← SAUL CENTERS, INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $65.4m $69.0m $67.7m $49.2m
Net Income (Loss) Attributable to Parent $45.3m $48.3m $50.6m $51.7m $40.4m $48.4m $50.2m $52.7m $50.6m $37.5m
Net Income (Loss) Available to Common Stockholders, Basic $32.9m $35.9m $36.0m $36.3m $29.2m $37.2m $39.0m $41.5m $39.5m $26.3m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $56.7m $60.7m $63.1m $64.2m $50.3m $61.6m $65.4m $69.0m $67.7m $49.2m
Net Income (Loss) Attributable to Noncontrolling Interest $11.4m $12.4m $12.5m $12.5m $9.9m $13.3m $15.2m — — —
Depreciation, Depletion and Amortization $44.4m $45.7m $45.9m $46.3m $51.1m $50.3m $49.0m $48.4m $50.5m $58.8m
Amortization of Debt Issuance Costs and Discounts $1.3m $1.4m $1.6m $1.5m $1.6m $1.7m $2.0m $2.2m $2.4m $3.0m
Share-based Payment Arrangement, Noncash Expense $1.6m $1.7m $1.8m $1.9m $1.4m $1.6m $1.5m $1.4m $1.7m $2.0m
Share-based Payment Arrangement, Expense $1.3m $1.4m $1.6m $1.6m $1.2m $1.3m $1.3m $1.2m $700k $500k
Asset Impairment Charge — — — — — — ($88k) $534k $859k $1.7m
Gain (Loss) on Extinguishment of Debt — — — — — — ($648k) $0 $0 —
Gain (Loss) on Disposition of Property Plant Equipment — — — $0 $278k $0 $0 — $181k $120k
Operating Lease, Expense — — — — $799k $800k $824k $871k $848k $877k
Operating Lease, Lease Income — — — $223.4m $220.3m $234.5m $240.8m $249.1m $261.2m $284.4m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Other Operating Assets $6.4m ($1.4m) ($3.7m) ($894k) ($361k) $2.8m ($4.5m) ($453k) ($742k) ($474k)
Gain (Loss) on Sale of Properties $1.0m $0 $509k $0 $278k $0 $0 — $181k —
General and Administrative Expense $17.5m $18.2m $18.5m $20.8m $19.1m $20.3m $22.4m $23.5m $25.1m $26.9m
Operating Expenses — — — $166.9m — — — — — —
Provision for Loan, Lease, and Other Losses $1.5m $906k $685k $1.2m $5.2m $812k ($88k) $534k $859k $1.7m
Real Estate Tax Expense $24.7m $27.0m — $28.0m $29.6m $28.7m $28.6m $29.6m $30.3m $32.4m
Operating Cash Flow $89.1m $103.5m $110.3m $115.4m $78.4m $118.4m $121.2m $117.7m $121.2m $99.8m
Cash Flow From Continuing Operating Activities $89.1m $103.5m $110.3m $115.4m $78.4m $118.4m $121.2m $117.7m $121.2m $99.8m
Beginning Cash Position — — — — — — $14.6m $13.3m $8.4m $10.3m
Cash Flow From Continuing Financing Activities — — — — — — ($5.6m) $81.1m $69.4m ($5.5m)
Cash Flow From Continuing Investing Activities — — — — — — ($116.9m) ($203.7m) ($188.7m) ($95.8m)
Change In Account Payable — — — — — — $524k $1.9m ($691k) $474k
Change In Other Current Assets — — — — — — $4.5m $453k $742k $474k
Change In Other Working Capital — — — — — — ($2.0m) ($421k) $285k ($193k)
Change In Payable — — — — — — $524k $1.9m ($691k) $474k
Change In Payables And Accrued Expense — — — — — — $524k $1.9m ($691k) $474k
Change In Receivables — — — — — — $2.4m ($243k) $4.2m ($11.6m)
Change In Working Capital — — — — — — $5.4m $1.7m $4.6m ($10.8m)
Changes In Cash — — — — — — ($1.3m) ($4.9m) $1.9m ($1.6m)
End Cash Position — — — — — — $13.3m $8.4m $10.3m $8.7m
Financing Cash Flow — — — — — — ($5.6m) $81.1m $69.4m ($5.5m)
Free Cash Flow — — — — — — $121.2m $117.7m $121.2m $99.8m
