Saul Centers (NYSE: BFS) is a self-managed equity real estate investment trust that owns and operates community and neighborhood shopping centers and mixed-use properties. The REIT became public in 1993, drawing on the legacy of the B.F. Saul organization, which dates back to 1892. The company focuses on grocery-anchored retail centers and transit-oriented mixed-use assets in the Washington, D.C. metropolitan area, with 86% of property operating income generated from properties in the greater Washington, D.C./Baltimore region. The remaining 14% comes from select locations in Virginia, North Carolina, and other Mid-Atlantic markets. Saul Centers operates a portfolio of properties encompassing approximately 10.6 million square feet. The portfolio includes community and neighborhood shopping centers totaling 7.8 million square feet, mixed-use properties with 2.7 million square feet, and land and development parcels. The company's retail properties are anchored primarily by grocers, with 82.5% of shopping center operating income generated by grocery-anchored centers. The mixed-use segment includes office and residential components, with the company expanding its luxury apartment holdings through ground-up developments such as Twinbrook Quarter Phase I and Hampden House. The REIT's investment approach centers on long-term ownership of well-located properties in high-barrier, supply-constrained submarkets. Recent portfolio growth has come through internal development rather than acquisitions. Twinbrook Quarter Phase I in Rockville, Maryland, opened in October 2024 with 452 apartment units and retail space anchored by an 81,000-square-foot Wegmans supermarket. Hampden House, a residential mixed-use property in downtown Bethesda, Maryland, opened in October 2025, adding 366 luxury apartment units. Both developments are located adjacent to Metrorail stations. 86% of the portfolio by property operating income is concentrated in the Washington, D.C./Baltimore metropolitan area. The portfolio composition is 71.3% shopping centers and 28.7% mixed-use as measured by 2025 property operating income. Saul Centers reported total revenue of $289.8 million for fiscal year 2025.