Saul Centers (BFS) AGM 2026 presentation summary

Opening remarks and agenda

• Presentation included forward-looking statements and a safe harbor statement, highlighting macroeconomic, regulatory, and operational risks.

Financial performance review

• Property net operating income grew at a 5.2% compound annual rate since 1994, with a 1.3% increase in 2025 over 2024.

• Shopping centers contributed 71.3% of property net operating income in 2025, with apartments rising to 12.9%.

• FFO per share was $2.76 in 2025, down $0.34 from 2024, mainly due to new developments.

• Dividends declared were $2.36 per share in 2025, maintaining a strong distribution record.

Board and executive committee updates

• No specific updates on board or executive committee activities were provided in the presentation.