VSTS Q3 2025: Revenue Down 3.5%, Swings to $0.7 M Loss, Leverage Under Watch

Q: How did VSTS perform financially in Q3 FY-25?

Revenue was $673.8 m (-3.5% YoY) and net loss was $0.7 m (-$0.01 EPS).

Q: What is Vestis' current leverage and liquidity position?

Net debt is $1.16 bn ; liquidity includes $23.7 m cash and $266 m undrawn revolver.

Q: How did operating cash flow change year-to-date?

OCF fell to $33.3 m from $176.2 m in the prior year due to working-capital outflows and higher credit-loss reserves.

[8-K] Saul Centers, Inc. Reports Material Event

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Vestis Corporation (VSTS) Q3 FY-25 10-Q highlights

Revenue slipped 3.5% YoY to $673.8 m; nine-month sales down 4.7% to $2.02 bn.
Operating income fell 33% to $25.0 m; net swung to a $0.7 m loss (-$0.01 EPS) versus $5.0 m profit a year ago. YTD loss is $27.7 m (-$0.21 EPS).
Cost pressure sustained: SG&A up 6% YTD and severance charges reached $12.4 m (vs. $1.4 m prior period).
Operating cash flow collapsed to $33.3 m YTD (vs. $176.2 m), driven by working-capital use and higher credit-loss allowance (+$15 m).
Net debt stands at $1.16 bn; weighted-avg interest 6.68%. May-25 credit-agreement amendment raised net-leverage covenant to 5.25脳 and suspended dividends/buybacks until leverage 鈮�4.5脳, signalling tighter lender oversight.
Liquidity: $23.7 m cash plus $266 m revolver availability.
Segment view: U.S. revenue -3.7%, OI -37%; Canada revenue -1.5% but OI doubled to $2.5 m.
No goodwill impairment despite trigger review; allowance for credit losses now $30.8 m.
Multiple shareholder class- and derivative actions filed May鈥揓ul 2025; settlement of prior pricing suit cost $3.1 m.

Overall, softer volumes, margin compression and litigation overshadow modest interest-expense savings and adequate liquidity.

Punti salienti del 10-Q del terzo trimestre FY-25 di Vestis Corporation (VSTS)

I ricavi sono diminuiti del 3,5% su base annua, raggiungendo 673,8 milioni di dollari; le vendite nei primi nove mesi sono calate del 4,7% a 2,02 miliardi di dollari.
L'utile operativo 猫 sceso del 33% a 25,0 milioni di dollari; il risultato netto ha registrato una perdita di 0,7 milioni di dollari (-0,01 dollari per azione) rispetto a un utile di 5,0 milioni di dollari dell'anno precedente. La perdita da inizio anno 猫 di 27,7 milioni di dollari (-0,21 dollari per azione).
La pressione sui costi si mantiene: le spese SG&A sono aumentate del 6% da inizio anno e gli oneri per licenziamenti hanno raggiunto 12,4 milioni di dollari (contro 1,4 milioni nel periodo precedente).
Il flusso di cassa operativo 猫 crollato a 33,3 milioni di dollari da inizio anno (rispetto a 176,2 milioni), a causa dell'impiego del capitale circolante e di un aumento dell'accantonamento per perdite su crediti (+15 milioni).
Il debito netto ammonta a 1,16 miliardi di dollari; il tasso d'interesse medio ponderato 猫 del 6,68%. La modifica dell'accordo di credito di maggio 2025 ha aumentato il covenant di leva finanziaria netta a 5,25脳 e sospeso dividendi e riacquisti fino a quando la leva non scender脿 a 鈮�4,5脳, segnalando un controllo pi霉 rigoroso da parte dei finanziatori.
Liquidit脿: 23,7 milioni di dollari in contanti pi霉 266 milioni di dollari di disponibilit脿 su linea di credito.
Analisi per segmento: ricavi USA -3,7%, utile operativo -37%; ricavi Canada -1,5% ma utile operativo raddoppiato a 2,5 milioni di dollari.
Nessuna svalutazione dell'avviamento nonostante la revisione di trigger; l'accantonamento per perdite su crediti 猫 ora di 30,8 milioni di dollari.
Tra maggio e luglio 2025 sono state presentate numerose azioni legali da parte di azionisti di diverse classi e derivati; la risoluzione di una precedente causa sui prezzi 猫 costata 3,1 milioni di dollari.

