BETHESDA, Md., Aug. 1, 2024
/PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real
estate investment trust ("REIT"), announced operating results for
the quarter ended June 30, 2024 ("2024 Quarter"). Total
revenue for the 2024 Quarter increased to $66.9 million from $63.7 million for the quarter ended
June 30, 2023 ("2023 Quarter"). Net income increased to
$19.5 million for the 2024 Quarter
from $17.2 million for the 2023
Quarter primarily due to (a) higher lease termination fees of
$1.6 million, (b) higher commercial
base rent of $0.8 million and
(c) higher residential base rent of $0.3 million, partially offset by (d) a lease
termination fee paid to a tenant of $0.3
million. Net income available to common stockholders
increased to $11.6 million, or
$0.48 per basic and diluted
share, for the 2024 Quarter from $10.4 million, or $0.43 per basic and diluted share, for the
2023 Quarter.
Same property revenue increased $3.2
million, or 5.1%, and same property operating income
increased $2.4 million, or 5.1%, for
the 2024 Quarter compared to the 2023 Quarter. The
$3.2 million increase in same
property revenue for the 2024 Quarter compared to the 2023 Quarter
was primarily due to (a) higher termination fees of $1.6 million, (b) higher commercial base rent of
$0.8 million and (c) higher
expense recoveries of $0.8 million.
Shopping Center same property operating income for the 2024 Quarter
totaled $36.8 million, an
increase of $2.3 million compared to
the 2023 Quarter. Shopping Center same property operating
income increased primarily due to (a) higher termination fees of
$2.1 million and (b) higher base rent
of $0.4 million, partially
offset by (c) a lease termination fee paid to a tenant of
$0.3 million. Mixed-Use same
property operating income totaled $12.9 million, an increase of $0.1 million compared to the 2023 Quarter.
Mixed-Use same property operating income increased primarily due
to (a) higher commercial base rent of $0.4 million and (b) higher residential base
rent of $0.3 million partially offset
by (c) lower termination fees of $0.5
million. No properties were excluded from same property
results. Reconciliations of (a) total revenue to same
property revenue and (b) net income to same property operating
income are attached to this press release.
Same property revenue and same property operating income are
non-GAAP financial measures of performance and improve the
comparability of these measures by excluding the results of
properties that were not in operation for the entirety of the
comparable reporting periods. We define same property revenue as
total revenue minus the revenue of properties not in operation for
the entirety of the comparable reporting periods. We define
same property operating income as net income plus (a) interest
expense, net and amortization of deferred debt costs, (b)
depreciation and amortization of deferred leasing costs,
(c) general and administrative expenses, (d) change in fair
value of derivatives, and (e) loss on early extinguishment of debt
minus (f) gains on sale and disposition of property and (g)
the results of properties not in operation for the entirety of the
comparable periods.
Funds from operations ("FFO") available to common stockholders
and noncontrolling interests (after deducting preferred stock
dividends) increased to $28.5
million, or $0.83 per basic
and diluted share, in the 2024 Quarter compared to $26.5 million, or $0.79 and $0.78 per basic and diluted share,
respectively, in the 2023 Quarter. FFO is a non-GAAP
supplemental earnings measure that the Company considers meaningful
in measuring its operating performance. A reconciliation of
net income to FFO is attached to this press release. The
increase in FFO available to common stockholders and noncontrolling
interests was primarily the result of (a) higher termination
fees of $1.6 million, (b) higher
commercial base rent of $0.8 million and (c) higher residential base
rent of $0.3 million partially
offset by (d) higher general and administrative expense of
$0.4 million and (e) a lease
termination fee paid to a tenant of $0.3
million.
As of June 30, 2024, 95.8% of the commercial portfolio was
leased compared to 94.0% as of June 30, 2023. As of
June 30, 2024, the residential portfolio was 99.4% leased
compared to 99.2% as of June 30, 2023.
For the six months ended June 30, 2024 ("2024 Period"),
total revenue increased to $133.6
million from $126.8 million for the six months ended
June 30, 2023 ("2023 Period"). Net income increased to
$37.8 million for the 2024 Period
from $34.9 million for the 2023
Period. The increase in net income was primarily due to (a)
higher other property revenue of $2.4
million and (b) higher commercial base rent of $2.2 million partially offset by (c) higher
general and administrative expenses of $0.9
million, (d) higher interest expense, net and amortization
of deferred debt costs of $0.6
million, and (e) a lease termination fee paid to a tenant of
$0.3 million. Net income
available to common stockholders increased to $22.5 million, or $0.93 per basic and diluted share, for the 2024
Period compared to $21.1 million, or
$0.88 per basic and diluted
share, for the 2023 Period.
