BETHESDA, Md., Nov. 7,
2019 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS), an equity
real estate investment trust ("REIT"), announced its operating
results for the quarter ended September 30, 2019 ("2019
Quarter"). Total revenue for the 2019 Quarter increased to
$57.1 million from $56.9 million for the quarter ended
September 30, 2018 ("2018 Quarter"). Net income
decreased to $15.3 million for
the 2019 Quarter from $16.7 million
for the 2018 Quarter. Net income available to common
stockholders decreased to $9.0 million ($0.39 per diluted share) for the 2019 Quarter
from $10.2 million ($0.45 per diluted share) for the 2018
Quarter. Net income available to common stockholders
decreased primarily due to (a) the impact of the operations of 7316
Wisconsin Avenue as the Company has completed the termination of
leases to prepare for redevelopment ($1.1
million), (b) higher property operating expenses,
exclusive of the impact of 7316 Wisconsin Avenue ($0.5 million) and (c) higher general and
administrative expenses ($0.6
million) partially offset by (d) lower interest expense, net
and amortization of deferred debt costs ($0.8 million), exclusive of the impact of
7316 Wisconsin Avenue.
Same property revenue increased $0.2
million (0.3%) and same property operating income decreased
$0.5 million (1.2%) for the 2019
Quarter compared to the 2018 Quarter. We define same property
revenue as total revenue minus the revenue of properties not in
operation for the entirety of the comparable reporting
periods. We define same property operating income as net
income plus (a) interest expense, net and amortization of deferred
debt costs, (b) depreciation and amortization of deferred leasing
costs, (c) general and administrative expenses and (d) change
in fair value of derivatives minus (e) gains on sale of property
and (f) the results of properties which were not in operation for
the entirety of the comparable periods. Shopping Center same
property operating income for the 2019 Quarter totaled $32.3 million, a $0.2
million decrease from the 2018 Quarter. Mixed-Use same
property operating income totaled $10.2
million, a $0.3 million
decrease from the 2018 Quarter.
As of September 30, 2019, 94.8% of the commercial portfolio
was leased (not including the residential portfolio), compared to
95.0% at September 30, 2018. On a same property basis,
94.8% of the commercial portfolio was leased as of
September 30, 2019, compared to 95.2% at September 30,
2018. As of September 30, 2019, the residential
portfolio was 97.9% leased compared to 95.7% at September 30,
2018.
For the nine months ended September 30, 2019 ("2019
Period"), total revenue increased to $174.9
million from $169.1 million for the nine months ended
September 30, 2018 ("2018 Period"). Net income increased
to $49.2 million for the 2019 Period
from $47.6 million for the 2018
Period. Net income available to common stockholders increased
to $29.8 million ($1.30 per diluted share) for the 2019 Period
compared to $26.6 million
($1.19 per diluted share) for the
2018 Period. The increase in net income available to common
stockholders was primarily due to (a) higher lease termination
fees, exclusive of the impact of 7316 Wisconsin Avenue
($2.5 million), (b) extinguishment in
2018 of issuance costs upon redemption of preferred shares
($2.3 million), (c) lower interest
expense, net and amortization of deferred debt costs, exclusive of
the impact of 7316 Wisconsin Avenue ($2.3
million), and (d) higher same property operating
income, exclusive of lease termination fees ($0.5 million) partially offset by (e) the impact
of the operations of 7316 Wisconsin Avenue as the Company has
completed the termination of leases to prepare for redevelopment
($1.8 million), (f) higher
general and administrative expenses ($1.5
million) and (g) higher income attributable to
non-controlling interests ($1.0
million).
Same property revenue increased $4.8
million (2.8%) and same property operating income increased
$3.0 million (2.3%) for the 2019
Period, compared to the 2018 Period. Shopping Center same
property operating income increased 2.8% and Mixed-Use same
property operating income increased 1.0%. Shopping Center
same property operating income increased primarily due to
(a) lease termination fees ($2.4
million) and (b) an increase in base rent ($0.8 million). Mixed-Use same property operating
income increased primarily due to higher base rent ($0.5 million).
