Saul Centers, Inc. reported significant financial performance improvements for the third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $67.3 million, a 5.5% increase from $63.8 million in Q3 2023. For the nine-month period, revenue rose to $200.9 million, up from $190.5 million in the prior year. This growth was driven by higher base rent and increased rental revenue, which rose by 4.5% to $194.5 million for the nine months.
Net income for Q3 2024 was $19.6 million, compared to $16.7 million in Q3 2023, marking a 17.5% increase. For the nine months, net income increased to $57.3 million from $51.6 million, reflecting a 11.5% rise. The net income attributable to common stockholders for Q3 2024 was $11.7 million, up from $10.0 million in Q3 2023, with basic and diluted earnings per share increasing to $0.48 from $0.42.
The company’s total assets as of September 30, 2024, were $2.1 billion, up from $2.0 billion at the end of 2023. Total liabilities increased to $1.6 billion from $1.5 billion, while total equity slightly rose to $508.7 million from $504.4 million. The company’s capital investment during the third quarter totaled $54.8 million, with a focus on mixed-use properties.
Saul Centers continues to expand its portfolio, with a current focus on transit-oriented, residential mixed-use projects and grocery-anchored shopping centers in the Washington, DC metropolitan area. The company is actively developing the Twinbrook Quarter Phase I project, which includes an 80,000 square foot Wegmans supermarket and 452 apartment units, with total expected costs of approximately $331.5 million. As of September 30, 2024, 134 residential units were leased, and 96,200 square feet of retail space was leased.
The company’s financial strategy includes maintaining a debt-to-asset market value ratio below 50%, which allows for additional secured borrowings if necessary. As of September 30, 2024, total outstanding debt was approximately $1.51 billion, with a weighted average remaining term of 8.7 years. The company also reported a commercial leasing percentage of 95.7%, an increase from 94.2% in the previous year.
Overall, Saul Centers, Inc. demonstrated robust growth in revenue and net income, supported by strategic investments in its property portfolio and a focus on enhancing operational efficiency.
About SAUL CENTERS, INC.
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