Saul Centers, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $70.8 million, a 5.8% increase from $66.9 million in the same period last year. The growth was primarily driven by a $5.7 million rise in rental revenue, which reached $69.4 million, up from $63.7 million in the prior year. However, net income for the quarter decreased to $14.2 million, down from $19.5 million in the previous year, largely due to increased expenses associated with the initial operations of the Twinbrook Quarter Phase I project.
For the first half of 2025, Saul Centers reported total revenue of $142.7 million, a 6.8% increase compared to $133.6 million in the first half of 2024. The company’s net income for this period also declined to $27.0 million from $37.8 million, reflecting the impact of higher operational costs linked to new developments. Total expenses surged by 20.5% to $115.8 million, driven by increased property operating expenses and interest costs, particularly related to the Twinbrook Quarter project.
Operationally, the company has made significant strides in its development projects. The Twinbrook Quarter Phase I, which includes 452 residential units and retail space, has seen 86.1% of its apartments leased as of August 4, 2025. Additionally, the project features a Wegmans supermarket that opened on June 25, 2025, with 95.7% of the retail space already leased. The company is also advancing the Hampden House project in Bethesda, Maryland, which is expected to include 366 apartment units and 10,100 square feet of retail space.
Saul Centers continues to focus on its strategic growth initiatives, including the development of mixed-use properties and the enhancement of its grocery-anchored shopping centers in the Washington, D.C. metropolitan area. The company maintains a conservative debt strategy, with a total debt to asset market value ratio below 50%. As of June 30, 2025, the company had approximately $1.58 billion in outstanding debt, with a weighted average remaining term of 8.3 years. Looking ahead, Saul Centers is positioned to capitalize on future investment opportunities as market conditions improve, while also managing its existing portfolio to maximize operational performance.
About SAUL CENTERS, INC.
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