Thu, May 8, 8:23 PM (9 days ago)
**Saul Centers, Inc. (BFS) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $71.9 million (+7.7% YoY), driven by increased base rent and expense recoveries. - **Net Income:** $12.8 million (-30% YoY), impacted by initial operations of Twinbrook Quarter Phase I. - **FFO:** $24.6 million (-10.6% YoY), affected by Twinbrook Quarter Phase I operations. - **Profit Margins:** Operating margin decreased due to higher expenses related to new developments. - **Cash Flow:** Net cash provided by operating activities was $30.4 million, while investing activities used $24.5 million. **Key Metrics:** - **Occupancy:** Commercial portfolio leased at 93.9% (94.6% YoY), with 94% on a same-property basis. - **Debt:** Total debt of $1.6 billion, with 87.5% fixed-rate and a weighted average term of 8.5 years. - **Liquidity:** $132.4 million available under the Credit Facility. **Quarterly Performance & Trends:** - **Revenue Growth:** Driven by higher base rent and expense recoveries, partially offset by lower other property revenue. - **Expense Increase:** Primarily due to Twinbrook Quarter Phase I operations and higher interest expenses. - **Development:** Twinbrook Quarter Phase I and Hampden House projects are progressing, with expected completions in late 2025. **Uncertainties & Future Operations:** - **Economic Conditions:** Uncertainty in acquisition opportunities due to current economic and capital markets environment. - **Interest Rates:** Exposure to interest rate fluctuations, with $196.0 million in unhedged variable-rate debt. - **Inflation:** Potential impact on operating costs, consumer demand, and development project costs. **Management Discussion:** - Focus on diversification, development, and selective acquisitions. - Maintain a debt-to-asset ratio below 50% and actively manage leverage. - Expect to fund future developments and acquisitions with available cash, bank borrowings, and external capital resources. **Ticker:** BFS