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]

Core Viewpoint - Saul Centers, Inc. reported mixed financial results for the quarter ended March 31, 2025, with total revenue increasing but net income decreasing due to the initial operations of Twinbrook Quarter Phase I [1][2]. Financial Performance - Total revenue for the 2025 Quarter was $71.9 million, up from $66.7 million in the 2024 Quarter, representing an increase of approximately 3.3% [1][12]. - Net income decreased to $12.8 million in the 2025 Quarter from $18.3 million in the 2024 Quarter, a decline of about 30.1% [1][12]. - Net income available to common stockholders fell to $7.0 million, or $0.29 per share, down from $10.8 million, or $0.45 per share, in the previous year [2][12]. Operational Highlights - The company leased 274 residential units at Twinbrook Quarter Phase I as of May 5, 2025 [1]. - Same property revenue increased by $1.8 million, or 2.7%, while same property net operating income decreased by $0.2 million, or 0.5%, compared to the 2024 Quarter [3][16]. - The commercial portfolio was 93.9% leased as of March 31, 2025, down from 94.6% a year earlier, while the residential portfolio was 99.3% leased, up from 98.7% [6]. Revenue Breakdown - Rental revenue for the 2025 Quarter was $70.5 million, compared to $65.3 million in the 2024 Quarter [12]. - Same property net operating income for shopping centers totaled $35.3 million, a decrease of $0.5 million compared to the previous year, primarily due to lower other property revenue and expense recoveries [3][17]. - Mixed-use same property net operating income increased to $12.7 million, up by $0.3 million from the 2024 Quarter, driven by higher residential base rent [3][17]. Funds from Operations (FFO) - FFO available to common stockholders decreased to $24.6 million, or $0.71 per share, from $27.5 million, or $0.80 per share, in the 2024 Quarter [5][13]. - FFO was adversely impacted by $4.4 million due to the initial operations of Twinbrook Quarter Phase I, but increased by $1.5 million when excluding this property [5][13]. Asset and Liability Overview - Total assets as of March 31, 2025, were $2.131 billion, slightly up from $2.126 billion at the end of 2024 [10]. - Total liabilities increased to $1.640 billion from $1.625 billion [10]. - The company operates a portfolio of 62 properties, primarily in the metropolitan Washington, D.C./Baltimore area, generating over 85% of its property net operating income from this region [7].

Core Viewpoint - Amneal Pharmaceuticals and Apiject Systems have announced a strategic collaboration to enhance domestic production of sterile drug dosage forms, particularly prefilled injectables, at Amneal's Brookhaven, NY facility, aiming to strengthen the U.S. drug supply chain [1][2][3] Group 1: Collaboration Details - The collaboration will enable large-scale production capacity for sterile drug dosage forms, including injectables, ophthalmics, and inhalation [1] - Amneal's Brookhaven facility will create approximately 200 high-quality jobs as part of this project [2] - The new manufacturing lines are expected to produce approximately 250 to 300 million units annually, with potential scalability to over 400 million units [3] Group 2: Strategic Importance - This partnership reflects Amneal's commitment to onshore critical drug production and build a more resilient U.S. pharmaceutical supply chain [3] - The collaboration is seen as a win for increasing domestic manufacturing capacity and providing Amneal with enhanced options to serve commercial customers [4] - Apiject's technology, which combines Blow-Fill-Seal (BFS) manufacturing and precision injection molding, offers a scalable and efficient alternative to traditional drug delivery methods [4][9] Group 3: Background and Investment - Apiject's technology development was supported by a $180 million investment from the U.S. Department of Health and Human Services, highlighting governmental support for U.S.-based pharmaceutical manufacturing [5] - The collaboration aims to address supply chain disruptions experienced during the pandemic by establishing a domestic fill-finish capacity [6]

