Saul Centers, Inc. Reports Second Quarter 2025 Earnings
Saul Centers (NYSE:BFS) reported Q2 2025 financial results showing mixed performance. Total revenue increased to $70.8 million from $66.9 million year-over-year, while net income decreased to $14.2 million from $19.5 million. The company's Twinbrook Quarter Phase I development significantly impacted results, with 86.1% of residential units leased and occupied.
Key metrics show commercial portfolio occupancy at 94.0%, down from 95.8% year-over-year. FFO available to common stockholders decreased to $0.73 per share from $0.83, primarily due to Twinbrook Quarter Phase I's initial operations. Same property revenue decreased by 2.2%, while same property net operating income declined by 4.3% compared to Q2 2024.
Saul Centers (NYSE:BFS) ha comunicato i risultati finanziari del secondo trimestre 2025 con performance contrastanti. Il fatturato totale 猫 salito a 70,8 milioni di dollari rispetto ai 66,9 milioni dell'anno precedente, mentre l'utile netto 猫 sceso a 14,2 milioni di dollari da 19,5 milioni. Lo sviluppo Twinbrook Quarter Fase I ha avuto un impatto significativo sui risultati, con il 86,1% delle unit脿 residenziali locate e occupate.
I principali indicatori mostrano un tasso di occupazione del portafoglio commerciale al 94,0%, in calo rispetto al 95,8% dell'anno precedente. Il FFO disponibile per gli azionisti ordinari 猫 diminuito a 0,73 dollari per azione da 0,83, principalmente a causa delle operazioni iniziali di Twinbrook Quarter Fase I. I ricavi delle propriet脿 comparabili sono diminuiti del 2,2%, mentre il reddito operativo netto delle stesse propriet脿 猫 sceso del 4,3% rispetto al secondo trimestre 2024.
Saul Centers (NYSE:BFS) inform贸 resultados financieros del segundo trimestre de 2025 con un desempe帽o mixto. Los ingresos totales aumentaron a 70,8 millones de d贸lares desde 66,9 millones en el mismo per铆odo del a帽o anterior, mientras que el ingreso neto disminuy贸 a 14,2 millones de d贸lares desde 19,5 millones. El desarrollo Twinbrook Quarter Fase I tuvo un impacto significativo en los resultados, con el 86,1% de las unidades residenciales arrendadas y ocupadas.
Los indicadores clave muestran una ocupaci贸n de la cartera comercial del 94,0%, inferior al 95,8% del a帽o anterior. El FFO disponible para los accionistas comunes disminuy贸 a 0,73 d贸lares por acci贸n desde 0,83, principalmente debido a las operaciones iniciales de Twinbrook Quarter Fase I. Los ingresos de propiedades comparables disminuyeron un 2,2%, mientras que el ingreso operativo neto de las mismas propiedades baj贸 un 4,3% en comparaci贸n con el segundo trimestre de 2024.
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欤检殧 歆�響滌棎 霐半ゴ氅� 靸侅梾鞖� 韽姼韽措Μ鞓� 鞝愳湢鞙潃 94.0%搿� 鞝勲厔 霃欔赴 雽�牍� 95.8%鞐愳劀 頃橂澖頄堨姷雼堧嫟. 鞚茧皹 欤检＜鞐愱矊 氚半秳 臧�電ロ暅 FFO電� Twinbrook Quarter 1雼硠 齑堦赴 鞖挫榿 鞓來枼鞙茧 鞚疙暣 欤茧嫻 0.73雼煬搿� 0.83雼煬鞐愳劀 臧愳唽頄堨姷雼堧嫟. 霃欖澕 鞛愳偘 靾橃澋鞚� 2.2% 臧愳唽頄堨溂氅�, 霃欖澕 鞛愳偘 靾滌榿鞐呾唽霌濎潃 2024雲� 2攵勱赴 雽�牍� 4.3% 欷勋柎霌れ棃鞀惦媹雼�.
Saul Centers (NYSE:BFS) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 montrant une performance mitig茅e. Le chiffre d'affaires total est pass茅 脿 70,8 millions de dollars contre 66,9 millions l'ann茅e pr茅c茅dente, tandis que le b茅n茅fice net a diminu茅 脿 14,2 millions de dollars contre 19,5 millions. Le d茅veloppement Twinbrook Quarter Phase I a eu un impact significatif sur les r茅sultats, avec 86,1 % des unit茅s r茅sidentielles lou茅es et occup茅es.
