Saul Centers, Inc. announced its operating results for the first quarter ended March 31, 2025, with total revenue increasing to $71.9 million from $66.7 million in the comparable 2024 quarter. Despite the revenue growth, net income decreased to $12.8 million from $18.3 million in the prior year period.
The decrease in net income was primarily due to a $6.5 million adverse impact from the initial operations of Twinbrook Quarter Phase I, which began incurring full operating expenses after its initial delivery on October 1, 2024. Funds From Operations (FFO) available to common stockholders and noncontrolling interests also decreased to $24.6 million, or $0.71 per basic and diluted share, from $27.5 million, or $0.80 per basic and diluted share, in the first quarter of 2024, with Twinbrook Quarter Phase I adversely impacting FFO by $4.4 million.
As of May 5, 2025, 274 residential units at Twinbrook Quarter Phase I had been leased and occupied, demonstrating continued progress in the lease-up of the residential component. However, same property net operating income saw a slight decrease of 0.5% for the quarter, indicating some headwinds in the stabilized portfolio.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.