Quarterly ResultMay 7, 2026, 04:35 PM
Saul Centers Q1 Revenue $78.3M, Net Income $12.0M; Hampden House Impacts Profit
AI Summary
Saul Centers, Inc. reported mixed operating results for the first quarter ended March 31, 2026. Total revenue increased to $78.3 million, up from $71.9 million in the prior year quarter. However, net income decreased to $12.0 million from $12.8 million, primarily due to the initial operations of Hampden House, which shifted costs from capitalization to expense. Funds from operations (FFO) available to common stockholders and noncontrolling interests saw a slight increase to $25.2 million, or $0.71 per share, while same property revenue and net operating income showed strong growth.
Key Highlights
- Total revenue increased to $78.3 million for Q1 2026 from $71.9 million in Q1 2025.
- Net income decreased to $12.0 million for Q1 2026 from $12.8 million in Q1 2025.
- Net income available to common stockholders was $6.3 million, or $0.26 per share, down from $7.0 million, or $0.29 per share.
- FFO available to common stockholders and noncontrolling interests increased to $25.2 million, or $0.71 per share, from $24.6 million.
- Same property revenue increased by $5.1 million, or 7.4%, and same property net operating income increased by $4.3 million, or 9.0%.
- Initial operations of Hampden House adversely impacted net income by $4.8 million and FFO by $3.2 million.
- Hampden House residential units were 45.6% leased and occupied, with 85.1% of retail space leased as of May 4, 2026.
- Residential portfolio (excluding Hampden House) was 97.6% leased at March 31, 2026, up from 90.4%.