Saul Centers, Inc. Reports First Quarter 2019 Earnings
BETHESDA, Md. , May 2, 2019 |PRNewswire| -- Saul Centers , Inc. (NYSE: BFS ), an equity real estate investment trust ("REIT"), announced its operating results for the quarter ended March 31, 2019 ("2019 Quarter"). Total revenue for the 2019 Quarter increased to $59.8 million from $56 .1 million for the quarter ended March 31, 2018 ("2018 Quarter"). Net income increased to $17 .1 million for the 2019 Quarter from $14.9 million for the 2018 Quarter. Net income available to common stockholders increased to $10 .5 million ( $0.46 per diluted share) for the 2019 Quarter from $6.9 million ( $0.31 per diluted share) for the 2018 Quarter. Net income available to common stockholders increased primarily due to (a) extinguishment in 2018 of issuance costs upon redemption of preferred shares ( $2.3 million ), (b) higher termination fees in the core portfolio ( $1 .2 million), (c) the net operating income of recently acquired properties ( $0.6 million ), (d) lower preferred stock dividends ( $0.5 million ) and (e) higher base rent in the core portfolio ( $0.5 million ) partially offset by (f) higher noncontrolling interests ( $1.3 million ).
Saul Centers, Inc. Reports First Quarter 2019 Earnings
BETHESDA, Md. , May 2, 2019 |PRNewswire| -- Saul Centers , Inc. (NYSE: BFS ), an equity real estate investment trust ("REIT"), announced its operating results for the quarter ended March 31, 2019 ("2019 Quarter"). Total revenue for the 2019 Quarter increased to $59.8 million from $56 .1 million for the quarter ended March 31, 2018 ("2018 Quarter"). Net income increased to $17 .1 million for the 2019 Quarter from $14.9 million for the 2018 Quarter. Net income available to common stockholders increased to $10 .5 million ( $0.46 per diluted share) for the 2019 Quarter from $6.9 million ( $0.31 per diluted share) for the 2018 Quarter. Net income available to common stockholders increased primarily due to (a) extinguishment in 2018 of issuance costs upon redemption of preferred shares ( $2.3 million ), (b) higher termination fees in the core portfolio ( $1 .2 million), (c) the net operating income of recently acquired properties ( $0.6 million ), (d) lower preferred stock dividends ( $0.5 million ) and (e) higher base rent in the core portfolio ( $0.5 million ) partially offset by (f) higher noncontrolling interests ( $1.3 million ).