Saul Centers Earnings Reports

Saul Centers, Inc. reported an increase in total revenue but a decrease in net income for the quarter ended December 31, 2024. The decrease in net income was primarily due to the initial operations of Twinbrook Quarter Phase I and lower lease termination fees, partially offset by higher commercial base rent.

Saul Centers, Inc. reported increased total revenue and net income for the third quarter of 2024 compared to the same period in 2023. Total revenue increased to $67.3 million, and net income rose to $19.6 million.

Saul Centers, Inc. reported an increase in total revenue to $66.9 million for the second quarter of 2024, compared to $63.7 million for the second quarter of 2023. Net income also increased to $19.5 million from $17.2 million over the same period. FFO available to common stockholders and noncontrolling interests increased to $28.5 million, or $0.83 per basic and diluted share, compared to $26.5 million, or $0.79 and $0.78 per basic and diluted share, respectively, in the 2023 Quarter.

Saul Centers, Inc. reported an increase in total revenue to $66.7 million and net income to $18.3 million for the first quarter of 2024, driven by higher commercial and residential base rent.

Saul Centers, Inc. reported an increase in total revenue to $66.7 million and net income to $17.5 million for the fourth quarter of 2023, compared to $62.3 million and $15.4 million, respectively, for the same period in 2022. The increase in net income was primarily driven by higher termination fees and base rent, partially offset by higher interest and administrative expenses. Funds From Operations (FFO) available to common stockholders and noncontrolling interests also increased to $26.9 million ($0.79 per share).

Saul Centers, Inc. reported an increase in total revenue and net income for the third quarter of 2023, driven by higher commercial and residential base rent, and lower loss on early extinguishment of debt.

Saul Centers, Inc. reported an increase in total revenue and net income for the quarter ended June 30, 2023. Total revenue increased to $63.7 million, and net income increased to $17.2 million. However, FFO available to common stockholders and noncontrolling interests decreased slightly to $26.5 million.

Saul Centers, Inc. reported an increase in total revenue to $63.0 million and net income to $17.7 million for the first quarter of 2023. The company's commercial portfolio was 93.9% leased, and the residential portfolio was 98.2% leased as of March 31, 2023.

Saul Centers, Inc. reported an increase in total revenue to $62.3 million, while net income decreased to $15.4 million for the quarter ended December 31, 2022. Same property revenue increased by 3.5%, and same property operating income increased by 1.1% compared to the same quarter in the previous year. The commercial portfolio was 93.2% leased, and the residential portfolio was 97.2% leased as of December 31, 2022.

Saul Centers, Inc. reported an increase in total revenue to $61.1 million, but a decrease in net income to $15.5 million for the quarter ended September 30, 2022. Net income available to common stockholders decreased to $9.2 million, or $0.38 per basic and diluted share.

Saul Centers, Inc. reported an increase in total revenue to $60.3 million and net income to $17.0 million for the second quarter of 2022, compared to $60.0 million and $16.1 million, respectively, for the same quarter in 2021. Net income available to common stockholders increased to $10.2 million ($0.43 per diluted share) compared to $9.9 million ($0.42 per diluted share) for the 2021 Quarter.

Saul Centers, Inc. reported an increase in total revenue to $62.1 million for the quarter ended March 31, 2022, compared to $58.7 million for the same period in 2021. Net income also increased to $17.5 million from $12.8 million year-over-year, with net income available to common stockholders rising to $10.6 million ($0.44 per diluted share) from $7.5 million ($0.32 per diluted share).

Saul Centers, Inc. reported an increase in total revenue to $60.2 million and net income to $15.9 million for the quarter ended December 31, 2021. Net income available to common stockholders was $9.4 million ($0.40 per diluted share). Same property revenue increased 3.4% and same property operating income increased 5.6%.

Saul Centers, Inc. reported increased total revenue and net income for the quarter ended September 30, 2021. Total revenue increased to $60.3 million from $56.8 million, and net income increased to $16.9 million from $11.6 million compared to the same quarter in 2020.

Saul Centers, Inc. reported a strong second quarter with increased total revenue and net income. The Waycroft mixed-use development's increased occupancy significantly contributed to the favorable results. Same property revenue and operating income also saw increases compared to the previous year.

Saul Centers, Inc. reported an increase in total revenue to $58.7 million but a decrease in net income to $12.8 million for the quarter ended March 31, 2021. The decrease in net income was primarily due to the initial operations of The Waycroft mixed-use development, higher credit losses on operating lease receivables, and lower lease termination fees. As of May 4, 2021, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 96% for the 2021 Quarter.

Saul Centers, Inc. reported an increase in total revenue to $58.3 million but a decrease in net income to $11.7 million for the fourth quarter ended December 31, 2020. The Waycroft's initial operations and higher credit losses on operating lease receivables negatively impacted net income. As of February 23, 2021, 94% of total billings have been paid by tenants.

Saul Centers, Inc. reported a decrease in total revenue and net income for the third quarter of 2020 compared to the same period in 2019. Total revenue decreased to $56.8 million from $57.1 million, and net income decreased to $11.6 million from $15.3 million. The Waycroft mixed-use development impacted net income negatively by $2.4 million due to initial operations.

Saul Centers, Inc. reported a decrease in total revenue and net income for the quarter ended June 30, 2020. Total revenue decreased to $53.2 million from $58.1 million, and net income decreased to $10.2 million from $16.8 million. The company was impacted by the initial operations of The Waycroft and higher credit losses on operating lease receivables and corresponding reserves.

Saul Centers reported a decrease in total revenue and net income for the first quarter of 2020. Total revenue decreased to $56.9 million from $59.8 million, and net income decreased to $16.8 million from $17.1 million. The decrease in revenue was primarily due to lower other revenue from lease termination fees and lower base rent. The COVID-19 pandemic is expected to have a material and adverse effect on the company's business, financial condition, and results of operations.

Saul Centers, Inc. reported a decrease in total revenue to $56.6 million, a decrease in net income to $15.0 million, and a decrease in net income available to common stockholders to $6.5 million ($0.27 per diluted share) for the quarter ended December 31, 2019.