Saul Centers (BFS) AGM 2025 presentation summary

Opening remarks and agenda

• Presentation included forward-looking statements and a safe harbor statement, highlighting various risk factors and uncertainties affecting future performance.

Financial performance review

• Property net operating income grew at a 5.0% compound annual rate since 1994, with a 3.3% increase in 2024 compared to 2023.

• FFO per share was $3.10 in 2024, down $0.07 from 2023, mainly due to initial operations at Twinbrook Quarter Phase I.

• Dividends remained steady at $2.36 per share for both 2023 and 2024.

• As of December 31, 2024, a shareholder since the 1993 IPO achieved an 8.4% compounded annual total return.

Strategic initiatives and plans

• Continued focus on grocery-anchored shopping centers, which contributed 73.6% of property net operating income in 2024.

• Apartment segment expanded from 3.2% of property net operating income in 2014 to 11.0% in 2024, with further growth expected.

• Mixed-use development pipeline includes 1,779 apartment units, 378,000 SF of retail, and 431,000 SF of office space, with major projects along the DC Metrorail Red Line.

• Twinbrook Quarter Phase I opened in October 2024, with 61% of residential units and 96% of commercial space leased as of May 2025; Wegmans opening in June 2025.

• Hampden House in Bethesda, with 366 apartments and 10,100 SF retail, is on track to open in late 2025.

• Five new shopping center pad sites are under lease or negotiation, leveraging existing land for quick returns.