Saul Centers(BFS) - 2025 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2025 increased to $71.9 million, up from $66.7 million in Q1 2024, representing a growth of 3.3%[3] - Total revenue increased to $71,856,000 in Q1 2025, up 7.3% from $66,692,000 in Q1 2024[18] - Same property revenue rose to $68,200,000 in Q1 2025, a 2.9% increase compared to $66,434,000 in Q1 2024[18] Net Income - Net income for Q1 2025 decreased to $12.8 million from $18.3 million in Q1 2024, a decline of 30.1%[3] - Net income available to common stockholders decreased to $7.0 million, or $0.29 per share, down from $10.8 million, or $0.45 per share, in the previous year[4] - Net income for Q1 2025 was $12,848,000, a decrease of 29.5% from $18,263,000 in Q1 2024[17] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders decreased to $24.6 million, or $0.71 per share, compared to $27.5 million, or $0.80 per share, in Q1 2024[8] - Funds from Operations (FFO) available to common stockholders and noncontrolling interests decreased to $24,573,000 in Q1 2025 from $27,494,000 in Q1 2024, representing a decline of 10.5%[17] - Basic and diluted FFO per share available to common stockholders and noncontrolling interests decreased to $0.71 in Q1 2025 from $0.80 in Q1 2024, a decline of 11.3%[17] Property Performance - Same property net operating income decreased by $0.2 million, or 0.5%[5] - Total same property net operating income was $48,021,000 in Q1 2025, slightly down from $48,266,000 in Q1 2024, reflecting a decrease of 0.5%[19] - Shopping Center same property net operating income totaled $35.3 million, a decrease of $0.5 million compared to Q1 2024[5] - Shopping Center same property net operating income was $35,273,000 in Q1 2025, a decrease of 1.5% from $35,792,000 in Q1 2024[19] - Mixed-Use same property net operating income increased to $12,748,000 in Q1 2025, up 2.2% from $12,474,000 in Q1 2024[19] Leasing and Portfolio - As of March 31, 2025, 93.9% of the commercial portfolio was leased, down from 94.6% a year earlier[9] - The residential portfolio, excluding The Milton at Twinbrook Quarter, was 99.3% leased, up from 98.7% in Q1 2024[9] Operational Impact - The initial operations of Twinbrook Quarter Phase I adversely impacted net income by $6.5 million in Q1 2025[4] Financial Adjustments - Revenue adjustments for Q1 2025 totaled $(2,356,000), compared to $(258,000) in Q1 2024, indicating a significant increase in adjustments[18] - Interest expense, net and amortization of deferred debt costs increased to $16,747,000 in Q1 2025 from $12,448,000 in Q1 2024, reflecting a rise of 34.5%[19] Total Assets - Total assets as of March 31, 2025, were $2.131 billion, compared to $2.126 billion at the end of 2024[14]