Saul Centers (BFS) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose to $67.3 million, up 5.5% year-over-year, driven by higher base rent, expense recoveries, and lease termination fees.

• Net income for Q3 2024 increased to $19.6 million from $16.7 million in Q3 2023.

• Net income available to common stockholders was $11.7 million ($0.48 per share) versus $10.0 million ($0.42 per share) in Q3 2023.

• The company focuses on mixed-use development and grocery-anchored shopping centers, with Twinbrook Quarter and Hampden House progressing as planned.

• For the nine months ended September 30, 2024, total revenue reached $200.9 million, up from $190.5 million, and net income was $57.3 million, up from $51.6 million year-over-year.

Financial highlights

• Q3 2024 total revenue: $67.3 million, up 5.5% from Q3 2023.

• Q3 2024 net income: $19.6 million, up from $16.7 million in Q3 2023.

• Nine-month 2024 revenue: $200.9 million, up 5.5% year-over-year.

• Nine-month 2024 net income: $57.3 million, up from $51.6 million in 2023.

• Funds From Operations (FFO) for Q3 2024: $28.9 million ($0.84 basic, $0.83 diluted per share), up from $26.0 million ($0.78 basic, $0.76 diluted) in Q3 2023.

Outlook and guidance

• Commercial leasing percentage on a same property basis increased to 95.7% as of September 30, 2024, from 94.1% a year earlier.

• Twinbrook Quarter residential building is complete, with 134 units leased and 88 occupied as of early November 2024; retail openings expected throughout 2025.

• Hampden House delivery expected in late 2025, with construction and interior finishes advancing.