Saul Centers: 1Q Earnings Snapshot
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BETHESDA, Md. (AP) _ Saul Centers Inc. (BFS) on Thursday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $29.8 million, or 69 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 81 cents per share.
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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 $6.9 million, or 31 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $56.5 million in the period, also missing Street forecasts. Four analysts surveyed by Zacks expected $57.1 million.
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The company's shares have fallen 21 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.94, a drop of 19 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