Les indicateurs cl茅s montrent un taux d'occupation du portefeuille commercial de 94,0 %, en baisse par rapport 脿 95,8 % l'ann茅e pr茅c茅dente. Le FFO disponible pour les actionnaires ordinaires a diminu茅 脿 0,73 dollar par action contre 0,83, principalement en raison des op茅rations initiales de Twinbrook Quarter Phase I. Les revenus des propri茅t茅s comparables ont diminu茅 de 2,2 %, tandis que le revenu net d'exploitation des m锚mes propri茅t茅s a baiss茅 de 4,3 % par rapport au deuxi猫me trimestre 2024.
Saul Centers (NYSE:BFS) berichtete 眉ber die Finanzergebnisse f眉r das zweite Quartal 2025 mit gemischter Performance. Der Gesamtumsatz stieg im Jahresvergleich von 66,9 Millionen auf 70,8 Millionen US-Dollar, w盲hrend der Nettogewinn von 19,5 Millionen auf 14,2 Millionen US-Dollar sank. Das Entwicklungsprojekt Twinbrook Quarter Phase I hatte einen bedeutenden Einfluss auf die Ergebnisse, mit 86,1 % der Wohneinheiten, die vermietet und bewohnt sind.
Wichtige Kennzahlen zeigen eine Belegungsrate des Gewerbeportfolios von 94,0 %, etwas niedriger als 95,8 % im Vorjahr. Der f眉r Stammaktion盲re verf眉gbare FFO sank von 0,83 auf 0,73 US-Dollar pro Aktie, haupts盲chlich aufgrund der Anfangsphase der Twinbrook Quarter Phase I. Die Ums盲tze vergleichbarer Immobilien gingen um 2,2 % zur眉ck, w盲hrend das Netto-Betriebsergebnis vergleichbarer Immobilien im Vergleich zum zweiten Quartal 2024 um 4,3 % sank.
- Total revenue increased 5.8% to $70.8 million year-over-year
- Strong residential occupancy with 86.1% of Twinbrook Quarter Phase I units leased
- High residential portfolio occupancy at 99.0% (excluding The Milton)
- Wegmans commenced operations at Twinbrook Quarter Phase I
- Net income decreased 27.2% to $14.2 million year-over-year
- FFO per share declined to $0.73 from $0.83 year-over-year
- Same property net operating income decreased 4.3%
- Commercial portfolio occupancy declined to 94.0% from 95.8%
- Lower lease termination fees impacting revenue by $2.0 million
Insights
Saul Centers reported higher revenue but lower profits due to Twinbrook Quarter Phase I transition costs affecting short-term performance metrics.
Saul Centers' Q2 2025 results reveal a revenue increase to
The earnings per share decreased to
The transition from capitalized costs to operating expenses at Twinbrook represents a classic "lease-up drag" phenomenon in real estate development. While the property is already
Same-property metrics show some concerning trends, with revenue decreasing
Commercial occupancy declined to
This earnings report illustrates the short-term financial impact of bringing major developments online, where expenses hit the income statement immediately while revenue ramps up gradually. As Twinbrook continues to lease up and stabilize, these negative impacts should diminish in future quarters.
Concurrent with the initial delivery of Twinbrook Quarter Phase I on October 1, 2024, interest, real estate taxes, depreciation and all other costs associated with the residential portion and the majority of the retail portion of the property began to be charged to expense, while revenue continues to grow as occupancy increases. As a result, compared to the 2024 Quarter, net income for the 2025 Quarter was adversely impacted by
Same property revenue decreased
Same property revenue and same property operating income are non-GAAP financial measures of performance that management believes improve the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods. We define same property revenue as total revenue less straight-line base rent and above/below market lease amortization of leases acquired in connection with purchased real estate investment properties minus the revenue of properties not in operation for the entirety of the comparable reporting periods, and we define same property net operating income as net income plus (a) interest expense, net and amortization of deferred debt costs, (b)听depreciation and amortization of deferred leasing costs, (c) general and administrative expenses, (d) change in fair value of derivatives, and (e)听loss on the early extinguishment of debt minus (f) gains on property dispositions, (g) straight-line base rent, (h) above/below market lease amortization of leases acquired in connection with purchased real estate investment properties and (i) the net operating income of properties that were not in operation for the entirety of the comparable periods.
