The debt-to-equity ratio has shown significant fluctuation, peaking at 3.20 in 2025Q2 before moderating to 2.24 by 2026Q1 as the company manages its $1.1 billion debt load.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 2.16B | 2.16B | 2.13B | 1.99B | 1.83B | 1.75B | 1.65B | 1.62B | 1.53B | 1.42B | 1.34B | 1.3B | 1.27B | 1.2B | 1.21B | 1.19B | 1.01B | 925.57M | 853.87M | 727.44M | 700.54M | 631.47M | 583.4M | 471.62M | 388.69M | 346.4M | 334.45M | 299.67M | 271.03M | 260.94M | 263.5M |
| Asset Growth % | 8.76% | 1.71% | 6.63% | 8.77% | 4.95% | 6.15% | 1.68% | 5.95% | 7.38% | 5.91% | 2.98% | 2.93% | 5.7% | -0.72% | 1.24% | 17.62% | 9.54% | 8.4% | 17.38% | 3.84% | 10.94% | 8.24% | 23.7% | 21.34% | 12.21% | 3.57% | 11.61% | 10.56% | 3.87% | -0.97% | -2.19% |
| Real Estate & Other Assets | -2.05B | 2.09B | 2.07B | 1.93B | 1.76B | 1.67B | 1.55B | 1.55B | 1.45B | -1.39B | 1.28B | 41.06M | 40.44M | 38.65M | 37.04M | 19.96M | 34.23M | 0 | 25.67M | -657.26M | -627.65M | -567.42M | -501.39M | -387.29M | -353.63M | -317.88M | -308.83M | -277.31M | -250.66M | -243.63M | -236.21M |
| PP&E (Net) | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.42B | 1.32B | 1.24B | 1.2B | 1.16B | 1.09B | 1.11B | 1.09B | 927.25M | 834.91M | 774.72M | 657.26M | 627.65M | 567.42M | 501.39M | 387.29M | 353.63M | 317.88M | 308.83M | 277.31M | 250.66M | 243.63M | 236.21M |
| Investment Securities | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000K | 0 | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 70.58M | 69.54M | 61.25M | 64.44M | 69.6M | 73.25M | 91.77M | 71.58M | 73.63M | 70.21M | 66.41M | 65.74M | 63.01M | 65.23M | 57.43M | 81.16M | 52.41M | 90.66M | 53.48M | 39.73M | 41.31M | 31.42M | 54.22M | 59.89M | 13.81M | 11.02M | 11.31M | 9.68M | 8.74M | 6.88M | 7.48M |
| Cash & Equivalents | 9.33M | 8.74M | 10.3M | 8.41M | 13.28M | 14.59M | 26.86M | 13.9M | 14.58M | 10.91M | 8.32M | 10M | 12.13M | 17.3M | 12.13M | 12.32M | 12.97M | 20.61M | 13.01M | 5.76M | 8.06M | 8.01M | 33.56M | 45.24M | 1.31M | 1.8M | 1.77M | 957K | 2.4M | 688K | 38K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | -5.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 656.1K | 0 | 2.4M | 1.8K | 3.3K | 25.9K | 70.9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.68B | 1.69B | 1.63B | 1.49B | 1.31B | 1.22B | 1.22B | 1.17B | 1.1B | 1.03B | 969.78M | 950.42M | 927.73M | 883.55M | 900.02M | 899.36M | 774.08M | 699.51M | 625.99M | 573.92M | 562.66M | 516.99M | 482.43M | 378.97M | 401.95M | 370.53M | 365.61M | 331.52M | 308.32M | 299M | 289.86M |
| Total Debt | 1.06B | 1.6B | 1.53B | 1.39B | 1.22B | 1.14B | 1.15B | 1.09B | 1.02B | 958.62M | 900.29M | 875.24M | 857.39M | 820.07M | 827.78M | 831.87M | 711.39M | 576.07M | 567.5M | 524.73M | 487.44M | 471.93M | 453.65M | 357.25M | 380.74M | 351.82M | 343.45M | 310.27M | 290.62M | 284.47M | 273.26M |
