SAUL CENTERS, INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Same property revenue and same property net operating income
Same property revenue and same property net operating income are non-GAAP financial measures of performance that management believes improve the comparability of reporting periods 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 less straight-line base rent and amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties minus the revenue of properties not in operation for the entirety of the comparable reporting periods, and we define same property net 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 the early extinguishment of debt minus (f) gains on property dispositions, (g) straight-line base rent, (h) amortization of above/below market premiums and discounts related to leases acquired in connection with purchased real estate investment properties and (i) the net operating income of properties that were not in operation for the entirety of the comparable periods.
Other REITs may use different methodologies for calculating same property revenue and same property net operating income. Accordingly, our same property revenue and same property net operating income may not be comparable to those of other REITs.
Same property revenue and same property net operating income are used by management to evaluate and compare the operating performance of our properties, and to determine trends in earnings, because these measures are not affected by the cost of our 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 our properties. We believe the exclusion of these items from revenue and net operating income is useful because the resulting measures capture the actual revenue generated and actual expenses incurred by operating our properties.
Same property revenue and same property net operating income are measures of the operating performance of our properties but do not measure our performance as a whole. Such measures are therefore not substitutes for total revenue, net income or net operating income as computed in accordance with GAAP.
The tables below provide reconciliations of property revenue and property net operating income under GAAP to same property revenue and same property net operating income for the indicated periods. One property, Twinbrook Quarter Phase I, was excluded from same property results.
Same property revenue
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2025 | 2024 |
| Total revenue | $72,004 | $67,288 | $214,694 | $200,923 |
| Revenue adjustments (1) | (2,050) | (578) | (7,145) | (299) |
| Acquisitions, dispositions and development properties | (3,463) | — | (6,860) | — |
| Total same property revenue | $66,491 | $66,710 | $200,689 | $200,624 |
| Shopping Centers | $46,204 | $46,250 | $139,780 | $140,377 |
| Mixed-Use properties | 20,287 | 20,460 | 60,909 | 60,247 |
| Total same property revenue | $66,491 | $66,710 | $200,689 | $200,624 |
| Total Shopping Center revenue | $46,204 | $46,250 | $139,780 | $140,377 |
| Shopping Center acquisitions, dispositions and development properties | — | — | — | — |
| Total Shopping Center same property revenue | $46,204 | $46,250 | $139,780 | $140,377 |
| Total Mixed-Use property revenue | $23,750 | $20,460 | $67,769 | $60,247 |
| Mixed-Use acquisitions, dispositions and development properties | (3,463) | — | (6,860) | — |
| Total Mixed-Use same property revenue | $20,287 | $20,460 | $60,909 | $60,247 |
(1)Revenue adjustments are straight-line base rent and above/below market lease amortization.
Mixed-Use same property revenue is composed of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2025 | 2024 |
| Office mixed-use properties (1) | $9,673 | $10,235 | $29,251 | $30,069 |
| Residential mixed-use properties (residential activity) (2) | 9,428 | 9,088 | 28,183 | 26,814 |
| Residential mixed-use properties (retail activity) (3) | 1,186 | 1,137 | 3,475 | 3,364 |
| Total Mixed-Use same property revenue | $20,287 | $20,460 | $60,909 | $60,247 |
(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
Same property net operating income
| Three Months Ended September 30, · Nine Months Ended September 30, | |||||
|---|---|---|---|---|---|
| (In thousands) · 2025 · 2024 · 2025 · 2024 | |||||
| Net income | $13,996 | $19,592 | $41,025 | $57,345 | |
| Interest expense, net and amortization of deferred debt costs | 17,066 | 12,213 | 50,633 | 36,928 | |
| Depreciation and amortization of deferred leasing costs | 14,106 | 12,072 | 42,727 | 36,102 | |
| General and administrative | 6,658 | 5,680 | 19,085 | 17,565 | |
| Gain on disposition of property | — | — | (120) | (181) | |
| Revenue adjustments (1) | (2,050) | (578) | (7,145) | (299) | |
| Total property net operating income | 49,776 | 48,979 | 146,205 | 147,460 | |
| Acquisitions, dispositions, and development properties | (1,782) | (2,127) | |||
| Total same property net operating income | $47,994 | $48,979 | $144,078 | $147,460 | |
| Shopping Centers | $35,759 | $36,149 | $106,328 | $109,360 | |
| Mixed-Use properties | 12,235 | 12,830 | 37,750 | 38,100 | |
| Total same property net operating income | $47,994 | $48,979 | $144,078 | $147,460 | |
| Shopping Center property net operating income | $35,759 | $36,149 | $106,328 | $109,360 | |
| Shopping Center acquisitions, dispositions and development properties | — | — | — | — | |
| Total Shopping Center same property net operating income | $35,759 | $36,149 | $106,328 | $109,360 | |
| Mixed-Use property net operating income | $14,017 | $12,830 | $39,877 | $38,100 | |
| Mixed-Use acquisitions, dispositions and development properties | (1,782) | — | (2,127) | — | |
| Total Mixed-Use same property net operating income | $12,235 | $12,830 | $37,750 | $38,100 | |
(1)Revenue adjustments are straight-line base rent and above/below market lease amortization.
Same property net operating income decreased $1.0 million, or 2.0%, for the 2025 Quarter compared to the 2024 Quarter.
Shopping Center same property net operating income for the 2025 Quarter totaled $35.8 million, a decrease of $0.4 million compared to the 2024 Quarter. Shopping Center same property net operating income decreased primarily due to lower lease termination fees of $0.6 million. Mixed use same property net operating income for the 2025 Quarter totaled $12.2 million, a decrease of $0.6 million compared to the 2024 Quarter primarily due to lower commercial base rent of $0.6 million.
Same property net operating income decreased $3.4 million, or 2.3%, for the 2025 Period compared to the 2024 Period.
Shopping Center same property net operating income for the 2025 Period totaled $106.3 million, a decrease of $3.0 million compared to the 2024 Period primarily due to lower lease termination fees of $2.9 million. Mixed use same property income for the 2025 Period totaled $37.8 million, a decrease of $0.3 million compared to the 2024 Period primarily due to lower parking income, net of expenses of $0.2 million.
Mixed-Use same property net operating income is composed of the following:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2025 | 2024 |
| Office mixed-use properties (1) | $5,856 | $6,486 | $18,182 | $19,302 |
| Residential mixed-use properties (residential activity) (2) | 5,576 | 5,530 | 17,163 | 16,372 |
| Residential mixed-use properties (retail activity) (3) | 803 | 814 | 2,405 | 2,426 |
| Total Mixed-Use same property net operating income | $12,235 | $12,830 | $37,750 | $38,100 |
(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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