Funds from operations ("FFO") available to common stockholders and noncontrolling interests (after deducting preferred stock dividends) decreased to
As of June听30, 2025,
For the six months ended June听30, 2025 ("2025 Period"), total revenue increased to
Same property revenue increased
FFO available to common stockholders and noncontrolling interests, after deducting preferred stock dividends, decreased to
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in
Safe Harbor Statement
Certain matters discussed within this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws.听 For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.听 Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.听 These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K for the year ended December听31, 2024 and include the following: (i) the ability of our tenants to pay rent, (ii) our reliance on shopping center "anchor" tenants and other significant tenants, (iii) our substantial relationships with members of the B. F. Saul Company and certain other affiliated entities, each of which is controlled by B. Francis Saul II and his family members, (iv) risks of financing, such as increases in interest rates, restrictions imposed by our debt, our ability to meet existing financial covenants and our ability to consummate planned and additional financings on acceptable terms, (v) our development activities, (vi) our access to additional capital, (vii)听our ability to successfully complete additional acquisitions, developments or redevelopments, or if they are consummated, whether such acquisitions, developments or redevelopments perform as expected, (viii) adverse trends in the retail, office and residential real estate sectors, (ix) risks relating to cybersecurity, including disruption to our business and operations and exposure to liabilities from tenants, employees, capital providers, and other third parties, (x) risks generally incident to the ownership of real property, including adverse changes in economic conditions, changes in the investment climate for real estate, changes in real estate taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, the relative illiquidity of real estate and environmental risks, and (xi) risks related to our status as a REIT for federal income tax purposes, such as the existence of complex regulations relating to our status as a REIT, the effect of future changes to REIT requirements as a result of new legislation and the adverse consequences of the failure to qualify as a REIT.听 Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release.听 Except as may be required by law, we make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise.听 You should carefully review the risks and risk factors included in our Annual Report on Form 10-K for the year ended December听31, 2024.
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Saul Centers, Inc. Consolidated Balance Sheets (Unaudited) | |||
(Dollars in thousands, except per share amounts) | June 30, 2025 | December 31, 2024 | |
Assets | |||
AG真人官方 estate investments | |||
Land | $听听听听听听听听听听听听听听听 556,499 | $听听听听听听听听听听听听听听听 562,047 | |
Buildings and equipment | 1,924,757 | 1,903,907 | |
Construction in progress | 356,511 | 326,193 | |
2,837,767 | 2,792,147 | ||
Accumulated depreciation | (789,860) | (767,842) | |
Total real estate investments, net | 2,047,907 | 2,024,305 | |
Cash and cash equivalents | 5,303 | 10,299 | |
Accounts receivable and accrued income, net | 52,621 | 50,949 | |
Deferred leasing costs, net | 26,579 | 25,907 | |
Other assets | 7,274 | 14,944 | |
Total assets | $听听听听听听听听听听听听 2,139,684 | $听听听听听听听听听听听听 2,126,404 | |
Liabilities | |||
Mortgage notes payable, net | $听听听听听听听听听听听听 1,030,839 | $听听听听听听听听听听听听 1,047,832 | |
Revolving credit facility payable, net | 200,876 | 186,489 | |
Term loan facility payable, net | 99,754 | 99,679 | |
Construction loans payable, net | 233,210 | 198,616 | |
Accounts payable, accrued expenses and other liabilities | 45,156 | 46,162 | |
Deferred income | 17,887 | 23,033 | |
Dividends and distributions payable | 23,688 | 23,469 | |
Total liabilities | 1,651,410 | 1,625,280 | |
Equity | |||
