Saul Centers reported total revenue of $75.1 million for the quarter ended December 31, 2025, up 10.6% from $67.9 million a year earlier, while net income declined to $8.2 million from $10.4 million. Net income available to common stockholders fell to $3.7 million, or $0.15 per share, versus $5.3 million, or $0.22 per share.

Hampden House opened October 1, 2025, adding 366 apartment units and 10,100 square feet of retail space adjacent to the Bethesda Metro Station. Initial residential and retail expenses reduced net income by $5.1 million, with 35.5% of units leased as of February 23, 2026, and lowered FFO available to common shareholders by $0.10 per share.

Excluding the non-recurring $8.7 million rental payment in the prior year, same property revenue rose 6.8% and same property net operating income increased 4.2% year-over-year. Shopping center NOI grew 1.3% to $35.8 million, mixed-use NOI rose 9.2% excluding the one-time item, and FFO fell to $21.5 million, or $0.61 per share, from $22.0 million.