Saul Centers, Inc. Reports Second Quarter 2024 Earnings
Saul Centers, Inc. (NYSE: BFS) reported strong Q2 2024 earnings, with total revenue increasing to $66.9 million from $63.7 million in Q2 2023. Net income rose to $19.5 million, up from $17.2 million, primarily due to higher lease termination fees and increased commercial and residential base rent. Net income available to common stockholders grew to $11.6 million, or $0.48 per share, compared to $10.4 million, or $0.43 per share, in Q2 2023.
Same property revenue and operating income both increased by 5.1%. The company's FFO available to common stockholders increased to $28.5 million, or $0.83 per share, up from $26.5 million, or $0.79 per share, in Q2 2023. As of June 30, 2024, the commercial portfolio was 95.8% leased, and the residential portfolio was 99.4% leased.
Saul Centers, Inc. (NYSE: BFS) ha riportato utili solidi nel secondo trimestre del 2024, con un fatturato totale che è aumentato a 66,9 milioni di dollari rispetto ai 63,7 milioni di dollari del secondo trimestre del 2023. Il reddito netto è salito a 19,5 milioni di dollari, rispetto ai 17,2 milioni, principalmente a causa di maggiori commissioni per la risoluzione dei contratti di locazione e dell'aumento degli affitti base commerciali e residenziali. Il reddito netto disponibile per gli azionisti ordinari è cresciuto a 11,6 milioni di dollari, pari a 0,48 dollari per azione, rispetto ai 10,4 milioni di dollari, pari a 0,43 dollari per azione, nel secondo trimestre del 2023.
Le entrate e i redditi operativi della stessa proprietà sono aumentati entrambi del 5,1%. L'FFO disponibile per gli azionisti ordinari è aumentato a 28,5 milioni di dollari, pari a 0,83 dollari per azione, rispetto ai 26,5 milioni di dollari, pari a 0,79 dollari per azione, nel secondo trimestre del 2023. Al 30 giugno 2024, il portafoglio commerciale era locato al 95,8% e il portafoglio residenziale era locato al 99,4%.
Saul Centers, Inc. (NYSE: BFS) informó sobre ganancias sólidas en el segundo trimestre de 2024, con un ingreso total que aumentó a 66.9 millones de dólares desde 63.7 millones de dólares en el segundo trimestre de 2023. El ingreso neto subió a 19.5 millones de dólares, frente a 17.2 millones, principalmente debido a mayores tarifas por terminaciones de arrendamiento y un incremento en las rentas base comerciales y residenciales. El ingreso neto disponible para los accionistas ordinarios creció a 11.6 millones de dólares, es decir, 0.48 dólares por acción, comparado con 10.4 millones de dólares, o 0.43 dólares por acción, en el segundo trimestre de 2023.
Los ingresos y el ingreso operativo de la misma propiedad aumentaron ambos en un 5.1%. El FFO disponible para los accionistas ordinarios aumentó a 28.5 millones de dólares, o 0.83 dólares por acción, subiendo desde 26.5 millones de dólares, o 0.79 dólares por acción, en el segundo trimestre de 2023. Hasta el 30 de junio de 2024, la cartera comercial estaba arrendada en un 95.8% y la cartera residencial en un 99.4%.
Saul Centers, Inc. (NYSE: BFS)는 2024년 2분기에 강력한 실적을 보고했으며, 총 수익이 6,690만 달러로 증가했습니다, 이는 2023년 2분기 6,370만 달러에서 증가한 것입니다. 순이익은 1,950만 달러로 증가했습니다, 이는 1,720만 달러에서 증가한 것으로 주로 임대 종료 수수료 증가와 상업 및 주거 기본 임대료 증가에 기인합니다. 일반 주주에게 제공되는 순이익은 1,160만 달러, 즉 주당 0.48 달러로 증가했습니다, 이는 2023년 2분기 1,040만 달러 또는 주당 0.43 달러와 비교됩니다.
동일 자산 수익과 운영 수익 모두 5.1% 증가했습니다. 회사의 일반 주주에게 제공되는 FFO는 2,850만 달러, 즉 주당 0.83 달러로 증가했습니다, 이는 2,650만 달러 또는 주당 0.79 달러에서 증가한 수치입니다. 2024년 6월 30일 기준으로 상업 포트폴리오는 95.8% 임대되었고, 주거 포트폴리오는 99.4% 임대되었습니다.
Saul Centers, Inc. (NYSE: BFS) a rapporté de solides bénéfices au deuxième trimestre 2024, avec un chiffre d'affaires total de 66,9 millions de dollars, en hausse par rapport à 63,7 millions de dollars au deuxième trimestre 2023. Le bénéfice net a augmenté à 19,5 millions de dollars, contre 17,2 millions de dollars, principalement en raison de frais d'annulation de bail plus élevés et d'une augmentation des loyers de base commerciaux et résidentiels. Le bénéfice net disponible pour les actionnaires ordinaires a atteint 11,6 millions de dollars, soit 0,48 dollar par action, par rapport à 10,4 millions de dollars, soit 0,43 dollar par action, au deuxième trimestre 2023.
