Saul Centers Q1 2021 Earnings Report
Key Takeaways
Saul Centers, Inc. reported an increase in total revenue to $58.7 million but a decrease in net income to $12.8 million for the quarter ended March 31, 2021. The decrease in net income was primarily due to the initial operations of The Waycroft mixed-use development, higher credit losses on operating lease receivables, and lower lease termination fees. As of May 4, 2021, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 96% for the 2021 Quarter.
Total revenue increased to $58.7 million from $56.9 million year-over-year.
Net income decreased to $12.8 million from $16.8 million year-over-year.
Net income available to common stockholders decreased to $7.5 million ($0.32 per diluted share) from $10.5 million ($0.45 per diluted share) year-over-year.
As of May 4, 2021, payments by tenants of contractual base rent and operating expense and real estate tax recoveries totaled approximately 96% for the 2021 Quarter.
Saul Centers
Saul Centers
Saul Centers Revenue by Segment
Forward Guidance
The company believes that it has sufficient liquidity and flexibility to meet the needs of the Company's operations as the effects of the COVID-19 pandemic continue to evolve.
Revenue & Expenses
Visualization of income flow from segment revenue to net income