Funds from operations ("FFO") available to common stockholders
and noncontrolling interests (after deducting preferred stock
dividends) was $24.1 million
($0.78 per diluted share) in the 2019
Quarter compared to $25.0 million
($0.83 per diluted share) in the
2018 Quarter. FFO is a non-GAAP supplemental earnings measure
which the Company considers meaningful in measuring its operating
performance. A reconciliation of net income to FFO is
attached to this press release. The decrease in FFO available
to common stockholders and noncontrolling interests was primarily
due to (a) higher general and administrative expenses ($0.6 million), (b) lower property operating
income, exclusive of the impact of the operations of 7316 Wisconsin
Avenue ($0.5 million), (c) the impact
of the operations of 7316 Wisconsin Avenue as the Company has
completed the termination of leases to prepare for redevelopment
($0.3 million), and
(d) higher preferred stock dividends ($0.3 million), partially offset by (e) lower
interest expense, net and amortization of deferred debt costs,
exclusive of the impact of 7316 Wisconsin Avenue ($0.8 million).
FFO available to common stockholders and noncontrolling
interests (after deducting preferred stock dividends and the impact
of preferred stock redemptions) increased 8.5% to $75.2 million ($2.44 per diluted share) in the 2019 Period from
$69.4 million ($2.31 per diluted share) in the 2018
Period. FFO available to common stockholders and
noncontrolling interests increased primarily due to (a) higher
lease termination fees in the core portfolio ($2.5 million), (b) extinguishment in 2018 of
issuance costs upon redemption of preferred shares ($2.3 million), (c) higher base rent in the core
portfolio ($1.3 million) and (d) lower preferred stock dividends
($0.2 million) partially offset by (e) the impact of the operations
of 7316 Wisconsin Avenue as the Company has completed the
termination of leases to prepare for redevelopment
($0.5 million).
Saul Centers, Inc. is a
self-managed, self-administered equity REIT headquartered in
Bethesda, Maryland, which
currently operates and manages a real estate portfolio of 60
properties which includes (a) 49 community and neighborhood
shopping centers and six mixed-use properties with approximately
9.2 million square feet of leasable area and (b) five land and
development properties. Approximately 85% of the Saul Centers'
property operating income is generated by properties in the
metropolitan Washington,
DC/Baltimore area.
Safe Harbor Statement
Certain matters discussed within this press release may be
deemed to be forward-looking statements within the meaning of the
federal securities laws. For these statements, we claim the
protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations
reflected in the forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. These factors include, but are not limited to, the
risk factors described in our Annual Report on Form 10-K filed on
February 26, 2019, and include the following: (i) general
adverse economic and local real estate conditions, (ii) the
inability of major tenants to continue paying their rent
obligations due to bankruptcy, insolvency or a general downturn in
their business, (iii) financing risks, such as the inability to
obtain equity, debt or other sources of financing or refinancing on
favorable terms to the Company, (iv) the Company's ability to raise
capital by selling its assets, (v) changes in governmental
laws and regulations and management's ability to estimate the
impact of such changes, (vi) the level and volatility of interest
rates and management's ability to estimate the impact thereof,
(vii) the availability of suitable acquisition, disposition,
development and redevelopment opportunities, and risks related to
acquisitions not performing in accordance with our expectations,
(viii) increases in operating costs, (ix) changes in the
dividend policy for the Company's common and preferred stock and
the Company's ability to pay dividends at current levels, (x) the
reduction in the Company's income in the event of multiple lease
terminations by tenants or a failure by multiple tenants to occupy
their premises in a shopping center, (xi) impairment charges,
and (xii) unanticipated changes in the Company's intention or
ability to prepay certain debt prior to maturity. Given these
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements that we make, including those in
this press release. Except as may be required by law, we make
no promise to update any of the forward-looking statements as a
result of new information, future events or otherwise. You
should carefully review the risks and risk factors included in our
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on February 26, 2019.