In sintesi, volumi pi霉 deboli, compressione dei margini e contenziosi oscurano i modesti risparmi sugli interessi e una liquidit脿 adeguata.

Vestis Corporation (VSTS) FY-25 3攵勱赴 10-Q 欤检殧雮挫毄

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鞓侅梾鞚挫澋鞚€ 33% 臧愳唽頃� 2,500毵� 雼煬; 靾滌澊鞚奠潃 700,000雼煬靻愳嫟(-欤茧嫻靾滌澊鞚� -0.01雼煬)搿� 鞝勲厔 500毵� 雼煬鞚挫澋鞐愳劀鞝侅瀽鞝勴櫂. 鞐办磮鞚错泟雸勳爜靻愳嫟鞚€ 2,770毵� 雼煬(-欤茧嫻靾滌澊鞚� -0.21雼煬).
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靾滊秬毂勲姅 11鞏� 6觳滊 雼煬, 臧€欷戫弶攴� 鞚挫瀽鞙� 6.68%. 2025雲� 5鞗� 鞁犾毄瓿勳暯靾橃爼鞙茧 靾滊爤氩勲Μ歆€ 鞝滍暅鞚� 5.25氚半 靸來枼臁办爼霅橁碃, 霠堧矂毽 4.5氚� 鞚错晿臧€ 霅� 霑岅箤歆€ 氚半嫻氚� 鞛愳偓欤� 毵れ瀰鞚� 欷戨嫧霅橃柎雽€於滉赴甏€鞚� 鞐勱博頃� 臧愲弲鞁犿樃.
鞙犽彊靹�: 順勱笀 2,370毵� 雼煬氚� 2鞏� 6,600毵� 雼煬臧€鞖� 鞁犾毄頃滊弰.
靷梾攵€氤� 順勴櫓: 氙戈淡毵れ稖 -3.7%, 鞓侅梾鞚挫澋 -37%; 旌愲倶雼� 毵れ稖 -1.5%鞚措倶鞓侅梾鞚挫澋鞚€ 250毵� 雼煬搿� 霊� 氚� 歃濌皜.
臧愱皜靸侁皝雽€靸� 鞐嗢潓鞐愲弰攵堦惮頃橁碃鞓侅梾甓� 靻愳儊鞐嗢潓; 鞁犾毄靻愳嫟於╇嫻旮堨潃順勳灛 3,080毵� 雼煬.
2025雲� 5鞗攡7鞗� 雼れ垬鞚� 欤检＜歆戨嫧氚� 韺岇儩靸來拡靻岇啞鞝滉赴; 鞚挫爠臧€瓴� 甏€霠� 靻岇啞頃╈潣牍勳毄 310毵� 雼煬.

鞝勲皹鞝侅溂搿� 韺愲Г霟� 臧愳唽, 毵堨 鞎曤皶, 靻岇啞鞚挫妶臧€ 鞚挫瀽牍勳毄鞝堦皭氚� 鞝侅爤頃� 鞙犽彊靹膘潉靸侅噭頃橁碃鞛堨潓.

