Saul Centers Inc

NYSE:BFSUnited States

May 2, 2024

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• -- Earnings Flash (BFS) SAUL CENTERS Posts Q1 Revenue $66.7M, from 4:47PM ET on Thursday May 02, 2024 by MT Newswires

  4:47PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: BFS
  04:47 PM EDT, 05/02/2024 (MT Newswires) -- ...

• Saul Centers, Inc. Reports First Quarter 2024 Earnings, from 4:47PM ET on Thursday May 02, 2024 by PR Newswire

  4:47PM ET on Thursday May 02, 2024 by PR Newswire
  Companies Mentioned: BFS

  Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2024 ("2024 Quarter"). Total revenue for the 2024 Quarter increased to $66.7 million from $63.0 million for the quarter ended March 31, 2023 ("2023 Quarter"). Net income increased to $18.3 million for the 2024 Quarter from $17.7 million for the 2023 Quarter primarily due to (a) higher commercial base rent of $1.4 million and (b) higher residential base rent of $0.3 million, partially offset by (c) higher interest expense, net and amortization of deferred debt costs of $0.6 million and (d) higher general and administrative costs of $0.5 million. Net income available to common stockholders increased to $10.8 million, or $0.45 per basic and diluted share, for the 2024 Quarter from $10.7 million, or $0.45 per basic and diluted share, for the 2023 Quarter.

• Saul Centers, Inc. Reports First Quarter 2024 Earnings, from 4:46PM ET on Thursday May 02, 2024 by Dow Jones

  4:46PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: BFS
  entirety of the comparable reporting periods. Same property revenue adjusts property revenue by subtracting the revenue of properties not in operation for the entirety of the comparable reporting periods. 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. 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. 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. 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. Other REITs may use different methodologies for calculating same property revenue. 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 March 31, (In thousands) 2024 2023 --------------------- --------------------- Office mixed-use properties (1) $ 9,753 $ 9,145 Residential mixed-use properties (residential activity) (2) 8,838 8,532 Residential mixed-use properties (retail activity) (3) 1,169 1,147 --------------------- --------------------- Total Mixed-Use same property revenue $ 19,760 $ 18,824 ===================== ===================== (1) Includes Avenel Business Park, Clarendon Center -- North and South Blocks, 601 Pennsylvania Avenue and Washington Square (2) Includes Clarendon South Block, The Waycroft and Park Van Ness (3) Includes The Waycroft and Park Van Ness Reconciliation of net income to same property operating income (1) Three Months Ended March 31, ------------------------------------------ (In thousands) 2024 2023 -------------------- -------------------- (unaudited) Net income $ 18,263 $ 17,663 Add: Interest expense, net and amortization of deferred debt costs 12,448 11,821 Add: Depreciation and amortization of deferred leasing costs 12,029 12,017 Add: General and administrative 5,784 5,268 Property operating income 48,524 46,769 Less: Acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same property operating income $ 48,524 $ 46,769 ==================== ==================== Shopping Centers $ 35,969 $ 34,965 Mixed-Use properties 12,555 11,804 -------------------- -------------------- Total same property operating income $ 48,524 $ 46,769 ==================== ==================== Shopping Center operating income $ 35,969 $ 34,965 Less: Shopping Center acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same Shopping Center operating income $ 35,969 $ 34,965 ==================== ==================== Mixed-Use property operating income $ 12,555 $ 11,804 Less: Mixed-Use acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same Mixed-Use property operating income $ 12,555 $ 11,804 ==================== ==================== (1) Same property 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. Same property operating income adjusts property operating income by subtracting the results of properties that were not in operation for the entirety of the comparable periods. Same property 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. Same property operating income should not be considered as an alternative to property operating income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property 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. Management believes the exclusion of these items from property operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company's properties. Other REITs may use different methodologies for calculating same property operating income. Accordingly, same property operating income may not be comparable to those of other REITs. Mixed-Use same property operating income is composed of the following: Three Months Ended March 31, -------------------------------------------- (In thousands) 2024 2023 --------------------- --------------------- Office mixed-use properties (1) $ 6,221 $ 5,708 Residential mixed-use properties (residential activity) (2) 5,472 5,289 Residential mixed-use properties (retail activity) (3) 862 807 --------------------- --------------------- Total Mixed-Use same property operating income $ 12,555 $ 11,804 ===================== ===================== (1) Includes Avenel Business Park, Clarendon Center -- North and South Blocks, 601 Pennsylvania Avenue and Washington Square (2) Includes Clarendon South Block, The Waycroft and Park Van Ness (3) Includes The Waycroft and Park Van Ness
  

