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Saul Centers Balance Sheet 2025-2008 | BFS
Brief overview of Saul Centers's balance sheet structure
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
The asset base progressed from $1.7 billion to $2.2 billion, equal to +23.8% overall and about 5.5% per year.
Asset growth of +23.8% came with a +38.6% rise in liabilities. Financial leverage became more prominent.
Internal capital represents 14.2% of the balance sheet versus 30.4% five periods ago. The cushion is thin.
Each unit of equity supports about 1.49x of net debt. The level is not critical, though flexibility is narrower.
The cash reserve occupies 0.4% of the balance sheet, previously 0.8%. It is one marker of short-term resilience.
The balance sheet includes a negative accumulated result of -$337.7 million. It should be assessed alongside historical profits and capital distributions.
What the balance sheet shows
Saul Centers's financial structure calls for caution. Stronger equity, lower debt or restored liquidity would be needed to improve it.
Annual Balance Sheet Saul Centers
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
460 M | 445 M | 324 M | 308 M | - | 945 M | 1.9 B | 1.01 B | 948 M | 892 M | 865 M | 845 M | 803 M | 816 M | 828 M | - | - | - |
Long Term Debt |
468 M | 456 M | 332 M | 321 M | - | 972 M | 1.09 B | 1.02 B | 959 M | 900 M | 875 M | 857 M | 820 M | 828 M | 832 M | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 1.12 B | 1.05 B | 988 M | 931 M | 907 M | 890 M | 850 M | 859 M | 832 M | - | - | - |
Total Liabilities |
1.69 B | 1.63 B | 1.49 B | 1.31 B | 1.22 B | 1.22 B | 1.17 B | 1.1 B | 1.03 B | 970 M | 950 M | 928 M | 884 M | 900 M | 899 M | 774 M | - | - |
Deferred Revenue |
- | - | - | - | - | - | 29.3 M | - | - | - | - | - | 30.2 M | - | 31.3 M | - | - | - |
Retained Earnings |
-338 M | -307 M | -289 M | -274 M | -256 M | -242 M | -221 M | -209 M | -198 M | -189 M | -180 M | -174 M | -173 M | -155 M | -145 M | -129 M | - | - |
Total Assets |
2.16 B | 2.13 B | 1.99 B | 1.83 B | 1.75 B | 1.65 B | 1.62 B | 1.53 B | 1.42 B | 1.34 B | 1.3 B | 1.27 B | 1.2 B | 1.21 B | 1.19 B | 1.01 B | - | - |
Cash and Cash Equivalents |
8.74 M | 10.3 M | 8.41 M | 13.3 M | 14.6 M | 26.9 M | 13.9 M | 14.6 M | 10.9 M | 8.32 M | 10 M | 12.1 M | 17.3 M | 12.1 M | 12.3 M | 13 M | 20.6 M | 13 M |
Book Value |
477 M | 501 M | 504 M | 522 M | 530 M | 428 M | 443 M | 425 M | 393 M | 373 M | 354 M | 339 M | 315 M | 307 M | 293 M | 240 M | - | - |
Total Shareholders Equity |
308 M | 336 M | 348 M | 400 M | 530 M | 428 M | 375 M | 356 M | 334 M | 319 M | 303 M | 293 M | 277 M | 268 M | 250 M | 240 M | 226 M | 228 M |
All numbers in USD currency
Quarterly Balance Sheet Saul Centers
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.6 B | 1.59 B | 1.56 B | 1.54 B | - | 1.49 B | 1.44 B | 1.41 B | - | 1.34 B | 1.29 B | 1.25 B | - | 1.19 B | - | 1.14 B | 237 M | 1.14 B | 1.13 B | 1.14 B | 268 M | 1.18 B | 1.17 B | 1.12 B | 272 M | 1.01 B | 1.05 B | 1.02 B | 251 M | 1.01 B | 270 M | 277 M | 285 M | 263 M | 270 M | 245 M | 232 M | 232 M | 238 M | 244 M | 251 M | 256 M | 262 M | 261 M | 255 M | 261 M | 267 M | 267 M | 273 M | 278 M | 275 M | 257 M | 251 M | 257 M | 262 M | - | - | - | - | - |
Total Liabilities |
