BFS

Real Estate

Saul Centers, Inc. · REIT - Retail · $850M

UQS Score — Balanced Preset
41.3
Below Average

Saul Centers, Inc. scores 41.3/100 using the Balanced preset.

UQS vs Real Estate Sector
BFS
41.3
Sector avg
38.4
Quality
Good
Moat
Weak
Growth
Weak
Risk
Weak
Valuation
Good

What is Saul Centers, Inc.?

Saul Centers, Inc. is a self-managed equity REIT focused on community and neighborhood shopping centers, primarily serving the Washington, DC and Baltimore metropolitan region. The company manages a portfolio of roughly 60 properties totaling nearly ten million square feet of leasable space.

Saul Centers generates revenue by leasing space in community and neighborhood shopping centers as well as mixed-use properties to retail tenants. The company is self-managed and self-administered, meaning it handles property operations internally rather than through a third-party manager. The vast majority of its operating income comes from properties concentrated in the DC and Baltimore metro corridor, giving it a distinctly regional character.

Saul Centers was founded in 1993 and is headquartered in Bethesda, Maryland.

  • Community and neighborhood shopping centers
  • Mixed-use properties with retail and residential components
  • Land and development properties
  • Regionally focused DC/Baltimore metro real estate portfolio

Is BFS a Good Stock to Buy?

UQS Score rates BFS as Below Average overall, reflecting meaningful headwinds across several key pillars.

The Quality and Valuation pillars stand out as relative bright spots — the business demonstrates reasonable operational quality for its size, and its valuation is rated Good, suggesting the market may not be pricing in excessive optimism.

The Moat, Growth, and Risk pillars all register as Weak, pointing to limited competitive differentiation, constrained expansion prospects, and elevated risk factors that weigh on the overall composite score.

See the full pillar breakdown and underlying financial metrics by signing up for a Pro account on UQS Score. Sign up free →

Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.

Does BFS pay dividends?

Yes — Saul Centers, Inc. pays a dividend.

Saul Centers pays a regular dividend, consistent with its structure as an equity REIT — a vehicle legally required to distribute the majority of taxable income to shareholders. Income-oriented investors often look to REITs like BFS for recurring distributions. The regional concentration of its portfolio and stable tenant base in necessity-oriented retail underpin its ability to sustain payouts.

When does BFS report earnings?

Saul Centers reports earnings on a quarterly cadence, typical for US-listed REITs.

As a regionally concentrated REIT, results tend to reflect leasing activity, occupancy trends, and same-property operating income across its DC and Baltimore portfolio. Growth and risk metrics have remained under pressure, consistent with the Weak ratings in those pillars.

For the most recent quarter's results, visit Saul Centers' investor relations page directly.

BFS Price History

+3.1% over 5Y

Monthly close, adjusted for stock splits and dividend reinvestment.

Return Calculator

What if I invested in Saul Centers, Inc.?

$
Today it would be worth
$11,289
That's a +12.9% total return, or +2.5% annualized.

Based on Saul Centers, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.

BFS Long-term Outlook

The fundamental outlook for BFS is tempered by Weak Growth and Risk pillar ratings. The company's heavy geographic concentration in the DC/Baltimore corridor limits diversification and ties performance closely to regional economic conditions. While the Good Valuation rating suggests the stock is not obviously overpriced, the absence of meaningful growth catalysts and elevated risk profile constrain the forward picture.

Growth drivers

  • Stable necessity-based retail tenancy in a dense metro region
  • Potential mixed-use redevelopment of existing properties
  • Steady dividend income supported by REIT distribution requirements

Key risks

  • Heavy geographic concentration in a single metro corridor
  • Weak competitive moat relative to larger diversified REITs
  • Interest rate sensitivity common to leveraged real estate vehicles

BFS vs Peers

Saul Centers operates in a competitive segment of the retail REIT space alongside several other community-focused landlords.

SGR-UN.TOBFS scores lower
Slate Grocery REIT

Slate Grocery REIT focuses exclusively on grocery-anchored properties across North America, offering a more defensive tenant mix than Saul Centers' broader community center approach.

WSRSimilar UQS
Whitestone REIT

Whitestone targets community-centered properties in high-growth Sun Belt markets, providing geographic diversification that contrasts with Saul Centers' DC/Baltimore concentration.

ALXBFS scores lower
Alexander's, Inc.

Alexander's is a smaller, New York-focused REIT with a highly concentrated portfolio, making it a peer in terms of regional specialization though in a different metro market.

Frequently Asked Questions

What does Saul Centers do?

Saul Centers is a self-managed equity REIT that owns and operates community and neighborhood shopping centers, mixed-use properties, and land parcels. Roughly 85% of its operating income comes from properties in the Washington, DC and Baltimore metropolitan area. It leases space to retail and service tenants and manages its portfolio entirely in-house.

Does BFS pay dividends?

Yes, Saul Centers pays a regular dividend. As an equity REIT, it is required to distribute the majority of its taxable income to shareholders, making dividend payments a core feature of the investment. Investors seeking income from real estate often consider REITs like BFS for this reason.