Points cl茅s du 10-Q du T3 FY-25 de Vestis Corporation (VSTS)

Le chiffre d'affaires a recul茅 de 3,5 % en glissement annuel 脿 673,8 M$ ; les ventes sur neuf mois ont diminu茅 de 4,7 % 脿 2,02 Md$.
Le r茅sultat d'exploitation a chut茅 de 33 % 脿 25,0 M$ ; le r茅sultat net est pass茅脿 une perte de 0,7 M$ (-0,01 $ par action) contre un b茅n茅fice de 5,0 M$ un an auparavant. La perte cumul茅 depuis le d茅but de l'ann茅e s'茅l猫ve 脿 27,7 M$ (-0,21 $ par action).
Pression sur les co没ts maintenue : les SG&A ont augment茅 de 6 % depuis le d茅but de l'ann茅e et les charges de licenciement ont atteint 12,4 M$ (contre 1,4 M$ sur la p茅riode pr茅c茅dente).
Le flux de tr茅sorerie op茅rationnel s'est effondr茅脿 33,3 M$ depuis le d茅but de l'ann茅e (contre 176,2 M$), en raison de l'utilisation du fonds de roulement et d'une augmentation de la provision pour pertes sur cr茅ances (+15 M$).
La dette nette s'茅l猫ve 脿 1,16 Md$ ; taux d'int茅r锚t moyen pond茅r茅 de 6,68 %. L'amendement de l'accord de cr茅dit de mai 2025 a relev茅 le covenant de levier net 脿 5,25脳 et suspendu les dividendes et rachats d'actions jusqu'脿 ce que le levier soit 鈮�4,5脳, signalant une surveillance plus stricte des pr锚teurs.
Liquidit茅s : 23,7 M$ en tr茅sorerie plus 266 M$ de ligne de cr茅dit renouvelable disponible.
Vue par segment : chiffre d'affaires US -3,7 %, r茅sultat d'exploitation -37 % ; chiffre d'affaires Canada -1,5 % mais r茅sultat d'exploitation doubl茅脿 2,5 M$.
Aucune d茅pr茅ciation du goodwill malgr茅 la revue des d茅clencheurs ; la provision pour pertes sur cr茅ances est d茅sormais de 30,8 M$.
Multiples actions en justice d'actionnaires de diff茅rentes classes et d茅riv茅s d茅pos茅es entre mai et juillet 2025 ; le r猫glement d'un litige ant茅rieur sur les prix a co没t茅 3,1 M$.

Globalement, des volumes plus faibles, une compression des marges et des litiges 茅clipsent les modestes 茅conomies sur les charges d'int茅r锚ts et une liquidit茅 ad茅quate.

Positive

Interest expense declined 25% YoY (to $22.5 m) following February-24 refinancing, easing bottom-line pressure.
Credit-agreement amendment increased leverage headroom and extended covenants, reducing immediate default risk.
Liquidity remains available with $266 m unused revolver capacity plus $23.7 m cash.
Canada segment doubled operating income to $2.5 m despite slight revenue dip.

Negative

Revenue contraction: -3.5% Q3 and -4.7% YTD, indicating demand softness.
Profitability reversal: Net loss of $0.7 m vs $5.0 m profit YoY; operating income down 33%.
Operating cash flow plunged 81% YTD to $33.3 m, straining internal funding.
High leverage: $1.16 bn debt vs $882 m equity; dividend suspended until leverage improves.
Allowance for credit losses jumped to $30.8 m (+15 m adjustment), signalling collection risk.
Severance costs surged to $12.4 m, reflecting executive turnover.
Shareholder litigation and derivative suits create legal and reputational overhang.

Insights

TL;DR: Earnings reversed to loss, cash generation weak, leverage high鈥攅quity story deteriorates.

Revenue decline coupled with expense creep pushed Vestis into the red. Operating margin dropped 140 bp and nine-month OCF fell 81%, raising concerns on cash generation for a highly levered balance sheet. The covenant reset buys time but at the cost of dividend restrictions, confirming limited capital-allocation flexibility. Litigation overhang and credit-loss build highlight execution and governance risks. Equity holders face a tougher recovery path absent clear volume or pricing catalysts.

TL;DR: Covenant relief averts breach but fundamentals weaken; leverage and liquidity need close monitoring.