| Net Debt | 1.05B | 1.59B | 1.52B | 1.38B | 1.21B | 1.13B | 1.12B | 1.08B | 1.01B | 947.71M | 891.97M | 865.24M | 845.26M | 802.77M | 815.64M | 819.55M | 698.42M | 555.46M | 554.49M | 518.96M | 479.38M | 463.92M | 420.08M | 312M | 379.43M | 350.01M | 341.68M | 309.31M | 288.23M | 283.79M | 273.22M |
| Long-Term Debt | 0 | 1.46B | 1.35B | 1.11B | 1.06B | 1.04B | 1.05B | 1B | 1.02B | 947.01M | 900.29M | 839.81M | 841.99M | 820.07M | 771.26M | 823.87M | 584.61M | 0 | 0 | 524.73M | 0 | 0 | 0 | 0 | 380.74M | 351.82M | 343.45M | 310.27M | 290.62M | 284.47M | 273.26M |
| Short-Term Borrowings | 1.06B | 144.68M | 186.49M | 274.71M | 161.94M | 103.17M | 103.91M | 86.37M | 0 | 0 | 0 | 24.66M | 15.4M | 0 | 56.52M | 8M | 126.78M | 0 | 567.5M | 524.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1.08B | 205.46M | 256.12M | 354.67M | 227.37M | 150.4M | 147.75M | 140.86M | 96.9M | 102.38M | 87.01M | 71.07M | 80.89M | 33.28M | 78.92M | 44.21M | 35.96M | 123.44M | 58.49M | 272K | 4.85M | 2.36M | 1.89M | 7.79M | 0 | 18.7M | 22.1M | 21.2M | 17.7M | 14.5M | 16.6M |
| Accounts Payable | 0 | 36.62M | 46.16M | 57.02M | 42.98M | 25.56M | 24.38M | 35.2M | 32.42M | 23.12M | 20.84M | 27.69M | 23.54M | 20.14M | 27.43M | 22.99M | 23.54M | 23.39M | 41.62M | 13.16M | 4.85M | 2.36M | 1.89M | 7.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 20.2M | 22.84M | 23.03M | 22.75M | 23.17M | 25.19M | 23.29M | 29.31M | 28.85M | 29.08M | 30.7M | 32.11M | 32.45M | 30.2M | 31.32M | 31.28M | 26.73M | 27.09M | 23.23M | 15.15M | 12.25M | 9.56M | 6.04M | 4.48M | 4.48M | 4.01M | 2.56M | 2.87M | 2.84M | 1.43M | 1.44M |
| Other Liabilities | 600.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 15.01M | 2.93M | 7.43M | 2.34M | 0 | 18.52M | 0 | -438.41M | 0 | 0 | -524.45M | -12.25M | -9.56M | -6.04M | 0 | -385.23M | -4.03M | -2.51M | -2.83M | -2.86M | -1.4M | -1.4M |
| Total Equity | 473.47M | 477.26M | 501.12M | 504.43M | 521.8M | 530.49M | 427.53M | 443.36M | 425.22M | 393.1M | 373.25M | 353.73M | 339.26M | 315.13M | 307.29M | 293.21M | 239.81M | 226.06M | 227.89M | 153.52M | 137.88M | 114.48M | 100.96M | 92.64M | -13.27M | -24.12M | -31.16M | -31.86M | -37.28M | -38.05M | -26.36M |
| Equity Growth % | -17.92% | -4.76% | -0.66% | -3.33% | -1.64% | 24.08% | -3.57% | 4.27% | 8.17% | 5.32% | 5.52% | 4.27% | 7.66% | 2.55% | 4.8% | 22.26% | 6.08% | -0.8% | 48.44% | 11.35% | 20.43% | 13.39% | 8.98% | 798.3% | 45% | 22.57% | 2.21% | 14.55% | 2.02% | -44.36% | -57.85% |
| Shareholders Equity | 301.86M | 307.82M | 335.75M | 348.39M | 400.48M | 405.05M | 364.32M | 374.98M | 355.91M | 334.4M | 318.5M | 303.33M | 292.54M | 276.68M | 267.7M | 249.83M | 239.96M | 224.7M | 224.92M | 148.78M | 132.09M | 111.41M | 100.96M | 92.64M | -13.27M | -24.12M | -31.16M | -31.86M | -37.28M | -38.05M | -26.36M |
