Saul Centers, Inc. reported its operating results for the fourth quarter ended December 31, 2024, with total revenue increasing to $67.9 million from $66.7 million in the prior year's comparable quarter. However, net income decreased to $10.4 million from $17.5 million in the fourth quarter of 2023.
The decline in net income was primarily attributed to a $6.8 million adverse impact from the initial operations of The Milton at Twinbrook Quarter, which was delivered on October 1, 2024. This project, comprising 452 apartment units and retail space, began incurring expenses such as interest, real estate taxes, and depreciation, while revenue continues to grow as occupancy increases.
Funds From Operations (FFO) available to common stockholders and noncontrolling interests decreased to $22.0 million, or $0.63 per basic and diluted share, from $26.9 million, or $0.79 per basic and diluted share, in the prior year. The initial operations of Twinbrook Quarter Phase I adversely impacted FFO by $4.7 million. As of February 24, 2025, 202 residential units at Twinbrook Quarter Phase I were leased and occupied, indicating ongoing lease-up progress.
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