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Saul Centers, Inc. Reports Fourth Quarter 2024 Earnings
BFSSaul Centers(BFS) Prnewswire·2025-02-28 22:21

Core Insights - Saul Centers, Inc. reported total revenue of 67.9millionforthequarterendedDecember31,2024,anincreasefrom67.9 million for the quarter ended December 31, 2024, an increase from 66.7 million in the same quarter of 2023, while net income decreased to 10.4millionfrom10.4 million from 17.5 million [1][2][7] Financial Performance - The company's net income for the 2024 Quarter was adversely impacted by 6.8millionduetotheinitialoperationsofTwinbrookQuarterPhase1,whichincludesresidentialunitsandasupermarket[2][5]−Fundsfromoperations(FFO)availabletocommonstockholdersdecreasedto6.8 million due to the initial operations of Twinbrook Quarter Phase 1, which includes residential units and a supermarket [2][5] - Funds from operations (FFO) available to common stockholders decreased to 22.0 million, or 0.63pershare,comparedto0.63 per share, compared to 26.9 million, or 0.79pershare,inthe2023Quarter[5][9]−FortheyearendedDecember31,2024,totalrevenueincreasedto0.79 per share, in the 2023 Quarter [5][9] - For the year ended December 31, 2024, total revenue increased to 268.8 million from 257.2millionin2023,whilenetincomedecreasedto257.2 million in 2023, while net income decreased to 67.7 million from 69.0million[7][9]PropertyPerformance−Samepropertyrevenuedecreasedby69.0 million [7][9] Property Performance - Same property revenue decreased by 564,000, or 0.8%, and same property operating income decreased by 1.2million,or2.51.2 million, or 2.5%, for the 2024 Quarter compared to the 2023 Quarter [3][19] - The commercial portfolio was 95.2% leased as of December 31, 2024, up from 94.1% a year earlier, while the residential portfolio, excluding Twinbrook Quarter, was 98.3% leased compared to 98.0% in 2023 [6][11] Mixed-Use and Shopping Center Performance - Mixed-Use same property operating income increased by 0.6 million to 12.9millionforthe2024Quarter,primarilyduetohigherresidentialbaserent[3][20]−ShoppingCentersamepropertyoperatingincometotaled12.9 million for the 2024 Quarter, primarily due to higher residential base rent [3][20] - Shopping Center same property operating income totaled 35.3 million, a decrease of 1.8millioncomparedtothe2023Quarter,mainlyduetolowerleaseterminationfees[3][19]OperationalMetrics−AsofDecember31,2024,thecompanyoperatedarealestateportfolioof62properties,including50shoppingcentersandeightmixed−useproperties,withapproximately10.2millionsquarefeetofleasablearea[11][12]−Thecompanyexperiencedhighergeneralandadministrativecostsof1.8 million compared to the 2023 Quarter, mainly due to lower lease termination fees [3][19] Operational Metrics - As of December 31, 2024, the company operated a real estate portfolio of 62 properties, including 50 shopping centers and eight mixed-use properties, with approximately 10.2 million square feet of leasable area [11][12] - The company experienced higher general and administrative costs of 1.2 million and higher credit losses on operating lease receivables of $0.8 million during the 2024 Period [7][10]