Net leverage remains elevated (~4.9脳 EBITDA by our quick estimate). Amendment raises threshold to 5.25脳 through FY-26, offering cushion, yet OCF erosion and higher bad-debt expense pressure coverage. Interest expense dropped 25% YoY after refinancing, though variable-rate exposure persists. $266 m revolver headroom plus $24 m cash suffice near-term, but dividend ban underscores lender precaution. Any further earnings slippage could reignite covenant risk.

Punti salienti del 10-Q del terzo trimestre FY-25 di Vestis Corporation (VSTS)

I ricavi sono diminuiti del 3,5% su base annua, raggiungendo 673,8 milioni di dollari; le vendite nei primi nove mesi sono calate del 4,7% a 2,02 miliardi di dollari.
L'utile operativo 猫 sceso del 33% a 25,0 milioni di dollari; il risultato netto ha registrato una perdita di 0,7 milioni di dollari (-0,01 dollari per azione) rispetto a un utile di 5,0 milioni di dollari dell'anno precedente. La perdita da inizio anno 猫 di 27,7 milioni di dollari (-0,21 dollari per azione).
La pressione sui costi si mantiene: le spese SG&A sono aumentate del 6% da inizio anno e gli oneri per licenziamenti hanno raggiunto 12,4 milioni di dollari (contro 1,4 milioni nel periodo precedente).
Il flusso di cassa operativo 猫 crollato a 33,3 milioni di dollari da inizio anno (rispetto a 176,2 milioni), a causa dell'impiego del capitale circolante e di un aumento dell'accantonamento per perdite su crediti (+15 milioni).
Il debito netto ammonta a 1,16 miliardi di dollari; il tasso d'interesse medio ponderato 猫 del 6,68%. La modifica dell'accordo di credito di maggio 2025 ha aumentato il covenant di leva finanziaria netta a 5,25脳 e sospeso dividendi e riacquisti fino a quando la leva non scender脿 a 鈮�4,5脳, segnalando un controllo pi霉 rigoroso da parte dei finanziatori.
Liquidit脿: 23,7 milioni di dollari in contanti pi霉 266 milioni di dollari di disponibilit脿 su linea di credito.
Analisi per segmento: ricavi USA -3,7%, utile operativo -37%; ricavi Canada -1,5% ma utile operativo raddoppiato a 2,5 milioni di dollari.
Nessuna svalutazione dell'avviamento nonostante la revisione di trigger; l'accantonamento per perdite su crediti 猫 ora di 30,8 milioni di dollari.
Tra maggio e luglio 2025 sono state presentate numerose azioni legali da parte di azionisti di diverse classi e derivati; la risoluzione di una precedente causa sui prezzi 猫 costata 3,1 milioni di dollari.

In sintesi, volumi pi霉 deboli, compressione dei margini e contenziosi oscurano i modesti risparmi sugli interessi e una liquidit脿 adeguata.

Vestis Corporation (VSTS) FY-25 3攵勱赴 10-Q 欤检殧雮挫毄

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靾滊秬毂勲姅 11鞏� 6觳滊 雼煬, 臧€欷戫弶攴� 鞚挫瀽鞙� 6.68%. 2025雲� 5鞗� 鞁犾毄瓿勳暯靾橃爼鞙茧 靾滊爤氩勲Μ歆€ 鞝滍暅鞚� 5.25氚半 靸來枼臁办爼霅橁碃, 霠堧矂毽 4.5氚� 鞚错晿臧€ 霅� 霑岅箤歆€ 氚半嫻氚� 鞛愳偓欤� 毵れ瀰鞚� 欷戨嫧霅橃柎雽€於滉赴甏€鞚� 鞐勱博頃� 臧愲弲鞁犿樃.
鞙犽彊靹�: 順勱笀 2,370毵� 雼煬氚� 2鞏� 6,600毵� 雼煬臧€鞖� 鞁犾毄頃滊弰.
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2025雲� 5鞗攡7鞗� 雼れ垬鞚� 欤检＜歆戨嫧氚� 韺岇儩靸來拡靻岇啞鞝滉赴; 鞚挫爠臧€瓴� 甏€霠� 靻岇啞頃╈潣牍勳毄 310毵� 雼煬.

