HIGHBuilt-inGeographic
85%
Washington, DC/Baltimore metropolitan area
“10-K Item 1A: 'Over 85% of our property net operating income is generated by properties in the metropolitan Washington, DC/Baltimore metropolitan area.'”
BFS · Concentration risk · 10-K extracted
Saul Centers (BFS) concentration risks
Updated
The most significant concentration Saul Centers discloses is Washington, DC/Baltimore metropolitan area at 85%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Saul Centers’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partyTenant
4.5%
Giant Food
“10-K Item 1A: 'Our largest shopping center anchor tenant by revenue is Giant Food, which accounted for 4.5% of our total revenue for the year ended December 31, 2025.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Saul Centers' concentration risk is overwhelmingly geographic rather than tenant-driven. Over 85% of the company's property net operating income is generated by properties in the Washington, DC/Baltimore metropolitan area — a high-share structural exposure that ties the REIT's fortunes closely to that single region's employment, population, and commercial real estate conditions rather than to any single tenant relationship. By contrast, tenant concentration is comparatively contained: the largest shopping center anchor tenant by revenue, Giant Food, accounted for 4.5% of total revenue in the most recent year, a low-share dependency that would be readily absorbable if that relationship changed. Netting these two exposures out, the Washington, DC/Baltimore geographic concentration is by far the more consequential factor for the long-term verdict, since it defines the demand backdrop for essentially the entire portfolio, while the Giant Food anchor-tenant relationship is a minor, secondary dependency relative to that regional footprint.
For the engine’s reasoning on BFS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ALX | Alexander's, Inc. | 3 | 0 | 0 | 3 |
| BFS● | Saul Centers, Inc. | 1 | 0 | 1 | 2 |
| AKR | Acadia Realty Trust | 1 | 0 | 0 | 1 |
| BRX | Brixmor Property Group Inc. | 1 | 0 | 0 | 1 |
| CBL | CBL & Associates Properties, In | 0 | 1 | 0 | 1 |
| ADC | Agree Realty Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.