Les revenus et le résultat d'exploitation des mêmes propriétés ont tous deux augmenté de 5,1 %. Le FFO disponible pour les actionnaires ordinaires a augmenté à 28,5 millions de dollars, soit 0,83 dollar par action, en hausse par rapport à 26,5 millions de dollars, soit 0,79 dollar par action, au deuxième trimestre 2023. Au 30 juin 2024, le portefeuille commercial était loué à 95,8 %, et le portefeuille résidentiel à 99,4 %.
Saul Centers, Inc. (NYSE: BFS) berichtete über starke Ergebnisse im 2. Quartal 2024, mit einem Gesamtumsatz von 66,9 Millionen Dollar, der von 63,7 Millionen Dollar im 2. Quartal 2023 angestiegen ist. Der Nettogewinn stieg auf 19,5 Millionen Dollar, nach 17,2 Millionen Dollar, hauptsächlich aufgrund höherer Entschädigungen für Vertragsauflösungen und steigender gewerblicher und privater Basismieten. Der Nettogewinn, der den Stammaktionären zur Verfügung steht, wuchs auf 11,6 Millionen Dollar oder 0,48 Dollar je Aktie, verglichen mit 10,4 Millionen Dollar oder 0,43 Dollar je Aktie im 2. Quartal 2023.
Die Einnahmen und das Betriebsergebnis aus der gleichen Immobilie stiegen jeweils um 5,1%. Das FFO, das den Stammaktionären zur Verfügung steht, stieg auf 28,5 Millionen Dollar oder 0,83 Dollar je Aktie, von 26,5 Millionen Dollar oder 0,79 Dollar je Aktie im 2. Quartal 2023. Zum 30. Juni 2024 war das gewerbliche Portfolio zu 95,8% vermietet, und das Wohnportfolio zu 99,4% vermietet.
- Total revenue increased by 5% to $66.9 million in Q2 2024
- Net income rose by 13.4% to $19.5 million in Q2 2024
- Same property revenue and operating income both increased by 5.1%
- FFO available to common stockholders grew by 7.5% to $28.5 million
- Commercial portfolio occupancy improved to 95.8% from 94.0% year-over-year
- Residential portfolio occupancy increased to 99.4% from 99.2% year-over-year
- Lease termination fee of $0.3 million paid to a tenant
- Higher general and administrative expenses of $0.4 million in Q2 2024
Insights
Saul Centers' Q2 2024 results demonstrate solid performance in a challenging real estate market. The company reported a 5.1% increase in same property revenue and operating income, signaling robust operational efficiency. Key highlights include:
- Total revenue increased to
$66.9 million , up from$63.7 million in Q2 2023 - Net income rose to
$19.5 million , compared to$17.2 million in the previous year - FFO per share grew to
$0.83 , up from$0.79 in Q2 2023
The improved performance was primarily driven by higher lease termination fees, increased commercial base rent and stronger residential base rent. The company's portfolio occupancy remains strong, with 95.8% of the commercial portfolio leased and 99.4% of the residential portfolio occupied.
However, investors should note the
The company's focus on the Washington, D.C./Baltimore area (generating over
Overall, Saul Centers' Q2 results reflect a well-managed REIT with strong fundamentals, positioned for continued growth in a recovering real estate market.
Saul Centers' Q2 2024 results offer valuable insights into the current state of the retail and mixed-use real estate markets. The 5.1% increase in same property revenue and operating income is particularly noteworthy, as it outpaces inflation and suggests strong demand for quality retail and residential spaces.
The increase in commercial base rent (
The high occupancy rates -
However, the
The company's focus on the Washington, D.C./Baltimore area is both a strength and a potential risk. While this region has shown resilience, it also exposes the REIT to local economic fluctuations. Diversification into other strong markets could provide additional stability and growth opportunities.
Overall, Saul Centers' performance reflects the ongoing recovery in the retail and mixed-use real estate sectors, particularly in strong metropolitan areas. The company's ability to maintain high occupancy rates and grow rents positions it well for continued success in the evolving real estate landscape.
Same property revenue increased
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
As of June 30, 2024,
For the six months ended June 30, 2024 ("2024 Period"), total revenue increased to
Same property revenue increased
FFO available to common stockholders and noncontrolling interests, after deducting preferred stock dividends, increased to
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in
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. | |||
(Dollars in thousands, except per share amounts) | June 30, | December 31, | |
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, | 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. | |||||||
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 | 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 | |||||||
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 | $ 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 | $ 0.83 | $ 0.79 | $ 1.63 | $ 1.60 | |||
Diluted FFO per share available to common stockholders and | $ 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 | — | — | — | — | ||||
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 | — | — | — | — | |||
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 |
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SOURCE Saul Centers, Inc.
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