Business
Saul Centers, Inc. Reports First Quarter 2025 Earnings
Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2025 ("2025 Quarter"). Total revenue for the 2025 Quarter increased to $71.9 million from $66.7 million for the quarter ended March 31, 2024 ("2024 Quarter"). Net income decreased to $12.8 million for the 2025 Quarter from $18.3 million for the 2024 Quarter. During the 2025 Quarter, the Company continued to lease residential units and work on retail spaces
About this update from Saul Centers, Inc.
[{"type":"text","content":"BETHESDA, Md., May 8, 2025 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2025 ("2025 Quarter"). Total revenue for the 2025 Quarter increased to $71.9 million from $66.7 million for the quarter ended March 31, 2024 ("2024 Quarter"). Net income decreased to $12.8 million for the 2025 Quarter from $18.3 million for the 2024 Quarter. During the 2025 Quarter, the Company continued to lease residential units and work on retail spaces at Twinbrook Quarter Phase I. As of May 5, 2025, 274 residential units have been leased and occupied.","length":692,"tagName":"p"},{"type":"text","content":"Concurrent with the initial delivery of Twinbrook Quarter Phase I on October 1, 2024, interest, real estate taxes, depreciation and all other costs associated with the residential and retail portions of the property began to be charged to expense, while revenue continues to grow as occupancy increases. As a result, compared to the 2024 Quarter, net income for the 2025 Quarter was adversely impacted by $6.5 million due to the initial operations of Twinbrook Quarter Phase I. Exclusive of Twinbrook Quarter Phase I, net income for the 2025 Quarter increased by $1.0 million primarily due to (a) higher commercial base rent of $2.2 million and (b) higher residential base rent of $0.4 million, partially offset by (c) lower expense recoveries, net of expenses, of $0.7 million and (d) lower other property revenue of $0.6 million. Net income available to common stockholders decreased to $7.0 million, or $0.29 per basic and diluted share, for the 2025 Quarter from $10.8 million, or $0.45 per basic and diluted share, for the 2024 Quarter. As compared to the 2024 Quarter, net income available to common stockholders for the 2025 Quarter was adversely impacted by $3.7 million, or $0.15 per basic and diluted share, due to the initial operations of Twinbrook Quarter Phase I.","length":1297,"tagName":"p"},{"type":"text","content":"Same property revenue increased $1.8 million, or 2.7%, and same property net operating income decreased $0.2 million, or 0.5%, for the 2025 Quarter compared to the 2024 Quarter. Shopping Center same property net operating income for the 2025 Quarter totaled...