Saul Centers,
Inc.
|
Consolidated
Balance Sheets
|
(In
thousands)
|
|
|
September 30,
2019
|
|
December 31,
2018
|
|
(Unaudited)
|
Assets
|
|
|
|
Real estate
investments
|
|
|
|
Land
|
$
|
450,256
|
|
|
$
|
488,918
|
|
Buildings and
equipment
|
1,284,315
|
|
|
1,273,275
|
|
Construction in
progress
|
317,798
|
|
|
185,972
|
|
|
2,052,369
|
|
|
1,948,165
|
|
Accumulated
depreciation
|
(553,829)
|
|
|
(525,518)
|
|
|
1,498,540
|
|
|
1,422,647
|
|
Cash and cash
equivalents
|
52,269
|
|
|
14,578
|
|
Accounts receivable
and accrued income, net
|
55,207
|
|
|
53,876
|
|
Deferred leasing
costs, net
|
24,947
|
|
|
28,083
|
|
Prepaid expenses,
net
|
9,357
|
|
|
5,175
|
|
Other
assets
|
6,444
|
|
|
3,130
|
|
Total
assets
|
$
|
1,646,764
|
|
|
$
|
1,527,489
|
|
|
|
|
|
Liabilities
|
|
|
|
Notes
payable
|
$
|
846,525
|
|
|
$
|
880,271
|
|
Term loan facility
payable
|
74,666
|
|
|
74,591
|
|
Revolving credit
facility payable
|
—
|
|
|
45,329
|
|
Construction loan
payable
|
93,537
|
|
|
21,655
|
|
Dividends and
distributions payable
|
19,634
|
|
|
19,153
|
|
Accounts payable,
accrued expenses and other liabilities
|
39,741
|
|
|
32,419
|
|
Deferred
income
|
27,224
|
|
|
28,851
|
|
Total
liabilities
|
1,101,327
|
|
|
1,102,269
|
|
|
|
|
|
Equity
|
|
|
|
Preferred stock,
1,000,000 shares authorized:
|
|
|
|
Series C Cumulative
Redeemable, 42,000 shares issued and outstanding
|
105,000
|
|
|
105,000
|
|
Series D Cumulative
Redeemable, 30,000 shares issued and outstanding
|
75,000
|
|
|
75,000
|
|
Series E Cumulative
Redeemable, 44,000 and 0 shares issued and outstanding,
respectively
|
110,000
|
|
|
—
|
|
Common stock, $0.01
par value, 40,000,000 shares authorized, 23,116,013 and
22,739,207
shares issued and outstanding, respectively
|
231
|
|
|
227
|
|
Additional paid-in
capital
|
401,395
|
|
|
384,533
|
|
Distributions in
excess of accumulated earnings
|
(215,334)
|
|
|
(208,593)
|
|
Accumulated other
comprehensive loss
|
(343)
|
|
|
(255)
|
|
Total Saul Centers,
Inc. equity
|
475,949
|
|
|
355,912
|
|
Noncontrolling
interests
|
69,488
|
|
|
69,308
|
|
Total
equity
|
545,437
|
|
|
425,220
|
|
Total liabilities and
equity
|
$
|
1,646,764
|
|
|
$
|
1,527,489
|
|
Saul Centers,
Inc.
|
Consolidated
Statements of Operations
|
(In thousands, except
per share amounts)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue
|
(unaudited)
|
|
(unaudited)
|
Rental
revenue
|
$
|
55,487
|
|
|
$
|
55,733
|
|
|
$
|
168,242
|
|
|
$
|
165,693
|
|
Other
|
1,565
|
|
|
1,177
|
|
|
6,701
|
|
|
3,407
|
|
Total
revenue
|
57,052
|
|
|
56,910
|
|
|
174,943
|
|
|
169,100
|
|
Expenses
|
|
|
|
|
|
|
|
Property operating
expenses
|
7,525
|
|
|
6,910
|
|
|
22,641
|
|
|
20,766
|
|
Real estate
taxes
|
7,114
|
|
|
6,937
|
|
|
21,081
|
|
|
20,559
|
|
Interest expense, net
and amortization of deferred debt
costs
|
10,325
|
|
|
10,974
|
|
|
32,185
|
|
|
33,568
|
|
Depreciation and
amortization of deferred leasing costs
|
12,018
|
|
|
11,256
|
|
|
35,185
|
|
|
33,956
|
|
General and
administrative
|
4,742
|
|
|
4,141
|
|
|
14,696
|
|
|
13,208
|
|
Total
expenses
|
41,724
|
|
|
40,218
|
|
|
125,788
|
|
|
122,057
|
|
Change in fair value
of derivatives
|
—
|
|
|
10
|
|
|
—
|
|
|
(2)
|
|
Gain on sale of
property
|
—
|
|
|
—
|
|
|
—
|
|
|
509
|
|
Net
Income
|
15,328
|
|
|
16,702
|
|
|
49,155
|
|
|
47,550
|
|
Noncontrolling
interests
|
|
|
|
|
|
|
|
Income attributable
to noncontrolling interests
|
(3,102)
|
|
|
(3,547)
|
|
|
(10,250)
|
|
|
(9,265)
|
|
Net income
attributable to Saul Centers, Inc.