1.68 B | 1.68 B | 1.65 B | 1.64 B | 1.63 B | 1.6 B | 1.56 B | 1.52 B | 1.49 B | 1.45 B | 1.39 B | 1.35 B | 1.31 B | 1.28 B | - | 1.23 B | 1.22 B | 1.21 B | 1.21 B | 1.23 B | 1.22 B | 1.22 B | 1.22 B | 1.22 B | 1.17 B | 1.17 B | 1.17 B | 1.17 B | 1.1 B | 1.1 B | 1.1 B | 1.1 B | 1.03 B | 1.03 B | 1.03 B | 1.03 B | 970 M | 970 M | 970 M | 970 M | 942 M | 942 M | 942 M | 942 M | 928 M | 928 M | 928 M | 928 M | 884 M | 884 M | 884 M | 884 M | 900 M | 900 M | 900 M | 900 M | 899 M | 899 M | 899 M | 899 M |
Retained Earnings |
-346 M | -327 M | -320 M | -314 M | -307 M | -297 M | -295 M | -292 M | -289 M | -285 M | -281 M | -277 M | -274 M | -268 M | - | -260 M | -256 M | -252 M | -250 M | -247 M | -242 M | -242 M | -242 M | -242 M | -221 M | -221 M | -221 M | -221 M | -209 M | -209 M | -209 M | -209 M | -198 M | -198 M | -198 M | -198 M | -189 M | -189 M | -189 M | -189 M | -180 M | -180 M | -180 M | -180 M | -174 M | -174 M | -174 M | -174 M | -173 M | -173 M | -173 M | -173 M | -155 M | -155 M | -155 M | -155 M | -145 M | -145 M | -145 M | -145 M |
Total Assets |
2.16 B | 2.17 B | 2.14 B | 2.13 B | 2.13 B | 2.11 B | 2.07 B | 2.03 B | 1.99 B | 1.96 B | 1.91 B | 1.87 B | 1.83 B | 1.81 B | 1.78 B | 1.76 B | 1.75 B | 1.74 B | 1.74 B | 1.73 B | 1.65 B | 1.65 B | 1.65 B | 1.65 B | 1.62 B | 1.62 B | 1.62 B | 1.62 B | 1.53 B | 1.53 B | 1.53 B | 1.53 B | 1.42 B | 1.42 B | 1.42 B | 1.42 B | 1.34 B | 1.34 B | 1.34 B | 1.34 B | 1.3 B | 1.3 B | 1.3 B | 1.3 B | 1.26 B | 1.27 B | 1.27 B | 1.27 B | 1.2 B | 1.2 B | 1.2 B | 1.2 B | 1.21 B | 1.21 B | 1.21 B | 1.21 B | 1.19 B | 1.19 B | 1.19 B | 1.19 B |
Cash and Cash Equivalents |
9.33 M | 11.8 M | 5.3 M | 6.49 M | 10.3 M | 7.2 M | 6.86 M | 7.08 M | 8.41 M | 6.59 M | 11.5 M | 11.8 M | 13.3 M | 10.3 M | 11.2 M | 12.3 M | 14.6 M | 11.9 M | 14.9 M | 14.6 M | 26.9 M | 26.9 M | 26.9 M | 26.9 M | 13.9 M | 13.9 M | 13.9 M | 13.9 M | 14.6 M | 14.6 M | 14.6 M | 14.6 M | 10.9 M | 10.9 M | 10.9 M | 10.9 M | 8.32 M | 8.32 M | 8.32 M | 8.32 M | 10 M | 10 M | 10 M | 10 M | 12.1 M | 12.1 M | 12.1 M | 12.1 M | 17.3 M | 17.3 M | 17.3 M | 17.3 M | 12.1 M | 12.1 M | 12.1 M | 12.1 M | 12.3 M | 12.3 M | 12.3 M | 12.3 M |
Book Value |
473 M | 485 M | 488 M | 492 M | 501 M | 509 M | 513 M | 514 M | 504 M | 511 M | 514 M | 516 M | 522 M | 528 M | 1.78 B | 530 M | 530 M | 530 M | 529 M | 504 M | 428 M | 428 M | 428 M | 428 M | 443 M | 443 M | 443 M | 443 M | 425 M | 425 M | 425 M | 425 M | 393 M | 393 M | 393 M | 393 M | 373 M | 373 M | 373 M | 373 M | 354 M | 354 M | 354 M | 354 M | 329 M | 339 M | 339 M | 339 M | 315 M | 315 M | 315 M | 315 M | 307 M | 307 M | 307 M | 307 M | 293 M | 293 M | 293 M | 293 M |
Total Shareholders Equity |
302 M | 317 M | 322 M | 328 M | 336 M | 509 M | 513 M | 514 M | 348 M | 511 M | 516 M | 516 M | 400 M | 528 M | 530 M | 530 M | 405 M | 530 M | 529 M | 504 M | 364 M | 364 M | 364 M | 364 M | 375 M | 375 M | 375 M | 375 M | 356 M | 356 M | 356 M | 356 M | 334 M | 334 M | 334 M | 334 M | 319 M | 319 M | 319 M | 319 M | 303 M | 303 M | 303 M | 303 M | 293 M | 293 M | 293 M | 293 M | 277 M | 277 M | 277 M | 277 M | 268 M | 268 M | 268 M | 268 M | 250 M | 250 M | 250 M | 250 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Saul Centers, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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