Same property revenue increased $6.9 million, or 5.4%, and
same property operating income increased $4.2 million, or 4.4%, for the 2024 Period
compared to the 2023 Period. Shopping Center same property
operating income increased by $3.3
million to $72.8 million
primarily due to (a) higher termination fees of $2.3 million and (b) higher base rent of
$1.5 million, partially offset by (c)
a lease termination fee paid to a tenant of $0.3 million. Mixed-Use same property operating
income increased by $0.9 million to
$25.4 million primarily due to (a)
higher commercial base rent of $0.7
million and (b) higher residential base rent of $0.6 million partially offset by (c) lower
termination fees of $0.5 million. No
properties were excluded from same property results.
FFO available to common stockholders and noncontrolling
interests, after deducting preferred stock dividends,
increased to $56.0 million, or
$1.63 per basic and diluted
share, in the 2024 Period from $53.4
million, or $1.60 and
$1.57 per basic and diluted
share, respectively in the 2023 Period. FFO available to common
stockholders and noncontrolling interests increased primarily due
to (a) higher other property revenue of $2.4
million and (b) higher commercial base rent of $2.2 million partially offset by (c) higher
general and administrative expenses of $0.9 million, (d) higher
interest expense, net and amortization of deferred debt costs of
$0.6 million and (e) a lease termination fee paid to a tenant
of $0.3 million.
Saul Centers, Inc. is a
self-managed, self-administered equity REIT headquartered in
Bethesda, Maryland, which
currently operates and manages a real estate portfolio of 61
properties, which includes (a) 50 community and neighborhood
shopping centers and seven mixed-use properties with approximately
9.8 million square feet of leasable area and (b) four
non-operating land and development properties. Over 85% of the Saul
Centers' property operating income is generated by properties in
the metropolitan Washington, D.C./Baltimore area.
Safe Harbor Statement
Certain matters discussed within this press release may be
deemed to be forward-looking statements within the meaning of the
federal securities laws. For these statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations
reflected in the forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. These factors include, but are not limited to, the
risk factors described in our Annual Report on (i) Form 10-K for
the year ended December 31, 2023 and (ii) our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2024 and include
the following: (i) the ability of our tenants to pay rent, (ii) our
reliance on shopping center "anchor" tenants and other significant
tenants, (iii) our substantial relationships with members of the B.
F. Saul Company and certain other affiliated entities, each of
which is controlled by B. Francis Saul
II and his family members, (iv) risks of financing, such as
increases in interest rates, restrictions imposed by our debt, our
ability to meet existing financial covenants and our ability to
consummate planned and additional financings on acceptable terms,
(v) our development activities, (vi) our access to additional
capital, (vii) our ability to successfully complete additional
acquisitions, developments or redevelopments, or if they are
consummated, whether such acquisitions, developments or
redevelopments perform as expected, (viii) adverse trends in the
retail, office and residential real estate sectors, (ix) risks
relating to cybersecurity, including disruption to our business and
operations and exposure to liabilities from tenants, employees,
capital providers, and other third parties, (x) risks generally
incident to the ownership of real property, including adverse
changes in economic conditions, changes in the investment climate
for real estate, changes in real estate taxes and other operating
expenses, adverse changes in governmental rules and fiscal
policies, the relative illiquidity of real estate and environmental
risks, and (xi) risks related to our status as a REIT for federal
income tax purposes, such as the existence of complex regulations
relating to our status as a REIT, the effect of future changes to
REIT requirements as a result of new legislation and the adverse
consequences of the failure to qualify as a REIT. Given these
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements that we make, including those in
this press release. Except as may be required by law, we make
no promise to update any of the forward-looking statements as a
result of new information, future events or otherwise. You
should carefully review the risks and risk factors included in (i)
our Annual Report on Form 10-K for the year ended December 31,
2023 and (ii) our Quarterly Report on Form 10-Q for the quarter
ended June 30, 2024.
|
Saul Centers,
Inc.
