Saul Centers Q3 Revenue Rises to $78.4 Million as Net Income Falls

For the quarter ended Sept. 30, Saul Centers posted $78.417 million in revenue, versus $72.004 million a year earlier, and $12.642 million in net income, down from $13.996 million. The results cover the three months ended Sept. 30.

The company attributed a $3.7 million reduction in quarterly net income to Hampden House’s initial operations, including $2.9 million in net interest expense. Net income available to common stockholders was $6.675 million, or $0.27 per share, compared with $7.691 million, or $0.32 per share, a year earlier.

Quarterly FFO after preferred dividends came to $25.939 million for common stockholders and noncontrolling interests, up from $25.304 million a year earlier. FFO, a non-GAAP supplemental earnings measure, was $0.72 per basic and diluted share in both periods.

Same-property net operating income increased $2.5 million, or 5%, from third-quarter 2025. Twinbrook Quarter Phase I’s lease-up contributed $1.1 million to the increase.

Hampden House opened Oct. 1, 2025. At the Nov. 2 count, 267 of Hampden House’s 366 apartments were occupied, and its retail space was fully leased.

Saul Centers’ portfolio comprises 62 properties with about 10.6 million square feet of leasable area. More than 85% of property net operating income comes from the Washington, D.C., and Baltimore metropolitan areas.