Saul Centers (BFS) came out with quarterly funds from operations (FFO) of $0.71 per share, missing the Zacks Consensus Estimate of $0.73 per share. This compares to FFO of $0.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -2.74%. A quarter ago, it was expected that this real estate investment trust involved mostly in shopping malls would post FFO of $0.68 per share when it actually produced FFO of $0.63, delivering a surprise o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-12254 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitte ...

Saul Centers, Inc. Reports First Quarter 2025 Earnings May 8, 2025, Bethesda, MD. Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2025 ("2025 Quarter"). Total revenue for the 2025 Quarter increased to $71.9 million from $66.7 million for the quarter ended March 31, 2024 ("2024 Quarter"). Net income decreased to $12.8 million for the 2025 Quarter from $18.3 million for the 2024 Quarter. During the 2025 Quarter, the C ...

BETHESDA, Md., May 8, 2025 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2025 ("2025 Quarter").  Total revenue for the 2025 Quarter increased to $71.9 million from $66.7 million for the quarter ended March 31, 2024 ("2024 Quarter").  Net income decreased to $12.8 million for the 2025 Quarter from $18.3 million for the 2024 Quarter. During the 2025 Quarter, the Company continued to lease residential ...

-Adds BFS platform technology to provide large-scale production capacity for sterile drug dosage forms, including injectables, ophthalmics and inhalation -Expands Amneal’s extensive domestic pharmaceutical manufacturing footprint BRIDGEWATER, N.J., May 08, 2025 (GLOBE NEWSWIRE) -- Amneal Pharmaceuticals, Inc. (Nasdaq: AMRX) (“Amneal” or the “Company”), an American biopharmaceutical company, and Apiject Systems, Corp. (“Apiject”), a medical technology company focused on advanced drug delivery, today announce ...

Shares of Saul Centers ( BFS ) have been a poor performer over the past year, essentially treading water and missing out on most of the market upside. This has been consistent with a history of underperformanceOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, just let me know!Analyst’s Disclosure: I/we ...

Core Insights - Saul Centers (BFS) reported quarterly funds from operations (FFO) of $0.63 per share, missing the Zacks Consensus Estimate of $0.68 per share, and down from $0.79 per share a year ago [1][2] - The company posted revenues of $67.92 million for the quarter, missing the Zacks Consensus Estimate by 1.47%, but up from $66.68 million year-over-year [3] - The stock has underperformed the market, losing about 5% since the beginning of the year compared to the S&P 500's decline of -0.3% [4] Financial Performance - The FFO surprise for the quarter was -7.35%, while the previous quarter saw a positive surprise of 3.75% with an actual FFO of $0.83 against an expected $0.80 [2] - Over the last four quarters, Saul Centers has surpassed consensus FFO estimates three times [2] - The current consensus FFO estimate for the upcoming quarter is $0.73 on revenues of $69.76 million, and for the current fiscal year, it is $2.92 on revenues of $286.88 million [8] Industry Context - Saul Centers operates within the Zacks REIT and Equity Trust - Retail industry, which is currently ranked in the top 28% of over 250 Zacks industries [9] - The performance of the stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [9] Future Outlook - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and the trends in estimate revisions [4][5] - The current estimate revisions trend for Saul Centers is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [7]