When does BFS report earnings?

Saul Centers reports financial results on a quarterly basis, in line with standard practice for US-listed REITs. For exact release dates and the most current quarterly results, check the investor relations section of the Saul Centers website.

Is BFS a good stock to buy?

UQS Score rates BFS as Below Average overall. While the Quality and Valuation pillars show relative strength, the Moat, Growth, and Risk pillars are all rated Weak. Investors should weigh the dividend income potential against the limited growth outlook and elevated risk profile before making a decision.

Is BFS overvalued?

The UQS Valuation pillar for BFS is rated Good, suggesting the stock does not appear significantly overpriced relative to its fundamentals. However, valuation alone does not determine investment suitability — the Weak Growth and Risk ratings are important context. Pro members can view the full valuation metrics on UQS Score.

How does BFS compare to its competitors?

Compared to peers like Whitestone REIT and Slate Grocery REIT, Saul Centers is more geographically concentrated in a single metro corridor. Whitestone offers Sun Belt diversification, while Slate focuses on grocery-anchored assets. Alexander's, like Saul Centers, is a regionally focused REIT but operates in the New York market.

What is BFS's market cap bracket?

Saul Centers is classified as a small-cap company. This places it among the smaller publicly traded REITs, which can mean less analyst coverage and potentially lower trading liquidity compared to larger peers in the retail real estate sector.

Who founded Saul Centers?

Saul Centers was founded in 1993. The company takes its name from the Saul Organization, a private real estate firm with deep roots in the Washington, DC region. Publicly available sources and the company's own filings provide further detail on its founding history.

Is BFS a long-term quality investment?

From a long-term quality standpoint, BFS presents a mixed picture. The Quality pillar is rated Good, indicating reasonable operational fundamentals. However, the Weak Moat and Growth ratings suggest limited structural advantages and constrained expansion potential over time. Long-term investors should consider whether the dividend yield compensates for these limitations.

What sector does BFS belong to?

Saul Centers operates in the Real Estate sector, specifically as an equity REIT focused on community and neighborhood shopping centers. REITs are a distinct asset class within real estate, offering investors exposure to property income without direct property ownership. You can explore other [real estate REITs on UQS Score](/sector/real-estate).

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Pro Analysis

BFS — Score History

3035404550Apr 2Apr 12Apr 22May 2May 12May 22May 24v5
Score changes· 19 most recent
DateUQSQualityMoatGrowthRiskValueChange
May 19, 202641.577.230.022.61.566.60.0
May 18, 202641.577.230.022.61.566.8+1.0
May 16, 202640.577.230.017.51.566.70.0
May 14, 202640.577.230.017.51.566.4+0.1
May 12, 202640.477.230.017.51.566.30.0
May 11, 202640.477.230.017.51.565.9+2.5
May 10, 202637.977.230.017.51.549.4-3.1
May 8, 202641.077.130.017.52.868.7+0.1
May 6, 202640.977.630.017.52.167.7+0.1
May 1, 202640.877.630.017.52.167.50.0

BFS — Pillar Breakdown

Quality

77.2/100 (25%)

Saul Centers, Inc. demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.

Return on EquityModerate

Profitability relative to shareholders' equity.

Operating ProfitabilityStrong

Ability to convert revenue into operating profit.

Net ProfitabilityModerate

Bottom-line profit as a share of revenue.

Cash GenerationStrong

Free cash flow relative to market value.

Growth

22.6/100 (20%)

Saul Centers, Inc. faces growth headwinds with declining or stagnant revenue trends.

Recent Revenue TrendWeak

Revenue trajectory over the last twelve months.

3Y Revenue CAGRWeak

Compound annual revenue growth rate over 3 years.

EPS GrowthWeak

Year-over-year earnings per share growth.

Forward Revenue OutlookModerate

Analyst consensus for future revenue growth.

Forward EPS GrowthWeak

Analyst consensus for future earnings growth.

Risk

1.5/100 (15%)

Saul Centers, Inc. presents elevated risk with concerns around leverage or financial stability.

Debt/EquityWeak

Total debt relative to shareholder equity.

Current RatioWeak

Short-term liquidity — ability to pay near-term obligations.

Interest CoverageWeak

Earnings capacity relative to interest payments.

Valuation

65.3/100 (15%)

Saul Centers, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.

Earnings YieldWeak

Inverse of forward P/E — higher yield means cheaper stock.

Price to Free Cash FlowStrong

How many years of FCF the market cap represents.

EV/EBITDA vs SectorStrong

Enterprise value multiple relative to sector median.

Moat

30/100 (25%)

Saul Centers, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for BFS.

Score Composition

Quality
77.2×25%19.3
Growth
22.6×20%4.5
Risk
1.5×15%0.2
Valuation
65.3×15%9.8
Moat
30.0×25%7.5
Total
41.3Below Average

Financial Data

More Stock Analysis

How is the BFS UQS Score Calculated?

The UQS (Unified Quality Score) for Saul Centers, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.

Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.

Moat (25%) assesses Saul Centers, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.

Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.

Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.

Valuation (15%) measures whether Saul Centers, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.

Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.