Saul Centers(BFS) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2025 increased to $72.0 million, up from $67.3 million in Q3 2024, representing a growth of 11.0%[3] - For the nine months ended September 30, 2025, total revenue increased to $214.7 million from $200.9 million for the same period in 2024, a growth of 6.0%[10] - Total revenue for the three months ended September 30, 2025, was $72,004,000, an increase of 7.4% compared to $67,288,000 for the same period in 2024[20] - Total rental revenue for the three months ended September 30, 2025, was $70,679,000, an increase of 7.3% from $65,550,000 in 2024[20] Net Income - Net income for Q3 2025 decreased to $14.0 million, down from $19.6 million in Q3 2024, a decline of 28.6%[3] - Net income available to common stockholders decreased to $7.7 million, or $0.32 per share, compared to $11.7 million, or $0.48 per share, in Q3 2024, reflecting a decrease of 34.2%[4] - Net income for the nine months ended September 30, 2025, decreased to $41.0 million from $57.3 million in 2024, a decline of 28.5%[10] - Net income for the three months ended September 30, 2025, was $13,996,000, a decrease of 28.1% from $19,592,000 in the same period of 2024[20] - Net income available to common stockholders for the three months ended September 30, 2025, was $7,691,000, a decrease of 34.3% from $11,683,000 in 2024[20] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders decreased to $25.3 million, or $0.72 per share, from $28.9 million, or $0.84 per share, in Q3 2024, a decline of 12.5%[8] - FFO available to common stockholders decreased to $75.2 million, or $2.16 per share, from $84.9 million, or $2.46 per share, in the same period of 2024, a decline of 11.5%[12] - Funds from Operations (FFO) available to common stockholders and noncontrolling interests for the three months ended September 30, 2025, was $25,304,000, down 12.5% from $28,866,000 in 2024[22] - Basic FFO per share available to common stockholders for the three months ended September 30, 2025, was $0.72, down from $0.84 in the same period of 2024[22] Same Property Performance - Same property revenue decreased by $0.2 million, or 0.3%, and same property net operating income decreased by $1.0 million, or 2.0%, for Q3 2025 compared to Q3 2024[5] - Same property net operating income decreased by $3.4 million, or 2.3%, for the nine months ended September 30, 2025, compared to the same period in 2024[11] - Same property revenue for the three months ended September 30, 2025, was $66,491,000, a slight decrease of 0.3% compared to $66,710,000 in 2024[25] - Total same property net operating income for the three months ended September 30, 2025, was $47,994,000, a decrease of 2.0% from $48,979,000 in 2024[29] - Same property net operating income for mixed-use properties totaled $12,235,000 for the three months ended September 30, 2025, compared to $12,830,000 for the same period in 2024, reflecting a decrease of 4.6%[32] - For the nine months ended September 30, 2025, total mixed-use same property net operating income was $37,750,000, down from $38,100,000 in 2024, indicating a decline of 0.9%[32] Operational Metrics - As of September 30, 2025, 94.5% of the commercial portfolio was leased, down from 95.7% as of September 30, 2024[9] - General and administrative expenses for the three months ended September 30, 2025, were $6,658,000, an increase of 17.2% from $5,680,000 in 2024[20] - The company defines same property net operating income as net income adjusted for various expenses, providing a clearer view of operational performance excluding certain costs[30] - Management considers same property net operating income a meaningful supplemental measure, as it reflects actual revenue and expenses from operating properties[30] - The methodology for calculating same property net operating income may differ among other REITs, affecting comparability[30] - The company operates several mixed-use properties, including Avenel Business Park and Clarendon Center, contributing to its overall performance metrics[32] Mixed-Use Properties Performance - Office mixed-use properties generated $5,856,000 in net operating income for the three months ended September 30, 2025, compared to $6,486,000 in 2024, a decrease of 9.7%[32] - Residential mixed-use properties (residential activity) reported net operating income of $5,576,000 for the three months ended September 30, 2025, slightly up from $5,530,000 in 2024, an increase of 0.8%[32] - Residential mixed-use properties (retail activity) achieved net operating income of $803,000 for the three months ended September 30, 2025, compared to $814,000 in 2024, a decrease of 1.4%[32]