Portfolio and Development - As of December 31, 2024, the Company’s portfolio included 50 shopping center properties, eight mixed-use properties, and four non-operating development properties[23]. - The Company has a development pipeline for up to an additional 3,200 apartment units and 870,000 square feet of retail and office space, all located near WMATA red line Metro stations in Montgomery County, Maryland[29][33]. - The Company is developing Twinbrook Quarter Phase I, which includes 452 apartment units and an 80,000 square foot Wegmans supermarket, with a total expected project cost of approximately $331.5 million, of which $318.0 million has been invested to date[57]. - The Company is also developing Hampden House, expected to include up to 366 apartment units and 10,100 square feet of retail space, with a total project cost of approximately $246.4 million, of which $200.5 million has been invested to date[58]. - The Company plans to selectively add free-standing pad site buildings within its Shopping Center portfolio and has two executed leases with four more under negotiation for a total of six additional pad sites[34]. Financial Management and Debt - The Company intends to maintain a total debt to total asset value ratio of 50% or less, with current debt levels believed to be below this threshold as of December 31, 2024[42]. - The Company intends to finance future acquisitions and developments through various sources, including undistributed operating cash flow and secured or unsecured borrowings[44]. - As of December 31, 2024, the company had approximately $1.55 billion of debt outstanding, with $1.37 billion being fixed-rate debt and $187 million being variable-rate debt[98]. - The Company has a $145.0 million construction-to-permanent loan for the Twinbrook Quarter project, with an outstanding balance of $127.3 million as of December 31, 2024[57]. - The company has a general policy of limiting borrowings to 50% of asset value, but there is no formal limitation on the amount of indebtedness that may be incurred[99]. Operational Strategy and Management - Management aims to optimize the mix of uses in Shopping Centers to improve foot traffic and intends to renegotiate leases and seek new tenants to increase occupancy and cash flow[30]. - Management believes there are attractive supply/demand characteristics in several sub-markets where the Company operates, positioning it to take advantage of future investment opportunities[35]. - The Company shares certain ancillary functions with the Saul Organization to achieve lower costs and greater economies of scale[25]. - The Company focuses on diversification through development of transit-oriented, residential mixed-use projects and expansion of grocery-anchored shopping centers in the Washington, DC metropolitan area[21][29]. - Management will selectively replace underperforming tenants with those that generate stronger traffic, including grocery store anchors[34]. Market and Economic Risks - The Company faces risks related to tenant bankruptcies, which could adversely affect revenue and occupancy levels[65]. - Over 85% of the Company's property operating income is generated from properties in the metropolitan Washington, DC/Baltimore area, making it susceptible to economic changes in that region[74]. - The company faces significant competition in the retail sector from online merchants and other shopping centers, which could adversely affect leasing and rental rates[75]. - The shift towards telecommuting and flexible work arrangements may reduce demand for office space, impacting occupancy and rental rates[76]. - Financial and economic conditions, including high inflation and unemployment, may adversely impact the company's business and tenants, leading to potential defaults[123]. Employee and Corporate Governance - The Company has approximately 69 full-time equivalent corporate employees and 72 full-time employees at its properties as of December 31, 2024[51]. - The Company is committed to equal employment opportunities and provides competitive employee compensation, including insurance benefits and retirement savings plans[52]. - The Company supports employee education through reimbursement for undergraduate and graduate degrees, as well as costs related to seminars and workshops[53]. - As of December 31, 2024, Mr. B. F. Saul II controlled 45.2% of the company's common stock, which may lead to conflicts of interest[87]. - Consent from limited partners is required for significant actions, such as the sale of substantially all assets, which could limit the company's operational flexibility[97]. Environmental and Regulatory Considerations - The Company is subject to various laws and regulations relating to environmental and pollution controls, but does not expect a materially adverse effect on property operations[54]. - The company faces potential adverse effects from environmental liabilities that could impact property values and operational costs[110]. - Climate change and natural disasters could increase operational costs and negatively impact tenant demand, affecting cash flow and operating results[131]. Financial Performance and Risks - The largest shopping center anchor tenant, Giant Food, accounted for 4.8% of the Company's total revenue for the year ended December 31, 2024[67]. - The company incurred $11.4 million in charges related to shared services with the Saul Organization for the year ended December 31, 2024[92]. - The company's rent expense for the year ended December 31, 2024, was $847,600[94]. - The ability to pay dividends at historical rates is not guaranteed and depends on various factors including financial condition and REIT qualification[132]. - The company may face challenges in selling properties quickly due to the illiquid nature of real estate investments, impacting financial flexibility[84].