Preferred stock, 1,000,000 shares authorized: | |||
Series D Cumulative Redeemable, 30,000 shares issued and outstanding | 75,000 | 75,000 | |
Series E Cumulative Redeemable, 44,000 shares issued and outstanding | 110,000 | 110,000 | |
Common stock, 24,471,554 and 24,302,576 shares issued and outstanding, respectively | 245 | 243 | |
Additional paid-in capital | 456,120 | 454,086 | |
Distributions in excess of accumulated earnings | (320,255) | (306,541) | |
Accumulated other comprehensive income | 1,268 | 2,966 | |
Total Saul Centers, Inc. equity | 322,378 | 335,754 | |
Noncontrolling interests | 165,896 | 165,370 | |
Total equity | 488,274 | 501,124 | |
Total liabilities and equity | $听听听听听听听听听听听听 2,139,684 | $听听听听听听听听听听听听 2,126,404 | |
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Saul Centers, Inc. Consolidated Statements of Operations (Unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||
Revenues | |||||||
Rental revenue | $听听听听听听听听听听 69,426 | $听听听听听听听听听听 63,695 | $听听听听听听听听 139,973 | $听听听听听听听听 128,994 | |||
Other | 1,408 | 3,248 | 2,717 | 4,641 | |||
Total revenue | 70,834 | 66,943 | 142,690 | 133,635 | |||
Expenses | |||||||
Property operating expenses | 11,424 | 9,656 | 25,166 | 20,201 | |||
AG真人官方 estate taxes | 8,016 | 7,608 | 16,000 | 15,232 | |||
Interest expense, net and amortization of deferred debt costs | 16,820 | 12,267 | 33,567 | 24,715 | |||
Depreciation and amortization of deferred leasing costs | 14,098 | 12,001 | 28,621 | 24,030 | |||
General and administrative | 6,415 | 6,102 | 12,427 | 11,885 | |||
Total expenses | 56,773 | 47,634 | 115,781 | 96,063 | |||
Gain on disposition of property | 120 | 181 | 120 | 181 | |||
Net income | 14,181 | 19,490 | 27,029 | 37,753 | |||
Noncontrolling interests | |||||||
Income attributable to noncontrolling interests | (3,461) | (5,042) | (6,510) | (9,675) | |||
Net income attributable to Saul Centers, Inc. | 10,720 | 14,448 | 20,519 | 28,078 | |||
Preferred stock dividends | (2,799) | (2,799) | (5,597) | (5,597) | |||
Net income available to common stockholders | $听听听听听听听听听听听听听 7,921 | $听听听听听听听听听听 11,649 | $听听听听听听听听听听 14,922 | $听听听听听听听听听听 22,481 | |||
Per share net income available to common stockholders | |||||||
Basic and diluted | $听听听听听听听听听听听听听听听 0.33 | $听听听听听听听听听听听听听听听 0.48 | $听听听听听听听听听听听听听听听 0.62 | $听听听听听听听听听听听听听听听 0.93 | |||
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Reconciliation of net income to FFO available to common stockholders and noncontrolling interests (1) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||
Net income | $听听听听听听听听听听 14,181 | $听听听听听听听听听听 19,490 | $听听听听听听听听听听 27,029 | $听听听听听听听听听听 37,753 | |||
Subtract: | |||||||
Gain on disposition of property | (120) | (181) | (120) | (181) | |||
Add: | |||||||
AG真人官方 estate depreciation and amortization | 14,098 | 12,001 | 28,621 | 24,030 | |||
FFO | 28,159 | 31,310 | 55,530 | 61,602 | |||
Subtract: | |||||||
Preferred stock dividends | (2,799) | (2,799) | (5,597) | (5,597) | |||
FFO available to common stockholders and noncontrolling interests | $听听听听听听听听听听 25,360 | $听听听听听听听听听听 28,511 | $听听听听听听听听听听 49,933 | $听听听听听听听听听听 56,005 | |||
Weighted average shares and units: | |||||||
Basic | 34,845 | 34,498 | 34,765 | 34,423 | |||
Diluted | 34,866 | 34,502 | 34,786 | 34,427 | |||
Basic and diluted FFO per share available to common stockholders and noncontrolling interests | $听听听听听听听听听听听听听听听 0.73 | $听听听听听听听听听听听听听听听 0.83 | $听听听听听听听听听听听听听听听 1.44 | $听听听听听听听听听听听听听听听 1.63 | |||
(1) | The National Association of AG真人官方 Estate Investment Trusts ("Nareit") developed FFO as a relative non-GAAP financial measure of performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by NAREIT as net income, computed in accordance with GAAP, plus real estate depreciation and amortization, and excluding impairment charges on real estate assets and gains or losses from real estate dispositions. FFO does not represent cash generated from operating activities in accordance with GAAP and is not necessarily indicative of cash available to fund cash needs, which is disclosed in the Company's Consolidated Statements of Cash Flows for the applicable periods. There are no material legal or functional restrictions on the use of FFO. FFO should not be considered as an alternative to net income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance, or as an alternative to cash flows as a measure of liquidity. Management considers FFO a meaningful supplemental measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time (i.e. depreciation), which is contrary to what the Company believes occurs with its assets, and because industry analysts have accepted it as a performance measure. FFO may not be comparable to similarly titled measures employed by other REITs. |
