BETHESDA, Md. (AP) _ Saul Centers Inc. (BFS) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Bethesda, Maryland, said it had funds from operations of $26.6 million, or 78 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.
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 $10.2 million, or 43 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $60.3 million in the period.
The company's shares have decreased 4% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $50.88, a climb of 14% in the last 12 months.
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