Saul Centers(US:BFS)2024-11-07 21:18Revenue Growth - Total revenue for Q3 2024 increased to $67.3 million, up from $63.8 million in Q3 2023, representing a growth of 5.5%[1] - For the nine months ended September 30, 2024, total revenue increased to $200.9 million from $190.5 million, a growth of 7.0%[2] - Total revenue for the nine months ended September 30, 2024, reached $200,923,000, up 5.5% from $190,524,000 in the same period of 2023[4] Net Income - Net income for Q3 2024 rose to $19.6 million, compared to $16.7 million in Q3 2023, an increase of 17.4%[1] - Net income for the nine months ended September 30, 2024, increased to $57.3 million, compared to $51.6 million in the same period of 2023, an increase of 11.0%[2] - Net income attributable to Saul Centers, Inc. for Q3 2024 was $14,481,000, a 13% increase compared to $12,819,000 in Q3 2023[4] - Net income for the three months ended September 30, 2024, was $19,592,000, compared to $16,711,000 for the same period in 2023, representing a 11.1% increase[9] - Net income available to common stockholders for the nine months ended September 30, 2024, was $34,164,000, compared to $31,088,000 in the same period of 2023[4] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders increased to $28.9 million, or $0.84 per share, from $26.0 million, or $0.78 per share, in Q3 2023[1] - Funds from Operations (FFO) for Q3 2024 was $31,664,000, representing a 10% increase from $28,807,000 in Q3 2023[5] - Basic FFO per share available to common stockholders for Q3 2024 was $0.84, up from $0.78 in Q3 2023[5] Property Performance - Same property revenue increased by $3.5 million, or 5.5%, for Q3 2024 compared to Q3 2023[1] - Same property operating income for the nine months increased by $7.3 million, or 5.2%[2] - Total same property revenue for Q3 2024 was $67,288,000, an increase of 5.9% from $63,766,000 in Q3 2023[7] - Shopping Center same property operating income increased by $5.6 million to $109.1 million, primarily due to higher lease termination fees and base rent[2] - Total same property operating income for the nine months ended September 30, 2024, reached $147,759,000, compared to $140,433,000 in 2023, reflecting a 5.3% increase[9] Leasing and Portfolio - As of September 30, 2024, 95.7% of the commercial portfolio was leased, up from 94.2% a year earlier[1] Operating Income - Property operating income for the same period was $49,557,000, up from $46,405,000, indicating a 4.6% growth year-over-year[9] - Shopping Centers generated operating income of $36,362,000 for the three months ended September 30, 2024, compared to $34,069,000 in 2023, marking a 6.7% rise[9] - Mixed-Use properties contributed $13,195,000 to operating income for the three months ended September 30, 2024, compared to $12,336,000 in the same period last year, a 7% increase[10] - Office mixed-use properties reported $6,847,000 in operating income for the three months ended September 30, 2024, up from $6,177,000 in 2023, a 10.9% increase[10] - Residential mixed-use properties (residential activity) generated $5,489,000 for the three months ended September 30, 2024, compared to $5,297,000 in 2023, a 3.6% increase[10] Expenses - General and administrative expenses for the three months ended September 30, 2024, were $5,680,000, compared to $5,179,000 in the same period last year, a 9.7% increase[9] - The company reported a total of $36,928,000 in interest expense and amortization of deferred debt costs for the nine months ended September 30, 2024, compared to $36,518,000 in 2023[9] Strategic Focus - The company continues to focus on enhancing same property operating income as a key performance metric, excluding properties not in operation for the entire reporting periods[9]