|
12,226
|
|
|
13,155
|
|
|
38,905
|
|
|
38,285
|
|
Extinguishment of
issuance costs upon redemption of
preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,328)
|
|
Preferred stock
dividends
|
(3,210)
|
|
|
(2,953)
|
|
|
(9,116)
|
|
|
(9,309)
|
|
Net income
available to common
stockholders
|
$
|
9,016
|
|
|
$
|
10,202
|
|
|
$
|
29,789
|
|
|
$
|
26,648
|
|
Per share net
income available to common stockholders
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.39
|
|
|
$
|
0.45
|
|
|
$
|
1.30
|
|
|
$
|
1.19
|
|
Dividends declared
per common share outstanding
|
$
|
0.53
|
|
|
$
|
0.52
|
|
|
$
|
1.59
|
|
|
$
|
1.56
|
|
Reconciliation of net
income to FFO available to common stockholders and
noncontrolling
interests (1)
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except per share amounts)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(unaudited)
|
|
(unaudited)
|
Net income
|
$
|
15,328
|
|
|
$
|
16,702
|
|
|
$
|
49,155
|
|
|
$
|
47,550
|
|
Subtract:
|
|
|
|
|
|
|
|
Gain on sale of
property
|
—
|
|
|
—
|
|
|
—
|
|
|
(509)
|
|
Add:
|
|
|
|
|
|
|
|
Real estate
depreciation and amortization
|
12,018
|
|
|
11,256
|
|
|
35,185
|
|
|
33,956
|
|
FFO
|
27,346
|
|
|
27,958
|
|
|
84,340
|
|
|
80,997
|
|
Subtract:
|
|
|
|
|
|
|
|
Extinguishment of
issuance costs upon redemption of
preferred shares
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,328)
|
|
Preferred stock
dividends
|
(3,210)
|
|
|
(2,953)
|
|
|
(9,116)
|
|
|
(9,309)
|
|
FFO available to
common stockholders and
noncontrolling interests
|
$
|
24,136
|
|
|
$
|
25,005
|
|
|
$
|
75,224
|
|
|
$
|
69,360
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
Diluted weighted
average common stock
|
23,121
|
|
|
22,501
|
|
|
22,993
|
|
|
22,336
|
|
Convertible limited
partnership units
|
7,869
|
|
|
7,808
|
|
|
7,852
|
|
|
7,700
|
|
Average shares and
units used to compute FFO per share
|
30,990
|
|
|
30,309
|
|
|
30,845
|
|
|
30,036
|
|
FFO per share
available to common stockholders and
noncontrolling interests
|
$
|
0.78
|
|
|
$
|
0.83
|
|
|
$
|
2.44
|
|
|
$
|
2.31
|
|
|
|
(1)
|
The National
Association of Real Estate Investment Trusts (NAREIT) developed FFO
as a relative non-GAAP financial measure of performance of an
equity REIT in order to recognize that income-producing real estate
historically has not depreciated on the basis determined under
GAAP. FFO is defined
by NAREIT as net income, computed in accordance with GAAP, plus
real estate depreciation and amortization, and excluding impairment
charges on real
estate assets and gains or losses from real estate dispositions.