鞝勲皹鞝侅溂搿� 韺愲Г霟� 臧愳唽, 毵堨 鞎曤皶, 靻岇啞鞚挫妶臧€ 鞚挫瀽牍勳毄鞝堦皭氚� 鞝侅爤頃� 鞙犽彊靹膘潉靸侅噭頃橁碃鞛堨潓.

Points cl茅s du 10-Q du T3 FY-25 de Vestis Corporation (VSTS)

Le chiffre d'affaires a recul茅 de 3,5 % en glissement annuel 脿 673,8 M$ ; les ventes sur neuf mois ont diminu茅 de 4,7 % 脿 2,02 Md$.
Le r茅sultat d'exploitation a chut茅 de 33 % 脿 25,0 M$ ; le r茅sultat net est pass茅脿 une perte de 0,7 M$ (-0,01 $ par action) contre un b茅n茅fice de 5,0 M$ un an auparavant. La perte cumul茅 depuis le d茅but de l'ann茅e s'茅l猫ve 脿 27,7 M$ (-0,21 $ par action).
Pression sur les co没ts maintenue : les SG&A ont augment茅 de 6 % depuis le d茅but de l'ann茅e et les charges de licenciement ont atteint 12,4 M$ (contre 1,4 M$ sur la p茅riode pr茅c茅dente).
Le flux de tr茅sorerie op茅rationnel s'est effondr茅脿 33,3 M$ depuis le d茅but de l'ann茅e (contre 176,2 M$), en raison de l'utilisation du fonds de roulement et d'une augmentation de la provision pour pertes sur cr茅ances (+15 M$).
La dette nette s'茅l猫ve 脿 1,16 Md$ ; taux d'int茅r锚t moyen pond茅r茅 de 6,68 %. L'amendement de l'accord de cr茅dit de mai 2025 a relev茅 le covenant de levier net 脿 5,25脳 et suspendu les dividendes et rachats d'actions jusqu'脿 ce que le levier soit 鈮�4,5脳, signalant une surveillance plus stricte des pr锚teurs.
Liquidit茅s : 23,7 M$ en tr茅sorerie plus 266 M$ de ligne de cr茅dit renouvelable disponible.
Vue par segment : chiffre d'affaires US -3,7 %, r茅sultat d'exploitation -37 % ; chiffre d'affaires Canada -1,5 % mais r茅sultat d'exploitation doubl茅脿 2,5 M$.
Aucune d茅pr茅ciation du goodwill malgr茅 la revue des d茅clencheurs ; la provision pour pertes sur cr茅ances est d茅sormais de 30,8 M$.
Multiples actions en justice d'actionnaires de diff茅rentes classes et d茅riv茅s d茅pos茅es entre mai et juillet 2025 ; le r猫glement d'un litige ant茅rieur sur les prix a co没t茅 3,1 M$.

Globalement, des volumes plus faibles, une compression des marges et des litiges 茅clipsent les modestes 茅conomies sur les charges d'int茅r锚ts et une liquidit茅 ad茅quate.

08/05/2025 - 04:23 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2025


SAUL CENTERS, INC.
(Exact name of registrant as specified in its charter)

Maryland

1-12254

52-1833074

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814

(Address of principal executive office) (Zip Code)

