Core Insights - Saul Centers, Inc. reported total revenue of $70.8 million for the quarter ended June 30, 2025, an increase from $66.9 million in the same quarter of 2024, while net income decreased to $14.2 million from $19.5 million year-over-year [1][2][14] Financial Performance - Total revenue for the six months ended June 30, 2025, was $142.7 million, up from $133.6 million for the same period in 2024 [7] - Net income for the six months ended June 30, 2025, decreased to $27.0 million from $37.8 million in 2024, primarily due to the initial operations of Twinbrook Quarter Phase I, which adversely impacted net income by $11.6 million [7][14] - Funds from operations (FFO) available to common stockholders decreased to $25.4 million, or $0.73 per share, in the 2025 Quarter compared to $28.5 million, or $0.83 per share, in the 2024 Quarter [5][15] Operational Highlights - As of June 30, 2025, 94.0% of the commercial portfolio was leased, down from 95.8% a year earlier, while the residential portfolio was 99.0% leased compared to 99.4% in 2024 [6] - The company continued to lease residential units and work on retail spaces at Twinbrook Quarter Phase I, with 389 of the 452 residential units (86.1%) leased and occupied as of August 4, 2025 [1] Same Property Metrics - Same property revenue decreased by $1.5 million, or 2.2%, and same property net operating income decreased by $2.2 million, or 4.3%, for the 2025 Quarter compared to the 2024 Quarter [3][8] - Shopping Center same property net operating income totaled $35.3 million, a decrease of $2.1 million compared to the 2024 Quarter, primarily due to lower lease termination fees [3][8] Balance Sheet Overview - As of June 30, 2025, total assets were $2.139 billion, compared to $2.126 billion as of December 31, 2024 [13] - Total liabilities increased to $1.651 billion from $1.625 billion at the end of 2024 [13]

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].