Earnings ·
Saul Centers reports Q3 net income of $12.6M, or $0.27 per share
BFSSaul Centers, Inc.
Saul Centers reported third-quarter revenue of $78.4 million and net income of $12.6 million, or $0.27 per diluted share. Results were adversely impacted by $3.7 million from the initial operations of Hampden House, which includes $2.9 million in interest expense. Exclusive of this development, net income increased by $2.3 million due to higher commercial base rent. Same property revenue rose 4.9% and same property NOI grew 5.0%. Funds from operations (FFO) were flat at $0.72 per share. Saul Centers is a self-managed equity REIT that owns and operates a portfolio of shopping centers, mixed-use properties, and residential assets primarily in the Washington D.C./Baltimore area.