Saul Centers Inc (BFS) has reported an 1.91 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $11.46 million, or $0.38 a share in the quarter, compared with $11.25 million, or $0.38 a share for the same period last year.
Revenue during the quarter went up marginally by 2.46 percent to $54.20 million from $52.90 million in the previous year period.
Cost of revenue rose 6.48 percent or $0.80 million during the quarter to $13.20 million. Gross margin for the quarter contracted 92 basis points over the previous year period to 75.64 percent.
Total expenses were $40.84 million for the quarter, up 5.21 percent or $2.02 million from year-ago period. Operating margin for the quarter contracted 197 basis points over the previous year period to 24.65 percent.
Operating income for the quarter was $13.36 million, compared with $14.08 million in the previous year period.
Revenue from real estate activities during the quarter went up marginally by 2.46 percent or $1.30 million to $54.20 million.
Income from operating leases during the quarter rose 3.34 percent or $1.43 million to $44.41 million. Revenue from tenant reimbursements was $8.26 million for the quarter, up 0.70 percent or $0.06 million from year-ago period.
Revenue from other real estate activities during the quarter was $1.54 million, down 11.10 percent or $0.19 million from year-ago period.
Receivables move up marginally
Net receivables were at $53.03 million as on Dec. 31, 2016, up 3.83 percent or $1.96 million from year-ago.
Total assets went up marginally by 2.98 percent or $38.88 million to $1,343.02 million on Dec. 31, 2016. On the other hand, total liabilities were at $969.78 million as on Dec. 31, 2016, up 2.04 percent or $19.36 million from year-ago.
Return on assets moved down 1 basis points to 1.07 percent in the quarter. At the same time, return on equity moved down 6 basis points to 2.24 percent in the quarter.
Debt moves up marginally
Total debt was at $900.29 million as on Dec. 31, 2016, up 3.90 percent or $33.78 million from year-ago. Shareholders equity stood at $373.25 million as on Dec. 31, 2016, up 5.52 percent or $19.52 million from year-ago. As a result, debt to equity ratio went down 4 basis points to 2.41 percent in the quarter.
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