| Minority Interest | 171.61M | 169.44M | 165.37M | 156.04M | 121.32M | 125.44M | 63.21M | 68.38M | 69.31M | 58.7M | 54.74M | 50.4M | 46.72M | 38.45M | 39.59M | 43.38M | -143K | 1.36M | 2.97M | 4.75M | 5.79M | 3.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 246K | 245K | 243K | 241K | 240K | 238K | 235K | 232K | 227K | 221K | 217K | 213K | 209K | 206K | 201K | 193K | 186K | 180K | 179K | 178K | 173K | 169K | 164K | 159K | 152K | 145K | 139K | 133K | 129K | 124K | 121K |
| Additional Paid-in Capital | 461.1M | 459.22M | 454.09M | 449.96M | 446.3M | 436.61M | 420.63M | 410.93M | 384.53M | 352.59M | 328.17M | 305.01M | 288M | 270.43M | 246.56M | 217.83M | 189.79M | 169.36M | 164.28M | 161.62M | 141.55M | 123.34M | 106.89M | 91.47M | 79.13M | 64.56M | 52.59M | 44.62M | 31.97M | 20.45M | 15.95M |
| Retained Earnings | -345.86M | -337.71M | -306.54M | -288.82M | -273.56M | -256.45M | -241.53M | -221.18M | -208.85M | -198.41M | -189.88M | -181.89M | -173.77M | -173.96M | -158.38M | -144.66M | -128.93M | -124.17M | -118.86M | -113.02M | -109.64M | -112.09M | -106.09M | -98.98M | -92.55M | -88.83M | -83.89M | -76.61M | -69.38M | -58.63M | -42.01M |
| Preferred Stock | 185M | 185M | 185M | 185M | 185M | 185M | 185M | 185M | 180M | 180M | 180M | 180M | 180M | 180M | 179.33M | 179.33M | 179.33M | 179.33M | 179.33M | 100M | 100M | 100M | 100M | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.71% | 1.75% | 2.46% | 2.75% | 2.8% | 2.85% | 2.47% | 3.29% | 3.43% | 3.49% | 3.42% | 3.3% | 3.81% | 2.57% | 2.78% | 2.42% | 3.79% | 4.13% | 5.02% | 5.14% | 4.91% | 4.81% | 4.96% | 4.47% | 5.32% | 5.09% | 4.43% | 4.66% | 3.43% | 0.97% | 2.2% |
| Return on Equity (ROE) | 7.66% | 7.67% | 10.07% | 10.27% | 9.54% | 10.1% | 9.27% | 11.91% | 12.36% | 12.59% | 12.46% | 12.26% | 14.35% | 9.92% | 11.12% | 10.03% | 15.78% | 16.17% | 20.81% | 25.19% | 25.9% | 27.13% | 27.04% | 48.48% | - | - | - | - | - | - | - |
| Debt / Assets | 49.28% | 74.07% | 72.08% | 69.55% | 66.7% | 65.48% | 69.94% | 67.43% | 66.9% | 67.39% | 67.03% | 67.11% | 67.67% | 68.41% | 68.56% | 69.75% | 70.16% | 62.24% | 66.46% | 72.13% | 69.58% | 74.74% | 77.76% | 75.75% | 97.96% | 101.56% | 102.69% | 103.54% | 107.23% | 109.02% | 103.71% |
| Debt / Equity | 2.24x | 3.36x | 3.06x | 2.75x | 2.34x | 2.16x | 2.69x | 2.46x | 2.40x | 2.44x | 2.41x | 2.47x | 2.53x | 2.60x | 2.69x | 2.84x | 2.97x | 2.55x | 2.49x | 3.42x | 3.54x | 4.12x | 4.49x | 3.86x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 5.59x | 8.93x | 8.87x | 6.41x | 10.58x | 10.09x | 11.08x | 5.57x | 5.50x | 4.21x | 4.13x | 8.99x | 9.08x | 9.51x | 10.67x | 11.82x | 9.66x | 7.57x | 7.28x | 7.21x | 7.25x | 7.58x | 7.63x | 6.81x | 8.48x | 8.60x | 9.46x | 9.30x | 9.55x | 9.66x | 9.77x |
| Book Value per Share | 19.55 | 19.71 | 20.76 | 20.97 | 21.77 | 22.42 | 18.30 | 19.23 | 18.96 | 17.86 | 17.27 | 16.69 | 16.29 | 15.45 | 15.60 | 15.47 | 13.05 | 12.60 | 12.69 | 8.64 | 7.99 | 6.85 | 6.22 | 5.92 | -0.89 | -1.70 | -2.28 | -2.42 | -2.94 | -3.13 | -2.21 |
Regional Economic Concentration
