Saul Centers Inc 2025年度报告

Saul Centers, Inc. is a self-managed, self-administered equity REITheadquartered inBethesda,Maryland,whichcurrentlyoperates and manages a real estate portfolio of62propertiesthat includes (a)50 community andneighborhood shopping centers and nine mixed-useproperties with approximately 10.6 million square feetofleasableareaand(b)threelandanddevelopmentproperties. Over 85% of Saul Centers property operatingincome is generatedbyproperties inthemetropolitanWashington,DC/Baltimorearea. NETINCOME AvailabletoCommonStockholders(Inmillions) FUNDSFROMOPERATIONS AvailabletoCommonStockholdersandNoncontrollingInterests(b)(nmillions) PortfolioComposition BASEDON2025PROPERTYOPERATINGINCOME MESSAGETOOURSHAREHOLDERS Overthepast year,performance acrosstheportfolioremainedstrong,supportedby steady market demand.Leasingactivity in our shopping centers largelyheld firm as retailers continued to seekwell-located space.In the fall of 2025,we began leasing at Hampden HouseindowntownBethesda,Maryland,expanding our apartment portfolio. Wecontinue to focus on creating long-termshareholder value. The leased percentage of our shopping centersdecreased 80 basis points, from 96.4% as ofDecember31,2024,to95.6%asofDecember312025.The leased percentage of our three stabilizedresidential properties remained at 98.3% year overyear.Excluding Hampden House,our commercialmixed-use leased percentage increased 80 basispoints, from 87.9% to 88.7%. In 2025, we refinanced our bank credit facility,extending the maturity and increasing the facilityfrom $525 million to $600 million.The key termsare substantially the same;the range of interestratespreadsis unchangedfromthepriorbankcredit facility. MESSAGETOOURSHAREHOLDERS COREPROPERTYFUNDAMENTALS shopping centers continue to benefit from robusttenant retention and sustained demand fromprospective tenants seeking space. ShoppingCenters Our portfolio is built around well-located, grocery-anchored community and neighborhood shoppingcenters. Our 50 shopping centers constituted 74.1%ofour same-propertynet operating income in2025,with82.5% of shoppingcenter property net operatingincome generated by centers anchored by a grocer.Shopping centers focused on everyday consumerneedswill remain an important source ofdurableshareholder value. decreased from $144.7 million in 2024 to $142.1million in 2025, or 1.8%.ln 2025, we executed252 newand renewed leases and lease optionstotaling 1.3 million square feet. The expiring leasesaveraged $20.94 per square foot and were renewedor re-leased at an average $22.86 per square foot,a 9.2% increase in rental rate. We benefit from well-staggered lease expirations,with only 8.4%, asmeasuredbyannualbaserent,scheduledtoexpirein 2026. Our shopping center leased percentage changedfrom 96.4% at the end of 2024 to 95.6% at the end of2025.The leased percentage includes approximately198,000 square feet of leased space, representingapproximately $5.0 milion of additional annualizedbase rent, that was not yet occupied and generatingcash rent as of December 31,2025.The modestdecline in leased percentage from the prior year isprimarily due to the transitional periods betweenoutgoingandincomingtenantsandisnotrepresentativeofbroaderdemandtrends.Our Residential Following the openings of The Milton at TwinbrookQuarterinOctober2024andHampdenHouse inOctober 2025,our luxury apartment portfolio hasgrown to 1,824 units, all of which are located in thegreater Washington, DC metropolitan area. ExcludingThe Milton at Twinbrook Quarter and Hampden MESSAGETOOURSHAREHOLDERS 40basispointsin2025from86.9%to87.3%.Officemixed-use same-property net operating incomedecreasedfrom$25.7millionin2024to$23.8millionin2025,or7.5%.Thisdecreaseisprimarilyduetorentconcessionsgranted in2025fornewleasesandlong-termrenewals.Ourofficemixed-usepropertiesconstituted 12.4% of same-property net operatingincomein2025 House, residential mixed-use same-property netoperating income increased from $25.3 million in2024to$25.9millionin2025.or2.4%.Ourresidentiamixed-usepropertiesgrewfrom12.9%in2024to13.5% of same-property net operating income in2025. Excluding Hampden House,our residentialunits were97.7% leased as of December 31,2025. Mixed-Use Excluding Hampden House, our commercial mixed-useleasedpercentageincreased8obasispointsfrom 87.9% to 88.7%.Only 6.1% of commercialleasesatourofficeandresidentialmixed-useproperties,as measured byannual base rent,arescheduled to expire in 2026. Our office mixed-use properties are concentrated inthe greater Washington, DC area. Although the officesector continues to face challenges, we achievedsome growth in office leased percentage.The leasedpercentageofourofficemixed-usepropertiesrose SAULCENTERS,INC.ANNUALREPORT2O25SAULCENTERS.COM MESSAGETOOURSHAREHOLDERS DEVELOPMENT Overthelasttenyears,ourportfoliogrowthhasbeendrivenlargelybyground-updevelopmentprojects.Wefocus on thriving submarkets within the Washington,DC metropolitan area, where dense population andlimited land ava