FFO does not represent cash generated from operating activities in
accordance with GAAP
and is not necessarily indicative of cash available to fund cash
needs, which is disclosed in the Company's Consolidated Statements
of Cash Flows for the
applicable periods. There are no material legal or functional
restrictions on the use of FFO. FFO should not be considered as an
alternative to net income,
its most directly comparable GAAP measure, as an indicator of the
Company's operating performance, or as an alternative to cash flows
as a measure of
liquidity. Management considers FFO a meaningful supplemental
measure of operating performance because it primarily excludes the
assumption that the
value of the real estate assets diminishes predictably over time
(i.e. depreciation), which is contrary to what the Company believes
occurs with its assets,
and because industry analysts have accepted it as a performance
measure. FFO may not be comparable to similarly titled measures
employed by other
REITs.
|
Reconciliation of
revenue to same property revenue (2)
|
|
(in
thousands)
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
(unaudited)
|
|
(unaudited)
|
Total
revenue
|
|
$
|
57,052
|
|
|
$
|
56,910
|
|
|
$
|
174,943
|
|
|
$
|
169,100
|
|
Less: Acquisitions,
dispositions and development properties
|
|
(72)
|
|
|
(82)
|
|
|
(1,155)
|
|
|
(82)
|
|
Total same property
revenue
|
|
$
|
56,980
|
|
|
$
|
56,828
|
|
|
$
|
173,788
|
|
|
$
|
169,018
|
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
|
$
|
41,313
|
|
|
$
|
41,091
|
|
|
$
|
126,730
|
|
|
$
|
122,770
|
|
Mixed-Use
properties
|
|
15,667
|
|
|
15,737
|
|
|
47,058
|
|
|
46,248
|
|
Total same property
revenue
|
|
$
|
56,980
|
|
|
$
|
56,828
|
|
|
$
|
173,788
|
|
|
$
|
169,018
|
|
|
|
|
|
|
|
|
|
|
Total Shopping
Center revenue
|
|
$
|
41,313
|
|
|
$
|
41,091
|
|
|
$
|
126,730
|
|
|
$
|
122,770
|
|
Less: Shopping Center
acquisitions, dispositions and
development properties
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total same Shopping
Center revenue
|
|
$
|
41,313
|
|
|
$
|
41,091
|
|
|
$
|
126,730
|
|
|
$
|
122,770
|
|
|
|
|
|
|
|
|
|
|
Total Mixed-Use
property revenue
|
|
$
|
15,739
|
|
|
$
|
15,819
|
|
|
$
|
48,213
|
|
|
$
|
46,330
|
|
Less: Mixed-Use
acquisitions, dispositions and development
properties
|
|
(72)
|
|
|
(82)
|
|
|
(1,155)
|
|
|
(82)
|
|
Total same Mixed-Use
property revenue
|
|
$
|
15,667
|
|
|
$
|
15,737
|
|
|
$
|
47,058
|
|
|
$
|
46,248
|
|
|
|
(2)
|
Same property revenue
is a non-GAAP financial measure of performance that improves the
comparability of reporting periods by excluding the results of
properties that were not in operation for the entirety of the
comparable reporting periods. Same property revenue adjusts
property revenue by subtracting
the revenue of properties not in operation for the entirety of the
comparable reporting periods. Same property revenue is a
measure of the operating
performance of the Company's properties but does not measure the
Company's performance as a whole. Same property revenue
should not be considered
as an alternative to total revenue, its most directly comparable
GAAP measure, as an indicator of the Company's operating
performance. Management
considers same property revenue a meaningful supplemental measure
of operating performance because it is not affected by the cost of
the Company's
funding, the impact of depreciation and amortization expenses,
gains or losses from the acquisition and sale of operating real
estate assets, general and
administrative expenses or other gains and losses that relate to
ownership of the Company's properties. Management believes
the exclusion of these items
from same property revenue is useful because the resulting measure
captures the actual revenue generated and actual expenses incurred
by operating the
Company's properties. Other REITs may use different
methodologies for calculating same property revenue.