• *DJ Saul Centers 1Q EPS 45c >BFS, from 4:46PM ET on Thursday May 02, 2024 by Dow Jones

  4:46PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: BFS
  entirety of the comparable reporting periods. Same property revenue adjusts property revenue by subtracting the revenue of properties not in operation for the entirety of the comparable reporting periods. 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. 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. 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. 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. Other REITs may use different methodologies for calculating same property revenue. 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 March 31, (In thousands) 2024 2023 --------------------- --------------------- Office mixed-use properties (1) $ 9,753 $ 9,145 Residential mixed-use properties (residential activity) (2) 8,838 8,532 Residential mixed-use properties (retail activity) (3) 1,169 1,147 --------------------- --------------------- Total Mixed-Use same property revenue $ 19,760 $ 18,824 ===================== ===================== (1) Includes Avenel Business Park, Clarendon Center -- North and South Blocks, 601 Pennsylvania Avenue and Washington Square (2) Includes Clarendon South Block, The Waycroft and Park Van Ness (3) Includes The Waycroft and Park Van Ness Reconciliation of net income to same property operating income (1) Three Months Ended March 31, ------------------------------------------ (In thousands) 2024 2023 -------------------- -------------------- (unaudited) Net income $ 18,263 $ 17,663 Add: Interest expense, net and amortization of deferred debt costs 12,448 11,821 Add: Depreciation and amortization of deferred leasing costs 12,029 12,017 Add: General and administrative 5,784 5,268 Property operating income 48,524 46,769 Less: Acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same property operating income $ 48,524 $ 46,769 ==================== ==================== Shopping Centers $ 35,969 $ 34,965 Mixed-Use properties 12,555 11,804 -------------------- -------------------- Total same property operating income $ 48,524 $ 46,769 ==================== ==================== Shopping Center operating income $ 35,969 $ 34,965 Less: Shopping Center acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same Shopping Center operating income $ 35,969 $ 34,965 ==================== ==================== Mixed-Use property operating income $ 12,555 $ 11,804 Less: Mixed-Use acquisitions, dispositions and development properties -- -- -------------------- -------------------- Total same Mixed-Use property operating income $ 12,555 $ 11,804 ==================== ==================== (1) Same property 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. Same property operating income adjusts property operating income by subtracting the results of properties that were not in operation for the entirety of the comparable periods. Same property 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. Same property operating income should not be considered as an alternative to property operating income, its most directly comparable GAAP measure, as an indicator of the Company's operating performance. Management considers same property 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. Management believes the exclusion of these items from property operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred by operating the Company's properties. Other REITs may use different methodologies for calculating same property operating income. Accordingly, same property operating income may not be comparable to those of other REITs. Mixed-Use same property operating income is composed of the following: Three Months Ended March 31, -------------------------------------------- (In thousands) 2024 2023 --------------------- --------------------- Office mixed-use properties (1) $ 6,221 $ 5,708 Residential mixed-use properties (residential activity) (2) 5,472 5,289 Residential mixed-use properties (retail activity) (3) 862 807 --------------------- --------------------- Total Mixed-Use same property operating income $ 12,555 $ 11,804 ===================== ===================== (1) Includes Avenel Business Park, Clarendon Center -- North and South Blocks, 601 Pennsylvania Avenue and Washington Square (2) Includes Clarendon South Block, The Waycroft and Park Van Ness (3) Includes The Waycroft and Park Van Ness