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Reconciliation of revenue to same property revenue (2) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||
Total revenue | $听听听听听听听听听听 70,834 | $听听听听听听听听听听 66,943 | $听听听听听听听听 142,690 | $听听听听听听听听 133,635 | |||
Revenue adjustments (1) | (2,739) | 537 | (5,095) | 279 | |||
Acquisitions, dispositions and development properties | (2,097) | 鈥� | (3,397) | 鈥� | |||
Total same property revenue | $听听听听听听听听听听 65,998 | $听听听听听听听听听听 67,480 | $听听听听听听听听 134,198 | $听听听听听听听听 133,914 | |||
Shopping Centers | $听听听听听听听听听听 45,578 | $听听听听听听听听听听 47,372 | $听听听听听听听听听听 93,576 | $听听听听听听听听听听 94,127 | |||
Mixed-Use properties | 20,420 | 20,108 | 40,622 | 39,787 | |||
Total same property revenue | $听听听听听听听听听听 65,998 | $听听听听听听听听听听 67,480 | $听听听听听听听听 134,198 | $听听听听听听听听 133,914 | |||
Total Shopping Center revenue | $听听听听听听听听听听 45,578 | $听听听听听听听听听听 47,372 | $听听听听听听听听听听 93,576 | $听听听听听听听听听听 94,127 | |||
Shopping Center acquisitions, dispositions and development properties | 鈥� | 鈥� | 鈥� | 鈥� | |||
Total Shopping Center same property revenue | $听听听听听听听听听听 45,578 | $听听听听听听听听听听 47,372 | $听听听听听听听听听听 93,576 | $听听听听听听听听听听 94,127 | |||
Total Mixed-Use property revenue | $听听听听听听听听听听 22,517 | $听听听听听听听听听听 20,108 | $听听听听听听听听听听 44,019 | $听听听听听听听听听听 39,787 | |||
Mixed-Use acquisitions, dispositions and development properties | (2,097) | 鈥� | (3,397) | 鈥� | |||
Total Mixed-Use same property revenue | $听听听听听听听听听听 20,420 | $听听听听听听听听听听 20,108 | $听听听听听听听听听听 40,622 | $听听听听听听听听听听 39,787 | |||
(1) | Revenue adjustments are straight-line base rent and above/below market lease amortization. |
(2) | Same property revenue is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods.听 Same property revenue adjusts property revenue by subtracting the revenue of properties not in operation for the entirety of the comparable reporting periods.听 Same property revenue is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole.听 Same property revenue should not be considered as an alternative to total revenue, its most directly comparable GAAP measure, as an indicator of the Company's operating performance.听 Management considers same property revenue a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties.听 Management believes the exclusion of these items from same property revenue is useful because the resulting measure captures the actual revenue generated by operating the Company's properties.听 Other REITs may use different methodologies for calculating same property revenue.听 Accordingly, the Company's same property revenue may not be comparable to those of other REITs. |
Mixed-Use same property revenue is composed of the following:
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||
Office mixed-use properties (1) | $听听听听听听听听听听听听听 9,797 | $听听听听听听听听听听 10,053 | $听听听听听听听听听听 19,578 | $听听听听听听听听听听 19,833 | |||
Residential mixed-use properties (residential activity) (2) | 9,459 | 8,952 | 18,755 | 17,726 | |||
Residential mixed-use properties (retail activity) (3) | 1,164 | 1,103 | 2,289 | 2,228 | |||
Total Mixed-Use same property revenue | $听听听听听听听听听听 20,420 | $听听听听听听听听听听 20,108 | $听听听听听听听听听听 40,622 | $听听听听听听听听听听 39,787 | |||
(1) | Includes Avenel Business Park, Clarendon Center 鈥� North and South Blocks, 601听Pennsylvania Avenue and Washington Square |
(2) | Includes Clarendon South Block, The Waycroft and Park Van Ness |
(3) | Includes The Waycroft and Park Van Ness |
听
Reconciliation of net income to same property net operating income (2) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||
Net income | $听听听听听听听听听听 14,181 | $听听听听听听听听听听 19,490 | $听听听听听听听听听听 27,029 | $听听听听听听听听听听 37,753 | |||