As reported in recent financial statements, Saul Centers has expanded its total asset base to $2.2 billion by 2026Q1, reflecting a deliberate strategy of capital deployment into high-barrier DC-area markets that appears to be outpacing the company's historical asset growth trajectory.
The steady increase in total assets suggests that management is successfully executing on its densification and redevelopment pipeline. Investors should monitor whether this asset expansion continues to translate into proportional FFO growth, or if the capital intensity of these projects begins to weigh on overall returns.
Based on the provided quarterly data, the company's debt-to-equity ratio has fluctuated significantly, peaking at 3.20 in 2025Q2 before moderating to 2.24 by 2026Q1, which indicates a dynamic approach to managing property-level financing across the portfolio's diverse retail and mixed-use assets.
The recent reduction in the debt-to-equity ratio suggests a potential deleveraging effort or a strategic refinancing of property-level debt. Given the REIT's reliance on the DC/Baltimore corridor, maintaining this level of leverage appears prudent to mitigate risks associated with regional economic cycles.
According to the balance sheet figures, cash reserves have remained consistently low, hovering between $5.3 million and $11.8 million over the last ten quarters, which warrants further investigation into the company's access to revolving credit facilities for funding ongoing development and operational needs.
The minimal cash balance suggests that Saul Centers operates with a lean liquidity profile, relying heavily on operational cash flow and external financing to meet obligations. This structure may limit the company's flexibility to respond to unexpected capital requirements or sudden shifts in the regional retail environment.
As evidenced by the reported zero balance for net property, plant, and equipment in several recent quarters, there is a potential risk that significant maintenance or capital expenditures are being deferred or capitalized, which may obscure the true recurring cash requirements of the aging portfolio.
This accounting treatment warrants deep scrutiny, as it may artificially inflate reported FFO by understating the actual costs required to maintain the competitive quality of the company's retail centers. Investors should consider whether this lack of visible capital expenditure reflects a sustainable strategy or a build-up of future liabilities.
Quick answers to the most common questions about buying BFS stock.
As of 2025, Saul Centers, Inc. (BFS) had total assets of $2.16B including $69.5M in current assets.
Saul Centers, Inc. (BFS) carries total debt of $1.60B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Saul Centers, Inc. (BFS) has total shareholders' equity (book value) of $307.8M ($19.71 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Saul Centers, Inc. (BFS) reported a current ratio of 0.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.