Saul Centers, Inc. reported a total revenue of $268.8 million for the fiscal year ending December 31, 2024, marking a 4.5% increase from $257.2 million in 2023. The growth in revenue was primarily driven by a rise in rental income, which reached $261.2 million, up from $249.1 million the previous year. The company’s net income for 2024 was $67.7 million, a slight decrease from $69.0 million in 2023. This decline in net income was attributed to increased property operating expenses and higher interest costs, which rose to $53.7 million from $49.2 million in the prior year.
In terms of operational performance, Saul Centers saw an increase in its commercial leasing percentage, which rose to 95.2% as of December 31, 2024, compared to 94.1% a year earlier. The company’s portfolio consisted of 50 shopping centers and eight mixed-use properties, totaling approximately 10.2 million square feet of gross leasable area. The company also reported that 202 residential units at the newly developed Twinbrook Quarter Phase I were leased and occupied as of February 24, 2025, with 92% of the retail space leased.
Strategically, Saul Centers has focused on expanding its portfolio through significant development projects, including the Twinbrook Quarter, which includes 452 apartment units and a Wegmans supermarket. The total cost of this project is expected to be approximately $331.5 million, with $318 million already invested as of December 31, 2024. Additionally, the company is developing Hampden House, which will feature up to 366 apartment units and 10,100 square feet of retail space, with an estimated total cost of $246.4 million.
The company’s financial position remains strong, with total assets amounting to $2.1 billion as of December 31, 2024, compared to $2.0 billion in 2023. Total debt increased to $1.55 billion, with a debt-to-asset ratio maintained below 50%. The company continues to manage its leverage prudently, with a focus on maintaining a balance between fixed and variable-rate debt. Looking ahead, Saul Centers anticipates continued growth through strategic acquisitions and developments, while also navigating potential challenges in the retail and residential real estate markets.
About SAUL CENTERS, INC.
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