CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Real estate investments
Land	$ 595,514	$ 595,514
Buildings and equipment	2,165,566	2,162,135
Construction in progress	113,892	109,950
Total	2,874,972	2,867,599
Accumulated depreciation	(826,852)	(812,035)
Total real estate investments, net	2,048,120	2,055,564
Cash and cash equivalents	9,326	8,741
Accounts receivable and accrued income, net	61,252	60,799
Deferred leasing costs, net	25,835	25,847
Other assets	12,319	11,727
Total assets	2,156,852	2,162,678
Liabilities
Mortgage notes payable, net	1,062,935	1,063,530
Revolving credit facility payable, net	137,979	144,678
Term loan facility payable, net	138,980	138,870
Construction loans payable, net	257,659	254,724
Accounts payable, accrued expenses and other liabilities	41,219	36,617
Deferred income	20,195	22,840
Dividends and distributions payable	24,411	24,162
Total liabilities	1,683,378	1,685,421
Equity
Common stock, $0.01 par value, 50,000,000 shares authorized, 24,595,080 and 24,551,168 shares issued and outstanding, respectively	246	245
Additional paid-in capital	461,101	459,222
Distributions in excess of accumulated earnings	(345,859)	(337,708)
Accumulated other comprehensive income	1,375	1,061
Total Saul Centers, Inc. equity	301,863	307,820
Noncontrolling interests	171,611	169,437
Total equity	473,474	477,257
Total liabilities and equity	2,156,852	2,162,678
Series D Cumulative Redeemable, 30,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	75,000	75,000
Series E Cumulative Redeemable, 44,000 shares issued and outstanding
Equity
Preferred stock, 1,000,000 shares authorized:	$ 110,000	$ 110,000