Key Highlights

  • Saul Centers' $0.59 quarterly common dividend has an October 15, 2026 ex-dividend date and is payable October 30 to holders of record.
  • The company states it is unchanged from the amount paid in the previous quarter and the prior year's comparable quarter.
  • Second-quarter FFO was $24.8 million, or $0.69 per diluted share, versus $25.4 million, or $0.73.
  • Same property NOI increased 6.9%, and Hampden House reduced FFO by $2.4 million, or $0.07 per share.

Saul Centers' (NYSE:BFS) $0.59 quarterly common dividend yields 7.95% and sits beside second-quarter FFO of $0.69 per diluted share and net income to common of $0.24 per share. The board declared it on September 17, 2026, unchanged from the amount paid in the previous quarter.

Dividend Program and Shareholder Returns

Saul Centers declared a quarterly dividend of $0.59 per share on its common stock on September 17, 2026, payable October 30 to holders of record on October 15. The company stated that it is unchanged from the amount paid in the previous quarter and the prior year's comparable quarter.

The company also declared preferred dividends of $0.3828125 per depositary share on its 6.125% Series D stock and $0.3750000 on its 6.000% Series E stock, payable October 15 to holders of record October 1. Dividends and distributions payable were $24.6 million at June 30, 2026.

About the Company

Saul Centers is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland. Its portfolio comprises 62 properties: 50 community and neighborhood shopping centers and nine mixed-use properties with approximately 10.6 million square feet of leasable area, and three non-operating land and development properties. Over 85% of its property net operating income is generated by properties in the Washington, D.C. and Baltimore metropolitan area.

Financial Performance Behind the Payout

Total revenue was $76.8 million versus $70.8 million, and net income was $11.5 million versus $14.2 million. Net income available to common stockholders was $6.0 million, or $0.24 per share, versus $7.9 million, or $0.33. FFO available to common stockholders and noncontrolling interests, after preferred dividends, was $24.8 million, or $0.69 per share, versus $25.4 million, or $0.73. First-half FFO was $49.9 million, or $1.40 per share, versus $49.9 million, or $1.44.

Same property revenue rose $4.7 million, or 6.9%, and same property NOI rose $3.4 million, or 6.9%. Shopping center same property NOI was $36.6 million, up 3.6%, and mixed-use same property NOI was $15.5 million, up 15.7%. Interest expense, net and amortization of deferred debt costs was $20.0 million versus $16.8 million.

The Hampden House Effect

Hampden House commenced operations on October 1, 2025 and is excluded from same property results. The company stated that its initial operations reduced second-quarter net income by $4.0 million, net income to common by $1.9 million, or $0.08 per share, and FFO by $2.4 million, or $0.07 per share. Excluding Hampden House, FFO increased by $1.8 million.

As of August 3, 235 of the 366 residential units (64.2%) were leased and occupied, and 8,600 of the 10,100 square feet of retail space (85.1%) was leased and occupied. Same property results were favorably affected by $2.5 million of NOI from the lease up of Twinbrook Quarter Phase I. The same property residential portfolio, excluding Hampden House, was 97.3% leased at June 30, 2026 versus 90.5% a year earlier.

Outlook

Saul Centers did not provide numerical guidance in its second-quarter release. The company reports Hampden House lease-up status, same property NOI and FFO per share as of the quarter end.