BETHESDA, Md. (AP) — BETHESDA, Md. (AP) — Saul Centers Inc. (BFS) on Thursday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $26.9 million, or 79 cents per share, in the period.
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 $10.7 million, or 45 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $63 million in the period.
The company’s shares have declined 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $35.36, a decrease of 32% in the last 12 months.
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