Saul Centers, Inc. (BFS) has reported a 3.54 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $10.24 million, or $0.33 a share in the quarter, compared with $10.62 million, or $0.36 a share for the same period last year.
Revenue during the quarter went up marginally by 1.64 percent to $53.23 million from $52.38 million in the previous year period.
Cost of revenue rose 5.22 percent or $0.64 million during the quarter to $12.88 million. Gross margin for the quarter contracted 82 basis points over the previous year period to 75.80 percent.
Total expenses were $40.51 million for the quarter, up 3.51 percent or $1.37 million from year-ago period. Operating margin for the quarter contracted 138 basis points over the previous year period to 23.90 percent.
Operating income for the quarter was $12.72 million, compared with $13.24 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 1.64 percent or $0.86 million to $53.23 million.
Income from operating leases during the quarter went up marginally by 1.46 percent or $0.62 million to $43.21 million. Revenue from tenant reimbursements was $8.56 million for the quarter, up 4.64 percent or $0.38 million from year-ago period.
Revenue from other real estate activities during the quarter was $1.46 million, down 8.90 percent or $0.14 million from year-ago period.
Receivables move up marginally
Net receivables were at $52.88 million as on Sep. 30, 2016, up 4.01 percent or $2.04 million from year-ago.
Total assets went up marginally by 1.08 percent or $14.05 million to $1,311 million on Sep. 30, 2016. On the other hand, total liabilities were at $940.99 million as on Sep. 30, 2016, down 0.84 percent or $7.96 million from year-ago.
Return on assets moved down 5 basis points to 0.97 percent in the quarter. At the same time, return on equity moved down 23 basis points to 1.93 percent in the quarter.
Debt remains almost stable
Total debt was almost stable over the past one year at $867.31 million on Sep. 30, 2016. Shareholders equity stood at $370.01 million as on Sep. 30, 2016, up 6.33 percent or $22.01 million from year-ago. As a result, debt to equity ratio went down 15 basis points to 2.34 percent in the quarter.
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