Accordingly, the Company's same property
revenue may not be comparable to those of other REITs.
|
Reconciliation of net
income to same property operating income (3)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In
thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
(unaudited)
|
|
(unaudited)
|
Net
income
|
$
|
15,328
|
|
|
$
|
16,702
|
|
|
$
|
49,155
|
|
|
$
|
47,550
|
|
Add: Interest
expense, net and amortization of deferred debt costs
|
10,325
|
|
|
10,974
|
|
|
32,185
|
|
|
33,568
|
|
Add: Depreciation and
amortization of deferred leasing costs
|
12,018
|
|
|
11,256
|
|
|
35,185
|
|
|
33,956
|
|
Add: General and
administrative
|
4,742
|
|
|
4,141
|
|
|
14,696
|
|
|
13,208
|
|
Add: Change in fair
value of derivatives
|
—
|
|
|
(10)
|
|
|
—
|
|
|
2
|
|
Less: Gain on sale of
property
|
—
|
|
|
—
|
|
|
—
|
|
|
(509)
|
|
Property operating
income
|
42,413
|
|
|
43,063
|
|
|
131,221
|
|
|
127,775
|
|
Add (Less):
Acquisitions, dispositions and development properties
|
97
|
|
|
(52)
|
|
|
(519)
|
|
|
(52)
|
|
Total same property
operating income
|
$
|
42,510
|
|
|
$
|
43,011
|
|
|
$
|
130,702
|
|
|
$
|
127,723
|
|
|
|
|
|
|
|
|
|
Shopping
Centers
|
$
|
32,339
|
|
|
$
|
32,517
|
|
|
$
|
99,516
|
|
|
$
|
96,839
|
|
Mixed-Use
properties
|
10,171
|
|
|
10,494
|
|
|
31,186
|
|
|
30,884
|
|
Total same property
operating income
|
$
|
42,510
|
|
|
$
|
43,011
|
|
|
$
|
130,702
|
|
|
$
|
127,723
|
|
|
|
|
|
|
|
|
|
Shopping Center
operating income
|
$
|
32,339
|
|
|
$
|
32,517
|
|
|
$
|
99,516
|
|
|
$
|
96,839
|
|
Less: Shopping Center
acquisitions, dispositions and development
properties
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total same Shopping
Center operating income
|
$
|
32,339
|
|
|
$
|
32,517
|
|
|
$
|
99,516
|
|
|
$
|
96,839
|
|
|
|
|
|
|
|
|
|
Mixed-Use property
operating income
|
$
|
10,074
|
|
|
$
|
10,546
|
|
|
$
|
31,705
|
|
|
$
|
30,936
|
|
Add (Less): Mixed-Use
acquisitions, dispositions and development
properties
|
97
|
|
|
(52)
|
|
|
(519)
|
|
|
(52)
|
|
Total same Mixed-Use
property operating income
|
$
|
10,171
|
|
|
$
|
10,494
|
|
|
$
|
31,186
|
|
|
$
|
30,884
|
|
|
|
(3)
|
Same property
operating income is a non-GAAP financial measure of performance
that improves the comparability of reporting periods by excluding
the
results of properties that were not in operation for the entirety
of the comparable reporting periods. Same property operating
income adjusts property
operating income by subtracting the results of properties that were
not in operation for the entirety of the comparable periods.
Same property operating
income is a measure of the operating performance of the Company's
properties but does not measure the Company's performance as a
whole. Same
property operating income should not be considered as an
alternative to property operating income, its most directly
comparable GAAP measure, as an
indicator of the Company's operating performance. Management
considers same property operating income a meaningful supplemental
measure of
operating performance because it is not affected by the cost of the
Company's funding, the impact of depreciation and amortization
expenses, gains or
losses from the acquisition and sale of operating real estate
assets, general and administrative expenses or other gains and
losses that relate to ownership of
the Company's properties. Management believes the exclusion
of these items from property operating income is useful because the
resulting measure
captures the actual revenue generated and actual expenses incurred
by operating the Company's properties. Other REITs may use
different methodologies
for calculating same property operating income. Accordingly,
same property operating income may not be comparable to those of
other REITs.
|
View original
content:http://www.prnewswire.com/news-releases/saul-centers-inc-reports-third-quarter-2019-earnings-300954331.html
SOURCE Saul Centers, Inc.