---
schema_version: "secwatch.filing_event.v1"
accession: "0000907254-25-000107"
form_type: "8-K"
ticker: "BFS"
cik: "0000907254"
company_name: "SAUL CENTERS, INC."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-17T00:07:52.889584+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Q3 net income $14M vs $19.6M YoY; EPS $0.32 vs $0.48; Twinbrook startup drags

## Summary
- Total revenue $72.0M, up from $67.3M in prior-year quarter.
- Net income available to common stockholders $7.7M ($0.32/share) vs $11.7M ($0.48/share).
- Twinbrook Quarter Phase I initial ops reduced net income by $4.7M, EPS by $0.10/share.
- Same property NOI down 2.0%; shopping center -0.4M, mixed-use -0.6M.
- Twinbrook Phase I 95.4% residential leased (431 of 452 units) as of Nov 3, 2025.

## SEC filing metadata
- accession: 0000907254-25-000107
- form_type: 8-K
- ticker: BFS
- cik: 0000907254
- company_name: SAUL CENTERS, INC.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/907254/000090725425000107/0000907254-25-000107-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/907254/000090725425000107/bfs-20251106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000907254-25-000107
- JSON: https://secwatch.observer/filing/0000907254-25-000107.json
- Plain text: https://secwatch.observer/filing/0000907254-25-000107.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.