Consolidated Balance
Sheets (Unaudited)
|
|
|
(Dollars in
thousands, except per share amounts)
|
June 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Real estate
investments
|
|
|
|
|
Land
|
$
501,787
|
|
$
511,529
|
|
Buildings and
equipment
|
1,604,330
|
|
1,595,023
|
|
Construction in
progress
|
615,166
|
|
514,553
|
|
2,721,283
|
|
2,621,105
|
|
Accumulated
depreciation
|
(748,750)
|
|
(729,470)
|
|
Total real estate
investments, net
|
1,972,533
|
|
1,891,635
|
|
Cash and cash
equivalents
|
6,863
|
|
8,407
|
|
Accounts receivable
and accrued income, net
|
53,328
|
|
56,032
|
|
Deferred leasing
costs, net
|
25,834
|
|
23,728
|
|
Other
assets
|
13,039
|
|
14,335
|
|
Total
assets
|
$ 2,071,597
|
|
$ 1,994,137
|
|
Liabilities
|
|
|
|
|
Mortgage notes
payable, net
|
$
966,132
|
|
$
935,451
|
|
Revolving credit
facility payable, net
|
235,102
|
|
274,715
|
|
Term loan facility
payable, net
|
99,605
|
|
99,530
|
|
Construction loans
payable, net
|
141,765
|
|
77,305
|
|
Accounts payable,
accrued expenses and other liabilities
|
72,317
|
|
57,022
|
|
Deferred
income
|
20,416
|
|
22,748
|
|
Dividends and
distributions payable
|
23,240
|
|
22,937
|
|
Total
liabilities
|
1,558,577
|
|
1,489,708
|
|
Equity
|
|
|
|
|
Preferred stock,
1,000,000 shares authorized:
|
|
|
|
|
Series D Cumulative
Redeemable, 30,000 shares issued and outstanding
|
75,000
|
|
75,000
|
|
Series E Cumulative
Redeemable, 44,000 shares issued and outstanding
|
110,000
|
|
110,000
|
|
Common stock, $0.01
par value, 50,000,000 and 40,000,000 shares authorized,
respectively, 24,256,492 and 24,082,887 shares issued and
outstanding, respectively
|
241
|
|
241
|
|
Additional paid-in
capital
|
451,845
|
|
449,959
|
|
Distributions in
excess of accumulated net income
|
(294,852)
|
|
(288,825)
|
|
Accumulated other
comprehensive income
|
3,434
|
|
2,014
|
|
Total Saul Centers,
Inc. equity
|
345,668
|
|
348,389
|
|
Noncontrolling
interests
|
167,352
|
|
156,040
|
|
Total
equity
|
513,020
|
|
504,429
|
|
Total liabilities and
equity
|
$ 2,071,597
|
|
$ 1,994,137
|
|
Saul Centers,
Inc.
Consolidated Statements of
Operations
(In thousands, except per share
amounts)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
|
(unaudited)
|
|
(unaudited)
|
|
Rental
revenue
|
$
63,695
|
|
$
62,002
|
|
$
128,994
|
|
$
123,830
|
|
Other
|
3,248
|
|
1,707
|
|
4,641
|
|
2,928
|
|
Total
revenue
|
66,943
|
|
63,709
|
|
133,635
|
|
126,758
|
|
Expenses
|
|
|
|
|
|
|
|
|
Property operating
expenses
|
9,656
|
|
8,997
|
|
20,201
|
|
17,783
|
|
Real estate
taxes
|
7,608
|
|
7,453
|
|
15,232
|
|
14,948
|
|
Interest expense, net
and amortization of deferred debt
costs
|
12,267
|
|
12,278
|
|
24,715
|
|
24,099
|
|
Depreciation and
amortization of deferred leasing costs
|
12,001
|
|
12,114
|
|
24,030
|
|
24,130
|
|
General and
administrative
|
6,102
|
|
5,678
|
|
11,885
|
|
10,946
|
|
Total
expenses
|
47,634
|
|
46,520
|
|
96,063
|
|
91,906
|
|
Gain on disposition of
property
|
181
|
|
—
|
|
181
|
|
—
|
|
Net
Income
|
19,490
|
|
17,189
|
|
37,753
|
|
34,852
|
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
|
Income attributable to
noncontrolling interests
|
(5,042)
|
|
(4,027)
|
|
(9,675)
|
|
(8,188)
|
|
Net income
attributable to Saul Centers, Inc.
