Saul Centers, Inc. Reports First Quarter 2024 Earnings

BETHESDA, Md., May 2, 2024 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended March 31, 2024 ("2024 Quarter").  Total revenue for the 2024 Quarter increased to $66.7 million from $63.0 million for the quarter ended March 31, 2023 ("2023 Quarter").  Net income increased to $18.3 million for the 2024 Quarter from $17.7 million for the 2023 Quarter primarily due to (a) higher commercial base rent of $1.4 million and (b) higher residential base rent of $0.3 million, partially offset by (c) higher interest expense, net and amortization of deferred debt costs of $0.6 million and (d) higher general and administrative costs of $0.5 million. Net income available to common stockholders increased to $10.8 million, or $0.45 per basic and diluted share, for the 2024 Quarter from $10.7 million, or $0.45 per basic and diluted share, for the 2023 Quarter.

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