SAUL CENTERS, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $37.5M | $50.6M | $52.7M | $50.2M | $48.4M | $40.4M | $51.7M | $50.6M |
| Depreciation & Amortization | $58.8M | $50.5M | $48.4M | $49.0M | $50.3M | $51.1M | $46.3M | $45.9M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $2.0M | $1.7M | $1.4M | $1.5M | $1.6M | $1.4M | $1.9M | $1.8M |
| Net Cash from Operating Activities | $99.8M | $121.2M | $117.7M | $121.2M | $118.4M | $78.4M | $115.4M | $110.3M |
| Investing Activities | ||||||||
| Capital Expenditures | — | — | — | $116.9M | $55.9M | $56.2M | $135.7M | $128.7M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-95.8M | $-188.7M | $-203.7M | $-116.9M | $-55.9M | $-56.2M | $-135.7M | $-128.7M |
| Financing Activities | ||||||||
| Dividends Paid | $57.1M | $56.9M | $56.7M | $55.5M | $51.0M | $49.4M | $48.6M | $46.3M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-5.5M | $69.4M | $81.1M | $-5.6M | $-74.8M | $-9.3M | $19.6M | $22.0M |
| Net Change in Cash | $-1.6M | $1.9M | $-4.9M | $-1.3M | $-12.3M | $13.0M | $-673.0K | $3.7M |
| Free Cash Flow | — | — | — | $4.3M | $62.5M | $22.2M | $-20.3M | $-18.3M |