|
14,448
|
|
13,162
|
|
28,078
|
|
26,664
|
|
Preferred stock
dividends
|
(2,799)
|
|
(2,799)
|
|
(5,597)
|
|
(5,597)
|
|
Net income available
to common stockholders
|
$
11,649
|
|
$
10,363
|
|
$
22,481
|
|
$
21,067
|
|
Per share net income
available to common
stockholders
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
0.48
|
|
$
0.43
|
|
$
0.93
|
|
$
0.88
|
|
Reconciliation of net
income to FFO available to common stockholders and
noncontrolling
interests (1)
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
(In thousands,
except per share amounts)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
|
$
19,490
|
|
$
17,189
|
|
$
37,753
|
|
$
34,852
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Gain on disposition of
property
|
(181)
|
|
—
|
|
(181)
|
|
—
|
|
Add:
|
|
|
|
|
|
|
|
|
Real estate
depreciation and amortization
|
12,001
|
|
12,114
|
|
24,030
|
|
24,130
|
|
FFO
|
31,310
|
|
29,303
|
|
61,602
|
|
58,982
|
|
Subtract:
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
(2,799)
|
|
(2,799)
|
|
(5,597)
|
|
(5,597)
|
|
FFO available to common
stockholders and noncontrolling
interests
|
$
28,511
|
|
$
26,504
|
|
$
56,005
|
|
$
53,385
|
|
Weighted average shares
and units:
|
|
|
|
|
|
|
|
|
Basic
|
34,498
|
|
33,340
|
|
34,423
|
|
33,332
|
|
Diluted
(2)
|
34,502
|
|
34,049
|
|
34,427
|
|
34,040
|
|
Basic FFO per share
available to common stockholders and
noncontrolling interests
|
$
0.83
|
|
$
0.79
|
|
$
1.63
|
|
$
1.60
|
|
Diluted FFO per share
available to common stockholders and
noncontrolling interests
|
$
0.83
|
|
$
0.78
|
|
$
1.63
|
|
$
1.57
|
|
|
|
(1)
|
The National
Association of Real Estate Investment Trusts ("Nareit") developed
FFO as a relative non-GAAP financial measure of performance of an
equity REIT in order to recognize that income-producing real estate
historically has not depreciated on the basis determined under
GAAP. FFO is defined by NAREIT as net income, computed in
accordance with GAAP, plus real estate depreciation and
amortization, and excluding impairment charges on real estate
assets and gains or losses from real estate dispositions. FFO does
not represent cash generated from operating activities in
accordance with GAAP and is not necessarily indicative of cash
available to fund cash needs, which is disclosed in the Company's
Consolidated Statements of Cash Flows for the applicable periods.
There are no material legal or functional restrictions on the use
of FFO. FFO should not be considered as an alternative to net
income, its most directly comparable GAAP measure, as an indicator
of the Company's operating performance, or as an alternative to
cash flows as a measure of liquidity. Management considers FFO a
meaningful supplemental measure of operating performance because it
primarily excludes the assumption that the value of the real estate
assets diminishes predictably over time (i.e. depreciation), which
is contrary to what the Company believes occurs with its assets,
and because industry analysts have accepted it as a performance
measure. FFO may not be comparable to similarly titled measures
employed by other REITs.
|
|
(2)
|
Beginning March 5,
2021, fully diluted shares and units includes 1,416,071 limited
partnership units that were held in escrow related to the
contribution of Twinbrook Quarter. Half of the units held in escrow
were released on October 18, 2021. The remaining units held in
escrow were released on October 18, 2023.