Registrant’s telephone number, including area code (301) 986-6200

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading symbol:	Name of exchange on which registered:
Common Stock, Par Value $0.01 Per Share	BFS	New York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.125% Series D Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share	BFS/PRD	New York Stock Exchange
Depositary Shares each representing 1/100th of a share of 6.000% Series E Cumulative Redeemable Preferred Stock, Par Value $0.01 Per Share	BFS/PRE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On July 30, 2025, Saul Holdings Limited Partnership (the "Partnership"), the operating partnership of Saul Centers, Inc. (the "Company"), entered into a Credit Agreement by and among the Partnership, as borrower; Wells Fargo Securities, LLC ("Wells Fargo Securities") as joint lead arranger and joint bookrunner; Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent; Capital One, National Association ("Capital One"), as syndication agent, joint lead arranger and joint bookrunner; U.S. Bank National Association ("US Bank"), as documentation agent and joint lead arranger; Truist Bank ("Truist"), as documentation agent and joint lead arranger; The Huntington National Bank ("Huntington"), as documentation agent and joint lead arranger; and Wells Fargo, Capital One, US Bank, Truist, Huntington, Associated Bank, National Association ("Associated Bank") and Atlantic Union Bank, as lenders (the "New Credit Agreement").

The New Credit Agreement replaces the Credit Agreement dated August 31, 2021, by and among the Partnership, as borrower; Wells Fargo Securities, as joint lead arranger and sole bookrunner; Wells Fargo, as administrative agent; Capital One, as syndication agent and joint lead arranger; TD Bank, N.A. ("TD Bank") and US Bank, as documentation agents; and Wells Fargo, Capital One, TD Bank, US Bank, Regions Bank, PNC Bank, National Association and Associated Bank, as lenders (the "Existing Credit Agreement").

The Existing Credit Agreement provided for a $525,000,000 senior unsecured credit facility comprised of a $425,000,000 revolving credit facility (the "Existing Revolving Line") and a $100,000,000 term loan (the “Existing Term Loan"). The Existing Revolving Line was scheduled to mature on August 29, 2025, and the Existing Term Loan was scheduled to mature on February 26, 2027.

The New Credit Agreement provides for a $600,000,000 senior unsecured credit facility (the "New Credit Facility") comprised of a $460,000,000 revolving credit facility (the "New Revolving Line") and a $140,000,000 term loan (the "New Term Loan"). The New Revolving Line has an initial maturity date of July 30, 2029, with a one-year extension option. The New Term Loan has an initial maturity date of July 28, 2028, with two one-year extension options.

The Company and certain subsidiaries of the Partnership have guaranteed the payment obligations of the Partnership under the New Credit Facility.

As of July 30, 2025, $326,000,000 is outstanding under the New Credit Facility, $140,000,000 of which is drawn under the New Term Loan and $186,000,000 of which is drawn under the New Revolving Line. As of July 30, 2025, approximately $106,900,000 was available and undrawn under the New Revolving Line and approximately $185,000 was committed for letters of credit.

In general, loan availability under the New Credit Facility is primarily determined by operating income from the Partnership's and certain of its subsidiaries' existing unencumbered properties. Interest accrues at the Secured Overnight Financing Rate ("SOFR") plus a spread of 1.35% to 1.95% under the New Revolving Line, and 1.30% to 1.90% under the New Term Loan, each as determined by certain leverage tests. As of July 30, 2025, the applicable spreads for borrowings under the New Revolving Line and the New Term Loan are 1.40% and 1.35%, respectively.

The New Credit Agreement, similar to the Existing Credit Agreement, contains a number of covenants related to the Partnership's ability to make investments, incur liens, and engage in certain affiliate transactions and major transactions, such as mergers. The Credit Agreement contains certain financial covenants, including, but not limited to:

•a maximum ratio of Total Indebtedness to Total Asset Value not to exceed 0.6 to 1.0;

•minimum Interest Coverage of not less than 2.0 to 1.0 on a trailing four consecutive fiscal quarters basis; and

•minimum Fixed Charge Coverage of not less than 1.4 to 1.0 on a trailing four consecutive fiscal quarters basis.