Group 1 - Kite Realty Group (KRG) reported quarterly funds from operations (FFO) of $0.53 per share, exceeding the Zacks Consensus Estimate of $0.51 per share, and up from $0.50 per share a year ago, representing an FFO surprise of 3.92% [1] - The company posted revenues of $221.76 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.54%, compared to year-ago revenues of $207.44 million [2] - Kite Realty Group has outperformed consensus revenue estimates three times over the last four quarters [2] Group 2 - The stock has underperformed the market, losing about 13.4% since the beginning of the year, while the S&P 500 declined by 6% [3] - The future performance of Kite Realty Group's stock will depend on management's commentary on the earnings call and the sustainability of the stock's immediate price movement based on recent numbers and future FFO expectations [3][4] Group 3 - The current consensus FFO estimate for the coming quarter is $0.51 on revenues of $214.87 million, and for the current fiscal year, it is $2.06 on revenues of $858.46 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Portfolio and Development - As of December 31, 2024, the Company’s portfolio included 50 shopping center properties, eight mixed-use properties, and four non-operating development properties[23]. - The Company has a development pipeline for up to an additional 3,200 apartment units and 870,000 square feet of retail and office space, all located near WMATA red line Metro stations in Montgomery County, Maryland[29][33]. - The Company is developing Twinbrook Quarter Phase I, which includes 452 apartment units and an 80,000 square foot Wegmans supermarket, with a total expected project cost of approximately $331.5 million, of which $318.0 million has been invested to date[57]. - The Company is also developing Hampden House, expected to include up to 366 apartment units and 10,100 square feet of retail space, with a total project cost of approximately $246.4 million, of which $200.5 million has been invested to date[58]. - The Company plans to selectively add free-standing pad site buildings within its Shopping Center portfolio and has two executed leases with four more under negotiation for a total of six additional pad sites[34]. Financial Management and Debt - The Company intends to maintain a total debt to total asset value ratio of 50% or less, with current debt levels believed to be below this threshold as of December 31, 2024[42]. - The Company intends to finance future acquisitions and developments through various sources, including undistributed operating cash flow and secured or unsecured borrowings[44]. - As of December 31, 2024, the company had approximately $1.55 billion of debt outstanding, with $1.37 billion being fixed-rate debt and $187 million being variable-rate debt[98]. - The Company has a $145.0 million construction-to-permanent loan for the Twinbrook Quarter project, with an outstanding balance of $127.3 million as of December 31, 2024[57]. - The company has a general policy of limiting borrowings to 50% of asset value, but there is no formal limitation on the amount of indebtedness that may be incurred[99]. Operational Strategy and Management - Management aims to optimize the mix of uses in Shopping Centers to improve foot traffic and intends to renegotiate leases and seek new tenants to increase occupancy and cash flow[30]. - Management believes there are attractive supply/demand characteristics in several sub-markets where the Company operates, positioning it to take advantage of future investment opportunities[35]. - The Company shares certain ancillary functions with the Saul Organization to achieve lower costs and greater economies of scale[25]. - The Company focuses on diversification through development of transit-oriented, residential mixed-use projects and expansion of grocery-anchored shopping centers in the Washington, DC metropolitan area[21][29]. - Management will selectively replace underperforming tenants with those that generate stronger traffic, including grocery store anchors[34]. Market and Economic Risks - The Company faces risks related to tenant bankruptcies, which could adversely affect revenue and occupancy levels[65]. - Over 85% of the Company's property operating income is generated from properties in the metropolitan Washington, DC/Baltimore area, making it susceptible to economic changes in that region[74]. - The company faces significant competition in the retail sector from online merchants and other shopping centers, which could adversely affect leasing and rental rates[75]. - The shift towards telecommuting and flexible work arrangements may reduce demand for office space, impacting occupancy and rental rates[76]. - Financial and economic conditions, including high inflation and unemployment, may adversely impact the company's business and tenants, leading to potential defaults[123]. Employee and Corporate Governance - The Company has approximately 69 full-time equivalent corporate employees and 72 full-time employees at its properties as of December 31, 2024[51]. - The Company is committed to equal employment opportunities and provides competitive employee compensation, including insurance benefits and retirement savings plans[52]. - The Company supports employee education through reimbursement for undergraduate and graduate degrees, as well as costs related to seminars and workshops[53]. - As of December 31, 2024, Mr. B. F. Saul II controlled 45.2% of the company's common stock, which may lead to conflicts of interest[87]. - Consent from limited partners is required for significant actions, such as the sale of substantially all assets, which could limit the company's operational flexibility[97]. Environmental and Regulatory Considerations - The Company is subject to various laws and regulations relating to environmental and pollution controls, but does not expect a materially adverse effect on property operations[54]. - The company faces potential adverse effects from environmental liabilities that could impact property values and operational costs[110]. - Climate change and natural disasters could increase operational costs and negatively impact tenant demand, affecting cash flow and operating results[131]. Financial Performance and Risks - The largest shopping center anchor tenant, Giant Food, accounted for 4.8% of the Company's total revenue for the year ended December 31, 2024[67]. - The company incurred $11.4 million in charges related to shared services with the Saul Organization for the year ended December 31, 2024[92]. - The company's rent expense for the year ended December 31, 2024, was $847,600[94]. - The ability to pay dividends at historical rates is not guaranteed and depends on various factors including financial condition and REIT qualification[132]. - The company may face challenges in selling properties quickly due to the illiquid nature of real estate investments, impacting financial flexibility[84].

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]

Group 1: Financial Performance - SITE Centers Corp. reported quarterly funds from operations (FFO) of $0.16 per share, missing the Zacks Consensus Estimate of $0.23 per share, and down from $1.04 per share a year ago, representing an FFO surprise of -30.43% [1] - The company posted revenues of $32.87 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 22.94%, compared to year-ago revenues of $123.16 million [2] - Over the last four quarters, the company has surpassed consensus FFO estimates two times and topped consensus revenue estimates just once [2] Group 2: Stock Performance and Outlook - SITE Centers Corp. shares have lost about 4.9% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's future stock performance will largely depend on management's commentary on the earnings call and the sustainability of the stock's immediate price movement based on recently released numbers and future FFO expectations [3][4] - The current consensus FFO estimate for the coming quarter is $0.24 on revenues of $43.12 million, and for the current fiscal year, it is $0.92 on revenues of $173.92 million [7] Group 3: Industry Context - The REIT and Equity Trust - Retail industry, to which SITE Centers Corp. belongs, is currently in the top 28% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that investors can track these revisions to gauge stock performance [5]