|
|
Reconciliation of
revenue to same property revenue (1)
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
Three Months Ended June
30,
|
|
Six Months Ended June
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Total
revenue
|
|
$
66,943
|
|
$
63,709
|
|
$
133,635
|
|
$
126,758
|
|
Less: Acquisitions,
dispositions and development properties
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same property
revenue
|
|
$
66,943
|
|
$
63,709
|
|
$
133,635
|
|
$
126,758
|
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
|
$
46,765
|
|
$
43,974
|
|
$
93,698
|
|
$
88,199
|
|
Mixed-Use
properties
|
|
20,178
|
|
19,735
|
|
39,937
|
|
38,559
|
|
Total same property
revenue
|
|
$
66,943
|
|
$
63,709
|
|
$
133,635
|
|
$
126,758
|
|
|
|
|
|
|
|
|
|
|
Total Shopping
Center revenue
|
|
$
46,765
|
|
$
43,974
|
|
$
93,698
|
|
$
88,199
|
|
Less: Shopping Center
acquisitions, dispositions and
development properties
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same Shopping
Center revenue
|
|
$
46,765
|
|
$
43,974
|
|
$
93,698
|
|
$
88,199
|
|
|
|
|
|
|
|
|
|
|
Total Mixed-Use
property revenue
|
|
$
20,178
|
|
$
19,735
|
|
$
39,937
|
|
$
38,559
|
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same Mixed-Use
property revenue
|
|
$
20,178
|
|
$
19,735
|
|
$
39,937
|
|
$
38,559
|
|
|
|
(1)
|
Same property revenue
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 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 June
30,
|
|
Six Months Ended June
30,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Office mixed-use
properties (1)
|
|
$
10,062
|
|
$
9,856
|
|
$
19,815
|
|
$
19,001
|
|
Residential mixed-use
properties (residential activity) (2)
|
|
8,968
|
|
8,737
|
|
17,806
|
|
17,270
|
|
Residential mixed-use
properties (retail activity) (3)
|
|
1,148
|
|
1,142
|
|
2,316
|
|
2,288
|
|
Total Mixed-Use same
property revenue
|
|
$
20,178
|
|
$
19,735
|
|
$
39,937
|
|
$
38,559
|
|
|
|
(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 June
30,
|
|
Six Months Ended June
30,
|
|
(In
thousands)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
(unaudited)
|
|
(unaudited)
|
|
Net
income
|
$
19,490
|
|
$
17,189
|
|
$
37,753
|
|
$
34,852
|
|
Add: Interest expense,
net and amortization of deferred debt costs
|
12,267
|
|
12,278
|
|
24,715
|
|
24,099
|
|
Add: Depreciation and
amortization of deferred leasing costs
|
12,001
|
|
12,114
|
|
24,030
|
|
24,130
|
|
Add: General and
administrative
|
6,102
|
|
5,678
|
|
11,885
|
|
10,946
|
|
Less: Gain on
disposition of property
|
(181)
|
|
—
|
|
(181)
|
|
—
|
|
Property operating
income
|
49,679
|
|
47,259
|
|
98,202
|
|
94,027
|
|
Less: Acquisitions,
dispositions and development properties
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same property
operating income
|
$
49,679
|
|
$
47,259
|
|
$
98,202
|
|
$
94,027
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
$
36,812
|
|
$
34,512
|
|
$
72,781
|
|
$
69,477
|
|
Mixed-Use
properties
|
12,867
|
|
12,747
|
|
25,421
|
|
24,550
|
|
Total same property
operating income
|
$
49,679
|
|
$
47,259
|
|
$
98,202
|
|
$
94,027
|
|
|
|
|
|
|
|
|
|
Shopping Center
operating income
|
$
36,812
|
|
$
34,512
|
|
$
72,781
|
|
$
69,477
|
|
Less: Shopping Center
acquisitions, dispositions and development
properties
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same Shopping
Center operating income
|
$
36,812
|
|
$
34,512
|
|
$
72,781
|
|
$
69,477
|
|
|
|
|
|
|
|
|
|
Mixed-Use property
operating income
|
$
12,867
|
|
$
12,747
|
|
$
25,421
|
|
$
24,550
|
|
Less: Mixed-Use
acquisitions, dispositions and development properties
|
—
|
|
—
|
|
—
|
|
—
|
|
Total same Mixed-Use
property operating income
|
$
12,867
|
|
$
12,747
|
|
$
25,421
|
|
$
24,550
|
|
|
|
(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 June
30,
|
|
Six Months Ended June
30,
|
|
(In
thousands)
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Office mixed-use
properties (1)
|
|
$
6,577
|
|
$
6,469
|
|
$
12,797
|
|
$
12,177
|
|
Residential mixed-use
properties (residential activity) (2)
|
|
5,451
|
|
5,438
|
|
10,923
|
|
10,726
|
|
Residential mixed-use
properties (retail activity) (3)
|
|
839
|
|
840
|
|
1,701
|
|
1,647
|
|
Total Mixed-Use same
property operating income
|
|
$
12,867
|
|
$
12,747
|
|
$
25,421
|
|
$
24,550
|
|
|
|
(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
|
View original
content:https://www.prnewswire.com/news-releases/saul-centers-inc-reports-second-quarter-2024-earnings-302212913.html
SOURCE Saul Centers, Inc.
