ADDED
Form 10-K Summary 61 FINANCIAL STATEMENT SCHEDULE Schedule III.
( Saul Centers ) was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the Code ).
In 1993, in connection with this restructuring, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the Operating Partnership ), and two newly formed subsidiary limited partnerships (the Subsidiary Partnerships, and collectively with the Operating Partnership, the Partnerships ), certain shopping center and mixed-use properties, and the management functions related to the transferred properties.
As of December 31, 2025, the Company s properties (the Current Portfolio Properties ) consisted of 50 shopping center properties (the Shopping Centers ), nine mixed-use properties, which are comprised of office, retail and multi-family residential uses (the Mixed-Use Properties ) and three (non-operating) development properties.
The Company augments its property management capabilities by sharing with the Saul Organization certain ancillary functions, at cost, such as information technology, payroll services, human resources and benefits administration, accounting services, and in-house legal services.
Operating Strategy The Company's primary strategy is to continue to diversify its assets through development of transit-oriented, residential mixed-use projects and expansion of and additions to its grocery-anchored Shopping Centers in the Washington, DC/Baltimore metropolitan area.
The Company has a pipeline of entitled sites in its portfolio, some of which are currently Shopping Centers, for development of up to 2,500 apartment units and 850,000 square feet of retail and office space.
In addition, the Company recently entered into a lease with Publix to develop a new grocery store at Ashland Square in Prince William County, Virginia.
When complete, Ashland Square is expected to ultimately comprise approximately 124,000 square feet of retail space including the 50,325 square foot Publix, three existing pad sites, four additional pad sites and approximately 30,000 square feet of small shop space.
Through its leasing activities, the Company intends to optimize the mix of uses at the Shopping Centers to improve foot traffic.
REMOVED
Form 10-K Summary 59 FINANCIAL STATEMENT SCHEDULE Schedule III.
( Saul Centers ) was incorporated under the Maryland General Corporation Law on June 10, 1993, and operates as a real estate investment trust (a REIT ) under the Internal Revenue Code of 1986, as amended (the Code ).
On August 26, 1993, members of the Saul Organization transferred to Saul Holdings Limited Partnership, a newly formed Maryland limited partnership (the Operating Partnership ), and two newly formed subsidiary limited partnerships (the Subsidiary Partnerships, and collectively with the Operating Partnership, the Partnerships ), shopping center and mixed-use properties, and the management functions related to the transferred properties.
As of December 31, 2024, the Company s properties (the Current Portfolio Properties ) consisted of 50 shopping center properties (the Shopping Centers ), eight mixed-use properties, which are comprised of office, retail and multi-family residential uses (the Mixed-Use Properties ) and four (non-operating) development properties.
The Company augments its property management capabilities by sharing with the Saul Organization certain ancillary functions, at cost, such as information technology and payroll services, benefits administration and in-house legal services.
Including Twinbrook Quarter and Hampden House, the Company has a pipeline of entitled sites in its portfolio, some of which are currently Shopping Centers, for development of up to an additional 3,200 apartment units and 870,000 square feet of retail and office space.
The Company intends to renegotiate leases where possible and seek new tenants for available space in order to optimize the mix of uses to improve foot traffic through the Shopping Centers.
As leases expire, management expects to revise rental rates, lease terms and conditions, relocate existing tenants, reconfigure tenant spaces and introduce new tenants with the goals of increasing occupancy, improving overall retail sales, and ultimately increasing cash flow.
When possible, management also will seek to include scheduled increases in base rent, as well as percentage rental provisions, in its leases.
The Company intends to selectively add free-standing pad site buildings within its Shopping Center portfolio, and replace underperforming tenants with tenants that generate strong traffic, including anchor stores such as grocery stores.