Saul Centers, Inc. Reports Second Quarter 2023 Earnings

BETHESDA, Md., Aug. 3, 2023 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended June 30, 2023 ("2023 Quarter").  Total revenue for the 2023 Quarter increased to $63.7 million from $60.3 million for the quarter ended June 30, 2022 ("2022 Quarter").  Net income increased to $17.2 million for the 2023 Quarter from $17.0 million for the 2022 Quarter primarily due to (a) higher commercial base rent of $1.3 million, (b) higher residential base rent of $0.8 million and (c) higher lease termination fees of $0.5 million, partially offset by (d) higher interest expense, net and amortization of deferred debt costs of $1.8 million and (e) lower recovery income, net of expenses of $0.7 million.  Net income available to common stockholders increased to $10.4 million, or $0.43 per basic and diluted share, for the 2023 Quarter from $10.2 million, or $0.43 per basic and diluted share, for the 2022 Quarter.

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