Financial Performance - Net income for the third quarter of 2024 increased to $19.6 million, up from $16.7 million in the same quarter of 2023, representing a growth of approximately 17.4%[85]. - Total revenue for the three months ended September 30, 2024, increased by 5.5% to $67.288 million compared to $63.766 million in the same period of 2023[86]. - Net income for the nine months ended September 30, 2024, increased to $57.3 million from $51.6 million for the same period in 2023[88]. - Total revenue for the nine months ended September 30, 2024, increased by 5.5% to $200.923 million compared to $190.524 million in the same period of 2023[89]. - Funds From Operations (FFO) available to common stockholders for the 2024 Quarter totaled $28.9 million, an increase of 11.0% compared to the 2023 Quarter[114]. - FFO available to common stockholders for the nine months ended September 30, 2024, was $93,266,000, up from $87,790,000 in 2023, reflecting a growth of 6.3%[115]. Revenue and Rent Growth - Base rent for the three months ended September 30, 2024, rose by 4.2% to $54.332 million, driven by a $1.9 million increase in commercial base rent and a $0.3 million increase in residential base rent[86]. - Same property revenue for the three months ended September 30, 2024, increased by $3.5 million, or 5.5%, compared to the same period in 2023, primarily due to higher base rent, expense recoveries, and lease termination fees[96]. - The increase in same property revenue for the 2024 Period was $10.4 million, primarily due to higher base rent of $5.0 million[96]. - Average annualized base rent per square foot for commercial properties increased to $21.16 for the nine months ended September 30, 2024, from $20.75 in 2023, a change of 1.98%[120]. - The effective rent per square foot also rose to $19.57 in 2024, compared to $19.20 in 2023, marking an increase of 1.93%[120]. Expenses and Costs - Total expenses for the three months ended September 30, 2024, increased by 1.4% to $47.696 million from $47.055 million in the same period of 2023[87]. - Property operating expenses for the nine months ended September 30, 2024, increased by 10.2% to $30.312 million, primarily due to higher repairs and maintenance expenses[90]. - General and administrative expenses for the nine months ended September 30, 2024, increased by 8.9% to $17.565 million, attributed to higher marketing and leasing costs[92]. - Total expenses increased by 3.5% in the 2024 Period compared to the 2023 Period, reaching $143,759 thousand[90]. Development Projects - The company has a development pipeline that includes up to 3,700 apartment units and 975,000 square feet of retail and office space, primarily located near Metro stations in Montgomery County, Maryland[79]. - The total cost of the Twinbrook Quarter Phase I project is expected to be approximately $331.5 million, with $311.3 million already invested as of September 30, 2024[80]. - The Hampden House project in downtown Bethesda is expected to cost approximately $246.4 million, with $185.2 million invested to date[81]. - The development potential of the entire 18.4-acre Twinbrook Quarter site includes 1,865 residential units and 473,000 square feet of retail space[80]. Debt and Liquidity - The company's outstanding debt totaled approximately $1.51 billion as of September 30, 2024, with a weighted average remaining term of 8.7 years[79]. - The company maintains a total debt to total estimated asset market value ratio of under 50%, allowing for additional secured borrowings if necessary[79]. - The company has availability of approximately $172.6 million under its Credit Facility as of September 30, 2024[79]. - The Company was in compliance with all financial covenants as of September 30, 2024, including a leverage ratio of less than 60%[112]. - The Company expects to meet short-term liquidity requirements through cash provided from operations, available cash, and its existing line of credit[108]. Leasing and Occupancy - The commercial leasing percentage increased to 95.7% as of September 30, 2024, compared to 94.1% a year earlier, indicating improved occupancy rates[79]. - Approximately 96,200 square feet (91.6%) of the retail space in Twinbrook Quarter has been leased, with openings expected throughout 2025[80]. - The residential portfolio was 98.8% leased as of September 30, 2024, compared to 97.5% a year earlier[132]. - The leasing percentage at office mixed-use properties increased to 88.9% as of September 30, 2024, from 83.6% in 2023, showing improvement in this segment[124]. Cash Flow - Net cash provided by operating activities for the nine months ended September 30, 2024, was $92.4 million, compared to $85.0 million for the same period in 2023[104]. - Cash and cash equivalents totaled $7.2 million as of September 30, 2024, compared to $6.6 million as of September 30, 2023[103]. - The company reported a net decrease in cash and cash equivalents of $1.2 million for the nine months ended September 30, 2024, compared to a decrease of $6.7 million in the same period in 2023[104]. Stock and Incentives - The Company issued 43,452 shares under the Dividend Reinvestment Plan (DRIP) at a weighted average discounted price of $37.21 during the nine months ended September 30, 2024[110]. - The company granted 117,000 restricted shares to officers under the 2024 Stock Incentive Plan, with an estimated future expense of approximately $3.0 million related to unvested restricted stock grants[117].

Revenue 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]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 SAUL CENTERS, INC. (Exact name of registrant as specified in its charter) Maryland 52-1833074 (State or other ...