Saul Centers Q1 2020 Earnings Report
Key Takeaways
Saul Centers reported a decrease in total revenue and net income for the first quarter of 2020. Total revenue decreased to $56.9 million from $59.8 million, and net income decreased to $16.8 million from $17.1 million. The decrease in revenue was primarily due to lower other revenue from lease termination fees and lower base rent. The COVID-19 pandemic is expected to have a material and adverse effect on the company's business, financial condition, and results of operations.
Total revenue decreased to $56.9 million from $59.8 million year-over-year.
Net income decreased to $16.8 million from $17.1 million year-over-year.
Net income available to common stockholders was $10.5 million ($0.45 per diluted share), unchanged from the previous year.
Funds from operations (FFO) available to common stockholders was $25.3 million ($0.81 per diluted share) compared to $25.8 million ($0.84 per diluted share) in the prior year.