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Sep 30, 2020
Saul Centers Q3 2020 Earnings Report
Operating results for the quarter ended September 30, 2020 were announced.
Key Takeaways
Saul Centers, Inc. reported a decrease in total revenue and net income for the third quarter of 2020 compared to the same period in 2019. Total revenue decreased to $56.8 million from $57.1 million, and net income decreased to $11.6 million from $15.3 million. The Waycroft mixed-use development impacted net income negatively by $2.4 million due to initial operations.
Total revenue decreased to $56.8 million from $57.1 million for the quarter ended September 30, 2019.
Net income decreased to $11.6 million from $15.3 million for the quarter ended September 30, 2019.
Net income available to common stockholders decreased to $6.6 million ($0.28 per diluted share) from $9.0 million ($0.39 per diluted share) for the 2019 quarter.
As of November 3, 2020, 303 residential applications have been executed at The Waycroft, totaling approximately 62% of the available units, and a total of 258 units were occupied.
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