Saul Centers is a REIT that owns and operates grocery-anchored shopping centers and mixed-use properties in the Washington, DC/Baltimore metro area. The portfolio includes 50 shopping centers, nine mixed-use properties, and three development properties. Saul Centers leases space directly to tenants and manages all properties in-house through its operating partnership. The shopping center business is built around grocery-anchored community and neighborhood centers, where the grocery anchor drives consistent foot traffic that supports smaller shop tenants paying higher rents per square foot. Revenue is driven by occupancy and rent rates, with internal growth coming from re-leasing expired leases at higher market rents, scheduled escalations, and percentage rent clauses tied to tenant sales. Saul Centers is also developing transit-oriented mixed-use projects near Washington Metro red line stations in Montgomery County, Maryland, combining ground-floor retail with apartment units. The two active development projects are Twinbrook Quarter in Rockville (452 apartments and an 81,000 sq ft Wegmans) and Hampden House in Bethesda (366 apartments and retail). These projects are capital-intensive and financed with construction-to-permanent loans, generating returns as occupancy stabilizes post-opening. Saul Centers has an entitled pipeline of sites with potential for up to 2,500 apartment units and 850,000 sq ft of retail and office space. As a REIT, Saul Centers distributes at least 90% of taxable income to shareholders, relying on debt and equity markets to fund development.