Saul Centers (BFS) Q4 2025 earnings summary

Executive summary

• Total revenue for Q4 2025 rose to $75.1M from $67.9M in Q4 2024; full-year revenue increased to $289.8M from $268.8M year-over-year.

• Net income for Q4 2025 decreased to $8.2M from $10.4M; full-year net income fell to $49.2M from $67.7M, mainly due to the initial operations of Twinbrook Quarter Phase I and Hampden House.

• Hampden House opened in October 2025, with 35.5% of residential units leased by February 2026.

Financial highlights

• Net income available to common stockholders for Q4 2025 was $3.7M ($0.15/share), down from $5.3M ($0.22/share) in Q4 2024.

• Full-year net income available to common stockholders was $26.3M ($1.09/share), down from $39.5M ($1.64/share) in 2024.

• FFO for Q4 2025 was $21.5M ($0.61/share), down from $22.0M ($0.63/share) in Q4 2024; full-year FFO was $96.7M ($2.76/share), down from $106.8M ($3.10/share) in 2024.

• Same property revenue for Q4 2025 decreased 4.7% year-over-year, but excluding a non-recurring $8.7M rental payment in 2024, it increased 6.8%.

• Same property net operating income for Q4 2025 decreased 11.2% year-over-year; excluding the non-recurring payment, it increased 4.2%.

Outlook and guidance

• Management notes macroeconomic risks, tenant credit risk, interest rate exposure, and sector trends as ongoing uncertainties.

• No specific forward guidance provided, but caution is advised due to economic and sector risks.