Saul Centers(BFS) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 increased to $67.9 million, up from$ 66.7 million in Q4 2023, representing a growth of 1.8%[3] - For the full year 2024, total revenue increased to $268.8 million from$ 257.2 million in 2023, a growth of 4.2%[10] - Total revenue for Q4 2024 was $67,924,000, a slight increase from$ 66,683,000 in Q4 2023, representing a growth of 1.86%[20] - Rental revenue increased to $66,634,000 in Q4 2024 from$ 62,858,000 in Q4 2023, marking a growth of 6.3%[20] Net Income - Net income for Q4 2024 decreased to $10.4 million, down from$ 17.5 million in Q4 2023, a decline of 40.6%[3] - Net income for the full year 2024 decreased to $67.7 million from$ 69.0 million in 2023, a decline of 1.9%[10] - The company reported a net income available to common stockholders of $5,291,000 in Q4 2024, down from$ 10,407,000 in Q4 2023, a decrease of 49.3%[20] - Basic net income per share available to common stockholders was $0.22 in Q4 2024, down from$ 0.43 in Q4 2023, a decline of 48.8%[20] - Net income for Q4 2024 was $10,358,000, a decrease of 40.5% compared to$ 17,463,000 in Q4 2023[27] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders decreased to $22.0 million, or$ 0.63 per share, compared to $26.9 million, or$ 0.79 per share, in Q4 2023, a decrease of 18.2%[7] - FFO available to common stockholders for the full year 2024 increased to $106.8 million, or$ 3.10 per share, from $106.3 million, or$ 3.17 per share, in 2023[12] - Funds from Operations (FFO) for Q4 2024 was $24,758,000, compared to$ 29,666,000 in Q4 2023, a decline of 16.5%[22] - FFO available to common stockholders and noncontrolling interests was $21,959,000 in Q4 2024, down from$ 26,867,000 in Q4 2023, a decrease of 18.4%[22] - Basic FFO per share available to common stockholders was $0.63 in Q4 2024, compared to$ 0.79 in Q4 2023, a decline of 20.3%[22] Property Performance - Same property revenue decreased by $564,000, or 0.8%, and same property operating income decreased by$ 1.2 million, or 2.5%, for Q4 2024 compared to Q4 2023[5] - Same property revenue for the full year 2024 increased by $10.0 million, or 3.9%, compared to 2023[11] - Total same property revenue for Q4 2024 was$ 65,909,000, slightly down from $66,473,000 in Q4 2023, a decrease of 0.85%[25] - Mixed-Use properties revenue increased to$ 20,081,000 in Q4 2024 from $19,486,000 in Q4 2023, representing a growth of 3.04%[25] - Same property operating income for the year ended 2024 was$ 195,657,000, representing a 3.3% increase from $189,402,000 in 2023[27] - Mixed-Use same property operating income for Q4 2024 was$ 12,859,000, up 4.9% from $12,255,000 in Q4 2023[30] - Total Mixed-Use same property revenue for the year ended 2024 was$ 50,958,000, up 3.3% from $49,340,000 in 2023[30] Expenses - Interest expense increased to$ 16,768,000 in Q4 2024, compared to $12,635,000 in Q4 2023, reflecting a rise of 32.5%[27] - General and administrative expenses for the year ended 2024 were$ 25,066,000, an increase of 6.9% from $23,459,000 in 2023[27] Other Financial Metrics - The initial operations of Twinbrook Quarter Phase I adversely impacted net income by$ 7.1 million for the full year 2024[10] - Revenue adjustments for Q4 2024 amounted to $7,279,000, compared to a negative adjustment of$ 210,000 in Q4 2023[28] - The company reported a gain on disposition of property of $(181,000) for the year ended 2024, compared to no gain in 2023[27]