Saul Centers (BFS) Q4 2024 earnings summary

Executive summary

• Total revenue for Q4 2024 increased to $67.9 million from $66.7 million in Q4 2023, while net income decreased to $10.4 million from $17.5 million year-over-year.

• For the full year 2024, total revenue rose to $268.8 million from $257.2 million, but net income declined to $67.7 million from $69.0 million compared to 2023.

• The delivery of Twinbrook Quarter Phase 1 in October 2024 impacted results, with 202 residential units leased and occupied as of February 2025.

Financial highlights

• Net income available to common stockholders for Q4 2024 was $5.3 million ($0.22 per share), down from $10.4 million ($0.43 per share) in Q4 2023.

• For the year, net income available to common stockholders was $39.5 million ($1.64 per share), compared to $41.5 million ($1.73 per share) in 2023.

• Funds from operations (FFO) for Q4 2024 was $22.0 million ($0.63 per share), down from $26.9 million ($0.79 per share) in Q4 2023.

• Full-year FFO was $106.8 million ($3.10 per share), up slightly from $106.3 million ($3.17 per share) in 2023.

Outlook and guidance

• Revenue is expected to grow as occupancy increases at Twinbrook Quarter Phase 1, with initial costs currently impacting net income.