Revenue Performance - Total revenue for Q4 2024 increased to $67.9 million, up from $66.7 million in Q4 2023, representing a growth of 1.8%[3] - For the full year 2024, total revenue increased to $268.8 million from $257.2 million in 2023, a growth of 4.2%[10] - Total revenue for Q4 2024 was $67,924,000, a slight increase from $66,683,000 in Q4 2023, representing a growth of 1.86%[20] - Rental revenue increased to $66,634,000 in Q4 2024 from $62,858,000 in Q4 2023, marking a growth of 6.3%[20] Net Income - Net income for Q4 2024 decreased to $10.4 million, down from $17.5 million in Q4 2023, a decline of 40.6%[3] - Net income for the full year 2024 decreased to $67.7 million from $69.0 million in 2023, a decline of 1.9%[10] - The company reported a net income available to common stockholders of $5,291,000 in Q4 2024, down from $10,407,000 in Q4 2023, a decrease of 49.3%[20] - Basic net income per share available to common stockholders was $0.22 in Q4 2024, down from $0.43 in Q4 2023, a decline of 48.8%[20] - Net income for Q4 2024 was $10,358,000, a decrease of 40.5% compared to $17,463,000 in Q4 2023[27] Funds from Operations (FFO) - Funds from operations (FFO) available to common stockholders decreased to $22.0 million, or $0.63 per share, compared to $26.9 million, or $0.79 per share, in Q4 2023, a decrease of 18.2%[7] - FFO available to common stockholders for the full year 2024 increased to $106.8 million, or $3.10 per share, from $106.3 million, or $3.17 per share, in 2023[12] - Funds from Operations (FFO) for Q4 2024 was $24,758,000, compared to $29,666,000 in Q4 2023, a decline of 16.5%[22] - FFO available to common stockholders and noncontrolling interests was $21,959,000 in Q4 2024, down from $26,867,000 in Q4 2023, a decrease of 18.4%[22] - Basic FFO per share available to common stockholders was $0.63 in Q4 2024, compared to $0.79 in Q4 2023, a decline of 20.3%[22] Property Performance - Same property revenue decreased by $564,000, or 0.8%, and same property operating income decreased by $1.2 million, or 2.5%, for Q4 2024 compared to Q4 2023[5] - Same property revenue for the full year 2024 increased by $10.0 million, or 3.9%, compared to 2023[11] - Total same property revenue for Q4 2024 was $65,909,000, slightly down from $66,473,000 in Q4 2023, a decrease of 0.85%[25] - Mixed-Use properties revenue increased to $20,081,000 in Q4 2024 from $19,486,000 in Q4 2023, representing a growth of 3.04%[25] - Same property operating income for the year ended 2024 was $195,657,000, representing a 3.3% increase from $189,402,000 in 2023[27] - Mixed-Use same property operating income for Q4 2024 was $12,859,000, up 4.9% from $12,255,000 in Q4 2023[30] - Total Mixed-Use same property revenue for the year ended 2024 was $50,958,000, up 3.3% from $49,340,000 in 2023[30] Expenses - Interest expense increased to $16,768,000 in Q4 2024, compared to $12,635,000 in Q4 2023, reflecting a rise of 32.5%[27] - General and administrative expenses for the year ended 2024 were $25,066,000, an increase of 6.9% from $23,459,000 in 2023[27] Other Financial Metrics - The initial operations of Twinbrook Quarter Phase I adversely impacted net income by $7.1 million for the full year 2024[10] - Revenue adjustments for Q4 2024 amounted to $7,279,000, compared to a negative adjustment of $210,000 in Q4 2023[28] - The company reported a gain on disposition of property of $(181,000) for the year ended 2024, compared to no gain in 2023[27]

Core Insights - Saul Centers, Inc. reported total revenue of $67.9 million for the quarter ended December 31, 2024, an increase from $66.7 million in the same quarter of 2023, while net income decreased to $10.4 million from $17.5 million [1][2][7] Financial Performance - The company's net income for the 2024 Quarter was adversely impacted by $6.8 million due to the initial operations of Twinbrook Quarter Phase 1, which includes residential units and a supermarket [2][5] - Funds from operations (FFO) available to common stockholders decreased to $22.0 million, or $0.63 per share, compared to $26.9 million, or $0.79 per share, in the 2023 Quarter [5][9] - For the year ended December 31, 2024, total revenue increased to $268.8 million from $257.2 million in 2023, while net income decreased to $67.7 million from $69.0 million [7][9] Property Performance - Same property revenue decreased by $564,000, or 0.8%, and same property operating income decreased by $1.2 million, or 2.5%, for the 2024 Quarter compared to the 2023 Quarter [3][19] - The commercial portfolio was 95.2% leased as of December 31, 2024, up from 94.1% a year earlier, while the residential portfolio, excluding Twinbrook Quarter, was 98.3% leased compared to 98.0% in 2023 [6][11] Mixed-Use and Shopping Center Performance - Mixed-Use same property operating income increased by $0.6 million to $12.9 million for the 2024 Quarter, primarily due to higher residential base rent [3][20] - Shopping Center same property operating income totaled $35.3 million, a decrease of $1.8 million compared to the 2023 Quarter, mainly due to lower lease termination fees [3][19] Operational Metrics - As of December 31, 2024, the company operated a real estate portfolio of 62 properties, including 50 shopping centers and eight mixed-use properties, with approximately 10.2 million square feet of leasable area [11][12] - The company experienced higher general and administrative costs of $1.2 million and higher credit losses on operating lease receivables of $0.8 million during the 2024 Period [7][10]