Capitalized terms used herein and not otherwise defined are defined in the New Credit Agreement, which is attached as an exhibit hereto. Some of the lenders and/or their affiliates have, from time to time, provided in the past, and may provide in the future, commercial lending services to the Company, the Partnership and their affiliates in the ordinary course of business.

The above summaries of the terms and conditions of the New Credit Agreement and the Existing Credit Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the New Credit Agreement and the Existing Credit Agreement, respectively, which are filed as Exhibit 10.1 hereto and Exhibit 10.1 to the Company's Current Report on Form 8-K dated September 1, 2021, respectively.

Item 1.02. Termination of a Material Definitive Agreement.

The disclosure required by this Item 1.02 is included in Item 1.01 and incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure required by this Item 2.03 is included in Item 1.01 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits


Exhibit No.						Description
10.1						Credit Agreement, dated July 30, 2025, by and among Saul Holdings Limited Partnership, as Borrower; Wells Fargo Securities, LLC, as Joint Lead Arranger and Joint Bookrunner; Wells Fargo Bank, National Association, as Administrative Agent; Capital One, National Association, as Syndication Agent, Joint Lead Arranger and Joint Bookrunner; U.S. Bank National Association, as Documentation Agent and Joint Lead Arranger; Truist Bank, as Documentation Agent and Joint Lead Arranger; The Huntington National Bank, as Documentation Agent and Joint Lead Arranger; and Wells Fargo, Capital One, US Bank, Truist, Huntington, Associated Bank, National Association, and Atlantic Union Bank, as Lenders (the "Credit Agreement").
10.2						Guaranty dated July 30, 2025, by Saul Centers, Inc.; Saul Subsidiary I Limited Partnership; Saul Subsidiary II Limited Partnership; Briggs Chaney Plaza, LLC; 11503 Rockville Pike LLC; 1500 Rockville Pike LLC; Smallwood Village Center LLC; Westview Village Center LLC; and Metro Pike Center LLC, as Guarantors; in favor of Wells Fargo, as Administrative Agent for the lenders from time to time party to the Credit Agreement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SAUL CENTERS, INC.

By: /s/ Carlos L. Heard

Carlos L. Heard

Senior Vice President and Chief Financial Officer

Dated: August 5, 2025

Source:

FAQ

How did VSTS perform financially in Q3 FY-25?

Revenue was $673.8 m (-3.5% YoY) and net loss was $0.7 m (-$0.01 EPS).

What is Vestis' current leverage and liquidity position?

Net debt is $1.16 bn; liquidity includes $23.7 m cash and $266 m undrawn revolver.

Why was the credit agreement amended in May 2025?

To raise the net-leverage covenant to 5.25脳 and restrict dividends/buybacks until leverage 鈮�4.5脳, providing extra covenant cushion.

How did operating cash flow change year-to-date?

OCF fell to $33.3 m from $176.2 m in the prior year due to working-capital outflows and higher credit-loss reserves.

Are there any legal proceedings investors should note?

Yes. Multiple shareholder class and derivative actions were filed between May鈥揓uly 2025, and a $3.1 m pricing suit was settled.

Did Vestis record any goodwill impairment this quarter?

No. A trigger test was performed but fair values exceeded carrying amounts.

AG真人官方

[8-K] Saul Centers, Inc. Reports Material Event

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FAQ

How did VSTS perform financially in Q3 FY-25?

What is Vestis' current leverage and liquidity position?

Why was the credit agreement amended in May 2025?

How did operating cash flow change year-to-date?

Are there any legal proceedings investors should note?

Did Vestis record any goodwill impairment this quarter?

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AG真人官方

Trending News

[8-K] Saul Centers, Inc. Reports Material Event

Insights

Equity Analyst negative

Credit Analyst negative

FAQ

How did VSTS perform financially in Q3 FY-25?

What is Vestis' current leverage and liquidity position?

Why was the credit agreement amended in May 2025?

How did operating cash flow change year-to-date?

Are there any legal proceedings investors should note?

Did Vestis record any goodwill impairment this quarter?

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