Saul Centers, Inc., a real estate investment trust, unveiled its financial performance for the first quarter of 2024, showcasing positive growth in various aspects of its operations. The company reported a significant increase in total revenue and net income compared to the same period in 2023.

According to the company's announcement, total revenue for the 2024 Quarter surged to $66.7 million from $63.0 million in the 2023 Quarter. Net income also saw a rise, reaching $18.3 million for the 2024 Quarter, up from $17.7 million in the previous year. The net income available to common stockholders increased to $10.8 million, or $0.45 per basic and diluted share, for the 2024 Quarter.

Furthermore, same property revenue and operating income witnessed positive growth, with an increase of $3.6 million and $1.8 million, respectively, for the 2024 Quarter compared to the same period in 2023. Shopping Center same property operating income reached $36.0 million, marking a $1.0 million increase from the 2023 Quarter, while Mixed-Use same property operating income totaled $12.6 million, a $0.8 million increase from the previous year.

The company also highlighted its Funds from Operations (FFO) performance, indicating an increase to $27.5 million, or $0.80 per basic and diluted share, in the 2024 Quarter, compared to $26.9 million in the 2023 Quarter. Additionally, as of March 31, 2024, Saul Centers reported that 94.6% of its commercial portfolio was leased, reflecting a slight improvement from the previous year.

Saul Centers, Inc. continues to be a significant player in the real estate market, with a portfolio comprising 61 properties, including community and neighborhood shopping centers, mixed-use properties, and non-operating land and development properties.

Investors and stakeholders are encouraged to review the detailed financial information provided by Saul Centers, Inc. to gain a comprehensive understanding of the company's performance and future outlook.