Saul Centers, Inc. Reports Third Quarter 2023 Earnings

BETHESDA, Md., Nov. 2, 2023 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended September 30, 2023 ("2023 Quarter").  Total revenue for the 2023 Quarter increased to $63.8 million from $61.1 million for the quarter ended September 30, 2022 ("2022 Quarter").  Net income increased to $16.7 million for the 2023 Quarter from $15.5 million for the 2022 Quarter primarily due to (a) higher commercial base rent of $1.3 million, (b) higher residential base rent of $0.7 million, (c) lower loss on early extinguishment of debt of $0.6 million and (d) lower general and administrative costs of $0.4 million, partially offset by (e) higher interest expense, net and amortization of deferred debt costs of $1.3 million and (f) lower recovery income, net of expenses, of $0.5 million.  Net income available to common stockholders increased to $10.0 million, or $0.42 per basic and diluted share, for the 2023 Quarter from $9.2 million, or $0.38 per basic and diluted share, for the 2022 Quarter.

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