Interest expense, net and amortization of deferred debt costs | 16,820 | 12,267 | 33,567 | 24,715 | |||
Depreciation and amortization of deferred leasing costs | 14,098 | 12,001 | 28,621 | 24,030 | |||
General and administrative | 6,415 | 6,102 | 12,427 | 11,885 | |||
Gain on disposition of property | (120) | (181) | (120) | (181) | |||
Revenue adjustments (1) | (2,739) | 537 | (5,095) | 279 | |||
Total property net operating income | 48,655 | 50,216 | 96,429 | 98,481 | |||
Acquisitions, dispositions, and development properties | (592) | 鈥� | (345) | 鈥� | |||
Total same property net operating income | $听听听听听听听听听听 48,063 | $听听听听听听听听听听 50,216 | $听听听听听听听听听听 96,084 | $听听听听听听听听听听 98,481 | |||
Shopping Centers | $听听听听听听听听听听 35,296 | $听听听听听听听听听听 37,419 | $听听听听听听听听听听 70,569 | $听听听听听听听听听听 73,211 | |||
Mixed-Use properties | 12,767 | 12,797 | 25,515 | 25,270 | |||
Total same property net operating income | $听听听听听听听听听听 48,063 | $听听听听听听听听听听 50,216 | $听听听听听听听听听听 96,084 | $听听听听听听听听听听 98,481 | |||
Shopping Center property net operating income | $听听听听听听听听听听 35,296 | $听听听听听听听听听听 37,419 | $听听听听听听听听听听 70,569 | $听听听听听听听听听听 73,211 | |||
Shopping Center acquisitions, dispositions and development properties | 鈥� | 鈥� | 鈥� | 鈥� | |||
Total Shopping Center same property net operating income | $听听听听听听听听听听 35,296 | $听听听听听听听听听听 37,419 | $听听听听听听听听听听 70,569 | $听听听听听听听听听听 73,211 | |||
Mixed-Use property net operating income | $听听听听听听听听听听 13,359 | $听听听听听听听听听听 12,797 | $听听听听听听听听听听 25,860 | $听听听听听听听听听听 25,270 | |||
Mixed-Use acquisitions, dispositions and development properties | (592) | 鈥� | (345) | 鈥� | |||
Total Mixed-Use same property net operating income | $听听听听听听听听听听 12,767 | $听听听听听听听听听听 12,797 | $听听听听听听听听听听 25,515 | $听听听听听听听听听听 25,270 | |||
(1) | Revenue adjustments are straight-line base rent and above/below market lease amortization. |
(2) | Same property net operating income is a non-GAAP financial measure of performance that management believes improves the comparability of reporting periods by excluding the results of properties that were not in operation for the entirety of the comparable reporting periods.听 Same property net operating income adjusts property net operating income by subtracting the results of properties that were not in operation for the entirety of the comparable periods.听 Same property net operating income is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole.听 Same property net operating income should not be considered as an alternative to property net operating income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance.听 Management considers same property net operating income a meaningful supplemental measure of operating performance because it is not affected by the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to ownership of the Company's properties.听 Management believes the exclusion of these items from property net operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company's properties.听 Other REITs may use different methodologies for calculating same property net operating income.听 Accordingly, same property net operating income may not be comparable to those of other REITs. |
Mixed-Use same property net operating income is composed of the following:
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(In thousands) | 2025 | 2024 | 2025 | 2024 | |||
Office mixed-use properties (1) | $听听听听听听听听听听听听听 6,208 | $听听听听听听听听听听听听听 6,567 | $听听听听听听听听听听 12,326 | $听听听听听听听听听听 12,816 | |||
Residential mixed-use properties (residential activity) (2) | 5,762 | 5,435 | 11,587 | 10,842 | |||
Residential mixed-use properties (retail activity) (3) | 797 | 795 | 1,602 | 1,612 | |||
Total Mixed-Use same property net operating income | $听听听听听听听听听听 12,767 | $听听听听听听听听听听 12,797 | $听听听听听听听听听听 25,515 | $听听听听听听听听听听 25,270 | |||
(1) | Includes Avenel Business Park, Clarendon Center 鈥� North and South Blocks, 601听Pennsylvania Avenue and Washington Square |
(2) | Includes Clarendon South Block, The Waycroft and Park Van Ness |
(3) | Includes The Waycroft and Park Van Ness |
听
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SOURCE Saul Centers, Inc.
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