Saul Centers, Inc. announced its operating results for the third quarter ended September 30, 2024, reporting a total revenue increase to $67.3 million, up from $63.8 million in the comparable 2023 quarter. Net income for the quarter rose to $19.6 million from $16.7 million in the prior year period, primarily driven by higher base rent and lease termination fees.
Net income available to common stockholders increased to $11.7 million, or $0.48 per basic and diluted share, compared to $10.0 million, or $0.42 per basic and diluted share, in the third quarter of 2023. Funds From Operations (FFO) available to common stockholders and noncontrolling interests also saw an increase, reaching $28.9 million, or $0.84 per basic share, up from $26.0 million, or $0.78 per basic share, in the prior year.
The company's same property revenue increased by $3.5 million, or 5.5%, and same property operating income grew by $3.2 million, or 6.8%, for the quarter. Leasing percentages showed improvement, with the commercial portfolio 95.7% leased and the residential portfolio 98.8% leased as of September 30, 2024, indicating solid operational performance across its core assets.
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