Gain Loss On Sale Of PPE — — — — — — $0 $0 ($181k) ($120k)
Investing Cash Flow — — — — — — ($116.9m) ($203.7m) ($188.7m) ($95.8m)
Issuance Of Capital Stock — — — — — — $8.2m $2.2m $2.4m $3.2m
Net Business Purchase And Sale — — — — — — ($101.1m) ($177.5m) ($151.7m) ($52.8m)
Operating Gains Losses — — — — — — $648k — ($181k) ($120k)
Other Non Cash Items — — — — — — $48.2m $45.1m $46.6m $57.8m
Purchase Of Business — — — — — — ($101.1m) ($177.5m) ($151.7m) ($52.8m)
Stock Based Compensation — — — — — — $1.5m $1.4m $1.7m $2.0m
Net Cash Provided by (Used in) Operating Activities $89.1m $103.5m $110.3m $115.4m $78.4m $118.4m $121.2m $117.7m $121.2m $99.8m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $91.0m $120.0m $128.7m $135.7m $56.2m $55.9m $116.9m — — —
Net Investment Properties Purchase And Sale — — — — — — ($15.8m) ($26.2m) ($37.0m) ($43.0m)
Purchase Of Investment Properties — — — — — — ($15.8m) ($26.2m) ($37.2m) ($43.1m)
Sale Of Investment Properties — — — — — — $0 $0 $181k $120k
Net Cash Provided by (Used in) Investing Activities ($86.3m) ($113.3m) ($128.7m) ($135.7m) ($56.2m) ($55.9m) ($116.9m) ($203.7m) ($188.7m) ($95.8m)
Cash flows from financing activities:
Issuance Of Debt — — — — — — $354.8m $257.9m $464.0m $276.3m
Long Term Debt Issuance — — — — — — $354.8m $257.9m $464.0m $276.3m
Net Issuance Payments Of Debt — — — — — — $83.7m $167.6m $146.4m $73.1m
Net Long Term Debt Issuance — — — — — — $83.7m $167.6m $146.4m $73.1m
Net Short Term Debt Issuance — — — — — $1.5m $58.0m $112.0m — —
Short Term Debt Issuance — — — — — $46.0m $155.0m $160.0m — —
Long Term Debt Payments — — — — — — ($271.1m) ($90.3m) ($317.6m) ($203.2m)
Repayment Of Debt — — — — — — ($271.1m) ($90.3m) ($317.6m) ($203.2m)
Short Term Debt Payments — — — — — ($44.5m) ($97.0m) ($48.0m) — —
Proceeds from Issuance of Common Stock $21.6m $22.8m $30.5m $25.0m $8.3m $14.4m $8.2m $2.2m $2.4m $3.2m
Common Stock Issuance — — — — — — $8.2m $2.2m $2.4m $3.2m
Net Common Stock Issuance — — — — — — $8.2m $2.2m $2.4m $3.2m
Payments of Ordinary Dividends, Common Stock $39.5m $44.6m $46.3m $48.6m $49.4m $51.0m $55.5m $56.7m $56.9m $57.1m
Dividends Payable $18.0m $18.5m $19.2m $19.3m $19.4m $21.7m $22.5m $22.9m $23.5m $24.2m
Cash Dividends Paid — — — — — — ($66.7m) ($67.9m) ($68.1m) ($68.3m)
Common Stock Dividend Paid — — — — — — ($55.5m) ($56.7m) ($56.9m) ($57.1m)
Preferred Stock Dividend Paid — — — — — — ($11.2m) ($11.2m) ($11.2m) ($11.2m)
Net Other Financing Charges — — — — — — ($30.7m) ($20.8m) ($11.3m) ($13.5m)
Net Cash Provided by (Used in) Financing Activities ($4.5m) $12.4m $22.0m $19.6m ($9.3m) ($74.8m) ($5.6m) $81.1m $69.4m ($5.5m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($1.7m) $2.6m $3.7m ($673k) $13.0m ($12.3m) ($1.3m) ($4.9m) $1.9m ($1.6m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $13.9m $26.9m $14.6m $13.3m $8.4m $10.3m $8.7m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — ($1.3m) ($4.9m) $1.9m ($1.6m)
Interest Paid, Excluding Capitalized Interest, Operating Activities $44.1m $45.7m $43.6m $40.4m $45.0m $44.6m $40.7m $46.1m $51.6m $67.9m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.