Saul Centers Inc. (BFS) Thursday said its second-quarter funds from operations declined from last year and missed analysts' estimate by a cent. Revenues for the quarter, however, increased 8.2% from last year.
Funds from operations available to common shareholders for the quarter decreased to $15.4 million or $0.66 per share from $15.6 million or $0.67 per share in the same quarter last year. On average, 3 analysts polled by First Call/Thomson Financial expected the company to earn $0.67 per share for the quarter.
Net income available to common stockholders dropped to $6.4 million or $0.36 per share from $6.9 million or $0.39 per share in the same quarter last year.
Bethesda, Maryland-based real estate investment trust reported second-quarter revenues of $40.1 million, up 8.2% from $37.1 million in the prior-year quarter.
Year-to-date funds from operations was $31.3 million or $1.34 per share compared to $31.1 million or $1.34 per share in the year-ago period. Net income was $13.5 million or $0.75 per share compared to $13.8 million or $0.78 per share last year. Revenues for the six-month period increased to $78.8 million from $73.8 million in the same period a year earlier.
BFS closed Thursday's trading at $48.81, down 0.87%, on a volume of about 50 thousand shares. During the extended session, the stock further dropped 0.14% to trade at $48.74.
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