BETHESDA, Md. (AP) — Saul Centers Inc. (BFS) on Thursday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Bethesda, Maryland-based real estate investment trust said it had funds from operations of $24.1 million, or 78 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 80 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 million, or 39 cents per share.
The real estate investment trust involved mostly in shopping malls posted revenue of $57.1 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $58 million.
The company's shares have risen 14% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $53.78, a climb of nearly 7% in the last 12 months.