BETHESDA, Md. (AP) _ Saul Centers Inc. (BFS) on Tuesday reported a key measure of profitability in its third 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 $24.9 million, or 73 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 78 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 $9.2 million, or 38 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $61.1 million in the period.
The company's shares have dropped 23% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.83, a fall of 18% in the last 12 months.
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