000 $ 243   455,112 (313,879)     1,891 163,369  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares)                 19,040                
Pursuant to dividend reinvestment plan 597     5,656 597           597           5,656
Due to directors' deferred compensation plan (in shares)                 1,005                
Due to directors' deferred compensation plan 36       36           36            
Due to restricted stock awards (in shares)                 135,636                
Due to restricted stock awards 1       1       $ 2   (1)            
Share-based compensation expense 443       443           443            
Shares redeemed to satisfy withholdings on vested share-based compensation (in shares)                 (2,541)                
Shares redeemed to satisfy withholdings on vested share-based compensation (67)       (67)           (67)            
Net income 14,181       10,720             10,720       3,461  
Change in unrealized gain on cash flow hedge (896)       (623)                   (623) (273)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,149) $ (1,650)     (1,149) (1,650)           (1,149) (1,650)      
Distributions payable, common stock and partnership units (20,614)       (14,297)             (14,297)       (6,317)  
Ending balance, Preferred stock (in shares) at Jun. 30, 2025               74,000,000                  
Ending balance, Common stock (in shares) at Jun. 30, 2025                 24,471,554                
Ending balance at Jun. 30, 2025 $ 488,274       322,378     $ 185,000 $ 245   456,120 (320,255)     1,268 165,896  
Issuance of shares of common stock:                                  
Pursuant to dividend reinvestment plan (in shares) 20,499                                
Pursuant to dividend reinvestment plan $ 642     $ 5,686 642           642           $ 5,686
Due to exercise of stock options (in shares) 0                                
Due to directors' deferred compensation plan (in shares)                 1,062                
Due to directors' deferred compensation plan $ 36       36           36            
Share-based compensation expense 485       485           485            
Net income 13,996       10,489             10,489       3,507  
Change in unrealized gain on cash flow hedge (278)       (192)                   (192) (86)  
Distributions payable preferred stock:                                  
Preferred stock distributions   $ (1,148) $ (1,650)     $ (1,148) $ (1,650)           $ (1,148) $ (1,650)      
Distributions payable, common stock and partnership units $ (20,838)       (14,414)             (14,414)       (6,424)  
Ending balance, Preferred stock (in shares) at Sep. 30, 2025   30,000 44,000         74,000,000                  
Ending balance, Common stock (in shares) at Sep. 30, 2025 24,493,115               24,493,115                
Ending balance at Sep. 30, 2025 $ 485,205       $ 316,626     $ 185,000 $ 245   $ 457,283 $ (326,978)     $ 1,076 $ 168,579