Saul Centers, Inc. Reports Third Quarter 2025 Earnings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 06 2025
0mins
Source: PRnewswire
Operating Results: Saul Centers, Inc. reported a total revenue increase to $72.0 million for Q3 2025, up from $67.3 million in Q3 2024, but net income decreased to $14.0 million from $19.6 million due to initial operations of Twinbrook Quarter Phase I.
Leasing Status: As of November 3, 2025, 95.4% of the residential units at Twinbrook Quarter Phase I were leased, while the commercial portfolio was 94.5% leased, down from 95.7% a year prior.
Financial Performance: Funds from operations (FFO) available to common stockholders decreased to $25.3 million, or $0.72 per share, in Q3 2025, impacted by $2.5 million due to Twinbrook Quarter Phase I operations.
Year-to-Date Results: For the nine months ending September 30, 2025, total revenue rose to $214.7 million, but net income fell to $41.0 million, primarily due to the initial operations of Twinbrook Quarter Phase I, which adversely affected net income by $16.4 million.
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About BFS
Saul Centers, Inc. is a self-managed, self-administered equity real estate investment trust (REIT). The Company, which conducts all of its activities through its subsidiaries, the Operating Partnership and Subsidiary Partnerships, engages in the ownership, operation, management, leasing, acquisition, renovation, expansion, development and financing of community and neighborhood shopping centers and mixed-used properties, primarily in the Washington, DC/Baltimore metropolitan area. The Company operates through two business segments: Shopping Centers and Mixed-Use Properties. The Company operates and manages a real estate portfolio comprised of approximately 62 properties, which includes 58 community and neighborhood shopping centers and mixed-use properties with approximately 10.2 million square feet of leasable area, and four land and development properties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Saul Centers, Inc. (BFS) Announces 2025 Dividend Tax Treatment with 26.3% as Ordinary Income
- Total Dividends: In 2025, Saul Centers declared and paid four quarterly dividends totaling $2.36 per common share, reflecting the company's robust cash flow and commitment to shareholder returns.
- Tax Classification: Of this amount, 26.3% ($0.62 per share) is classified as ordinary income while 73.7% ($1.74 per share) is considered a return of capital, which will impact shareholders' tax liabilities.
- Preferred Stock Dividends: The dividends on preferred stock are entirely classified as ordinary income, providing clarity for preferred shareholders regarding their tax implications and enhancing investment attractiveness.
- REIT Operations: As a self-managed equity REIT, Saul Centers operates a portfolio of 62 properties, with over 85% of its operating income generated from the Washington, DC/Baltimore area, underscoring its competitive strength in this market.
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Saul Centers, Inc. Announces 2025 Dividend Tax Treatment with 26.3% as Ordinary Income
- Total Dividends: Saul Centers declared and paid four quarterly dividends on its common stock in 2025, totaling $2.36 per share, indicating the company's strong cash flow and commitment to shareholder returns.
- Tax Classification: Of the common stock dividends, 26.3% ($0.62 per share) is classified as ordinary income while 73.7% ($1.74 per share) is characterized as return of capital, which will affect shareholders' tax liabilities.
- Preferred Stock Dividends: The company also paid four dividends on its preferred stock, totaling $1.53125 per depositary share for the 6.125% Series D Preferred Stock and $1.50000 per depositary share for the 6.000% Series E Preferred Stock, both classified as ordinary income, enhancing investor yield expectations.
- REIT Operations: Saul Centers operates a portfolio of 62 properties, primarily in the Washington, DC/Baltimore area, generating over 85% of its operating income from this region, showcasing its strategic market positioning.
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