Saul Centers is a self-managed equity real estate investment trust formed in 1993. The REIT operates a portfolio of 61 properties comprising 50 community and neighborhood shopping centers, seven mixed-use properties, and four land and development properties, totaling approximately 10.2 million square feet of leasable area. Over 85% of property operating income originates from assets in the Washington DC/Baltimore metropolitan area. The company focuses on properties serving day-to-day consumer necessities and services, with 81.3% of shopping center operating income generated by grocery-anchored centers. Shopping centers represented 74% of same-property operating income in 2024, with mixed-use residential contributing 13% and office mixed-use providing 13%. The REIT has concentrated development activity in supply-constrained submarkets along the Washington DC Metrorail system.