BETHESDA, Md. (AP) _ Saul Centers Inc. (BFS) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $25.3 million, or 82 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 81 cents per share.
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 $10.3 million, or 45 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $58.1 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $58.4 million.
The company's shares have risen 10% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $52.03, a drop of nearly 5% in the last 12 months.