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Sep 30, 2025
Saul Centers Q3 2025 Earnings Report
Saul Centers reported a decrease in net income and FFO for Q3 2025, primarily impacted by the initial operations of Twinbrook Quarter Phase I.
Key Takeaways
Saul Centers, Inc. experienced a decrease in net income and FFO for the third quarter of 2025 compared to the same period in 2024. Total revenue increased to $72.0 million, but net income fell to $14.0 million, largely due to expenses associated with the initial operations of Twinbrook Quarter Phase I. Same property revenue and net operating income also saw slight decreases.
Total revenue for Q3 2025 increased to $72.0 million from $67.3 million in Q3 2024.
Net income decreased to $14.0 million in Q3 2025 from $19.6 million in Q3 2024, primarily due to Twinbrook Quarter Phase I expenses.
EPS for Q3 2025 was $0.32 per basic and diluted share, down from $0.48 in Q3 2024.
Funds from operations (FFO) decreased to $25.3 million, or $0.72 per basic and diluted share, in Q3 2025 from $28.9 million, or $0.84 per basic and $0.83 per diluted share, in Q3 2024.
Revenue by Segment
Forward Guidance
The report does not contain explicit forward-looking guidance with specific numerical targets or detailed outlooks for future quarters. It primarily focuses on past performance and general risk factors.
Challenges Ahead
- Ability of tenants to pay rent.
- Reliance on shopping center 'anchor' tenants and other significant tenants.
- Risks of financing, such as increases in interest rates and ability to meet financial covenants.
- Adverse trends in the retail, office, and residential real estate sectors.
- Risks generally incident to the ownership of real property, including adverse changes in economic conditions and real estate taxes.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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