Saul Centers: 2Q Earnings Snapshot
{{#rendered}} {{/rendered}}BETHESDA, Md. (AP) _ Saul Centers Inc. (BFS) on Friday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $23.8 million, or 79 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 80 cents per share.
{{#rendered}} {{/rendered}}Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $9.6 million, or 43 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $56.2 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $56.7 million.
{{#rendered}} {{/rendered}}The company's shares have fallen 13 percent since the beginning of the year. In the final minutes of trading on Friday, shares hit $53.64, a decline of 10 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BFS at https://www.zacks.com/ap/BFS